Document:

RxELITE
      HOLDINGS, INC.

     

    2007
      INCENTIVE STOCK PLAN 

     

    1. Background.
      The
      Plan permits the grant of Non-Qualified Stock Options, Incentive Stock Options,
      Stock Purchase Rights, and Stock Appreciation Rights.

     

    2. Purposes
      of the Plan.
      The
      purposes of this 2007 Incentive Stock Plan are: to attract and retain the best
      available personnel for positions of substantial responsibility, to provide
      additional incentive to Employees, Directors and Consultants, and to promote
      the
      success of the Company’s business.

     

    3. Definitions.
      As used
      herein, the following definitions shall apply:

     

    (a) “Administrator”
      means
      the Board or any of its Committees as shall be administering the Plan, in
      accordance with Section 5 of the Plan.

     

    (b) “Affiliate”
      means
      any corporation or any other entity (including, but not limited to, partnerships
      and joint ventures) controlling, controlled by, or under common control with
      the
      Company.

     

    (c) “Applicable
      Laws”
      means
      the requirements relating to the administration of stock option plans under
      U.S.
      state corporate laws, U.S. federal and state securities laws, the Code, any
      stock exchange or quotation system on which the Common Stock is listed or quoted
      and the applicable laws of any foreign country or jurisdiction where Options
      or
      Stock Purchase Rights are, or will be, granted under the Plan.

     

    (d) “Annual
      Revenue”
      means
      the Company’s or a business unit’s net sales for the Fiscal Year, determined in
      accordance with generally accepted accounting principles; provided, however,
      that prior to the Fiscal Year, the Committee shall determine whether any
      significant item(s) shall be excluded or included from the calculation of Annual
      Revenue with respect to one or more Participants.

     

    (e) “Award”
      means,
      individually or collectively, a grant under the Plan of Options, Stock Purchase
      Rights, and Stock Appreciation Rights.

     

    (f) “Award
      Agreement”
      means
      the written agreement setting forth the terms and provisions applicable to
      each
      Award granted under the Plan. The Award Agreement is subject to the terms and
      conditions of the Plan.

     

    (g) “Board”
      means
      the Board of Directors of the Company.

     

    (h) “Cash
      Flow from Operations”
      means as
      to any Fiscal Year, the Company’s cash generated from operating activities, or a
      business unit’s cash generated from operating activities, determined in
      accordance with generally acceptable accounting principles.

     

    (i) “Code”
      means
      the Internal Revenue Code of 1986, as amended. Reference to a specific section
      of the Code or regulation thereunder shall include such section or regulation,
      any valid regulation promulgated under such section, and any comparable
      provision of any future legislation or regulation amending, supplementing or
      superseding such section or regulation.

     

    
      
         

      

      
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    (j) “Committee”
      means a
      committee of Directors appointed by the Board in accordance with Section 5
      of
      the Plan.

     

    (k) “Common
      Stock”
      means
      the common stock of the Company.

     

    (l) “Company”
      means
      RxElite Holdings, Inc., a Delaware corporation.

     

    (m) “Consultant”
      means
      any person, including an advisor, engaged by the Company or a Parent or
      Subsidiary to render services to such entity.

     

    (n) “Director”
      means a
      member of the Board, either as an Employee or an Outside Director.

     

    (o) “Disability”
      means
      total and permanent disability as defined in Section 22(e)(3) of the
      Code.

     

    (p) “Earnings
      Per Share”
      means as
      to any Fiscal Year, the Company’s Net Income or a business unit’s Pro Forma Net
      Income, divided by a weighted average number of common shares outstanding and
      dilutive common equivalent shares deemed outstanding.

     

    (q) “Employee”
      means
      any person, including Officers and Directors, employed by the Company or any
      Parent or Subsidiary of the Company. A Service Provider shall not cease to
      be an
      Employee in the case of (i) any leave of absence approved by the Company or
      (ii)
      transfers between locations of the Company or between the Company, its Parent,
      any Subsidiary, or any successor. For purposes of Incentive Stock Options,
      no
      such leave may exceed ninety days, unless reemployment upon expiration of such
      leave is guaranteed by statute or contract. If reemployment upon expiration
      of a
      leave of absence approved by the Company is not so guaranteed, then three months
      following the 91st day of such leave, any Incentive Stock Option held by the
      Optionee shall cease to be treated as an Incentive Stock Option and shall be
      treated for tax purposes as a Non-Qualified Stock Option. Neither service as
      a
      Director nor payment of a director’s fee by the Company shall be sufficient to
      constitute “employment” by the Company.

     

    (r) “Exercise
      Price”
      means
      the price at which a Share may be purchased by a Participant pursuant to the
      exercise of an Option.

     

    (s) “Exchange
      Act”
      means
      the Securities Exchange Act of 1934, as amended.

     

    (t) “Fair
      Market Value”
      means,
      as of any date, the value of Common Stock determined as follows:

     

    (i) If
      the
      Common Stock is listed on any established stock exchange or a national market
      system, including without limitation the Nasdaq National Market or The Nasdaq
      SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be
      the
      closing sales price for such stock (or the closing bid, if no sales were
      reported) as quoted on such exchange or system for the last market trading
      day
      prior to the time of determination, as reported in The Wall Street Journal
      or
      such other source as the Administrator deems reliable;

     

    
      
         

      

      
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    (ii) If
      the
      Common Stock is regularly quoted by a recognized securities dealer but selling
      prices are not reported, the Fair Market Value of a Share of Common Stock shall
      be the mean between the high bid and low asked prices for the Common Stock
      on
      the last market trading day prior to the day of determination, as reported
      in
      The Wall Street Journal or such other source as the Administrator deems
      reliable; 

     

    (iii) In
      the
      absence of an established market for the Common Stock, the Fair Market Value
      shall be determined in good faith by the Administrator by the reasonable
      application of a reasonable valuation method so that neither Options nor Stock
      Appreciation Rights are treated as providing for deferral of compensation within
      the meaning of Code Section 409A and regulations and other guidance issued
      thereunder.

     

    (u) “Fiscal
      Year”
      means
      the fiscal year of the Company.

     

    (v) “Grant
      Date”
      means,
      with respect to an Award, the date that the Award was granted.

     

    (w) “Incentive
      Stock Option”
      means an
      Option intended to qualify as an incentive stock option within the meaning
      of
      Section 422 of the Code and the regulations promulgated thereunder.

     

    (x) “Initial
      Service” means
      the
      period of time beginning as of the date that a Service Provider first rendered
      services to the Company or any Parent or Subsidiary of the Company and ending
      on
      the date of adoption of the Plan, provided that reference to such term may
      include the total compensation paid during such period to the Service Provider
      by the Company and any Parent or Subsidiary of the Company.

     

    (y) “Net
      Income”
      means as
      to any Fiscal Year, the income after taxes of the Company for the Fiscal Year
      determined in accordance with generally accepted accounting principles, provided
      that prior to the Fiscal Year, the Committee shall determine whether any
      significant item(s) shall be included or excluded from the calculation of Net
      Income with respect to one or more Participants.

     

    (z)  “Non-Qualified
      Stock Option”
      means an
      Option not intended to qualify as an Incentive Stock Option.

     

    (aa) “Notice
      of Grant”
      means a
      written or electronic notice evidencing certain terms and conditions of an
      individual Award grant. The Notice of Grant is part of the Award
      Agreement.

     

    (bb) “Officer”
      means a
      person who is an officer of the Company within the meaning of Section 16 of
      the
      Exchange Act and the rules and regulations promulgated thereunder.

     

    
      
         

      

      
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    (cc) “Operating
      Profit”
      means
      the Company’s or a business unit’s profit from operations but excluding any
      unusual items, determined in accordance with generally accepted accounting
      principles.

     

    (dd) “Option”
      means an
      Incentive Stock Option or a Non-Qualified Stock Option granted pursuant to
      the
      Plan.

     

    (ee) “Optionee”
      means
      the holder of an outstanding Option or Stock Purchase Right granted under the
      Plan.

     

    (ff) “Option
      Exchange Program”
      means a
      program whereby outstanding Options are surrendered or cancelled in exchange
      for
      the right to receive options of the same type, of a different type and/or cash
      pursuant to such terms as the Administrator may determine.

     

    (gg) “Optioned
      Stock”
      means
      the Common Stock subject to an Award. 

     

    (hh) “Outside
      Director”
      means a
      Director who is not an Employee.

     

    (ii) “Parent”
      means a
“parent corporation,” whether now or hereafter existing, as defined in Section
      424(e) of the Code.

     

    (jj) “Participant”
      means
      the holder of an outstanding Award, which shall include an
      Optionee.

     

    (kk) “Performance
      Goals”
      means
      the goal(s) (or combined goal(s)) determined by the Committee (in its
      discretion) to be applicable to a Participant with respect to an Award. As
      determined by the Committee, the Performance Goals applicable to an Award may
      provide for a targeted level or levels of achievement using one or more of
      the
      following measures: (a) Annual Revenue, (b) Operating Profit, (c) Cash Flow
      from
      Operations, (d) Net Income, (e) Pro Forma Net Income, (f) Earnings Per Share,
      and (g) Return on Sales. The Performance Goals may differ from Participant
      to
      Participant and from Award to Award. Any criteria used may be (i) measured
      in
      absolute terms, (ii) measured in relative terms (including, but not limited
      to
      compared to another company or companies), (iii) measured against the
      performance of the Company as a whole or a segment of the Company and/or (iv)
      measured on a pre-tax or post-tax basis (if applicable).

     

    (ll) “Plan”
      means
      this 2007 Incentive Stock Plan, as amended.

     

    (mm) “Pro
      Forma Net Income”
      means as
      to any business unit for any Fiscal Year, the Controllable Profits of such
      business unit, minus allocations of designated corporate expenses.

     

    (nn) “Reload
      Option”
      means an
      Option that automatically is granted if a Participant pays the exercise price
      of
      an Option by tendering Shares.

     

    (oo) “Restricted
      Stock”
      means
      shares of Common Stock acquired pursuant to a grant of Stock Purchase Rights
      under Section 12 of the Plan.

     

    
      
         

      

      
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    (pp) “Restricted
      Stock Purchase Agreement”
      means a
      written agreement between the Company and the Optionee evidencing the terms
      and
      restrictions applying to stock purchased under a Stock Purchase Right. The
      Restricted Stock Purchase Agreement is subject to the terms and conditions
      of
      the Plan and the Notice of Grant.

     

    (qq) “Retirement”
      means,
      in the case of an Employee or Director: (a) a Termination of Service occurring
      on or after age sixty-five (65), or (b) a Termination of Service occurring
      on or
      after age sixty (60) with at least ten (10) Years of Service. With respect
      to a
      Consultant, no Termination of Service shall be deemed to be on account of
“Retirement.”

     

    (rr) “Return
      on Sales”
      means as
      to any Fiscal Year, the percentage equal to the Company’s Net Income or the
      business unit’s Pro Forma Net Income, divided by the Company’s or the business
      unit’s Annual Revenue, as applicable.

     

    (ss) “Rule
      16b-3”
      means
      Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect
      when
      discretion is being exercised with respect to the Plan.

     

    (tt) “Section
      16(b)”
      means
      Section 16(b) of the Exchange Act.

     

    (uu) “Service
      Provider”
      means an
      Employee, Director or Consultant.

     

    (vv) ‘Share”
      means a
      share of the Common Stock, as adjusted in accordance with Section 13 of the
      Plan.

     

    (ww) “Stock
      Appreciation Right”
      or “SAR”
means an Award, granted alone or in tandem with a related Option that pursuant
      to Section 13 is designated as an SAR.

     

    (xx) “Stock
      Purchase Right”
      means
      the right to purchase Common Stock pursuant to Section 12 of the Plan, as
      evidenced by a Notice of Grant.

     

    (yy) “Subsidiary”
      means a
“subsidiary corporation”, whether now or hereafter existing, as defined in
      Section 424(f) of the Code.

     

    (zz) “Termination
      of Service”
      means
      (a) in the case of an Employee, a cessation of the employee-employer
      relationship between the Employee and the Company or an Affiliate for any
      reason, including, but not by way of limitation, a termination by resignation,
      discharge, death, Disability, Retirement, or the disaffiliation of an Affiliate,
      but excluding any such termination where there is a simultaneous re-employment
      or engagement as a consultant by the Company or an Affiliate; (b) in the case
      of
      a Consultant, a cessation of the service relationship between the Consultant
      and
      the Company or an Affiliate for any reason, including, but not by way of
      limitation, a termination by resignation, discharge, death, Disability, or
      the
      disaffiliation of an Affiliate, but excluding any such termination where there
      is a simultaneous employment as an Employee or re-engagement of the Consultant
      by the Company or an Affiliate; and (c) in the case of a Director, a cessation
      of the Director’s service on the Board for any reason, including, but not by way
      of limitation, a termination by resignation, death, Disability, Retirement
      or
      non-reelection to the Board, but excluding any such termination where there
      is a
      simultaneous employment as an Employee or engagement as a Consultant by the
      Company or an Affiliate.

     

    
      
         

      

      
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    4. Stock
      Subject to the Plan.
      Subject
      to the provisions of Section 15 of the Plan, the maximum aggregate number of
      Shares that may be optioned and sold under the Plan is 14,873,892 Shares. The
      Shares may be authorized, but unissued, or reacquired Common Stock.

     

    If
      an
      Award expires or becomes unexercisable without having been exercised in full,
      or
      is surrendered pursuant to an Option Exchange Program, the unpurchased Shares
      which were subject thereto shall become available for future grant or sale
      under
      the Plan (unless the Plan has terminated); provided, however, that Shares that
      have actually been issued under the Plan, whether upon exercise of an Option
      or
      Stock Appreciation Right, shall not be returned to the Plan and shall not become
      available for future distribution under the Plan, except that if Shares of
      Restricted Stock are repurchased by the Company at their original purchase
      price, such Shares shall become available for future grant under the
      Plan.

     

    5. Administration
      of the Plan.

     

    (a) Procedure.

     

    (i) Multiple
      Administrative Bodies.
      The
      Plan may be administered by different Committees with respect to different
      groups of Service Providers.

     

    (ii) Section
      162(m).
      To the
      extent that the Administrator determines it to be desirable to qualify Awards
      granted hereunder as “performance-based compensation” within the meaning of
      Section 162(m) of the Code, the Plan shall be administered by a Committee of
      two
      or more “outside directors” within the meaning of Section 162(m) of the Code.
      For purposes of qualifying grants of Awards as “performance-based compensation”
under Section 162(m) of the Code, the Committee, in its discretion, may set
      restrictions based upon the achievement of Performance Goals. The Performance
      Goals shall be set by the Committee on or before the latest date permissible
      to
      enable the Awards to qualify as “performance-based compensation” under Section
      162(m) of the Code. In granting Awards that are intended to qualify under
      Section 162(m) of the Code, the Committee shall follow any procedures determined
      by it from time to time to be necessary or appropriate to ensure qualification
      of the Awards under Section 162(m) of the Code (e.g., in determining the
      Performance Goals).

     

    (iii) Rule
      16b-3.
      To the
      extent desirable to qualify transactions hereunder as exempt under Rule 16b-3,
      the transactions contemplated hereunder shall be structured to satisfy the
      requirements for exemption under Rule 16b-3.

     

    (iv) Other
      Administration.
      Other
      than as provided above, the Plan shall be administered by (A) the Board or
      (B) a
      Committee, which committee shall be constituted to satisfy Applicable
      Laws.

     

    (b) Powers
      of the Administrator.
      Subject
      to the provisions of the Plan, and in the case of a Committee, subject to the
      specific duties delegated by the Board to such Committee, the Administrator
      shall have the authority, in its discretion: 

     

    (i) to
      determine the Fair Market Value; 

     

    
      
         

      

      
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    (ii) to
      select
      the Service Providers to whom Awards may be granted hereunder;

     

    (iii) to
      determine the number of shares of Common Stock to be covered by each Award
      granted hereunder;

     

    (iv) to
      approve forms of agreement for use under the Plan;

     

    (v) to
      determine the terms and conditions, not inconsistent with the terms of the
      Plan,
      of any Award granted hereunder. Such terms and conditions include, but are
      not
      limited to, the exercise price, the time or times when Awards may be exercised
      (which may be based on performance criteria), any vesting acceleration or waiver
      of forfeiture restrictions, and any restriction or limitation regarding any
      Award or the Shares relating thereto, based in each case on such factors as
      the
      Administrator, in its sole discretion, shall determine;

     

    (vi) to
      reduce
      the exercise price of any Award to the then current Fair Market Value if the
      Fair Market Value of the Common Stock covered by such Award shall have declined
      since the date the Award was granted; provided, however, that no such reduction
      of the exercise price of an Award will occur, unless approved by the Company’s
      stockholders (except for adjustments made pursuant to Section 15);

     

    (vii) to
      institute an Option Exchange Program, provided that no such program may, without
      the approval of the Company’s stockholders, allow for the cancellation of an
      outstanding Option followed by its immediate replacement with a new Option
      with
      a lower exercise price;

     

    (viii) to
      construe and interpret the terms of the Plan and Awards granted pursuant to
      the
      Plan;

     

    (ix) to
      prescribe, amend and rescind rules and regulations relating to the Plan,
      including rules and regulations relating to sub-plans established for the
      purpose of satisfying applicable foreign laws;

     

    (x) to
      modify
      or amend each Award (subject to Section 17(c) of the Plan), including the
      discretionary authority to extend the post-termination exercisability period
      of
      Options longer than is otherwise provided for in the Plan;

     

    (xi) to
      allow
      Optionees to satisfy withholding tax obligations by electing to have the Company
      withhold from the Shares to be issued upon exercise of an Award that number
      of
      Shares having a Fair Market Value equal to the minimum amount required to be
      withheld. The Fair Market Value of the Shares to be withheld shall be determined
      on the date that the amount of tax to be withheld is to be determined. All
      elections by an Optionee to have Shares withheld for this purpose shall be
      made
      in such form and under such conditions as the Administrator may deem necessary
      or advisable;

     

    (xii) to
      authorize any person to execute on behalf of the Company any instrument required
      to effect the grant of an Award previously granted by the
      Administrator;

     

    
      
         

      

      
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    (xiii) to
      make
      all other determinations deemed necessary or advisable for administering the
      Plan.

     

    (c) Effect
      of Administrator’s Decision.
      The
      Administrator’s decisions, determinations and interpretations shall be final and
      binding on all Optionees and any other holders of Options or Stock Purchase
      Rights.

     

    6. Eligibility.
      Non-Qualified Stock Options, Stock Purchase Rights, and Stock Appreciation
      Rights may be granted to Service Providers. Incentive Stock Options may be
      granted only to Employees.

     

    7. Limitations.

     

    (a) Each
      Option shall be designated in the Award Agreement as either an Incentive Stock
      Option or a Non-Qualified Stock Option. However, notwithstanding such
      designation, to the extent that the aggregate Fair Market Value of the Shares
      with respect to which Incentive Stock Options are exercisable for the first
      time
      by the Optionee during any calendar year (under all plans of the Company and
      any
      Parent or Subsidiary) exceeds $100,000, such Options shall be treated as
      Non-Qualified Stock Options. For purposes of this Section 7(a), Incentive Stock
      Options shall be taken into account in the order in which they were granted.
      The
      Fair Market Value of the Shares shall be determined as of the time the Option
      with respect to such Shares is granted.

     

    (b) Neither
      the Plan nor any Award shall confer upon an Optionee any right with respect
      to
      continuing the Optionee’s relationship as a Service Provider with the Company,
      nor shall they interfere in any way with the Optionee’s right or the Company’s
      right to terminate such relationship at any time, with or without
      cause.

     

    (c) The.
      following limitations shall apply to grants of Options, Stock Purchase Rights,
      and Stock Appreciation Rights:

     

    (i) No
      Service Provider shall be granted, in any fiscal year of the Company, Options,
      Stock Purchase Rights, and Stock Appreciation Rights to purchase more than
      410,000 Shares.

     

    (ii) In
      connection with his or her Initial Service, a Service Provider may be granted
      Options, Stock Purchase Rights, and Stock Appreciation Rights to purchase up
      to
      an additional 100,000 Shares which shall not count against the limit set forth
      in subsection (i) above.

     

    (iii) The
      foregoing limitations shall be adjusted proportionately in connection with
      any
      change in the Company’s capitalization as described in Section 15.

     

    (iv) If
      an
      Option, Stock Purchase Right, or Stock Appreciation Right is cancelled in the
      same fiscal year of the Company in which it was granted (other than in
      connection with a transaction described in Section 15), the cancelled Option,
      Stock Purchase Right, or Stock Appreciation Right will be counted against the
      limits set forth in subsections (i) and (ii) above. For this purpose, if the
      exercise price of an Option, Stock Purchase Right, or Stock Appreciation Right
      is reduced, the transaction will be treated as a cancellation of the Option,
      Stock Purchase Right, or Stock Appreciation Right and the grant of a new Option,
      Stock Purchase Right, or Stock Appreciation Right.

     

    
      
         

      

      
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    8. Term
      of Plan.
      Subject
      to Section 21 of the Plan, the Plan shall become effective upon adoption by
      the
      Board and obtaining stockholder approval. The Plan shall continue in effect
      for
      a term of ten (10) years unless terminated earlier under Section 17 of the
      Plan.

     

    9. Term
      of Option.
      The
      term of each Option shall be stated in the Award Agreement. In the case of
      an
      Incentive Stock Option, the term shall be ten (10) years from the date of grant
      or such shorter term as may be provided in the Award Agreement. Moreover, in
      the
      case of an Incentive Stock Option granted to an Optionee who, at the time the
      Incentive Stock Option is granted, owns stock representing more than ten percent
      (10%) of the total combined voting power of all classes of stock of the Company
      or any Parent or Subsidiary, the term of the Incentive Stock Option shall be
      five (5) years from the date of grant or such shorter term as may be provided
      in
      the Award Agreement.

     

    10. Option
      Exercise Price and Consideration.

     

    (a) Exercise
      Price.
      The per
      share exercise price for the Shares to be issued pursuant to exercise of an
      Option shall be determined by the Administrator, subject to the
      following:

     

    (i) In
      the
      case of an Incentive Stock Option

     

    (A) 
      granted
      to an Employee who, at the time the Incentive Stock Option is granted, owns
      stock representing more than ten percent (10%) of the voting power of all
      classes of stock of the Company or any Parent or Subsidiary, the per Share
      exercise price shall be no less than 110% of the Fair Market Value per Share
      on
      the date of grant.

     

    (B) granted
      to any Employee other than an Employee described in paragraph (A) immediately
      above, the per Share exercise price shall be no less than 100% of the Fair
      Market Value per Share on the date of grant.

     

    (ii) In
      the
      case of a Non-Qualified Stock Option, the per Share exercise price shall be
      no
      less than 100% of the Fair Market Value per Share on the date of
      grant.

     

    (b) Waiting
      Period and Exercise Dates.
      At the
      time an Option is granted, the Administrator shall determine the vesting
      provisions applicable to such Option, including but not limited to the period
      within which the Option may be exercised, the number of Shares and times as
      of
      which any part or all of the Option may be exercised and any conditions which
      must be satisfied before the Option may be exercised.

     

    (c) Form
      of Consideration.
      The
      Administrator shall determine the acceptable form of consideration for
      exercising an Option, including the method of payment. In the case of an
      Incentive Stock Option, the Administrator shall determine the acceptable form
      of
      consideration at the time of grant. Such consideration may consist entirely
      of:

     

    (i) cash;

     

    
      
         

      

      
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    (ii) check;

     

    (iii) other
      Shares, which in the case of Shares acquired directly or indirectly from the
      Company, (A) have been vested and owned by the Optionee for more than six months
      on the date of surrender, and (B) have a Fair Market Value on the date of
      surrender equal to the aggregate exercise price of the Shares as to which said
      Option shall be exercised;

     

    (iv) consideration
      received by the Company under a cashless exercise program implemented by the
      Company in connection with the Plan;

     

    (v) any
      combination of the foregoing methods of payment; or

     

    (vi) such
      other consideration and method of payment for the issuance of Shares to the
      extent permitted by Applicable Laws.

     

    11. Exercise
      of Option.

     

    (a) Procedure
      for Exercise; Rights as a Shareholder.
      Any
      Option granted hereunder shall be exercisable according to the terms of the
      Plan
      and at such times and under such conditions, as determined by the Administrator
      and set forth in the Award Agreement. Unless the Administrator provides
      otherwise, vesting of Options granted hereunder shall be suspended during any
      unpaid leave of absence. An Option may not be exercised for a fraction of a
      Share.

     

    An
      Option
      shall be deemed exercised when the Company receives: (i) written or electronic
      notice of exercise (in accordance with the Award Agreement) from the person
      entitled to exercise the Option, and (ii) full payment for the Shares with
      respect to which the Option is exercised. Full payment may consist of any
      consideration and method of payment authorized by the Administrator and
      permitted by the Award Agreement and the Plan. Shares issued upon exercise
      of an
      Option shall be issued in the name of the Optionee or, if requested by the
      Optionee, in the name of the Optionee and his or her spouse. Until the Shares
      are issued (as evidenced by the appropriate entry on the books of the Company
      or
      of a duly authorized transfer agent of the Company), no right to vote or receive
      dividends or any other rights as a shareholder shall exist with respect to
      the
      Optioned Stock, notwithstanding the exercise of the Option. The Company shall
      issue (or cause to be issued) such Shares promptly after the Option is
      exercised. No adjustment will be made for a dividend or other right for which
      the record date is prior to the date the Shares are issued, except as provided
      in Section 15 of the Plan.

     

    Exercising
      an Option in any manner shall decrease the number of Shares thereafter
      available, both for purposes of the Plan and for sale under the Option, by
      the
      number of Shares as to which the Option is exercised.

     

    (b) Termination
      of Relationship as a Service Provider.
      If an
      Optionee ceases to be a Service Provider, other than upon the Optionee’s death
      or Disability, the Optionee may exercise his or her Option within such period
      of
      time as is specified in the Award Agreement to the extent that the Option is
      vested on the date of termination (but in no event later than the expiration
      of
      the term of such Option as set forth in the Award Agreement). In the absence
      of
      a specified time in the Award Agreement, the Option shall remain exercisable
      for
      three (3) months following the Optionee’s termination. If, on the date of
      termination, the Optionee is not vested as to his or her entire Option, the
      Shares covered by the unvested portion of the Option shall revert to the Plan.
      If, after termination, the Optionee does not exercise his or her Option within
      the time specified by the Administrator, the Option shall terminate, and the
      Shares covered by such Option shall revert to the Plan.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (c) Disability
      of Optionee.
      If an
      Optionee ceases to be a Service Provider as a result of the Optionee’s
      Disability, the Optionee may exercise his or her Option within such period
      of
      time as is specified in the Award Agreement to the extent the Option is vested
      on the date of termination (but in no event later than the expiration of the
      term of such Option as set forth in the Award Agreement). In the absence of
      a
      specified time in the Award Agreement, the Option shall remain exercisable
      for
      twelve (12) months following the Optionee’s termination. If, on the date of
      termination, the Optionee is not vested as to his or her entire Option, the
      Shares covered by the unvested portion of the Option shall revert to the Plan.
      If, after termination, the Optionee does not exercise his or her Option within
      the time specified herein, the Option shall terminate, and the Shares covered
      by
      such Option shall revert to the Plan.

     

    (d) Death
      of Optionee.
      If an
      Optionee dies while a Service Provider, the Option may be exercised following
      the Optionee’s death within such period of time as is specified in the Award
      Agreement to the extent the Option is vested on the date of death (but in no
      event later than the expiration of the term of such Option as set forth in
      the
      Award Agreement), by the Optionee’s designated beneficiary, provided such
      beneficiary has been designated prior to Optionee’s death in a form acceptable
      to the Administrator. If no such beneficiary has been designated by the
      Optionee, then such Option may be exercised by the personal representative
      of
      the Optionee’s estate or by the person(s) to whom the Option is transferred
      pursuant to the Optionee’s will or in accordance with the laws of descent and
      distribution. In the absence of a specified time in the Award Agreement, the
      Option shall remain exercisable for twelve (12) months following the Optionee’s
      death. If, at the time of death, the Optionee is not vested as to his or her
      entire Option, the Shares covered by the unvested portion of the Option shall
      immediately revert to the Plan. If the Option is not so exercised within the
      time specified herein, the Option shall terminate, and the Shares covered by
      such Option shall revert to the Plan.

     

    12. Stock
      Purchase Rights.

     

    (a) Rights
      to Purchase.
      Stock
      Purchase Rights may be issued either alone, in addition to, or in tandem with
      other awards granted under the Plan and/or cash awards made outside of the
      Plan.
      After the Administrator determines that it will offer Stock Purchase Rights
      under the Plan, it shall advise the offeree in writing or electronically, by
      means of a Notice of Grant, of the terms, conditions and restrictions related
      to
      the offer, including the number of Shares that the offeree shall be entitled
      to
      purchase, the price to be paid, and the time within which the offeree must
      accept such offer. The offer shall be accepted by execution of a Restricted
      Stock Purchase Agreement in the form determined by the
      Administrator.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (b) Number
      of Shares.
      The
      Administrator shall have complete discretion to determine the number of Stock
      Purchase Rights granted to any Participant, provided that during any Fiscal
      Year, no Participant shall be granted Stock Purchase Rights covering more than
      100,000 Shares, unless in connection with his or her Initial Service as
      described in Section 7(c)(ii).

     

    (c) Repurchase
      Option.
      Unless
      the Administrator determines otherwise, the Restricted Stock Purchase Agreement
      shall grant the Company a repurchase option exercisable upon the voluntary
      or
      involuntary termination of the purchaser’s service with the Company for any
      reason (including death or Disability). The purchase price for Shares
      repurchased pursuant to the Restricted Stock Purchase Agreement shall be the
      original price paid by the purchaser and may be paid by cancellation of any
      indebtedness of the purchaser to the Company. The repurchase option shall lapse
      at a rate determined by the Administrator.

     

    (d) Other
      Provisions.
      The
      Restricted Stock Purchase Agreement shall contain such other terms, provisions
      and conditions not inconsistent with the Plan as may be determined by the
      Administrator in its sole discretion.

     

    (e) Rights
      as a Shareholder.
      Once
      the Stock Purchase Right is exercised, the purchaser shall have the rights
      equivalent to those of a shareholder, and shall be a shareholder when his or
      her
      purchase is entered upon the records of the duly authorized transfer agent
      of
      the Company. No adjustment will be made for a dividend or other right for which
      the record date is prior to the date the Stock Purchase Right is exercised,
      except as provided in Section 15 of the Plan.

     

    13. Stock
      Appreciation Rights.

     

    (a) Grant
      of SARs.
      Subject
      to the terms and conditions of the Plan, an SAR may be granted to Employees
      and
      Consultants at any time and from time to time as shall be determined by the
      Administrator, in its sole discretion. The Administrator may grant an SAR alone
      (a “freestanding SAR”), in tandem with an Option or Stock Purchase Right (a
“tandem SAR”), or any combination thereof.

     

    (i) Number
      of Shares.
      The
      Administrator shall have complete discretion to determine the number of SARs
      granted to any Participant, provided that during any Fiscal Year, no Participant
      shall be granted SARs covering more than 100,000 Shares, unless in connection
      with his or her Initial Service as described in Section 7(c)(ii).

     

    (ii) Exercise
      Price and Other Terms.
      The
      Administrator, subject to the provisions of the Plan, shall have complete
      discretion to determine the terms and conditions of SARs granted under the
      Plan.
      However, the exercise price of an SAR shall be not less than one hundred percent
      (100%) of the Fair Market Value of a Share on the Grant Date and the value
      of
      the payout with respect to an SAR shall be for no more than the excess of one
      hundred percent (100%) of the Fair Market Value of the Shares subject to the
      SAR
      at the time the SAR is exercised over the Exercise Price of the
      SAR.

     

    (b) Exercise
      of Tandem SARs.
      Tandem
      SARs may be exercised for all or part of the Shares subject to the related
      Option or Stock Purchase Right upon the surrender of the right to exercise
      the
      equivalent portion of the related Option or Stock Purchase Right. A tandem
      SAR
      may be exercised only with respect to the Shares for which its related Option
      or
      Stock Purchase Right is then exercisable. With respect to a tandem SAR granted
      in connection with an Incentive Stock Option: (a) the tandem SAR shall expire
      no
      later than the expiration of the underlying Incentive Stock Option; (b) the
      value of the payout with respect to the tandem SAR shall be for no more than
      one
      hundred percent (100%) of the difference between the Exercise Price of the
      underlying Incentive Stock Option and the Fair Market Value of the Shares
      subject to the underlying Incentive Stock Option at the time the tandem SAR
      is
      exercised; and (c) the tandem SAR shall be exercisable only when the Fair Market
      Value of the Shares subject to the Incentive Stock Option exceeds the Exercise
      Price of the Incentive Stock Option.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    (c) Exercise
      of Freestanding SARs.
      Freestanding SARs shall be exercisable on such terms and conditions as the
      Administrator, in its sole discretion, shall determine.

     

    (d) SAR
      Agreement.
      Each
      SAR grant shall be evidenced by an Award Agreement that shall specify the
      exercise price, the term of the SAR, the conditions of exercise, and such other
      terms and conditions as the Administrator, in its sole discretion, shall
      determine.

     

    (e) Expiration
      of SARs.
      An SAR
      granted under the Plan shall expire upon the date determined by the
      Administrator, in its sole discretion, and set forth in the Award Agreement.
      Notwithstanding the foregoing, the rules of Section 11 also shall apply to
      SARs.

     

    (f) Payment
      of SAR Amount.
      Upon
      exercise of an SAR, a Participant shall be entitled to receive payment from
      the
      Company in an amount determined by multiplying:

     

    (i) The
      difference between the Fair Market Value of a Share on the date of exercise
      over
      the exercise price; times 

     

    (ii) The
      number of Shares with respect to which the SAR is exercised.

     

    At
      the
      discretion of the Administrator, the payment upon SAR exercise may be in cash,
      in Shares of equivalent value, or in some combination thereof.

     

    14. Non-Transferability
      of Awards.
      Unless
      determined otherwise by the Administrator, an Award may not be sold, pledged,
      assigned, hypothecated, transferred, or disposed of in any manner other than
      by
      will or by the laws of descent or distribution and may be exercised, during
      the
      lifetime of the Optionee, only by the Optionee. If the Administrator makes
      an
      Award transferable, such Award shall contain such additional terms and
      conditions as the Administrator deems appropriate.

     

    15. Adjustments
      Upon Changes in Capitalization, Dissolution or Liquidation, Merger or Asset
      Sale.

     

    (a) Changes
      in Capitalization.
      Subject
      to any required action by the stockholders of the Company, the number and class
      of Shares that may be delivered under the Plan and/or the number, class, and
      price of Shares covered by each outstanding Award, and the numerical Share
      limits in Sections 4, 7, and 13 of the Plan, shall be proportionately adjusted
      for any increase or decrease in the number of issued Shares resulting from
      a
      stock split, reverse stock split, stock dividend, combination or
      reclassification of the Shares, or any other increase or decrease in the number
      of issued Shares effected without receipt of consideration by the Company;
      provided, however, that conversion of any convertible securities of the Company
      shall not be deemed to have been “effected without receipt of consideration.”
Such adjustment shall be made by the Board, whose determination in that respect
      shall be final, binding and conclusive. Except as expressly provided herein,
      no
      issuance by the Company of shares of stock of any class, or securities
      convertible into shares of stock of any class, shall affect, and no adjustment
      by reason thereof shall be made with respect to, the number or price of Shares
      subject to an Award.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    (b) Dissolution
      or Liquidation.
      In the
      event of the proposed dissolution or liquidation of the Company, the
      Administrator shall notify each Participant as soon as practicable prior to
      the
      effective date of such proposed transaction. The Administrator in its discretion
      may provide for a Participant to have the right to exercise his or her Award
      until ten (10) days prior to such transaction as to all of the Optioned Stock
      covered thereby, including Shares as to which the Award would not otherwise
      be
      exercisable. In addition, the Administrator may provide that any Company
      repurchase option applicable to any Share’s purchased upon exercise of an Award
      shall lapse as to all such Shares, provided the proposed dissolution or
      liquidation takes place at the time and in the manner contemplated. To the
      extent it has not been previously exercised, an Award will terminate immediately
      prior to the consummation of such proposed action.

     

    (c) Merger
      or Asset Sale.
      In the
      event of a merger of the Company with or into another corporation, or the sale
      of substantially all of the assets of the Company, each outstanding Award shall
      be assumed or an equivalent option or right substituted by the successor
      corporation or a Parent or Subsidiary of the successor corporation. In the
      event
      that the successor corporation refuses to assume or substitute for the Award,
      the Participant will fully vest in and have the right to exercise all of his
      or
      her outstanding Options and Stock Appreciation Rights, including Shares as
      to
      which such Awards would not otherwise be vested or exercisable, and all
      restrictions on Restricted Stock will lapse. In addition, if an Option or Stock
      Appreciation Right becomes fully vested and exercisable in lieu of assumption
      or
      substitution in the event of a merger or sale of assets, the Administrator
      will
      notify the Participant in writing or electronically that the Option or Stock
      Appreciation Right will be fully vested and exercisable for a period of 15
      days
      from the date of such notice, and the Option or Stock Appreciation Right will
      terminate upon the expiration of such period.

     

    For
      the
      purposes of this paragraph, the Award shall be considered assumed if, following
      the merger or sale of assets, the Award confers the right to purchase or
      receive, for each Share subject to the Award immediately prior to the merger
      or
      sale of assets, the consideration (whether stock, cash, or other securities
      or
      property) or, in the case of a Stock Appreciation Right upon the exercise of
      which the Administrator determines to pay cash, the fair market value of the
      consideration received in the merger or sale of assets by holders of Common
      Stock for each Share held on the effective date of the transaction (and if
      holders were offered a choice of consideration, the type of consideration chosen
      by the holders of a majority of the outstanding Shares); provided, however,
      that
      if such consideration received in the merger or sale of assets is not solely
      common stock of the successor corporation or its Parent, the Administrator
      may,
      with the consent of the successor corporation, provide for the consideration
      to
      be received upon the exercise of an Option or Stock Appreciation Right for
      each
      Share subject to such Award, to be solely common stock of the successor
      corporation or its Parent equal in fair market value to the per Share
      consideration received by holders of Common Stock in the merger or sale of
      assets.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    Notwithstanding
      anything in this Section 15(c) to the contrary, an Award that vests, is earned
      or paid-out upon the satisfaction of one or more Performance Goals will not
      be
      considered assumed if the Company or its successor modifies any of such
      Performance Goals without the Participant’s consent; provided, however, a
      modification to such Performance Goals only to reflect the successor
      corporation’s corporate structure post-merger or post-sale of assets will not be
      deemed to invalidate an otherwise valid Award assumption.

     

    16. Date
      of Grant.
      The
      date of grant of an Award shall be, for all purposes, the date on which the
      Company completes the corporate action necessary to create the legally binding
      right constituting the Award, including without limitation determining the
      maximum number of shares that can be acquired under the Award, the minimum
      exercise price, the class of Shares and the identity of the Participant. Notice
      of the determination shall be provided to each Optionee within a reasonable
      time
      after the date of such grant.

     

    17. Amendment
      and Termination of the Plan.

     

    (a) Amendment
      and Termination.
      The
      Board may at any time amend, alter, suspend or terminate the Plan.

     

    (b) Shareholder
      Approval.
      The
      Company shall obtain shareholder approval of any Plan amendment to the extent
      necessary and desirable to comply with Applicable Laws.

     

    (c) Effect
      of Amendment or Termination.
      No
      amendment, alteration, suspension or termination of the Plan shall impair the
      rights of any Optionee, unless mutually agreed otherwise between the Optionee
      and the Administrator, which agreement must be in writing and signed by the
      Optionee and the Company. Termination of the Plan shall not affect the
      Administrator’s ability to exercise the powers granted to it hereunder with
      respect to Options granted under the Plan prior to the date of such
      termination.

     

    18. Conditions
      Upon Issuance of Shares.

     

    (a) Legal
      Compliance.
      Shares
      shall not be issued pursuant to the exercise of an Award unless the exercise
      of
      such Award and the issuance and delivery of such Shares shall comply with
      Applicable Laws and shall be further subject to the approval of counsel for
      the
      Company with respect to such compliance.

     

    (b) Investment
      Representations.
      As a
      condition to the exercise of an Award, the Company may require the person
      exercising such Award to represent and warrant at the time of any such exercise
      that the Shares are being purchased only for investment and without any present
      intention to sell or distribute such Shares if, in the opinion of counsel for
      the Company, such a representation is required.

     

    19. Inability
      to Obtain Authority.
      The
      inability of the Company to obtain authority from any regulatory body having
      jurisdiction, which authority is deemed by the Company’s counsel to be necessary
      to the lawful issuance and sale of any Shares hereunder, shall relieve the
      Company of any liability in respect of the failure to issue or sell such Shares
      as to which such requisite authority shall not have been obtained.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    20. Reservation
      of Shares.
      The
      Company, during the term of this Plan, will at all times reserve and keep
      available such number of Shares as shall be sufficient to satisfy the
      requirements of the Plan.

     

    21. Shareholder
      Approval.
      The
      Plan shall be subject to approval by the shareholders of the Company within
      twelve (12) months after the date the Plan is adopted. Such shareholder approval
      shall be obtained in the manner and to the degree required under Applicable
      Laws.

     

    
      
         

      

      
        16<PAGE>
                                                                     Exhibit 4.1

                                                                  EXECUTION COPY

                                DEPOSIT AGREEMENT

     DEPOSIT AGREEMENT, dated as of April 4, 2006, by and among (i) CHINA
GRENTECH CORPORATION LIMITED, a company organized under the laws of the Cayman
Islands, and its successors (the "Company"), (ii) CITIBANK, N.A., a national
banking association organized under the laws of the United States of America
acting in its capacity as depositary, and any successor depositary hereunder
(the "Depositary"), and (iii) all Holders and Beneficial Owners of American
Depositary Shares issued hereunder (all such capitalized terms as hereinafter
defined).

                                WITNESSETH THAT:

     WHEREAS, the Company desires to establish with the Depositary an ADR
facility to provide for the deposit of the Shares (as hereinafter defined) and
the creation of American Depositary Shares representing the Shares so deposited
and for the execution and delivery of American Depositary Receipts evidencing
such American Depositary Shares; and

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

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

     WHEREAS, the American Depositary Shares to be issued pursuant to the terms
of the Deposit Agreement are to be listed for trading on the NASDAQ National
Market ("NASDAQ"); and

     WHEREAS, the Board of Directors of the Company (or an authorized committee
thereof) has duly approved the establishment of an ADR facility upon the terms
set forth in the Deposit Agreement (as hereinafter defined), the execution and
delivery of the Deposit Agreement on behalf of the Company, and the actions of
the Company and the transactions contemplated herein.

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

                                    ARTICLE I

                                   DEFINITIONS

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

<PAGE>

     SECTION 1.1 "AFFILIATE" shall have the meaning assigned to such term by the
Commission (as hereinafter defined) under Regulation C promulgated under the
Securities Act (as hereinafter defined), or under any successor regulation
thereto.

     SECTION 1.2 "ADS RECORD DATE" shall have the meaning given to such term in
Section 4.9.

     SECTION 1.3 "AMERICAN DEPOSITARY RECEIPT(S)", "ADR(S)" and "RECEIPT(S)"
shall mean the certificate(s) issued by the Depositary to evidence the American
Depositary Shares issued under the terms of the Deposit Agreement in the form of
Certificated ADSs (as hereinafter defined) as such ADRs may be amended from time
to time in accordance with the provisions of the Deposit Agreement. An ADR may
evidence any number of ADSs and may, in the case of ADSs held through a central
depository such as DTC, be in the form of a "Balance Certificate."

     SECTION 1.4 "AMERICAN DEPOSITARY SHARE(S)" AND "ADS(S)" shall mean the
rights and interests in the Deposited Securities granted to the Holders and
Beneficial Owners pursuant to the terms and conditions of the Deposit Agreement
and, if issued in the form of Certificated ADSs (as hereinafter defined) the
ADR(s) issued to evidence such ADSs. ADS(s) may be issued under the terms of the
Deposit Agreement in the form of (a) Certificated ADS(s) (as hereinafter
defined), in which case the ADS(s) are evidenced by ADR(s), or (b)
Uncertificated ADS(s) (as hereinafter defined), in which case the ADS(s) are not
evidenced by ADR(s) but are reflected on the direct registration system
maintained by the Depositary for such purposes under the terms of Section 2.12.
Unless otherwise specified in the Deposit Agreement or in any ADR, or unless the
context otherwise requires, any references to ADS(s) shall include Certificated
ADS(s) and Uncertificated ADS(s), individually or collectively, as the context
may require. Each ADS shall represent twenty-five (25) Share(s) until there
shall occur a distribution upon Deposited Securities referred to in Section 4.2
or a change in Deposited Securities referred to in Section 4.11 with respect to
which additional ADSs are not issued, and thereafter each ADS shall represent
the Deposited Securities determined in accordance with the terms of such
Sections.

     SECTION 1.5 "APPLICANT" shall have the meaning given to such term in
Section 5.10.

     SECTION 1.6 "ARTICLES OF ASSOCIATION" shall mean the Memorandum and
Articles of Association of the Company, as in effect from time to time.

     SECTION 1.7 "BENEFICIAL OWNER" shall mean, as to any ADS, any person or
entity having a beneficial interest deriving from the ownership of such ADS. A
Beneficial Owner of ADSs may or may not be the Holder of the ADSs. A Beneficial
Owner shall be able to exercise any right or receive any benefit hereunder
solely through the person who is the Holder of the ADSs owned by such Beneficial
Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed
to be the Beneficial Owner of all the ADSs registered in his/her/its name.

                                        2

<PAGE>

     SECTION 1.8 "CERTIFICATED ADS(S)" shall have the meaning set forth in
Section 2.12.

     SECTION 1.9 "COMMISSION" shall mean the Securities and Exchange Commission
of the United States or any successor governmental agency thereto in the United
States.

     SECTION 1.10 "COMPANY" shall mean China GrenTech Corporation Limited, a
company incorporated and existing under the laws of the Cayman Islands, and its
successors.

     SECTION 1.11 "CUSTODIAN" shall mean, as of the date hereof, Citibank Hong
Kong, having its principal office at 10/F, Harbour Front (II), 22, Tak Funh
Street, Hunh Hom, Kowloon, Hong Kong, as the custodian for the purposes of the
Deposit Agreement, and any other entity that may be appointed by the Depositary
pursuant to the terms of Section 5.5 as successor, substitute or additional
custodian hereunder. The term "Custodian" shall mean any Custodian individually
or all Custodians collectively, as the context requires.

     SECTION 1.12 "DELIVER" and "DELIVERY" shall mean, when used in respect of
ADSs, Deposited Securities and Shares, either (i) the physical delivery of the
certificate(s) representing such securities, or (ii) the electronic delivery of
such securities by means of book-entry transfer, if available.

     SECTION 1.13 "DEPOSIT AGREEMENT" shall mean this Deposit Agreement and all
exhibits hereto, as the same may be amended and supplemented from time to time
in accordance with the terms of the Deposit Agreement.

     SECTION 1.14 "DEPOSITARY" shall mean Citibank, N.A., a national banking
association organized under the laws of the United States, in its capacity as
depositary under the terms of the Deposit Agreement, and any successor
depositary hereunder.

     SECTION 1.15 "DEPOSITED SECURITIES" shall mean Shares at any time deposited
under the Deposit Agreement and any and all other securities, property and cash
held by the Depositary or the Custodian in respect thereof, subject, in the case
of cash, to the provisions of Section 4.8. The collateral delivered in
connection with Pre-Release Transactions described in Section 5.10 shall not
constitute Deposited Securities.

     SECTION 1.16 "DOLLARS" and "$" shall refer to the lawful currency of the
United States.

     SECTION 1.17 "DTC" shall mean The Depository Trust Company, a national
clearinghouse and the central book-entry settlement system for securities traded
in the United States and, as such, the custodian for the securities of DTC
Participants (as hereinafter defined) maintained in DTC, and any successor
thereto.

     SECTION 1.18 "DTC PARTICIPANT" shall mean any financial institution (or any
nominee of such institution) having one or more participant accounts with DTC
for receiving, holding and delivering the securities and cash held in DTC.

     SECTION 1.19 "EXCHANGE ACT" shall mean the United States Securities
Exchange Act of 1934, as amended from time to time.

                                        3
<PAGE>

     SECTION 1.20 "FOREIGN CURRENCY" shall mean any currency other than Dollars.

     SECTION 1.21 "FULL ENTITLEMENT ADR(S)", "FULL ENTITLEMENT ADS(S)" and "FULL
ENTITLEMENT SHARE(S)" shall have the respective meanings set forth in Section
2.11.

     SECTION 1.22 "Holder(s)" shall mean the person(s) in whose name the ADSs
are registered on the books of the Depositary (or the Registrar, if any)
maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a
Holder is not the Beneficial Owner of the ADS(s) registered in its name, such
person shall be deemed, for all purposes hereunder, to have all requisite
authority to act on behalf of the Beneficial Owners of the ADSs registered in
its name.

     SECTION 1.23 "PARTIAL ENTITLEMENT ADR(S)", "PARTIAL ENTITLEMENT ADS(S)" and
"PARTIAL ENTITLEMENT SHARE(S)" shall have the respective meanings set forth in
Section 2.11.

     SECTION 1.24 "PRE-RELEASE TRANSACTION" shall have the meaning set forth in
Section 5.10.

     SECTION 1.25 "PRINCIPAL OFFICE" shall mean, when used with respect to the
Depositary, the principal office of the Depositary at which at any particular
time its depositary receipts business shall be administered, which, at the date
of the Deposit Agreement, is located at 388 Greenwich Street, 14th Floor, New
York, New York 10013, U.S.A.

     SECTION 1.26 "REGISTRAR" shall mean the Depositary or any bank or trust
company having an office in the Borough of Manhattan, The City of New York,
which shall be appointed by the Depositary to register issuances, transfers and
cancellations of ADSs as herein provided, and shall include any co-registrar
appointed by the Depositary for such purposes. Registrars (other than the
Depositary) may be removed and substitutes appointed by the Depositary. Each
Registrar (other than the Depositary) appointed pursuant to the Deposit
Agreement shall be required to give notice in writing to the Depositary
accepting such appointment and agreeing to be bound by the applicable terms of
the Deposit Agreement.

     SECTION 1.27 "RESTRICTED SECURITIES" shall mean Shares, Deposited
Securities or ADSs which (i) have been acquired directly or indirectly from the
Company or any of its Affiliates in a transaction or chain of transactions not
involving any public offering and are subject to resale limitations under the
Securities Act or the rules issued thereunder, or (ii) are held by an officer or
director (or persons performing similar functions) or other Affiliate of the
Company, or (iii) are subject to other restrictions on sale or deposit under the
laws of the United States, or the Cayman Islands, or under a shareholder
agreement or the Articles of Association or under the regulations of an
applicable securities exchange unless, in each case, such Shares, Deposited
Securities or ADSs are being transferred or sold to persons other than an
Affiliate of the Company in a transaction (a) covered by an effective resale
registration statement, or (b) exempt from the registration requirements of the
Securities Act (as hereinafter defined), and the Shares, Deposited Securities or
ADSs are not, when held by such person(s), Restricted Securities.

     SECTION 1.28 "RESTRICTED ADR(S)", "RESTRICTED ADS(S)" and "RESTRICTED
SHARES" shall have the respective meanings set forth in Section 2.13.

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     SECTION 1.29 "SECURITIES ACT" shall mean the United States Securities Act
of 1933, as amended from time to time.

     SECTION 1.30 "SHARE REGISTRAR" shall mean Codan Trust Company (Cayman)
Limited or any other institution organized under the laws of the Cayman Islands
appointed by the Company to carry out the duties of registrar for the Shares,
and any successor thereto.

     SECTION 1.31 "SHARES" shall mean the Company's Ordinary Shares,
U.S.$0.00002 par value per share, validly issued and outstanding and fully paid
and may, if the Depositary so agrees after consultation with the Company,
include evidence of the right to receive Shares; provided that in no event shall
Shares include evidence of the right to receive Shares with respect to which the
full purchase price has not been paid or Shares as to which preemptive rights
have theretofore not been validly waived or exercised; provided further,
however, that, if there shall occur any change in par value, split-up,
consolidation, reclassification, exchange, conversion or any other event
described in Section 4.11 in respect of the Shares of the Company, the term
"Shares" shall thereafter, to the maximum extent permitted by law, represent the
successor securities resulting from such event.

     SECTION 1.32 "UNCERTIFICATED ADS(S)" shall have the meaning set forth in
Section 2.12.

     SECTION 1.33 "UNITED STATES" and "U.S." shall have the meaning assigned to
it in Regulation S as promulgated by the Commission under the Securities Act.

                                   ARTICLE II

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

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

     SECTION 2.2 FORM AND TRANSFERABILITY OF ADSS.

     (A) FORM. Certificated ADSs shall be evidenced by definitive ADRs which
shall be engraved, printed, lithographed or produced in such other manner as may
be agreed upon by the Company and the Depositary. ADRs may be issued under the
Deposit Agreement in

                                        5

<PAGE>

denominations of any whole number of ADSs. The ADRs shall be substantially in
the form set forth in Exhibit A to the Deposit Agreement, with any appropriate
insertions, modifications and omissions, in each case as otherwise contemplated
in the Deposit Agreement or required by law. ADRs shall be (i) dated, (ii)
signed by the manual or facsimile signature of a duly authorized signatory of
the Depositary, (iii) countersigned by the manual or facsimile signature of a
duly authorized signatory of the Registrar, and (iv) registered in the books
maintained by the Registrar for the registration of issuances and transfers of
ADSs. No ADR and no Certificated ADS evidenced thereby shall be entitled to any
benefits under the Deposit Agreement or be valid or enforceable for any purpose
against the Depositary or the Company, unless such ADR shall have been so dated,
signed, countersigned and registered. ADRs bearing the facsimile signature of a
duly-authorized signatory of the Depositary or the Registrar, who at the time of
signature was a duly-authorized signatory of the Depositary or the Registrar, as
the case may be, shall bind the Depositary, notwithstanding the fact that such
signatory has ceased to be so authorized prior to the delivery of such ADR by
the Depositary. The ADRs shall bear a CUSIP number that is different from any
CUSIP number that was, is or may be assigned to any depositary receipts
previously or subsequently issued pursuant to any other arrangement between the
Depositary (or any other depositary) and the Company and which are not ADRs
issued hereunder.

     (B) LEGENDS. The ADRs may be endorsed with, or have incorporated in the
text thereof, such legends or recitals not inconsistent with the provisions of
the Deposit Agreement as (i) may be necessary to enable the Depositary and the
Company to perform their respective obligations hereunder, (ii) may be required
to comply with any applicable laws or regulations, or with the rules and
regulations of any securities exchange or market upon which ADSs may be traded,
listed or quoted, or to conform with any usage with respect thereto, (iii) may
be necessary to indicate any special limitations or restrictions to which any
particular ADRs or ADSs are subject by reason of the date of issuance of the
Deposited Securities or otherwise, or (iv) may be required by any book-entry
system in which the ADSs are held. Holders and Beneficial Owners shall be
deemed, for all purposes, to have notice of, and to be bound by, the terms and
conditions of the legends set forth, in the case of Holders, on the ADR
registered in the name of the applicable Holders or, in the case of Beneficial
Owners, on the ADR representing the ADSs owned by such Beneficial Owners.

     (C) TITLE. Subject to the limitations contained herein and in the ADR,
title to an ADR (and to each Certificated ADS evidenced thereby) shall be
transferable upon the same terms as a certificated security under the laws of
the State of New York, provided that, in the case of Certificated ADSs, such ADR
has been properly endorsed or is accompanied by proper instruments of transfer.
Notwithstanding any notice to the contrary, the Depositary and the Company may
deem and treat the Holder of an ADS (that is, the person in whose name an ADS is
registered on the books of the Depositary) as the absolute owner thereof for all
purposes. Neither the Depositary nor the Company shall have any obligation nor
be subject to any liability under the Deposit Agreement or any ADR to any holder
or any Beneficial Owner unless such holder is the Holder registered on the books
of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner,
or the Beneficial Owner's representative, is the Holder registered on the books
of the Depositary.

     (D) BOOK-ENTRY SYSTEMS. The Depositary shall make arrangements for the
acceptance of the ADSs into DTC. A single ADR in the form of a "Balance
Certificate" will

                                        6

<PAGE>

evidence all ADSs held through DTC and will be registered in the name of the
nominee for DTC (currently "Cede & Co.") and will provide that it represents the
aggregate number of ADSs from time to time indicated in the records of the
Depositary as being issued hereunder and that the aggregate number of ADSs
represented thereby may from time to time be increased or decreased by making
adjustments on such records of the Depositary and of DTC or its nominee as
hereinafter provided. As such, the nominee for DTC will be the only "Holder" of
the ADR evidencing all ADSs held through DTC. Citibank, N.A. (or such other
entity as is appointed by DTC or its nominee) may hold the "Balance Certificate"
as custodian for DTC. Each Beneficial Owner of ADSs held through DTC must rely
upon the procedures of DTC and the DTC Participants to exercise or be entitled
to any rights attributable to such ADSs. The DTC Participants shall for all
purposes be deemed to have all requisite power and authority to act on behalf of
the Beneficial Owners of the ADSs held in the DTC Participants' respective
accounts in DTC and the Depositary shall for all purposes be authorized to rely
upon any instructions and information given to it by DTC Participants on behalf
of Beneficial Owners of ADSs. So long as ADSs are held through DTC or unless
otherwise required by law, ownership of beneficial interests in the ADR
registered in the name of the nominee for DTC will be shown on, and transfers of
such ownership will be effected only through, records maintained by (i) DTC or
its nominee (with respect to the interests of DTC Participants), or (ii) DTC
Participants or their nominees (with respect to the interests of clients of DTC
Participants).

     SECTION 2.3 DEPOSIT WITH CUSTODIAN. Subject to the terms and conditions of
the Deposit Agreement and applicable law, Shares or evidence of rights to
receive Shares (other than Restricted Securities) may be deposited by any person
(including the Depositary in its individual capacity but subject, however, in
the case of the Company or any Affiliate of the Company, to Section 5.7) at any
time, whether or not the transfer books of the Company or the Share Registrar,
if any, are closed, by Delivery of the Shares to the Custodian. Every deposit of
Shares shall be accompanied by the following: (A) (i) in the case of Shares
represented by certificates issued in registered form, appropriate instruments
of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the
case of Shares represented by certificates in bearer form the requisite coupons
and talons pertaining thereto, and (iii) in the case of Shares delivered by
book-entry transfer, confirmation of such book-entry transfer to the Custodian
or that irrevocable instructions have been given to cause such Shares to be so
transferred, (B) such certifications and payments (including, without
limitation, the Depositary's fees and related charges) and evidence of such
payments (including, without limitation, stamping or otherwise marking such
Shares by way of receipt) as may be required by the Depositary or the Custodian
in accordance with the provisions of the Deposit Agreement and applicable law,
(C) if the Depositary so requires, a written order directing the Depositary to
issue and deliver to, or upon the written order of, the person(s) stated in such
order the number of ADSs representing the Shares so deposited, (D) evidence
satisfactory to the Depositary (which may be an opinion of counsel) that all
necessary approvals have been granted by, or there has been compliance with the
rules and regulations of, any applicable governmental agency in the Cayman
Islands, and (E) if the Depositary so requires, (i) an agreement, assignment or
instrument satisfactory to the Depositary or the Custodian which provides for
the prompt transfer by any person in whose name the Shares are or have been
recorded to the Custodian of any distribution, or right to subscribe for
additional Shares or to receive other property in respect of any such deposited
Shares or, in lieu thereof, such indemnity or other agreement as shall be
satisfactory to the Depositary or the Custodian and (ii) if the Shares are
registered in the name of the person on whose behalf they are presented for

                                        7

<PAGE>

deposit, a proxy or proxies entitling the Custodian to exercise voting rights in
respect of the Shares for any and all purposes until the Shares so deposited are
registered in the name of the Depositary, the Custodian or any nominee.

     Without limiting any other provision of the Deposit Agreement, the
Depositary shall instruct the Custodian not to, and the Depositary shall not
knowingly, accept for deposit (a) any Restricted Securities (except as
contemplated by Section 2.13) nor (b) any fractional Shares or fractional
Deposited Securities nor (c) a number of Shares or Deposited Securities which
upon application of the ADS to Shares ratio would give rise to fractional ADSs.
No Share shall be accepted for deposit unless accompanied by evidence, if any is
required by the Depositary, that is reasonably satisfactory to the Depositary or
the Custodian that all conditions to such deposit have been satisfied by the
person depositing such Shares under the laws and regulations of the Cayman
Islands and any necessary approval has been granted by any applicable
governmental body in the Cayman Islands, if any. The Depositary may issue ADSs
against evidence of rights to receive Shares from the Company, any agent of the
Company or any custodian, registrar, transfer agent, clearing agency or other
entity involved in ownership or transaction records in respect of the Shares.
Such evidence of rights shall consist of written blanket or specific guarantees
of ownership of Shares furnished by the Company or any such custodian,
registrar, transfer agent, clearing agency or other entity involved in ownership
or transaction records in respect of the Shares.

     Without limitation of the foregoing, the Depositary shall not knowingly
accept for deposit under the Deposit Agreement any Shares or other Deposited
Securities required to be registered under the provisions of the Securities Act,
unless a registration statement is in effect as to such Shares or other
Deposited Securities, or any Shares or other Deposited Securities the deposit of
which would violate any provisions of the Articles of Association. For purposes
of the foregoing sentence, the Depositary shall be entitled to rely upon
representations and warranties made or deemed made pursuant to the Deposit
Agreement and shall not be required to make any further investigation. The
Depositary will comply with written instructions of the Company (received by the
Depositary reasonably in advance) not to accept for deposit hereunder any Shares
identified in such instructions at such times and under such circumstances as
may reasonably be specified in such instructions in order to facilitate the
Company's compliance with the securities laws of the United States.

     SECTION 2.4 REGISTRATION AND SAFEKEEPING OF DEPOSITED SECURITIES. The
Depositary shall instruct the Custodian upon each Delivery of certificates
representing registered Shares being deposited hereunder with the Custodian (or
other Deposited Securities pursuant to Article IV hereof), together with the
other documents above specified, to present such certificate(s), together with
the appropriate instrument(s) of transfer or endorsement, duly stamped, to the
Share Registrar for transfer and registration of the Shares (as soon as transfer
and registration can be accomplished and at the expense of the person for whom
the deposit is made) in the name of the Depositary, the Custodian or a nominee
of either. Deposited Securities shall be held by the Depositary or by a
Custodian for the account and to the order of the Depositary or a nominee in
each case on behalf of the Holders and Beneficial Owners, at such place or
places as the Depositary or the Custodian shall determine.

                                        8

<PAGE>

     SECTION 2.5 ISSUANCE OF ADSS. The Depositary has made arrangements with the
Custodian to confirm to the Depositary (i) that a deposit of Shares has been
made pursuant to Section 2.3, (ii) that such Deposited Securities have been
recorded in the name of the Depositary, the Custodian or a nominee of either on
the shareholders' register maintained by or on behalf of the Company by the
Share Registrar if registered Shares have been deposited or, if deposit is made
by book-entry transfer, confirmation of such transfer in the books of the
applicable book-entry settlement system, (iii) that all required documents have
been received, and (iv) the person(s) to whom or upon whose order ADSs are
deliverable in respect thereof and the number of ADSs to be so delivered. Such
notification may be made by letter, cable, telex, SWIFT message or, at the risk
and expense of the person making the deposit, by facsimile or other means of
electronic transmission. Upon receiving such notice from the Custodian, the
Depositary, subject to the terms and conditions of the Deposit Agreement and
applicable law, shall issue the ADSs representing the Shares so deposited to or
upon the order of the person(s) named in the notice delivered to the Depositary
and, if applicable, shall execute and deliver at its Principal Office Receipt(s)
registered in the name(s) requested by such person(s) and evidencing the
aggregate number of ADSs to which such person(s) are entitled, but, in each
case, only upon payment to the Depositary of the charges of the Depositary for
accepting a deposit, issuing ADSs (as set forth in Section 5.9 and Exhibit B
hereto) and all taxes and governmental charges and fees payable in connection
with such deposit and the transfer of the Shares and the issuance of the ADS(s).
The Depositary shall only issue ADSs in whole numbers and deliver, if
applicable, ADR(s) evidencing whole numbers of ADSs. Nothing herein shall
prohibit any Pre-Release Transaction upon the terms set forth in the Deposit
Agreement.

     SECTION 2.6 TRANSFER, COMBINATION AND SPLIT-UP OF ADRS.

     (A) TRANSFER. The Registrar shall register the transfer of ADRs (and of the
ADSs represented thereby) on the books maintained for such purpose and the
Depositary shall (x) cancel such ADRs and execute new ADRs evidencing the same
aggregate number of ADSs as those evidenced by the ADRs canceled by the
Depositary, (y) cause the Registrar to countersign such new ADRs and (z) Deliver
such new ADRs to or upon the order of the person entitled thereto, if each of
the following conditions has been satisfied: (i) the ADRs have been duly
Delivered by the Holder (or by a duly authorized attorney of the Holder) to the
Depositary at its Principal Office for the purpose of effecting a transfer
thereof, (ii) the surrendered ADRs have been properly endorsed or are
accompanied by proper instruments of transfer (including signature guarantees in
accordance with standard securities industry practice), (iii) the surrendered
ADRs have been duly stamped (if required by the laws of the State of New York or
of the United States), and (iv) all applicable fees and charges of, and expenses
incurred by, the Depositary and all applicable taxes and governmental charges
(as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject,
however, in each case, to the terms and conditions of the applicable ADRs, of
the Deposit Agreement and of applicable law, in each case as in effect at the
time thereof.

     (B) COMBINATION & SPLIT UP. The Registrar shall register the split-up or
combination of ADRs (and of the ADSs represented thereby) on the books
maintained for such purpose and the Depositary shall (x) cancel such ADRs and
execute new ADRs for the number of ADSs requested, but in the aggregate not
exceeding the number of ADSs evidenced by the ADRs cancelled by the Depositary,
(y) cause the Registrar to countersign such new ADRs and

                                        9

<PAGE>

(z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of
the following conditions has been satisfied: (i) the ADRs have been duly
Delivered by the Holder (or by a duly authorized attorney of the Holder) to the
Depositary at its Principal Office for the purpose of effecting a split-up or
combination thereof, and (ii) all applicable fees and charges of, and expenses
incurred by, the Depositary and all applicable taxes and governmental charges
(as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject,
however, in each case, to the terms and conditions of the applicable ADRs, of
the Deposit Agreement and of applicable law, in each case as in effect at the
time thereof.

     (C) CO-TRANSFER AGENTS. The Depositary may appoint one or more co-transfer
agents for the purpose of effecting transfers, combinations and split-ups of
ADRs at designated transfer offices on behalf of the Depositary. In carrying out
its functions, a co-transfer agent may require evidence of authority and
compliance with applicable laws and other requirements by Holders or persons
entitled to such ADRs and will be entitled to protection and indemnity to the
same extent as the Depositary. Such co-transfer agents may be removed and
substitutes appointed by the Depositary. Each co-transfer agent appointed under
this Section 2.6 (other than the Depositary) shall give notice in writing to the
Depositary accepting such appointment and agreeing to be bound by the applicable
terms of the Deposit Agreement.

     SECTION 2.7 SURRENDER OF ADSS AND WITHDRAWAL OF DEPOSITED SECURITIES. The
Holder of ADSs shall be entitled to Delivery (at the Custodian's designated
office) of the Deposited Securities at the time represented by the ADSs upon
satisfaction of each of the following conditions: (i) the Holder (or a
duly-authorized attorney of the Holder) has duly Delivered ADSs to the
Depositary at its Principal Office (and if applicable, the ADRs evidencing such
ADSs) for the purpose of withdrawal of the Deposited Securities represented
thereby, (ii) if applicable and so required by the Depositary, the ADRs
Delivered to the Depositary for such purpose have been properly endorsed in
blank or are accompanied by proper instruments of transfer in blank (including
signature guarantees in accordance with standard securities industry practice),
(iii) if so required by the Depositary, the Holder of the ADSs has executed and
delivered to the Depositary a written order directing the Depositary to cause
the Deposited Securities being withdrawn to be Delivered to or upon the written
order of the person(s) designated in such order, and (iv) all applicable fees
and charges of, and expenses incurred by, the Depositary and all applicable
taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B)
have been paid, subject, however, in each case, to the terms and conditions of
the ADRs evidencing the surrendered ADSs, of the Deposit Agreement, of the
Company's Articles of Association and of any applicable laws and the rules of
the applicable book-entry settlement system, and to any provisions of or
governing the Deposited Securities, in each case as in effect at the time
thereof.

     Upon satisfaction of each of the conditions specified above, the Depositary
(i) shall cancel the ADSs Delivered to it (and, if applicable, the ADRs
evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the
cancellation of the ADSs so Delivered on the books maintained for such purpose,
and (iii) shall direct the Custodian to Deliver (without unreasonable delay) at
the Custodian's designated office the Deposited Securities represented by the
ADSs so canceled together with any certificate or other document of title for
the Deposited Securities, or evidence of the electronic transfer thereof (if
available), as the case may be, to or upon the written order of the person(s)
designated in the order delivered to the Depositary for

                                       10

<PAGE>

such purpose, subject however, in each case, to the terms and conditions of the
Deposit Agreement, of the ADRs evidencing the ADSs so cancelled, of the Articles
of Association, of any applicable laws and of the rules of the applicable
book-entry settlement system, and to the terms and conditions of or governing
the Deposited Securities, in each case as in effect at the time thereof.

     The Depositary shall not accept for surrender ADSs representing less than
one Share. In the case of the Delivery to it of ADSs representing a number other
than a whole number of Shares, the Depositary shall cause ownership of the
appropriate whole number of Shares to be Delivered in accordance with the terms
hereof, and shall, at the discretion of the Depositary, either (i) return to the
person surrendering such ADSs the number of ADSs representing any remaining
fractional Share, or (ii) sell or cause to be sold the fractional Share
represented by the ADSs so surrendered and remit the proceeds of such sale (net
of (a) applicable fees and charges of, and expenses incurred by, the Depositary
and (b) taxes withheld) to the person surrendering the ADSs.

     Notwithstanding anything else contained in any ADR or the Deposit
Agreement, the Depositary may make delivery at the Principal Office of the
Depositary of (i) any cash dividends or cash distributions, or (ii) any proceeds
from the sale of any distributions of shares or rights, which are at the time
held by the Depositary in respect of the Deposited Securities represented by the
ADSs surrendered for cancellation and withdrawal. At the request, risk and
expense of any Holder so surrendering ADSs, and for the account of such Holder,
the Depositary shall direct the Custodian to forward (to the extent permitted by
law) any cash or other property (other than securities) held by the Custodian in
respect of the Deposited Securities represented by such ADSs to the Depositary
for delivery at the Principal Office of the Depositary. Such direction shall be
given by letter or, at the request, risk and expense of such Holder, by cable,
telex or facsimile transmission.

     SECTION 2.8 LIMITATIONS ON EXECUTION AND DELIVERY, TRANSFER, ETC. OF ADSS;
SUSPENSION OF DELIVERY, TRANSFER, ETC.

     (A) ADDITIONAL REQUIREMENTS. As a condition precedent to the execution and
delivery, registration of issuance, transfer, split-up, combination or
surrender, of any ADS, the delivery of any distribution thereon, or the
withdrawal of any Deposited Securities, the Depositary or the Custodian may
require (i) payment from the depositor of Shares or presenter of ADSs or of an
ADR of a sum sufficient to reimburse it for any tax or other governmental charge
and any stock transfer or registration fee with respect thereto (including any
such tax or charge and fee with respect to Shares being deposited or withdrawn)
and payment of any applicable fees and charges of the Depositary as provided in
Section 5.9 and Exhibit B, (ii) the production of proof satisfactory to it as to
the identity and genuineness of any signature or any other matter contemplated
by Section 3.1, and (iii) compliance with (A) any laws or governmental
regulations relating to the execution and delivery of ADRs or ADSs or to the
withdrawal of Deposited Securities and (B) such reasonable regulations as the
Depositary and the Company may establish consistent with the provisions of the
representative ADR, if applicable, the Deposit Agreement and applicable law.

                                       11

<PAGE>

     (B) ADDITIONAL LIMITATIONS. The issuance of ADSs against deposits of Shares
generally or against deposits of particular Shares may be suspended, or the
deposit of particular Shares may be refused, or the registration of transfer of
ADSs in particular instances may be refused, or the registration of transfers of
ADSs generally may be suspended, during any period when the transfer books of
the Company, the Depositary, a Registrar or the Share Registrar are closed or if
any such action is deemed necessary or advisable by the Depositary or the
Company, in good faith, at any time or from time to time because of any
requirement of law, any government or governmental body or commission or any
securities exchange on which the ADSs or Shares are listed, or under any
provision of the Deposit Agreement or the representative ADR(s), if applicable,
or under any provision of, or governing, the Deposited Securities, or because of
a meeting of shareholders of the Company or for any other reason, subject, in
all cases, to Section 7.8.

     (C) REGULATORY RESTRICTIONS. Notwithstanding any provision of the Deposit
Agreement or any ADR(s) to the contrary, Holders are entitled to surrender
outstanding ADSs to withdraw the Deposited Securities at any time subject only
to (i) temporary delays caused by closing the transfer books of the Depositary
or the Company or the deposit of Shares in connection with voting at a
shareholders' meeting or the payment of dividends, (ii) the payment of fees,
taxes and similar charges, (iii) compliance with any U.S. or foreign laws or
governmental regulations relating to the ADRs or to the withdrawal of the
Deposited Securities, and (iv) other circumstances specifically contemplated by
Instruction I.A.(1) of the General Instructions to Form F-6 (as such General
Instructions may be amended from time to time).

     SECTION 2.9 LOST ADRS, ETC. In case any ADR shall be mutilated, destroyed,
lost, or stolen, the Depositary shall execute and deliver a new ADR of like
tenor at the expense of the Holder (a) in the case of a mutilated ADR, in
exchange of and substitution for such mutilated ADR upon cancellation thereof,
or (b) in the case of a destroyed, lost or stolen ADR, in lieu of and in
substitution for such destroyed, lost, or stolen ADR, after the Holder thereof
(i) has submitted to the Depositary a written request for such exchange and
substitution before the Depositary has notice that the ADR has been acquired by
a bona fide purchaser, (ii) has provided such security or indemnity (including
an indemnity bond) as may be required by the Depositary to save it and any of
its agents harmless, and (iii) has satisfied any other reasonable requirements
imposed by the Depositary, including, without limitation, evidence satisfactory
to the Depositary of such destruction, loss or theft of such ADR, the
authenticity thereof and the Holder's ownership thereof.

     SECTION 2.10 CANCELLATION AND DESTRUCTION OF SURRENDERED ADRS; MAINTENANCE
OF RECORDS. All ADRs surrendered to the Depositary shall be canceled by the
Depositary. Canceled ADRs shall not be entitled to any benefits under the
Deposit Agreement or be valid or enforceable against the Depositary for any
purpose. The Depositary is authorized to destroy ADRs so canceled, provided the
Depositary maintains a record of all destroyed ADRs. Any ADSs held in book-entry
form (i.e., through accounts at DTC) shall be deemed canceled when the
Depositary causes the number of ADSs evidenced by the Balance Certificate to be
reduced by the number of ADSs surrendered (without the need to physically
destroy the Balance Certificate).

                                       12

<PAGE>

     SECTION 2.11 PARTIAL ENTITLEMENT ADSS. In the event any Shares are
deposited which (i) entitle the holders thereof to receive a per-share
distribution or other entitlement in an amount different from the Shares then on
deposit or (ii) are not fully fungible (including, without limitation, as to
settlement or trading) with the Shares then on deposit (the Shares then on
deposit collectively, "Full Entitlement Shares" and the Shares with different
entitlement, "Partial Entitlement Shares"), the Depositary shall (i) cause the
Custodian to hold Partial Entitlement Shares separate and distinct from Full
Entitlement Shares, and (ii) subject to the terms of the Deposit Agreement,
issue ADSs representing Partial Entitlement Shares which are separate and
distinct from the ADSs representing Full Entitlement Shares, by means of
separate CUSIP numbering and legending (if necessary) and, if applicable, by
issuing ADRs evidencing such ADSs with applicable notations thereon ("Partial
Entitlement ADSs/ADRs" and "Full Entitlement ADSs/ADRs", respectively). If and
when Partial Entitlement Shares become Full Entitlement Shares, the Depositary
shall (a) give notice thereof to Holders of Partial Entitlement ADSs and give
Holders of Partial Entitlement ADRs the opportunity to exchange such Partial
Entitlement ADRs for Full Entitlement ADRs, (b) cause the Custodian to transfer
the Partial Entitlement Shares into the account of the Full Entitlement Shares,
and (c) take such actions as are necessary to remove the distinctions between
(i) the Partial Entitlement ADRs and ADSs, on the one hand, and (ii) the Full
Entitlement ADRs and ADSs on the other. Holders and Beneficial Owners of Partial
Entitlement ADSs shall only be entitled to the entitlements of Partial
Entitlement Shares. Holders and Beneficial Owners of Full Entitlement ADSs shall
be entitled only to the entitlements of Full Entitlement Shares. All provisions
and conditions of the Deposit Agreement shall apply to Partial Entitlement ADRs
and ADSs to the same extent as Full Entitlement ADRs and ADSs, except as
contemplated by this Section 2.11. The Depositary is authorized to take any and
all other actions as may be necessary (including, without limitation, making the
necessary notations on ADRs) to give effect to the terms of this Section 2.11.
The Company agrees to give timely written notice to the Depositary if any Shares
issued or to be issued are Partial Entitlement Shares and shall assist the
Depositary with the establishment of procedures enabling the identification of
Partial Entitlement Shares upon Delivery to the Custodian.

     SECTION 2.12 CERTIFICATED/UNCERTIFICATED ADSS. Notwithstanding any other
provision of the Deposit Agreement, the Depositary may, at any time and from
time to time, issue ADSs that are not evidenced by ADRs (such ADSs, the
"Uncertificated ADS(s)" and the ADS(s) evidenced by ADR(s), the "Certificated
ADS(s)"). When issuing and maintaining Uncertificated ADS(s) under the Deposit
Agreement, the Depositary shall at all times be subject to (i) the standards
applicable to registrars and transfer agents maintaining direct registration
systems for equity securities in New York and issuing uncertificated securities
under New York law, and (ii) the terms of New York law applicable to
uncertificated equity securities. Uncertificated ADSs shall not be represented
by any instruments but shall be evidenced by registration in the books of the
Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are
not subject to any registered pledges, liens, restrictions or adverse claims of
which the Depositary has notice at such time, shall at all times have the right
to exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type
and class, subject in each case to applicable laws and any rules and regulations
the Depositary may have established in respect of the Uncertificated ADSs.
Holders of Certificated ADSs shall, if the Depositary maintains a direct
registration system for the ADSs, have the right to exchange the Certificated
ADSs for Uncertificated ADSs upon (i) the due surrender of the Certificated
ADS(s) to the Depositary for such purpose and (ii)

                                       13

<PAGE>

the presentation of a written request to that effect to the Depositary, subject
in each case to (a) all liens and restrictions noted on the ADR evidencing the
Certificated ADS(s) and all adverse claims of which the Depositary then has
notice, (b) the terms of the Deposit Agreement and the rules and regulations
that the Depositary may establish for such purposes hereunder, (c) applicable
law, and (d) payment of the Depositary fees and expenses applicable to such
exchange of Certificated ADS(s) for Uncertificated ADS(s). Uncertificated ADSs
shall in all respects be identical to Certificated ADS(s) of the same type and
class, except that (i) no ADR(s) shall be, or shall need to be, issued to
evidence Uncertificated ADS(s), (ii) Uncertificated ADS(s) shall, subject to the
terms of the Deposit Agreement, be transferable upon the same terms and
conditions as uncertificated securities under New York law, (iii) the ownership
of Uncertificated ADS(s) shall be recorded on the books of the Depositary
maintained for such purpose and evidence of such ownership shall be reflected in
periodic statements provided by the Depositary to the Holder(s) in accordance
with applicable New York law, (iv) the Depositary may from time to time, upon
notice to the Holders of Uncertificated ADSs affected thereby, establish rules
and regulations, and amend or supplement existing rules and regulations, as may
be deemed reasonably necessary to maintain Uncertificated ADS(s) on behalf of
Holders, provided that (a) such rules and regulations do not conflict with the
terms of the Deposit Agreement and applicable law, and (b) the terms of such
rules and regulations are readily available to Holders upon request, (v) the
Uncertificated ADS(s) shall not be entitled to any benefits under the Deposit
Agreement or be valid or enforceable for any purpose against the Depositary or
the Company unless such Uncertificated ADS(s) is/are registered on the books of
the Depositary maintained for such purpose, (vi) the Depositary may, in
connection with any deposit of Shares resulting in the issuance of
Uncertificated ADSs and with any transfer, pledge, release and cancellation of
Uncertificated ADSs, require the prior receipt of such documentation as the
Depositary may deem reasonably appropriate, and (vii) upon termination of the
Deposit Agreement, the Depositary shall not require Holders of Uncertificated
ADSs to affirmatively instruct the Depositary before remitting proceeds from the
sale of the Deposited Securities represented by such Holders' Uncertificated
ADSs under the terms of Section 6.2 of the Deposit Agreement. When issuing ADSs
under the terms of the Deposit Agreement, including, without limitation,
issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary
may in its discretion determine to issue Uncertificated ADSs rather than
Certificated ADSs, unless otherwise specifically instructed by the applicable
Holder to issue Certificated ADSs. All provisions and conditions of the Deposit
Agreement shall apply to Uncertificated ADSs to the same extent as to
Certificated ADSs, except as contemplated by this Section 2.12. The Depositary
is authorized and directed to take any and all actions and establish any and all
procedures deemed reasonably necessary to give effect to the terms of this
Section 2.12. Any references in the Deposit Agreement or any ADR(s) to the terms
"American Depositary Share(s)" or "ADS(s)" shall, unless the context otherwise
requires, include Certificated ADS(s) and Uncertificated ADS(s). Except as set
forth in this Section 2.12 and except as required by applicable law, the
Uncertificated ADSs shall be treated as ADSs issued and outstanding under the
terms of the Deposit Agreement. In the event that, in determining the rights and
obligations of parties hereto with respect to any Uncertificated ADSs, any
conflict arises between (a) the terms of the Deposit Agreement (other than this
Section 2.12) and (b) the terms of this Section 2.12, the terms and conditions
set forth in this Section 2.12 shall be controlling and shall govern the rights
and obligations of the parties to the Deposit Agreement pertaining to the
Uncertificated ADSs.

                                       14

<PAGE>

     SECTION 2.13 RESTRICTED ADSS. The Depositary shall, at the request and
expense of the Company, establish procedures enabling the deposit hereunder of
Shares that are Restricted Securities in order to enable the holder of such
Shares to hold its ownership interests in such Restricted Shares in the form of
ADSs issued under the terms hereof (such Shares, "Restricted Shares"). Upon
receipt of a written request from the Company to accept Restricted Shares for
deposit hereunder, the Depositary agrees to establish procedures permitting the
deposit of such Restricted Shares and the issuance of ADSs representing such
deposited Restricted Shares (such ADSs, the "Restricted ADSs," and the ADRs
evidencing such Restricted ADSs, the "Restricted ADRs"). The Company shall
assist the Depositary in the establishment of such procedures and agrees that it
shall take all steps necessary and reasonably satisfactory to the Depositary to
insure that the establishment of such procedures does not violate the provisions
of the Securities Act or any other applicable laws. The depositors of such
Restricted Shares and the holders of the Restricted ADSs may be required prior
to the deposit of such Restricted Shares, the transfer of the Restricted ADRs
and the Restricted ADSs evidenced thereby or the withdrawal of the Restricted
Shares represented by Restricted ADSs to provide such written certifications or
agreements as the Depositary or the Company may require. The Company shall
provide to the Depositary in writing the legend(s) to be affixed to the
Restricted ADRs, which legends shall (i) be in a form reasonably satisfactory to
the Depositary and (ii) contain the specific circumstances under which the
Restricted ADRs and the Restricted ADSs represented thereby may be transferred
or the Restricted Shares withdrawn. The Restricted ADSs issued upon the deposit
of Restricted Shares shall be separately identified on the books of the
Depositary and the Restricted Shares so deposited shall be held separate and
distinct from the other Deposited Securities held hereunder. The Restricted
Shares and the Restricted ADSs shall not be eligible for Pre-Release
Transactions. The Restricted ADSs shall not be eligible for inclusion in any
book-entry settlement system, including, without limitation, DTC, and shall not
in any way be fungible with the ADSs issued under the terms hereof that are not
Restricted ADSs. The Restricted ADRs and the Restricted ADSs evidenced thereby
shall be transferable only by the Holder thereof upon delivery to the Depositary
of (i) all documentation otherwise contemplated by the Deposit Agreement and
(ii) an opinion of counsel reasonably satisfactory to the Depositary setting
forth, inter alia, the conditions upon which the Restricted ADR presented is,
and the Restricted ADSs evidenced thereby are, transferable by the Holder
thereof under applicable securities laws and the transfer restrictions contained
in the legend set forth on the Restricted ADR presented for transfer. Except as
set forth in this Section 2.13 and except as required by applicable law, the
Restricted ADRs and the Restricted ADSs evidenced thereby shall be treated as
ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement.
In the event that, in determining the rights and obligations of parties hereto
with respect to any Restricted ADSs, any conflict arises between (a) the terms
of the Deposit Agreement (other than this Section 2.13) and (b) the terms of (i)
this Section 2.13 or (ii) the applicable Restricted ADR, the terms and
conditions set forth in this Section 2.13 and of the Restricted ADR shall be
controlling and shall govern the rights and obligations of the parties to the
Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted
ADSs and Restricted ADRs.

If the Restricted ADRs, the Restricted ADSs and the Restricted Shares are no
longer Restricted Securities, the Depositary, upon receipt of (x) an opinion of
counsel reasonably satisfactory to the Depositary setting forth, inter alia,
that the Restricted ADRs, the Restricted ADSs and the Restricted Shares are not
as of such time Restricted Securities, and (y) instructions from the Company to
remove the restrictions applicable to the Restricted ADRs, the Restricted ADSs
and

                                       15

<PAGE>

the Restricted Shares, shall (i) eliminate the distinctions and separations
between the applicable Restricted Shares held on deposit under this Section 2.13
and the other Shares held on deposit under the terms of the Deposit Agreement
that are not Restricted Shares, (ii) treat the newly unrestricted ADRs and ADSs
on the same terms as, and fully fungible with, the other ADRs and ADSs issued
and outstanding under the terms of the Deposit Agreement that are not Restricted
ADRs or Restricted ADSs, (iii) take all actions necessary to remove any
distinctions, limitations and restrictions previously existing under this
Section 2.13 between the applicable Restricted ADRs and Restricted ADSs,
respectively, on the one hand, and the other ADRs and ADSs that are not
Restricted ADRs or Restricted ADSs, respectively, on the other hand, including,
without limitation, by making the newly-unrestricted ADSs eligible for
Pre-Release Transactions and for inclusion in the applicable book-entry
settlement systems.

                                   ARTICLE III

                         CERTAIN OBLIGATIONS OF HOLDERS
                          AND BENEFICIAL OWNERS OF ADSS

     SECTION 3.1 PROOFS, CERTIFICATES AND OTHER INFORMATION. Any person
presenting Shares for deposit, any Holder and any Beneficial Owner may be
required, and every Holder and Beneficial Owner agrees, from time to time to
provide to the Depositary and the Custodian such proof of citizenship or
residence, taxpayer status, payment of all applicable taxes or other
governmental charges, exchange control approval, legal or beneficial ownership
of ADSs and Deposited Securities, compliance with applicable laws, the terms of
the Deposit Agreement or the ADR(s) evidencing the ADSs and the provisions of,
or governing, the Deposited Securities, to execute such certifications and to
make such representations and warranties, and to provide such other information
and documentation (or, in the case of Shares in registered form presented for
deposit, such information relating to the registration on the books of the
Company or of the Share Registrar) as the Depositary or the Custodian may deem
necessary or proper or as the Company may reasonably require by written request
to the Depositary consistent with its obligations under the Deposit Agreement
and the applicable ADR(s). The Depositary and the Registrar, as applicable, may
withhold the execution or delivery or registration of transfer of any ADR or ADS
or the distribution or sale of any dividend or distribution of rights or of the
proceeds thereof or, to the extent not limited by the terms of Section 7.8, the
delivery of any Deposited Securities until such proof or other information is
filed or such certifications are executed, or such representations are made, or
such other documentation or information provided, in each case to the
Depositary's, the Registrar's and the Company's satisfaction. The Depositary
shall provide the Company, in a timely manner, with copies or originals if
necessary and appropriate of (i) any such proofs of citizenship or residence,
taxpayer status, or exchange control approval which it receives from Holders and
Beneficial Owners, and (ii) any other information or documents which the Company
may reasonably request and which the Depositary shall request and receive from
any Holder or Beneficial Owner or any person presenting Shares for deposit or
ADSs for cancellation, transfer or withdrawal. Nothing herein shall obligate the
Depositary to (i) obtain any information for the Company if not provided by the
Holders or Beneficial Owners, or (ii) verify or vouch for the accuracy of the
information so provided by the Holders or Beneficial Owners.

                                       16

<PAGE>

     SECTION 3.2 LIABILITY FOR TAXES AND OTHER CHARGES. Any tax or other
governmental charge payable by the Custodian or by the Depositary with respect
to any ADR or any Deposited Securities or ADSs shall be payable by the Holders
and Beneficial Owners to the Depositary. The Company, the Custodian and/or the
Depositary may withhold or deduct from any distributions made in respect of
Deposited Securities and may sell for the account of a Holder and/or Beneficial
Owner any or all of the Deposited Securities and apply such distributions and
sale proceeds in payment of such taxes (including applicable interest and
penalties) or charges, the Holder and the Beneficial Owner remaining liable for
any deficiency. The Custodian may refuse the deposit of Shares and the
Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of
ADSs, register the split-up or combination of ADRs and (subject to Section 7.8)
the withdrawal of Deposited Securities until payment in full of such tax,
charge, penalty or interest is received. Every Holder and Beneficial Owner
agrees to indemnify the Depositary, the Company, the Custodian, and any of their
agents, officers, employees and Affiliates for, and to hold each of them
harmless from, any claims with respect to taxes (including applicable interest
and penalties thereon) arising from any tax benefit obtained for such Holder
and/or Beneficial Owner.

     SECTION 3.3 REPRESENTATIONS AND WARRANTIES ON DEPOSIT OF SHARES. Each
person depositing Shares under the Deposit Agreement shall be deemed thereby to
represent and warrant that (i) such Shares and the certificates therefor are
duly authorized, validly issued, fully paid, non-assessable and legally obtained
by such person, (ii) all preemptive (and similar) rights, if any, with respect
to such Shares have been validly waived or exercised, (iii) the person making
such deposit is duly authorized so to do, (iv) the Shares presented for deposit
are free and clear of any lien, encumbrance, security interest, charge, mortgage
or adverse claim, and (v) the Shares presented for deposit are not, and the ADSs
issuable upon such deposit will not be, Restricted Securities (except as
contemplated in Section 2.13), and (vi) the Shares presented for deposit have
not been stripped of any rights or entitlements. Such representations and
warranties shall survive the deposit and withdrawal of Shares, the issuance and
cancellation of ADSs in respect thereof and the transfer of such ADSs. If any
such representations or warranties are false in any way, the Company and the
Depositary shall be authorized, at the cost and expense of the person depositing
Shares, to take any and all actions necessary to correct the consequences
thereof.

     SECTION 3.4 COMPLIANCE WITH INFORMATION REQUESTS. Notwithstanding any other
provision of the Deposit Agreement or any ADR(s), each Holder and Beneficial
Owner agrees to comply with requests from the Company pursuant to applicable
law, the rules and requirements of NASDAQ and any other stock exchange on which
the Shares or ADSs are, or will be, registered, traded or listed, or the
Articles of Association, which are made to provide information, inter alia, as
to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares
as the case may be) and regarding the identity of any other person(s) interested
in such ADSs and the nature of such interest and various other matters, whether
or not they are Holders and/or Beneficial Owners at the time of such request.
The Depositary agrees to use its reasonable efforts to forward, upon the request
of the Company and at the Company's expense, any such request from the Company
to the Holders and to forward to the Company any such responses to such requests
received by the Depositary.

                                       17

<PAGE>

     SECTION 3.5 OWNERSHIP RESTRICTIONS. Notwithstanding any other provision in
the Deposit Agreement or any ADR, the Company may restrict transfers of the
Shares where such transfer might result in ownership of Shares exceeding limits
imposed by applicable law or the Articles of Association. The Company may also
restrict, in such manner as it deems appropriate, transfers of the ADSs where
such transfer may result in the total number of Shares represented by the ADSs
owned by a single Holder or Beneficial Owner to exceed any such limits. The
Company may, in its sole discretion but subject to applicable law, instruct the
Depositary to take action with respect to the ownership interest of any Holder
or Beneficial Owner in excess of the limits set forth in the preceding sentence,
including, but not limited to, the imposition of restrictions on the transfer of
ADSs, the removal or limitation of voting rights or mandatory sale or
disposition on behalf of a Holder or Beneficial Owner of the Shares represented
by the ADSs held by such Holder or Beneficial Owner in excess of such
limitations, if and to the extent such disposition is permitted by applicable
law and the Articles of Association.

                                   ARTICLE IV

                            THE DEPOSITED SECURITIES

     SECTION 4.1 CASH DISTRIBUTIONS. Whenever the Depositary receives
confirmation from the Custodian of the receipt of any cash dividend or other
cash distribution on any Deposited Securities, or receives proceeds from the
sale of any Deposited Securities or any other entitlements held in respect of
Deposited Securities under the terms hereof, the Depositary will (i) if at the
time of receipt thereof any amounts received in a Foreign Currency can in the
judgment of the Depositary (pursuant to Section 4.8) be converted on a
practicable basis into Dollars transferable to the United States, promptly
convert or cause to be converted such cash dividend, distribution or proceeds
into Dollars (on the terms described in Section 4.8), (ii) if applicable,
establish the ADS Record Date upon the terms described in Section 4.9, and (iii)
distribute promptly the amount thus received (net of (a) the applicable fees and
charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to
the Holders entitled thereto as of the ADS Record Date in proportion to the
number of ADSs held as of the ADS Record Date. The Depositary shall distribute
only such amount, however, as can be distributed without attributing to any
Holder a fraction of one cent, and any balance not so distributed shall be held
by the Depositary (without liability for interest thereon) and shall be added to
and become part of the next sum received by the Depositary for distribution to
Holders of ADSs outstanding at the time of the next distribution. If the
Company, the Custodian or the Depositary is required to withhold and does
withhold from any cash dividend or other cash distribution in respect of any
Deposited Securities an amount on account of taxes, duties or other governmental
charges, the amount distributed to Holders on the ADSs representing such
Deposited Securities shall be reduced accordingly. Such withheld amounts shall
be forwarded by the Company, the Custodian or the Depositary to the relevant
governmental authority. Evidence of payment thereof by the Company shall be
forwarded by the Company to the Depositary upon request.

     SECTION 4.2 DISTRIBUTION IN SHARES. If any distribution upon any Deposited
Securities consists of a dividend in, or free distribution of, Shares, the
Company shall cause such Shares to be deposited with the Custodian and
registered, as the case may be, in the name of the Depositary, the Custodian or
their respective nominees. Upon receipt of confirmation of such deposit from the
Custodian, the Depositary shall establish the ADS Record Date upon the terms

                                       18

<PAGE>

described in Section 4.9 and either (i) the Depositary shall, subject to Section
5.9, distribute to the Holders as of the ADS Record Date in proportion to the
number of ADSs held as of the ADS Record Date, additional ADSs, which represent
in the aggregate the number of Shares received as such dividend, or free
distribution, subject to the other terms of the Deposit Agreement (including,
without limitation, (a) the applicable fees and charges of, and expenses
incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not
so distributed, each ADS issued and outstanding after the ADS Record Date shall,
to the extent permissible by law, thenceforth also represent rights and
interests in the additional integral number of Shares distributed upon the
Deposited Securities represented thereby (net of (a) the applicable fees and
charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of
delivering fractional ADSs, the Depositary shall sell the number of Shares or
ADSs, as the case may be, represented by the aggregate of such fractions and
distribute the net proceeds upon the terms described in Section 4.1. In the
event that the Depositary determines that any distribution in property
(including Shares) is subject to any tax or other governmental charges which the
Depositary is obligated to withhold, or, if the Company in the fulfillment of
its obligation under Section 5.7, has furnished an opinion of U.S. counsel
determining that Shares must be registered under the Securities Act or other
laws in order to be distributed to Holders (and no such registration statement
has been declared effective), the Depositary may dispose of all or a portion of
such property (including Shares and rights to subscribe therefor) in such
amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable, and the Depositary shall distribute
the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and
charges of, and expenses incurred by, the Depositary) to Holders entitled
thereto upon the terms described in Section 4.1. The Depositary shall hold
and/or distribute any unsold balance of such property in accordance with the
provisions of the Deposit Agreement.

     SECTION 4.3 ELECTIVE DISTRIBUTIONS IN CASH OR SHARES. Whenever the Company
intends to make a distribution payable at the election of the holders of Shares
in cash or in additional Shares, the Company shall give notice thereof to the
Depositary at least sixty (60) days prior to the proposed distribution stating
whether or not it wishes such elective distribution to be made available to
Holders of ADSs. Upon timely receipt of notice indicating that the Company
wishes such elective distribution to be made available to Holders of ADSs, the
Depositary shall consult with the Company to determine, and the Company shall
assist the Depositary in its determination, whether it is lawful and reasonably
practicable to make such elective distribution available to the Holders of ADSs.
The Depositary shall make such elective distribution available to Holders only
if (i) the Company shall have timely requested that the elective distribution be
made available to Holders, (ii) the Depositary shall have determined that such
distribution is reasonably practicable and (iii) the Depositary shall have
received satisfactory documentation within the terms of Section 5.7. If the
above conditions are not satisfied, the Depositary shall, to the extent
permitted by law, distribute to the Holders, on the basis of the same
determination as is made in the Cayman Islands in respect of the Shares for
which no election is made, either (X) cash upon the terms described in Section
4.1 or (Y) additional ADSs representing such additional Shares upon the terms
described in Section 4.2. If the above conditions are satisfied, the Depositary
shall establish an ADS Record Date (on the terms described in Section 4.9) and
establish procedures to enable Holders to elect the receipt of the proposed
distribution in cash or in additional ADSs. The Company shall assist the
Depositary in establishing such procedures to the extent necessary. If a Holder
elects to receive the proposed distribution (X) in cash, the distribution shall
be made upon the terms described in

                                       19

<PAGE>

Section 4.1, or (Y) in ADSs, the distribution shall be made upon the terms
described in Section 4.2. Nothing herein shall obligate the Depositary to make
available to Holders a method to receive the elective distribution in Shares
(rather than ADSs). There can be no assurance that Holders generally, or any
Holder in particular, will be given the opportunity to receive elective
distributions on the same terms and conditions as the holders of Shares.

     SECTION 4.4 DISTRIBUTION OF RIGHTS TO PURCHASE ADDITIONAL ADSS.

     (A) DISTRIBUTION TO ADS HOLDERS. Whenever the Company intends to distribute
to the holders of the Deposited Securities rights to subscribe for additional
Shares, the Company shall give notice thereof to the Depositary at least sixty
(60) days prior to the proposed distribution stating whether or not it wishes
such rights to be made available to Holders of ADSs. Upon timely receipt of a
notice indicating that the Company wishes such rights to be made available to
Holders of ADSs, the Depositary shall consult with the Company to determine, and
the Company shall assist the Depositary in its determination, whether it is
lawful and reasonably practicable to make such rights available to the Holders.
The Depositary shall make such rights available to Holders only if (i) the
Company shall have timely requested that such rights be made available to
Holders, (ii) the Depositary shall have received satisfactory documentation
within the terms of Section 5.7, and (iii) the Depositary shall have determined
that such distribution of rights is reasonably practicable. In the event any of
the conditions set forth above are not satisfied or if the Company requests that
the rights not be made available to Holders of ADSs, the Depositary shall
proceed with the sale of the rights as contemplated in Section 4.4(b) below. In
the event all conditions set forth above are satisfied, the Depositary shall
establish an ADS Record Date (upon the terms described in Section 4.9) and
establish procedures to (x) distribute rights to purchase additional ADSs (by
means of warrants or otherwise), (y) to enable the Holders to exercise such
rights (upon payment of the subscription price and of the applicable (a) fees
and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z)
to deliver ADSs upon the valid exercise of such rights. The Company shall assist
the Depositary to the extent necessary in establishing such procedures. Nothing
herein shall obligate the Depositary to make available to the Holders a method
to exercise rights to subscribe for Shares (rather than ADSs).

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

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

                                       20

<PAGE>

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

     Notwithstanding anything to the contrary in this Section 4.4, if
registration (under the Securities Act or any other applicable law) of the
rights or the securities to which any rights relate may be required in order for
the Company to offer such rights or such securities to Holders and to sell the
securities represented by such rights, the Depositary will not distribute such
rights to the Holders (i) unless and until a registration statement under the
Securities Act (or other applicable law) covering such offering is in effect or
(ii) unless the Company furnishes the Depositary opinion(s) of counsel for the
Company in the United States and counsel to the Company in any other applicable
country in which rights would be distributed, in each case reasonably
satisfactory to the Depositary, to the effect that the offering and sale of such
securities to Holders and Beneficial Owners are exempt from, or do not require
registration under, the provisions of the Securities Act or any other applicable
laws. A liquid market for rights may not exist, and this may adversely affect
(1) the ability of the Depositary to dispose of such rights or (2) the amount
the Depositary would realize upon disposal of rights.

     In the event that the Company, the Depositary or the Custodian shall be
required to withhold and does withhold from any distribution of property
(including rights) an amount on account of taxes or other governmental charges,
the amount distributed to the Holders of ADSs representing such Deposited
Securities shall be reduced accordingly. In the event that the Depositary
determines that any distribution in property (including Shares and rights to
subscribe therefor) is subject to any tax or other governmental charges which
the Depositary is obligated to withhold, the Depositary may dispose of all or a
portion of such property (including Shares and rights to subscribe therefor) in
such amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable to pay any such taxes or charges.

     There can be no assurance that Holders generally, or any Holder in
particular, will be given the opportunity to receive or exercise rights on the
same terms and conditions as the holders of Shares or be able to exercise such
rights. Nothing herein shall obligate the Company to file any registration
statement in respect of any rights or Shares or other securities to be acquired
upon the exercise of such rights.

     SECTION 4.5 DISTRIBUTIONS OTHER THAN CASH, SHARES OR RIGHTS TO PURCHASE
SHARES.

     (A) Whenever the Company intends to distribute to the holders of Deposited
Securities property other than cash, Shares or rights to purchase additional
Shares, the Company shall give timely notice thereof to the Depositary and shall
indicate whether or not it wishes such distribution to be made to Holders of
ADSs. Upon receipt of a notice indicating that the Company wishes such
distribution be made to Holders of ADSs, the Depositary shall consult with the
Company, and the Company shall assist the Depositary, to determine whether such
distribution to Holders is lawful and reasonably practicable. The Depositary
shall not make such distribution unless (i) the Company shall have requested the
Depositary to make such distribution to Holders, (ii) the Depositary shall have
received satisfactory documentation within

                                       21

<PAGE>

the terms of Section 5.7, and (iii) the Depositary shall have determined that
such distribution is reasonably practicable.

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

     (C) If (i) the Company does not request the Depositary to make such
distribution to Holders or requests not to make such distribution to Holders,
(ii) the Depositary does not receive satisfactory documentation within the terms
of Section 5.7, or (iii) the Depositary determines that all or a portion of such
distribution is not reasonably practicable, the Depositary shall sell or cause
such property to be sold in a public or private sale, at such place or places
and upon such terms as it may deem practicable and shall (i) cause the proceeds
of such sale, if any, to be converted into Dollars and (ii) distribute the
proceeds of such conversion received by the Depositary (net of applicable (a)
fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to
the Holders as of the ADS Record Date upon the terms of Section 4.1. If the
Depositary is unable to sell such property, the Depositary may dispose of such
property for the account of the Holders in any way it deems reasonably
practicable under the circumstances.

     SECTION 4.6 DISTRIBUTIONS WITH RESPECT TO DEPOSITED SECURITIES IN BEARER
FORM. Subject to the terms of this Article IV, distributions in respect of
Deposited Securities that are held by the Depositary in bearer form shall be
made to the Depositary for the account of the respective Holders of ADS(s) with
respect to which any such distribution is made upon due presentation by the
Depositary or the Custodian to the Company of any relevant coupons, talons, or
certificates. The Company shall promptly notify the Depositary of such
distributions. The Depositary or the Custodian shall promptly present such
coupons, talons or certificates, as the case may be, in connection with any such
distribution.

     SECTION 4.7 REDEMPTION. If the Company intends to exercise any right of
redemption in respect of any of the Deposited Securities, the Company shall give
notice thereof to the Depositary at least sixty (60) days prior to the intended
date of redemption which notice shall set forth the particulars of the proposed
redemption. Upon timely receipt of (i) such notice and (ii) satisfactory
documentation given by the Company to the Depositary within the terms of Section
5.7, and only if the Depositary shall have determined that such proposed
redemption is practicable, the Depositary shall provide to each Holder a notice
setting forth the intended exercise by the Company of the redemption rights and
any other particulars set forth in the Company's notice to the Depositary. The
Depositary shall instruct the Custodian to present to the Company the Deposited
Securities in respect of which redemption rights are being exercised against
payment of the applicable redemption price. Upon receipt of confirmation from
the

                                       22

<PAGE>

Custodian that the redemption has taken place and that funds representing the
redemption price have been received, the Depositary shall convert, transfer, and
distribute the proceeds (net of applicable (a) fees and charges of, and the
expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel
ADRs, if applicable, upon delivery of such ADSs by Holders thereof and the terms
set forth in Sections 4.1 and 6.2. If less than all outstanding Deposited
Securities are redeemed, the ADSs to be retired will be selected by lot or on a
pro rata basis, as may be determined by the Depositary. The redemption price per
ADS shall be the dollar equivalent of the per share amount received by the
Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the
redemption of the Deposited Securities represented by ADSs (subject to the terms
of Section 4.8 and the applicable fees and charges of, and expenses incurred by,
the Depositary, and taxes) multiplied by the number of Deposited Securities
represented by each ADS redeemed.

     SECTION 4.8 CONVERSION OF FOREIGN CURRENCY. Whenever the Depositary or the
Custodian shall receive Foreign Currency, by way of dividends or other
distributions or the net proceeds from the sale of securities, property or
rights, which in the judgment of the Depositary can at such time be converted on
a practicable basis, by sale or in any other manner that it may determine in
accordance with applicable law, into Dollars transferable to the United States
and distributable to the Holders entitled thereto, the Depositary shall convert
or cause to be converted, by sale or in any other manner that it may determine,
such Foreign Currency into Dollars, and shall distribute such Dollars (net of
any applicable fees, any reasonable and customary expenses incurred in such
conversion and any expenses incurred on behalf of the Holders in complying with
currency exchange control or other governmental requirements) in accordance with
the terms of the applicable sections of the Deposit Agreement. If the Depositary
shall have distributed warrants or other instruments that entitle the holders
thereof to such Dollars, the Depositary shall distribute such Dollars to the
holders of such warrants and/or instruments upon surrender thereof for
cancellation, in either case without liability for interest thereon. Such
distribution may be made upon an averaged or other practicable basis without
regard to any distinctions among Holders on account of any application of
exchange restrictions or otherwise.

     If such conversion or distribution generally or with regard to a particular
Holder can be effected only with the approval or license of any government or
agency thereof, the Depositary shall have authority to file such application for
approval or license, if any, as it may deem desirable. In no event, however,
shall the Depositary be obligated to make such a filing.

     If at any time the Depositary shall determine that in its judgment the
conversion of any Foreign Currency and the transfer and distribution of proceeds
of such conversion received by the Depositary is not practicable or lawful, or
if any approval or license of any governmental authority or agency thereof that
is required for such conversion, transfer and distribution is denied or, in the
opinion of the Depositary, not obtainable at a reasonable cost or within a
reasonable period, the Depositary may, in its discretion, (i) make such
conversion and distribution in Dollars to the Holders for whom such conversion,
transfer and distribution is lawful and practicable, (ii) distribute the Foreign
Currency (or an appropriate document evidencing the right to receive such
Foreign Currency) to Holders for whom this is lawful and practicable or (iii)
hold (or cause the Custodian to hold) such Foreign Currency (without liability
for interest thereon) for the respective accounts of the Holders entitled to
receive the same.

                                       23

<PAGE>

     SECTION 4.9 FIXING OF ADS RECORD DATE. Whenever the Depositary shall
receive notice of the fixing of a record date by the Company for the
determination of holders of Deposited Securities entitled to receive any
distribution (whether in cash, Shares, rights, or other distribution), or
whenever for any reason the Depositary causes a change in the number of Shares
that are represented by each ADS, or whenever the Depositary shall receive
notice of any meeting of, or solicitation of consents or proxies of, holders of
Shares or other Deposited Securities, or whenever the Depositary shall find it
necessary or convenient in connection with the giving of any notice,
solicitation of any consent or any other matter, the Depositary shall fix a
record date (the "ADS Record Date") for the determination of the Holders of
ADS(s) who shall be entitled to receive such distribution, to give instructions
for the exercise of voting rights at any such meeting, to give or withhold such
consent, to receive such notice or solicitation or to otherwise take action, or
to exercise the rights of Holders with respect to such changed number of Shares
represented by each ADS. The Depositary shall make reasonable efforts to
establish the ADS Record Date as closely as possible to the applicable record
date for the Deposited Securities (if any) set by the Company in the Cayman
Islands. Subject to applicable law and the provisions of Section 4.1 through 4.8
and to the other terms and conditions of the Deposit Agreement, only the Holders
of ADSs at the close of business in New York on such ADS Record Date shall be
entitled to receive such distribution, to give such voting instructions, to
receive such notice or solicitation, or otherwise take action.

     SECTION 4.10 VOTING OF DEPOSITED SECURITIES. As soon as practicable after
receipt of notice of any meeting at which the holders of Deposited Securities
are entitled to vote, or of solicitation of consents or proxies from holders of
Deposited Securities, the Depositary shall fix the ADS Record Date in respect of
such meeting or solicitation of consent or proxy in accordance with Section 4.9.
The Depositary shall, if requested by the Company in writing in a timely manner
(the Depositary having no obligation to take any further action if the request
shall not have been received by the Depositary at least thirty (30) days prior
to the date of such vote or meeting), at the Company's expense and provided no
U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date:
(a) such notice of meeting or solicitation of consent or proxy, (b) a statement
that the Holders at the close of business on the ADS Record Date will be
entitled, subject to any applicable law, the provisions of the Deposit
Agreement, the Articles of Association and the provisions of or governing the
Deposited Securities (which provisions, if any, shall be summarized in pertinent
part by the Company), to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the Deposited Securities represented by
such Holder's ADSs, and (c) a brief statement as to the manner in which such
voting instructions may be given. Voting instructions may be given only in
respect of a number of ADSs representing an integral number of Deposited
Securities.

     The Depositary has been advised by the Company that under the Cayman
Islands' law as in effect as of the date of the Deposit Agreement, voting at any
meeting of shareholders is by show of hands unless a poll is demanded. The
Depositary will not join in demanding a poll, whether or not requested to do so
by Holders of ADSs. Under the Articles of Association (as in effect on the date
of the Deposit Agreement) a poll may be demanded by (i) the chairman of the
Company, (ii) at least three shareholders present in person or by proxy, (iii)
any shareholder or shareholders present in person or by proxy holding not less
than one-tenth of the total voting rights of the Shares of the Company
conferring the right to vote or (iv) any shareholder or shareholders present in
person or by proxy holding Shares of the Company of which the

                                       24

<PAGE>

aggregate paid up sum is equal to not less than one-tenth of the total paid up
sum of the Company's Shares conferring the right to vote.

     Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of
voting instructions in the manner specified by the Depositary, the Depositary
shall endeavor, insofar as practicable and permitted under applicable law, the
provisions of the Deposit Agreement, the Articles of Association and the
provisions of the Deposited Securities, to vote, or cause the Custodian to vote,
the Deposited Securities (in person or by proxy) represented by such Holder's
ADSs as follows: In the event voting takes place at a shareholders' meeting by
show of hands, the Depositary will instruct the Custodian to vote all Deposited
Securities in accordance with the voting instructions received from a majority
of Holders of ADSs who provided voting instructions. In the event voting takes
place at a shareholders' meeting by poll, the Depositary will instruct the
Custodian to vote the Deposited Securities in accordance with the voting
instructions received from the Holders of ADSs. In the event of voting by poll,
Deposited Securities for which no timely voting instructions have been received
will not be voted (but all Deposited Securities will be represented at the
meeting for quorum purposes if any timely voting instructions have been received
from Holders).

     Neither the Depositary nor the Custodian shall under any circumstances
exercise any discretion as to voting and neither the Depositary nor the
Custodian shall vote, attempt to exercise the right to vote, or in any way make
use of, for purposes of establishing a quorum or otherwise, the Deposited
Securities represented by ADSs, except pursuant to and in accordance with the
voting instructions timely received from Holders or as otherwise contemplated
herein. If the Depositary timely receives voting instructions from a Holder
which fail to specify the manner in which the Depositary is to vote the
Deposited Securities represented by such Holder's ADSs, the Depositary will deem
such Holder (unless otherwise specified in the notice distributed to Holders) to
have instructed the Depositary to vote in favor of the items set forth in such
voting instructions. Deposited Securities represented by ADSs for which no
timely voting instructions are received by the Depositary from the Holder shall
not be voted (except in the case voting is by show of hands, in which case the
Depositary will instruct the Custodian to vote all Deposited Securities in
accordance with the voting instructions received from a majority of Holders of
ADSs who provided voting instructions). Notwithstanding anything else contained
herein, the Depositary shall, if so requested in writing by the Company,
represent all Deposited Securities (whether or not voting instructions have been
received in respect of such Deposited Securities from Holders as of the ADS
Record Date) for the sole purpose of establishing quorum at a meeting of
shareholders.

     Notwithstanding anything else contained in the Deposit Agreement or any
ADR, the Depositary shall not have any obligation to take any action with
respect to any meeting, or solicitation of consents or proxies, of holders of
Deposited Securities if the taking of such action would violate U.S. laws. The
Company agrees to take any and all actions reasonably necessary and as permitted
by Cayman Islands law to enable Holders and Beneficial Owners to exercise the
voting rights relating to the Deposited Securities and to deliver to the
Depositary an opinion of U.S. counsel addressing any actions requested to be
taken if so requested by the Depositary.

                                       25

<PAGE>

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

     SECTION 4.11 CHANGES AFFECTING DEPOSITED SECURITIES. Upon any change in
nominal or par value, split-up, cancellation, consolidation or any other
reclassification of Deposited Securities, or upon any recapitalization,
reorganization, merger or consolidation or sale of assets affecting the Company
or to which it is a party, any securities which shall be received by the
Depositary or the Custodian in exchange for, or in conversion of or replacement
of or otherwise in respect of, such Deposited Securities shall, to the extent
permitted by law, be treated as new Deposited Securities under the Deposit
Agreement, and the ADRs shall, subject to the provisions of the Deposit
Agreement and applicable law, evidence ADSs representing the right to receive
such additional securities. The Depositary may, with the Company's approval, and
shall, if the Company shall so request, subject to the terms of the Deposit
Agreement and receipt of an opinion of counsel to the Company reasonably
satisfactory to the Depositary that such distributions are not in violation of
any applicable laws or regulations, execute and deliver additional ADRs as in
the case of a stock dividend on the Shares, or call for the surrender of
outstanding ADRs to be exchanged for new ADRs, in either case, as well as in the
event of newly deposited Shares, with necessary modifications to the form of ADR
contained in Exhibit A hereto, specifically describing such new Deposited
Securities or corporate change. The Company agrees to, jointly with the
Depositary, amend the Registration Statement on Form F-6 as filed with the
Commission to permit the issuance of such new form of ADRs. Notwithstanding the
foregoing, in the event that any security so received may not be lawfully
distributed to some or all Holders, the Depositary may, with the Company's
approval, and shall, if the Company requests, subject to receipt of an opinion
of Company's counsel reasonably satisfactory to the Depositary that such action
is not in violation of any applicable laws or regulations, sell such securities
at public or private sale, at such place or places and upon such terms as it may
deem proper and may allocate the net proceeds of such sales (net of (a) fees and
charges of, and expenses incurred by, the Depositary and (b) taxes) for the
account of the Holders otherwise entitled to such securities upon an averaged or
other practicable basis without regard to any distinctions among such Holders
and distribute the net proceeds so allocated to the extent practicable as in the
case of a distribution received in cash pursuant to Section 4.1. The Depositary
shall not be responsible for (i) any failure to determine that it may be lawful
or feasible to make such securities available to Holders in general or to any
Holder in particular, (ii) any foreign exchange exposure or loss incurred in
connection with such sale, or (iii) any liability to the purchaser of such
securities.

     SECTION 4.12 AVAILABLE INFORMATION. The Company is subject to the periodic
reporting requirements of the Exchange Act and accordingly files certain
information with the Commission. These reports and documents can be retrieved
from the Commission's website (www.sec.gov) and can be inspected and copied at
the public reference facilities maintained by the Commission located at
Judiciary Plaza, 450 Fifth Street, N.W., Washington D.C. 20549.

     SECTION 4.13 REPORTS. The Depositary shall make available for inspection by
Holders at its Principal Office any reports and communications, including any
proxy soliciting materials, received from the Company which are both (a)
received by the Depositary, the Custodian, or the nominee of either of them as
the holder of the Deposited Securities and (b) made generally

                                       26

<PAGE>

available to the holders of such Deposited Securities by the Company. The
Depositary shall also provide to Holders copies of such reports when furnished
by the Company pursuant to Section 5.6.

     SECTION 4.14 LIST OF HOLDERS. Promptly upon written request by the Company,
the Depositary shall furnish to it a list, as of a recent date, of the names,
addresses and holdings of ADSs of all Holders.

     SECTION 4.15 TAXATION. The Depositary will, and will instruct the Custodian
to, forward to the Company or its agents such information from its records as
the Company may reasonably request to enable the Company or its agents to file
the necessary tax reports with governmental authorities or agencies. The
Depositary, the Custodian or the Company and its agents may file such reports as
are necessary to reduce or eliminate applicable taxes on dividends and on other
distributions in respect of Deposited Securities under applicable tax treaties
or laws for the Holders and Beneficial Owners. In accordance with instructions
from the Company and to the extent practicable, the Depositary or the Custodian
will take reasonable administrative actions to obtain tax refunds, reduced
withholding of tax at source on dividends and other benefits under applicable
tax treaties or laws with respect to dividends and other distributions on the
Deposited Securities. As a condition to receiving such benefits, Holders and
Beneficial Owners of ADSs may be required from time to time, and in a timely
manner, to file such proof of taxpayer status, residence and beneficial
ownership (as applicable), to execute such certificates and to make such
representations and warranties, or to provide any other information or
documents, as the Depositary or the Custodian may deem necessary or proper to
fulfill the Depositary's or the Custodian's obligations under applicable law.
The Holders and Beneficial Owners shall indemnify the Depositary, the Company,
the Custodian and any of their respective directors, employees, agents and
Affiliates against, and hold each of them harmless from, any claims by any
governmental authority with respect to taxes, additions to tax, penalties or
interest arising out of any refund of taxes, reduced rate of withholding at
source or other tax benefit obtained.

     If the Company (or any of its agents) withholds from any distribution any
amount on account of taxes or governmental charges, or pays any other tax in
respect of such distribution (i.e., stamp duty tax, capital gains or other
similar tax), the Company shall (and shall cause such agent to) remit promptly
to the Depositary information about such taxes or governmental charges withheld
or paid, and, if so requested, the tax receipt (or other proof of payment to the
applicable governmental authority) therefor, in each case, in a form reasonably
satisfactory to the Depositary. The Depositary shall, to the extent required by
U.S. law, report to Holders any taxes withheld by it or the Custodian, and, if
such information is provided to it by the Company, any taxes withheld by the
Company. The Depositary and the Custodian shall not be required to provide the
Holders with any evidence of the remittance by the Company (or its agents) of
any taxes withheld, or of the payment of taxes by the Company, except to the
extent the evidence is provided by the Company to the Depositary or the
Custodian, as applicable. Neither the Depositary nor the Custodian shall be
liable for the failure by any Holder or Beneficial Owner to obtain the benefits
of credits on the basis of non-U.S. tax paid against such Holder's or Beneficial
Owner's income tax liability.

                                       27
<PAGE>

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

                                    ARTICLE V

                  THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY

     SECTION 5.1 MAINTENANCE OF OFFICE AND TRANSFER BOOKS BY THE REGISTRAR.
Until termination of the Deposit Agreement in accordance with its terms, the
Registrar shall maintain in the Borough of Manhattan, the City of New York, an
office and facilities for the issuance and delivery of ADSs, the acceptance for
surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the
registration of issuances, cancellations, transfers, combinations and split-ups
of ADS(s) and, if applicable, to countersign ADRs evidencing the ADSs so issued,
transferred, combined or split-up, in each case in accordance with the
provisions of the Deposit Agreement.

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

     The Registrar may close the transfer books with respect to the ADSs, at any
time or from time to time, when deemed necessary or advisable by it in good
faith in connection with the performance of its duties hereunder, or at the
reasonable written request of the Company subject, in all cases, to Section 7.8.

     If any ADSs are listed on one or more stock exchanges or automated
quotation systems in the United States, the Depositary shall act as Registrar or
appoint a Registrar or one or more co-registrars for registration of issuances,
cancellations, transfers, combinations and split-ups of ADSs and, if applicable,
to countersign ADRs evidencing the ADSs so issued, transferred, combined or
split-up, in accordance with any requirements of such exchanges or systems. Such
Registrar or co-registrars may be removed and a substitute or substitutes
appointed by the Depositary.

     SECTION 5.2 EXONERATION. Neither the Depositary nor the Company shall be
obligated to do or perform any act which is inconsistent with the provisions of
the Deposit Agreement or incur any liability (i) if the Depositary or the
Company shall be prevented or forbidden from, or delayed in, doing or performing
any act or thing required by the terms of the Deposit Agreement, by reason of
any provision of any present or future law or regulation of the United States,
or the Cayman Islands or any other country, or of any other governmental
authority or regulatory authority or stock exchange, or on account of the
possible criminal or civil penalties or restraint,

                                       28

<PAGE>

or by reason of any provision, present or future, of the Articles of Association
or any provision of or governing any Deposited Securities, or by reason of any
act of God or war or other circumstances beyond its control (including, without
limitation, nationalization, expropriation, currency restrictions, work
stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions,
explosions and computer failure), (ii) by reason of any exercise of, or failure
to exercise, any discretion provided for in the Deposit Agreement or in the
Articles of Association or provisions of or governing Deposited Securities,
(iii) for any action or inaction in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Shares for deposit, any
Holder, any Beneficial Owner or authorized representative thereof, or any other
person believed by it in good faith to be competent to give such advice or
information, (iv) for the inability by a Holder or Beneficial Owner to benefit
from any distribution, offering, right or other benefit which is made available
to holders of Deposited Securities but is not, under the terms of the Deposit
Agreement, made available to Holders of ADSs, or (v) for any consequential or
punitive damages for any breach of the terms of the Deposit Agreement.

     The Depositary, its controlling persons, its agents, any Custodian and the
Company, its controlling persons and its agents may rely and shall be protected
in acting upon any written notice, request or other document believed by it to
be genuine and to have been signed or presented by the proper party or parties.

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

     SECTION 5.3 STANDARD OF CARE. The Company and the Depositary assume no
obligation and shall not be subject to any liability under the Deposit Agreement
or any ADRs to any Holder(s) or Beneficial Owner(s), except that the Company and
the Depositary agree to perform their respective obligations specifically set
forth in the Deposit Agreement or the applicable ADRs without negligence or bad
faith.

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

     The Depositary and its agents shall not be liable for any failure to carry
out any instructions to vote any of the Deposited Securities, or for the manner
in which any vote is cast or the effect of any vote, provided that any such
action or omission is in good faith and in accordance with the terms of the
Deposit Agreement. The Depositary shall not incur any liability for any failure
to determine that any distribution or action may be lawful or reasonably
practicable, for the content of any information submitted to it by the Company
for distribution to the Holders or for any inaccuracy of any translation
thereof, for any investment risk associated with acquiring an interest in the
Deposited Securities, for the validity or worth of the Deposited Securities or
for any tax consequences that may result from the ownership of ADSs, Shares or

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<PAGE>

Deposited Securities, for the credit-worthiness of any third party, for allowing
any rights to lapse upon the terms of the Deposit Agreement or for the failure
or timeliness of any notice from the Company.

     SECTION 5.4 RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF
SUCCESSOR DEPOSITARY. The Depositary may at any time resign as Depositary
hereunder by written notice of resignation delivered to the Company, such
resignation to be effective on the earlier of (i) the 90th day after delivery
thereof to the Company (whereupon the Depositary shall be entitled to take the
actions contemplated in Section 6.2), or (ii) the appointment by the Company of
a successor depositary and its acceptance of such appointment as hereinafter
provided.

     The Depositary may at any time be removed by the Company by written notice
of such removal, which removal shall be effective on the later of (i) the 90th
day after delivery thereof to the Depositary (whereupon the Depositary shall be
entitled to take the actions contemplated in Section 6.2), or (ii) upon the
appointment by the Company of a successor depositary and its acceptance of such
appointment as hereinafter provided.

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

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

     SECTION 5.5 THE CUSTODIAN. The Depositary has initially appointed Citibank
Hong Kong as Custodian for the purpose of the Deposit Agreement. The Custodian
or its successors in acting hereunder shall be subject at all times and in all
respects to the direction of the Depositary for the Shares for which the
Custodian acts as custodian and shall be responsible solely to it. If any
Custodian resigns or is discharged from its duties hereunder with respect to any
Deposited Securities and no other Custodian has previously been appointed
hereunder, the Depositary shall promptly appoint a substitute custodian that is
organized under the laws of the Cayman Islands. The Depositary shall require
such resigning or discharged Custodian to deliver the Deposited Securities held
by it, together with all such records maintained by it as Custodian with respect
to

                                       30

<PAGE>

such Deposited Securities as the Depositary may request, to the Custodian
designated by the Depositary. Whenever the Depositary determines, in its
discretion, that it is appropriate to do so, it may appoint an additional
custodian with respect to any Deposited Securities, or discharge the Custodian
with respect to any Deposited Securities and appoint a substitute custodian,
which shall thereafter be Custodian hereunder with respect to the Deposited
Securities. Immediately upon any such change, the Depositary shall give notice
thereof in writing to all Holders of ADSs, each other Custodian and the Company.

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

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

     The Depositary shall arrange, at the request of the Company and at the
Company's expense, to provide copies thereof to all Holders or make such
notices, reports and other communications available to all Holders on a basis
similar to that for holders of Shares or other Deposited Securities or on such
other basis as the Company may advise the Depositary or as may be required by
any applicable law, regulation or stock exchange requirement. The Company has
delivered to the Depositary and the Custodian a copy of the Company's Articles
of Association along with the provisions of or governing the Shares and any
other Deposited Securities issued by the Company in connection with such Shares,
and promptly upon any amendment thereto or change therein, the Company shall
deliver to the Depositary and the Custodian a copy of such amendment thereto or
change therein. The Depositary may rely upon such copy for all purposes of the
Deposit Agreement.

     The Depositary will, at the expense of the Company, make available a copy
of any such notices, reports or communications issued by the Company and
delivered to the Depositary for inspection by the Holders of the ADSs at the
Depositary's Principal Office, at the office of the Custodian and at any other
designated transfer office.

     SECTION 5.7 ISSUANCE OF ADDITIONAL SHARES, ADSS ETC. The Company agrees
that in the event it or any of its Affiliates proposes (i) an issuance, sale or
distribution of additional Shares, (ii) an offering of rights to subscribe for
Shares or other Deposited Securities, (iii) an

                                       31

<PAGE>

issuance of securities convertible into or exchangeable for Shares, (iv) an
issuance of rights to subscribe for securities convertible into or exchangeable
for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of
Deposited Securities, (vii) a meeting of holders of Deposited Securities, or
solicitation of consents or proxies, relating to any reclassification of
securities, merger or consolidation or transfer of assets, or (viii) any
reclassification, recapitalization, reorganization, merger, consolidation or
sale of assets which affects the Deposited Securities, it will obtain U.S. legal
advice and take all steps necessary to ensure that the proposed transaction does
not violate the registration provisions of the Securities Act, or any other
applicable laws (including, without limitation, the Investment Company Act of
1940, as amended, the Exchange Act and the securities laws of the states of the
U.S.). In support of the foregoing, the Company will furnish to the Depositary
(a) a written opinion of U.S. counsel (reasonably satisfactory to the
Depositary) stating whether such transaction (1) requires a registration
statement under the Securities Act to be in effect or (2) is exempt from the
registration requirements of the Securities Act and (b) an opinion of Cayman
Islands counsel stating that (1) making the transaction available to Holders and
Beneficial Owners does not violate the laws or regulations of the Cayman Islands
and (2) all requisite regulatory consents and approvals have been obtained in
the Cayman Islands. If the filing of a registration statement is required, the
Depositary shall not have any obligation to proceed with the transaction unless
it shall have received evidence reasonably satisfactory to it that such
registration statement has been declared effective. If, being advised by
counsel, the Company determines that a transaction is required to be registered
under the Securities Act, the Company will either (i) register such transaction
to the extent necessary, (ii) alter the terms of the transaction to avoid the
registration requirements of the Securities Act or (iii) direct the Depositary
to take specific measures, in each case as contemplated in the Deposit
Agreement, to prevent such transaction from violating the registration
requirements of the Securities Act. The Company agrees with the Depositary that
neither the Company nor any of its Affiliates will at any time (i) deposit any
Shares or other Deposited Securities, either upon original issuance or upon a
sale of Shares or other Deposited Securities previously issued and reacquired by
the Company or by any such Affiliate, or (ii) issue additional Shares, rights to
subscribe for such Shares, securities convertible into or exchangeable for
Shares or rights to subscribe for such securities, unless such transaction and
the securities issuable in such transaction are exempt from registration under
the Securities Act and, if applicable, the Exchange Act or have been registered
under the Securities Act and, if applicable, the Exchange Act (and such
registration statement has been declared effective).

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

     SECTION 5.8 INDEMNIFICATION. The Depositary agrees to indemnify the Company
and its directors, officers, employees, agents and Affiliates against, and hold
each of them harmless from, any direct loss, liability, tax, charge or expense
of any kind whatsoever (including, but not limited to, the reasonable fees and
expenses of counsel) which may arise out of acts performed or omitted by the
Depositary under the terms hereof due to the negligence or bad faith of the
Depositary.

     The Company agrees to indemnify the Depositary, the Custodian and any of
their respective directors, officers, employees, agents and Affiliates against,
and hold each of them

                                       32

<PAGE>

harmless from, any direct loss, liability, tax, charge or expense of any kind
whatsoever (including, but not limited to, the reasonable fees and expenses of
counsel) that may arise (a) out of or in connection with any offer, issuance,
sale, resale, transfer, deposit or withdrawal of ADRs, ADSs, the Shares, or
other Deposited Securities, as the case may be, (b) out of or as a result of any
offering documents in respect thereof or (c) out of acts performed or omitted,
including, but not limited to, any delivery by the Depositary on behalf of the
Company of information regarding the Company in connection with the Deposit
Agreement, the ADRs, the ADSs, the Shares, or any Deposited Securities, in any
such case (i) by the Depositary, the Custodian or any of their respective
directors, officers, employees, agents and Affiliates, except to the extent such
loss, liability, tax, charge or expense is due to the negligence or bad faith of
any of them, or (ii) by the Company or any of its directors, officers,
employees, agents and Affiliates.

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

     Any person seeking indemnification hereunder (an "indemnified person")
shall notify the person from whom it is seeking indemnification (the
"indemnifying person") of the commencement of any indemnifiable action or claim
promptly after such indemnified person becomes aware of such commencement
(provided that the failure to make such notification shall not affect such
indemnified person's rights to seek indemnification except to the extent the
indemnifying person is materially prejudiced by such failure) and shall consult
in good faith with the indemnifying person as to the conduct of the defense of
such action or claim that may give rise to an indemnity hereunder, which defense
shall be reasonable in the circumstances. No indemnified person shall compromise
or settle any action or claim that may give rise to an indemnity hereunder
without the consent of the indemnifying person, which consent shall not be
unreasonably withheld.

     SECTION 5.9 FEES AND CHARGES OF DEPOSITARY. The Company, the Holders, the
Beneficial Owners, and persons depositing Shares or surrendering ADSs for
cancellation and withdrawal of Deposited Securities shall be required to pay to
the Depositary the Depositary's fees and related charges identified as payable
by them respectively in the Fee Schedule attached hereto as Exhibit B. All fees
and charges so payable may, at any time and from time to time, be changed by
agreement between the Depositary and the Company, but, in the case of fees and
charges payable by Holders and Beneficial Owners, only in the manner
contemplated in Section 6.1. The Depositary shall provide, without charge, a
copy of its latest fee schedule to anyone upon request.

     The Company agrees to promptly pay to the Depositary such other fees and
charges and to reimburse the Depositary for such out-of-pocket expenses as the
Depositary and the Company may agree to in writing from time to time.
Responsibility for payment of such charges may at any time and from time to time
be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such expenses and fees or
charges to the Company once every three months. The charges and expenses of the
Custodian are for the sole account of the Depositary.

                                       33

<PAGE>

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

     SECTION 5.10 PRE-RELEASE TRANSACTIONS. Subject to the further terms and
provisions of this Section 5.10, the Depositary, its Affiliates and their
agents, on their own behalf, may own and deal in any class of securities of the
Company and its Affiliates and in ADSs. In its capacity as Depositary, the
Depositary shall not lend Shares or ADSs; provided, however, that the Depositary
may (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 and
(ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited
Securities pursuant to Section 2.7, including ADSs which were issued under (i)
above but for which Shares may not have been received (each such transaction a
"Pre-Release Transaction"). The Depositary may receive ADSs in lieu of Shares
under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such
Pre-Release Transaction will be (a) subject to a written agreement whereby the
person or entity (the "Applicant") to whom ADSs or Shares are to be delivered
(w) represents that at the time of the Pre-Release Transaction the Applicant or
its customer owns the Shares or ADSs that are to be delivered by the Applicant
under such Pre-Release Transaction, (x) agrees to indicate the Depositary as
owner of such Shares or ADSs in its records and to hold such Shares or ADSs in
trust for the Depositary until such Shares or ADSs are delivered to the
Depositary or the Custodian, (y) unconditionally guarantees to deliver to the
Depositary or the Custodian, as applicable, such Shares or ADSs, and (z) agrees
to any additional restrictions or requirements that the Depositary deems
appropriate, (b) at all times fully collateralized with cash, U.S. government
securities 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 Depositary will normally limit the number of ADSs and
Shares involved in such Pre-Release Transactions at any time to thirty percent
(30%) of the ADSs outstanding (without giving effect to ADSs outstanding under
(i) above), 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 also set limits with respect to the number of ADSs and
Shares involved in Pre-Release Transactions with any one person on a
case-by-case basis as it deems appropriate. The Depositary may retain for its
own account any compensation received by it in conjunction with the foregoing.
Collateral provided pursuant to (b) above, but not the earnings thereon, shall
be held for the benefit of the Holders (other than the Applicant).

     SECTION 5.11 RESTRICTED SECURITIES OWNERS. The Company agrees to advise in
writing each of the persons or entities who, to the knowledge of the Company,
holds Restricted Securities that such Restricted Securities are ineligible for
deposit hereunder (except under the circumstances contemplated in Section 2.13)
and, to the extent practicable, shall require each of such persons to represent
in writing that such person will not deposit Restricted Securities hereunder
(except under the circumstances contemplated in Section 2.13).

                                       34

<PAGE>

                                   ARTICLE VI

                            AMENDMENT AND TERMINATION

     SECTION 6.1 AMENDMENT/SUPPLEMENT. Subject to the terms and conditions of
this Section 6.1 and applicable law, the ADRs outstanding at any time, the
provisions of the Deposit Agreement and the form of ADR attached hereto and to
be issued under the terms hereof may at any time and from time to time be
amended or supplemented by written agreement between the Company and the
Depositary in any respect which they may deem necessary or desirable without the
prior written consent of the Holders or Beneficial Owners. Any amendment or
supplement which shall impose or increase any fees or charges (other than
charges in connection with foreign exchange control regulations, and taxes and
other governmental charges, delivery and other such expenses), or which shall
otherwise materially prejudice any substantial existing right of Holders or
Beneficial Owners, shall not, however, become effective as to outstanding ADSs
until the expiration of thirty (30) days after notice of such amendment or
supplement shall have been given to the Holders of outstanding ADSs. The parties
hereto agree that any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the
ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to be
settled solely in electronic book-entry form and (ii) do not in either such case
impose or increase any fees or charges to be borne by Holders, shall be deemed
not to materially prejudice any substantial rights of Holders or Beneficial
Owners. Every Holder and Beneficial Owner at the time any amendment or
supplement so becomes effective shall be deemed, by continuing to hold such
ADSs, to consent and agree to such amendment or supplement and to be bound by
the Deposit Agreement and the ADR, if applicable, as amended or supplemented
thereby. In no event shall any amendment or supplement impair the right of the
Holder to surrender such ADS and receive therefor the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of
applicable law. Notwithstanding the foregoing, if any governmental body should
adopt new laws, rules or regulations which would require an amendment of, or
supplement to, the Deposit Agreement to ensure compliance therewith, the Company
and the Depositary may amend or supplement the Deposit Agreement and any ADRs at
any time in accordance with such changed laws, rules or regulations. Such
amendment or supplement to the Deposit Agreement and any ADRs in such
circumstances may become effective before a notice of such amendment or
supplement is given to Holders or within any other period of time as required
for compliance with such laws, rules or regulations.

     SECTION 6.2 TERMINATION. The Depositary shall, at any time at the written
direction of the Company, terminate the Deposit Agreement by providing notice of
such termination to the Holders of all ADSs then outstanding at least thirty
(30) days prior to the date fixed in such notice for such termination. If ninety
(90) days shall have expired after (i) the Depositary shall have delivered to
the Company a written notice of its election to resign, or (ii) the Company
shall have delivered to the Depositary a written notice of the removal of the
Depositary, and in either case a successor depositary shall not have been
appointed and accepted its appointment as provided in Section 5.4, the
Depositary may terminate the Deposit Agreement by providing notice of such
termination to the Holders of all ADSs then outstanding at least thirty (30)
days prior to the date fixed for such termination. On and after the date of
termination of the Deposit Agreement, the Holder of ADS(s) will, upon surrender
of such ADS(s) at the Principal Office of the Depositary, upon the payment of
the charges of the Depositary for the surrender of ADSs

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<PAGE>

referred to in Section 2.7 and subject to the conditions and restrictions
therein set forth, and upon 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 such ADS. If any ADSs shall remain
outstanding after the date of termination of the Deposit Agreement, the
Registrar thereafter shall discontinue the registration of transfers of ADSs,
and the Depositary shall suspend the distribution of dividends to the Holders
thereof, and shall not give any further notices or perform any further acts
under the Deposit Agreement, except that the Depositary shall continue to
collect dividends and other distributions pertaining to Deposited Securities,
shall sell rights as provided in the Deposit Agreement, and shall continue to
deliver Deposited Securities, subject to the conditions and restrictions set
forth in Section 2.7, 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 ADSs surrendered to the Depositary (after
deducting, or charging, as the case may be, in each case, the charges of the
Depositary for the surrender of an ADS, any expenses for the account of the
Holder in accordance with the terms and conditions of the Deposit Agreement and
any applicable taxes or governmental charges or assessments). At any time after
the expiration of six months from the date of termination of the Deposit
Agreement, the Depositary may sell the Deposited Securities then held hereunder
and may thereafter hold uninvested the net proceeds of any such sale, together
with any other cash then held by it hereunder, in an unsegregated account,
without liability for interest for the pro rata benefit of the Holders whose
ADSs have not theretofore been surrendered. After making such sale, the
Depositary shall be discharged from all obligations under the Deposit Agreement
with respect to the ADSs and the Deposited Securities, except to account for
such net proceeds and other cash (after deducting, or charging, as the case may
be, in each case, the charges of the Depositary for the surrender of ADSs, any
expenses for the account of the Holder in accordance with the terms and
conditions of the Deposit Agreement and any applicable taxes or governmental
charges or assessments). Upon the termination of the Deposit Agreement, the
Company shall be discharged from all obligations under the Deposit Agreement
except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6.

                                   ARTICLE VII

                                  MISCELLANEOUS

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

     SECTION 7.2 NO THIRD-PARTY BENEFICIARIES. The Deposit Agreement is for the
exclusive benefit of the parties hereto (and their successors) and shall not be
deemed to give any legal or equitable right, remedy or claim whatsoever to any
other person, except to the extent specifically set forth in the Deposit
Agreement. Nothing in the Deposit Agreement shall be deemed to give rise to a
partnership or joint venture among the parties nor establish a fiduciary or
similar relationship among the parties. The parties hereto acknowledge and agree
that (i) the Depositary and its Affiliates may at any time have multiple banking
relationships with the Company and its Affiliates, (ii) the Depositary and its
Affiliates may be engaged at any time in

                                       36

<PAGE>

transactions in which parties adverse to the Company or the Holders or
Beneficial Owners may have interests and (iii) nothing contained in the Deposit
Agreement shall (a) preclude the Depositary or any of its Affiliates from
engaging in such transactions or establishing or maintaining such relationships,
and (b) obligate the Depositary or any of its Affiliates to disclose such
transactions or relationships or to account for any profit made or payment
received in such transactions or relationships.

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

     SECTION 7.4 HOLDERS AND BENEFICIAL OWNERS AS PARTIES; BINDING EFFECT. The
Holders and Beneficial Owners from time to time of ADSs shall be parties to the
Deposit Agreement and shall be bound by all of the terms and conditions hereof
and of any ADR by acceptance thereof or any beneficial interest therein.

     SECTION 7.5 NOTICES. Any and all notices to be given to the Company shall
be deemed to have been duly given if personally delivered or sent by mail, air
courier or cable, telex or facsimile transmission, confirmed by letter
personally delivered or sent by mail or air courier, addressed to 16th Floor,
Zhangyin Tower, Caitian North Road, Futian District, Shenzhen 518026, People's
Republic of China, Attention: Yu Rong (Chief Financial Officer) and Liu
Quingchang (Vice President), or to any other address which the Company may
specify in writing to the Depositary.

     Any and all notices to be given to the Depositary shall be deemed to have
been duly given if personally delivered or sent by mail, air courier or cable,
telex or facsimile transmission, confirmed by letter personally delivered or
sent by mail or air courier, addressed to Citibank, N.A., 388 Greenwich Street,
New York, New York 10013, U.S.A., Attention: Depositary Receipts Department, or
to any other address which the Depositary may specify in writing to the Company.

     Any and all notices to be given to any Holder shall be deemed to have been
duly given if (a) personally delivered or sent by mail or cable, telex or
facsimile transmission, confirmed by letter, addressed to such Holder at the
address of such Holder as it appears on the books of the Depositary or, if such
Holder shall have filed with the Depositary a request that notices intended for
such Holder be mailed to some other address, at the address specified in such
request, or (b) if a Holder shall have designated such means of notification as
an acceptable means of notification under the terms of the Deposit Agreement, by
means of electronic messaging addressed for delivery to the e-mail address
designated by the Holder for such purpose. Notice to Holders shall be deemed to
be notice to Beneficial Owners for all purposes of the Deposit Agreement.
Failure to notify a Holder or any defect in the notification to a Holder shall
not affect the sufficiency of notification to other Holders or to the Beneficial
Owners of ADSs held by such other Holders.

     Delivery of a notice sent by mail, air courier or cable, telex or facsimile
transmission shall be deemed to be effective at the time when a duly addressed
letter containing the same (or a

                                       37

<PAGE>

confirmation thereof in the case of a cable, telex or facsimile transmission) is
deposited, postage prepaid, in a post-office letter box or delivered to an air
courier service, without regard for the actual receipt or time of actual receipt
thereof by a Holder. The Depositary or the Company may, however, act upon any
cable, telex or facsimile transmission received by it from any Holder, the
Custodian, the Depositary, or the Company, notwithstanding that such cable,
telex or facsimile transmission shall not be subsequently confirmed by letter.

     Delivery of a notice by means of electronic messaging shall be deemed to be
effective at the time of the initiation of the transmission by the sender (as
shown on the sender's records), notwithstanding that the intended recipient
retrieves the message at a later date, fails to retrieve such message, or fails
to receive such notice on account of its failure to maintain the designated
e-mail address, its failure to designate a substitute e-mail address or for any
other reason.

     SECTION 7.6 GOVERNING LAW AND JURISDICTION. The Deposit Agreement and the
ADRs shall be interpreted in accordance with, and all rights hereunder and
thereunder and provisions hereof and thereof shall be governed by, the laws of
the State of New York without reference to the principles of choice of law
thereof. Notwithstanding anything contained in the Deposit Agreement, any ADR or
any present or future provisions of the laws of the State of New York, the
rights of holders of Shares and of any other Deposited Securities and the
obligations and duties of the Company in respect of the holders of Shares and
other Deposited Securities, as such, shall be governed by the laws of the Cayman
Islands (or, if applicable, such other laws as may govern the Deposited
Securities).

     Except as set forth in the following paragraph of this Section 7.6, the
Company and the Depositary agree that the federal or state courts in the City of
New York shall have jurisdiction to hear and determine any suit, action or
proceeding and to settle any dispute between them that may arise out of or in
connection with the Deposit Agreement and, for such purposes, each irrevocably
submits to the non-exclusive jurisdiction of such courts. The Company hereby
irrevocably designates, appoints and empowers CT Corporation System (the
"Agent") now at 111 Eighth Avenue, New York, NY 10011 as its authorized agent to
receive and accept for and on its behalf, and on behalf of its properties,
assets and revenues, service by mail of any and all legal process, summons,
notices and documents that may be served in any suit, action or proceeding
brought against the Company in any federal or state court as described in the
preceding sentence or in the next paragraph of this Section 7.6. If for any
reason the Agent shall cease to be available to act as such, the Company agrees
to designate a new agent in New York on the terms and for the purposes of this
Section 7.6 reasonably satisfactory to the Depositary. The Company further
hereby irrevocably consents and agrees to the service of any and all legal
process, summons, notices and documents in any suit, action or proceeding
against the Company, by service by mail of a copy thereof upon the Agent
(whether or not the appointment of such Agent shall for any reason prove to be
ineffective or such Agent shall fail to accept or acknowledge such service),
with a copy mailed to the Company by registered or certified air mail, postage
prepaid, to its address provided in Section 7.5. The Company agrees that the
failure of the Agent to give any notice of such service to it shall not impair
or affect in any way the validity of such service or any judgment rendered in
any action or proceeding based thereon.

     Notwithstanding the foregoing, the Depositary and the Company
unconditionally agree that in the event that a Holder or Beneficial Owner
brings a suit, action or proceeding against (a)

                                       38

<PAGE>

the Company, (b) the Depositary in its capacity as Depositary under the Deposit
Agreement or (c) against both the Company and the Depositary, in any such case,
in any state or federal court of the United States, and the Depositary or the
Company have any claim, for indemnification or otherwise, against each other
arising out of the subject matter of such suit, action or proceeding, then the
Company and the Depositary may pursue such claim against each other in the state
or federal court in the United States in which such suit, action, or proceeding
is pending and, for such purposes, the Company and the Depositary irrevocably
submit to the non-exclusive jurisdiction of such courts. The Company agrees that
service of process upon the Agent in the manner set forth in the preceding
paragraph shall be effective service upon it for any suit, action or proceeding
brought against it as described in this paragraph.

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

     The Company irrevocably and unconditionally waives, to the fullest extent
permitted by law, and agrees not to plead or claim, any right of immunity from
legal action, suit or proceeding, from setoff or counterclaim, from the
jurisdiction of any court, from service of process, from attachment upon or
prior to judgment, from attachment in aid of execution or judgment, from
execution of judgment, or from any other legal process or proceeding for the
giving of any relief or for the enforcement of any judgment, and consents to
such relief and enforcement against it, its assets and its revenues in any
jurisdiction, in each case with respect to any matter arising out of, or in
connection with, the Deposit Agreement, any ADR or the Deposited Securities.

     No disclaimer of liability under the Securities Act is intended by any
provision of the Deposit Agreement. The provisions of this Section 7.6 shall
survive any termination of the Deposit Agreement, in whole or in part.

     SECTION 7.7 ASSIGNMENT. Subject to the provisions of Section 5.4, the
Deposit Agreement may not be assigned by either the Company or the Depositary.

     SECTION 7.8 COMPLIANCE WITH U.S. SECURITIES LAWS. Notwithstanding anything
in the Deposit Agreement to the contrary, the withdrawal or delivery of
Deposited Securities will not be suspended by the Company or the Depositary
except as would be permitted by Instruction I.A.(1) of the General Instructions
to Form F-6 Registration Statement, as amended from time to time, under the
Securities Act.

     SECTION 7.9 CAYMAN ISLANDS LAW REFERENCES. Any summary of the laws of the
Cayman Islands and regulations and of the terms of the Company's Articles of
Association set forth in the Deposit Agreement have been provided by the Company
solely for the convenience of Holders, Beneficial Owners and the Depositary.
While such summaries are believed by the Company to be accurate as of the date
of the Deposit Agreement, (i) they are summaries and as such may not include all
aspects of the materials summarized applicable to a Holder or

                                       39
<PAGE>

Beneficial Owner, and (ii) these laws and regulations and the Company's Articles
of Association may change after the date of the Deposit Agreement. Neither the
Depositary nor the Company has any obligation under the terms of the Deposit
Agreement to update any such summaries.

     SECTION 7.10 TITLES AND REFERENCES. DEPOSIT AGREEMENT. All references in
the Deposit Agreement to exhibits, articles, sections, subsections, and other
subdivisions refer to the exhibits, articles, sections, subsections and other
subdivisions of the Deposit Agreement unless expressly provided otherwise. The
words "the Deposit Agreement", "herein", "hereof, "hereby", "hereunder", and
words of similar import refer to the Deposit Agreement as a whole as in effect
at the relevant time between the Company, the Depositary and the Holders and
Beneficial Owners of ADSs and not to any particular subdivision unless expressly
so limited. Pronouns in masculine, feminine and neuter gender shall be construed
to include any other gender, and words in the singular form shall be construed
to include the plural and vice versa unless the context otherwise requires.
Titles to sections of the Deposit Agreement are included for convenience only
and shall be disregarded in construing the language contained in the Deposit
Agreement. References to "applicable laws and regulations" shall refer to laws
and regulations applicable to ADRs, ADSs or Deposited Securities as in effect at
the relevant time of determination, unless otherwise required by law or
regulation.

     (B) ADRS. All references in any ADR(s) to paragraphs, exhibits, articles,
sections, subsections, and other subdivisions refer to the paragraphs, exhibits,
articles, sections, subsections and other subdivisions of the ADR(s) in question
unless expressly provided otherwise. The words "the Receipt", "the ADR",
"herein", "hereof, "hereby", "hereunder", and words of similar import used in
any ADR refer to the ADR as a whole and as in effect at the relevant time, and
not to any particular subdivision unless expressly so limited. Pronouns in
masculine, feminine and neuter gender in any ADR shall be construed to include
any other gender, and words in the singular form shall be construed to include
the plural and vice versa unless the context otherwise requires. Titles to
paragraphs of any ADR are included for convenience only and shall be disregarded
in construing the language contained in the ADR. References to "applicable laws
and regulations" shall refer to laws and regulations applicable to ADRs, ADSs or
Deposited Securities as in effect at the relevant time of determination, unless
otherwise required by law or regulation.

                                       40

<PAGE>

          IN WITNESS WHEREOF, CHINA GRENTECH CORPORATION LIMITED and CITIBANK,
N.A. have duly executed the Deposit Agreement as of the day and year first above
set forth and all Holders and Beneficial Owners shall become parties hereto upon
acceptance by them of ADSs issued in accordance with the terms hereof, or upon
acquisition of any beneficial interest therein.

                                        CHINA GRENTECH CORPORATION LIMITED

                                        By: /s/ Yingjie Gao
                                            ------------------------------------
                                        Name: Yingjie Gao
                                        Title: Chairman & CEO

                                        CITIBANK, N.A.

                                        BY: /s/ Susan A Lucanto
                                            ------------------------------------
                                        NAME: SUSAN A LUCANTO
                                        TITLE: VICE PRESIDENT

<PAGE>

                                   EXHIBIT A

                                 [FORM OF ADR]

Number _________                                        CUSIP NUMBER: __________

                                                American Depositary Shares (each
                                                American Depositary Share
                                                representing twenty-five (25)
                                                Fully Paid Ordinary Shares each
                                                U.S.$0.00002 par value)

                           AMERICAN DEPOSITARY RECEIPT

                                      FOR

                           AMERICAN DEPOSITARY SHARES

                                  representing

                           DEPOSITED ORDINARY SHARES

                                       of

                       CHINA GRENTECH CORPORATION LIMITED
              (Incorporated under the laws of the Cayman Islands)

     CITIBANK, N.A., a national banking association organized and existing under
the laws of the United States of America, as depositary (the "Depositary"),
hereby certifies that __________ is the owner of __________ American Depositary
Shares (hereinafter "ADS"), representing deposited Ordinary Shares, par value
U.S.$0.00002 per share, including evidence of rights to receive such ordinary
shares (the "Shares"), of China GrenTech Corporation Limited, a corporation
incorporated under the laws of Cayman Islands and doing business in Shanghai,
The People's Republic of China (the "Company"). As of the date of the Deposit
Agreement (as hereinafter defined), each ADS represents twenty-five (25) Shares
deposited under the Deposit Agreement with the Custodian, which at the date of
execution of the Deposit Agreement is Citibank Hong Kong (the "Custodian"). The
ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and
VI of the Deposit Agreement. The Depositary's Principal Office is located at 388
Greenwich Street, New York, New York 10013, U.S.A.

     (1) THE DEPOSIT AGREEMENT. This American Depositary Receipt is one of an
issue of American Depositary Receipts ("ADRs"), all issued and to be issued upon
the terms and conditions set forth in the Deposit Agreement, dated as of April
4, 2006 (as amended and supplemented from time to time, the "Deposit
Agreement"), by and among the Company, the

                                       A-1

<PAGE>

Depositary, and all Holders and Beneficial Owners from time to time of ADSs. The
Deposit Agreement sets forth the rights and obligations of Holders and
Beneficial Owners of ADSs and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other securities, property
and cash from time to time received in respect of such Shares and held
thereunder (such Shares, securities, property and cash are herein called
"Deposited Securities"). Copies of the Deposit Agreement are on file at the
Principal Office of the Depositary and with the Custodian. Each Holder and each
Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued
in accordance with the terms and conditions of the Deposit Agreement, shall be
deemed for all purposes to (a) be a party to and bound by the terms of the
Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its
attorney-in-fact, with full power to delegate, to act on its behalf and to take
any and all actions contemplated in the Deposit Agreement and the applicable
ADR(s), to adopt any and all procedures necessary to comply with applicable law
and to take such action as the Depositary in its sole discretion may deem
necessary or appropriate to carry out the purposes of the Deposit Agreement and
the applicable ADR(s), the taking of such actions to be the conclusive
determinant of the necessity and appropriateness thereof.

     The statements made on the face and reverse of this ADR are summaries of
certain provisions of the Deposit Agreement and the Articles of Association (as
in effect on the date of the signing of the Deposit Agreement) and are qualified
by and subject to the detailed provisions of the Deposit Agreement and the
Articles of Association, to which reference is hereby made. All capitalized
terms used herein which are not otherwise defined herein shall have the meanings
ascribed thereto in the Deposit Agreement. The Depositary makes no
representation or warranty as to the validity or worth of the Deposited
Securities. The Depositary has made arrangements for the acceptance of the ADSs
into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the
procedures of DTC and the DTC Participants to exercise and be entitled to any
rights attributable to such ADSs.

     (2) WITHDRAWAL OF DEPOSITED SECURITIES. The Holder of this ADR (and of the
ADSs evidenced hereby) shall be entitled to Delivery (at the Custodian's
designated office) of the Deposited Securities at the time represented by the
ADSs evidenced hereby upon satisfaction of each of the following conditions: (i)
the Holder (or a duly authorized attorney of the Holder) has duly Delivered to
the Depositary at its Principal Office the ADSs evidenced hereby (and, if
applicable, this ADR) for the purpose of withdrawal of the Deposited Securities
represented thereby, (ii) if applicable and so required by the Depositary, this
ADR has been properly endorsed in blank or is accompanied by proper instruments
of transfer in blank (including signature guarantees in accordance with standard
securities industry practice), (iii) if so required by the Depositary, the
Holder of the ADSs has executed and delivered to the Depositary a written order
directing the Depositary to cause the Deposited Securities being withdrawn to be
Delivered to or upon the written order of the person(s) designated in such
order, and (iv) all applicable fees and charges of, and expenses incurred by,
the Depositary and all applicable taxes and governmental charges (as are set
forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been
paid, subject, however, in each case, to the terms and conditions of this ADR,
of the Deposit Agreement, of the Company's Articles of Association, of any
applicable laws and the rules of the applicable book-entry settlement system,
and to any provisions of or governing the Deposited Securities, in each case as
in effect at the time thereof.

                                       A-2

<PAGE>

     Upon satisfaction of each of the conditions specified above, the Depositary
(i) shall cancel the ADSs Delivered to it (and, if applicable, the ADR(s)
evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the
cancellation of the ADSs so Delivered on the books maintained for such purpose,
and (iii) shall direct the Custodian to Deliver (without unreasonable delay) at
the Custodian's designated office the Deposited Securities represented by the
ADSs so canceled together with any certificate or other document of title for
the Deposited Securities, or evidence of the electronic transfer thereof (if
available), as the case may be, to or upon the written order of the person(s)
designated in the order delivered to the Depositary for such purpose, subject
however, in each case, to the terms and conditions of the Deposit Agreement, of
this ADR, and the Articles of Association, of any applicable laws and the rules
of the applicable book-entry settlement system, and to the terms and conditions
of or governing the Deposited Securities, in each case as in effect at the time
thereof.

     The Depositary shall not accept for surrender ADSs representing less than
one Share. In the case of Delivery to it of ADSs representing a number other
than a whole number of Shares, the Depositary shall cause ownership of the
appropriate whole number of Shares to be Delivered in accordance with the terms
hereof, and shall, at the discretion of the Depositary, either (i) return to the
person surrendering such ADSs the number of ADSs representing any remaining
fractional Share, or (ii) sell or cause to be sold the fractional Share
represented by the ADSs so surrendered and remit the proceeds of such sale (net
of (a) applicable fees and charges of, and expenses incurred by, the Depositary
and (b) taxes withheld) to the person surrendering the ADSs. Notwithstanding
anything else contained in this ADR or the Deposit Agreement, the Depositary may
make delivery at the Principal Office of the Depositary of (i) any cash
dividends or cash distributions, or (ii) any proceeds from the sale of any
distributions of shares or rights, which are at the time held by the Depositary
in respect of the Deposited Securities represented by the ADSs surrendered for
cancellation and withdrawal. At the request, risk and expense of any Holder so
surrendering ADSs represented by this ADR, and for the account of such Holder,
the Depositary shall direct the Custodian to forward (to the extent permitted by
law) any cash or other property (other than securities) held by the Custodian in
respect of the Deposited Securities represented by such ADSs to the Depositary
for delivery at the Principal Office of the Depositary. Such direction shall be
given by letter or, at the request, risk and expense of such Holder, by cable,
telex or facsimile transmission.

     (3) TRANSFER, COMBINATION AND SPLIT-UP OF APRS. The Registrar shall
register the transfer of this ADR (and of the ADSs represented hereby) on the
books maintained for such purpose and the Depositary shall (x) cancel this ADR
and execute new ADRs evidencing the same aggregate number of ADSs as those
evidenced by this ADR when canceled, (y) cause the Registrar to countersign such
new ADRs, and (z) Deliver such new ADRs to or upon the order of the person
entitled thereto, if each of the following conditions has been satisfied: (i)
this ADR has been duly Delivered by the Holder (or by a duly authorized attorney
of the Holder) to the Depositary at its Principal Office for the purpose of
effecting a transfer thereof, (ii) this ADR has been properly endorsed or is
accompanied by proper instruments of transfer (including signature guarantees in
accordance with standard securities industry practice), (iii) this ADR has been
duly stamped (if required by the laws of the State of New York or of the United
States), and (iv) all applicable fees and charges of, and expenses incurred by,
the Depositary and all applicable taxes and governmental charges (as are set
forth in Section 5.9 of, and Exhibit B to, the Deposit

                                       A-3

<PAGE>

Agreement) have been paid, subject, however, in each case, to the terms and
conditions of this ADR, of the Deposit Agreement and of applicable law, in each
case as in effect at the time thereof.

     The Registrar shall register the split-up or combination of this ADR (and
of the ADSs represented hereby) on the books maintained for such purpose and the
Depositary shall (x) cancel this ADR and execute new ADRs for the number of ADSs
requested, but in the aggregate not exceeding the number of ADSs evidenced by
this ADR (when canceled), (y) cause the Registrar to countersign such new ADRs,
and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if
each of the following conditions has been satisfied: (i) this ADR has been duly
Delivered by the Holder (or by a duly authorized attorney of the Holder) to the
Depositary at its Principal Office for the purpose of effecting a split-up or
combination hereof, and (ii) all applicable fees and charges of, and expenses
incurred by, the Depositary and all applicable taxes and government charges (as
are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have
been paid, subject, however, in each case, to the terms and conditions of this
ADR, of the Deposit Agreement and of applicable law, in each case as in effect
at the time thereof.

     (4) PRE-CONDITIONS TO REGISTRATION, TRANSFER, ETC. As a condition precedent
to the execution and delivery, the registration of issuance, transfer, split-up,
combination or surrender, of any ADR, the delivery of any distribution thereon,
or the withdrawal of any Deposited Securities, the Depositary or the Custodian
may require (i) payment from the depositor of Shares or presenter of ADSs or of
an ADR of a sum sufficient to reimburse it for any tax or other governmental
charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with respect to Shares being deposited
or withdrawn) and payment of any applicable fees and charges of the Depositary
as provided in the Deposit Agreement and in this ADR, (ii) the production of
proof satisfactory to it as to the identity and genuineness of any signature or
any other matters contemplated in the Deposit Agreement, and (iii) compliance
with (A) any laws or governmental regulations relating to the execution and
delivery of ADRs or ADSs or to the withdrawal of Deposited Securities and (B)
such reasonable regulations as the Depositary or the Company may establish
consistent with the provisions of this ADR and the Deposit Agreement and
applicable law.

     The issuance of ADSs against deposits of Shares generally or against
deposits of particular Shares may be suspended, or the deposit of particular
Shares may be refused, or the registration of transfer of ADSs in particular
instances may be refused, or the registration of transfer of ADSs generally may
be suspended, during any period when the transfer books of the Company, the
Depositary, a Registrar or the Share Registrar are closed or if any such action
is deemed necessary or advisable by the Depositary or the Company, in good
faith, at any time or from time to time because of any requirement of law, any
government or governmental body or commission or any securities exchange upon
which the Shares or ADSs are listed, or under any provision of the Deposit
Agreement or this ADR, or under any provision of, or governing, the Deposited
Securities, or because of a meeting of shareholders of the Company or for any
other reason, subject in all cases to paragraph (24). Notwithstanding any
provision of the Deposit Agreement or this ADR to the contrary, Holders are
entitled to surrender outstanding ADSs to withdraw the Deposited Securities at
any time subject only to (i) temporary delays caused by closing the transfer
books of the Depositary or the Company or the deposit of Shares in

                                       A-4

<PAGE>

connection with voting at a shareholders' meeting or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, (iii) compliance with any
U.S. or foreign laws or governmental regulations relating to the ADRs or ADSs to
the withdrawal of the Deposited Securities, and (iv) other circumstances
specifically contemplated by Instruction I.A.(1) of the General Instructions to
Form F-6 (as such General Instructions may be amended from time to time).

     (5) COMPLIANCE WITH INFORMATION REQUESTS. Notwithstanding any other
provision of the Deposit Agreement or this ADR, each Holder and Beneficial Owner
of the ADSs represented hereby agrees to comply with requests from the Company
pursuant to applicable laws in the Cayman Islands, the rules and requirements of
NASDAQ and of any other stock exchange on which Shares or ADSs are, or will be,
registered, traded or listed, and the Articles of Association, which are made to
provide information, inter alia, as to the capacity in which such Holder or
Beneficial Owner owns ADSs (and Shares, as the case may be) and regarding the
identity of any other person(s) interested in such ADSs and the nature of such
interest and various other matters, whether or not they are Holders or
Beneficial Owners at the time of such request.

     (6) OWNERSHIP RESTRICTIONS. Notwithstanding any provision of this ADR or of
the Deposit Agreement, the Company may restrict transfers of the Shares where
such transfer might result in ownership of Shares exceeding limits imposed by
applicable law or the Articles of Association. The Company may also restrict, in
such manner as it deems appropriate, transfers of ADSs where such transfer may
result in the total number of Shares represented by the ADSs owned by a single
Holder or Beneficial Owner to exceed any such limits. The Company may, in its
sole discretion but subject to applicable law, instruct the Depositary to take
action with respect to the ownership interest of any Holder or Beneficial Owner
in excess of the limits set forth in the preceding sentence, including but not
limited to, the imposition of restrictions on the transfer of ADSs, the removal
or limitation of voting rights or a mandatory sale or disposition on behalf of a
Holder or Beneficial Owner of the Shares represented by the ADSs held by such
Holder or Beneficial Owner in excess of such limitations, if and to the extent
such disposition is permitted by applicable law and the Articles of Association.

     (7) LIABILITY OF HOLDER FOR TAXES AND OTHER CHARGES. Any tax or other
governmental charge payable by the Custodian or by the Depositary with respect
to any ADR or any Deposited Securities or ADSs shall be payable by the Holders
and Beneficial Owners to the Depositary. The Company, the Custodian or
Depositary may withhold or deduct from any distributions made in respect of
Deposited Securities and may sell for the account of a Holder or Beneficial
Owner any or all of the Deposited Securities and apply such distributions and
sale proceeds in payment of such taxes (including applicable interest and
penalties) or charges, the Holder and the Beneficial Owner hereof remaining
liable for any deficiency. The Custodian may refuse the deposit of Shares and
the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer,
split-up or combination of ADRs and (subject to paragraph (24)) the withdrawal
of Deposited Securities until payment in full of such tax, charge, penalty or
interest is received. Every Holder and Beneficial Owner agrees to indemnify the
Depositary, the Company, the Custodian, and any of their agents, officers,
employees and Affiliates for, and hold each of them harmless from, any claims
with respect to taxes (including applicable interest and penalties thereon)
arising from any tax benefit obtained for such Holder or Beneficial Owner.

                                       A-5

<PAGE>

     (8) REPRESENTATIONS AND WARRANTIES OF DEPOSITORS. Each person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and
warrant that (i) such Shares and the certificates therefor are duly authorized,
validly issued, fully paid, non-assessable and legally obtained by such person,
(ii) all preemptive (and similar) rights, if any, with respect to such Shares
have been validly waived or exercised, (iii) the person making such deposit is
duly authorized so to do, (iv) the Shares presented for deposit are free and
clear of any lien, encumbrance, security interest, charge, mortgage or adverse
claim, (v) the Shares presented for deposit are not, and the ADSs issuable upon
such deposit will not be, Restricted Securities (except as contemplated in
Section 2.13 of the Deposit Agreement), and (vi) the Shares presented for
deposit have not been stripped of any rights or entitlements. Such
representations and warranties shall survive the deposit and withdrawal of
Shares, the issuance and cancellation of ADSs in respect thereof and the
transfer of such ADSs. If any such representations or warranties are false in
any way, the Company and the Depositary shall be authorized, at the cost and
expense of the person depositing Shares, to take any and all actions necessary
to correct the consequences thereof.

     (9) FILING PROOFS, CERTIFICATES AND OTHER INFORMATION. Any person
presenting Shares for deposit, and any Holder and any Beneficial Owner may be
required, and every Holder and Beneficial Owner agrees, from time to time to
provide to the Depositary and the Custodian such proof of citizenship or
residence, taxpayer status, payment of all applicable taxes or other
governmental charges, exchange control approval, legal or beneficial ownership
of ADSs and Deposited Securities, compliance with applicable laws and the terms
of the Deposit Agreement and the provisions of, or governing, the Deposited
Securities, to execute such certifications and to make such representations and
warranties, and to provide such other information and documentation (or, in the
case of Shares in registered form presented for deposit, such information
relating to the registration of Shares on the books of the Shares Registrar) as
the Depositary or the Custodian may deem necessary or proper or as the Company
may reasonably require by written request to the Depositary consistent with its
obligations under the Deposit Agreement. The Depositary and the Registrar, as
applicable, may withhold the execution or delivery or registration of transfer
of any ADR or ADS or the distribution or sale of any dividend or other
distribution of rights or of the proceeds thereof or, to the extent not limited
by paragraph (24), the delivery of any Deposited Securities until such proof or
other information is filed or such certifications are executed, or such
representations are made or such information and documentation are provided, in
each case to the Depositary's, the Registrar's and the Company's satisfaction.

     (10) CHARGES OF DEPOSITARY. The Depositary shall charge the following fees:

          (i)  Issuance Fee: to any person depositing Shares or to whom ADSs are
               issued upon the deposit of Shares, a fee not in excess of
               U.S.$5.00 per 100 ADSs (or portion thereof) so issued under the
               terms of the Deposit Agreement (excluding issuances pursuant to
               paragraph (iv) below);

          (ii) Cancellation Fee: to any person surrendering ADSs for
               cancellation and withdrawal of Deposited Securities, a fee not in
               excess of U.S.$5.00 per 100 ADSs (or portion thereof) so
               surrendered;

                                       A-6
<PAGE>

          (III) Cash Distribution Fee: to any Holder of ADS(s), a fee not in
               excess of U.S.$2.00 per 100 ADSs (or portion thereof) held for
               the distribution of cash dividends or other cash distributions
               (i.e., upon the sale of rights and other entitlements) under the
               terms of the Deposit Agreement, unless prohibited by the exchange
               upon which the ADSs are listed; and

          (IV) Stock Distribution/Rights Exercise Fee: to any Holder of ADS(s),
               a fee not in excess of U.S.$5.00 per 100 ADSs (or portion
               thereof) issued pursuant to stock dividends or other free stock
               distributions or upon the exercise of rights to purchase
               additional ADSs unless prohibited by the exchange upon which the
               ADSs are listed;

          (V)  Other Distribution Fee: to any Holder of ADS(s) receiving a
               distribution of securities other than ADSs or rights to purchase
               additional ADSs, a fee not in excess of U.S.$5.00 per unit of 100
               securities (or fraction thereof) distributed;

          (VI) Annual Depositary Services Fee: to any Holder of ADS(s), a fee
               not in excess of U.S.$2.00 per 100 ADSs (or fraction thereof)
               held on any applicable record date; and

          (VII) ADR Transfer Fee: to any person presenting an ADR for transfer,
               a fee not in excess of U.S. $1.50 per ADR so presented for
               transfer.

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

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

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

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

          (IV) the expenses and charges incurred by the Depositary in the
               conversion of foreign currency;

          (V)  such fees and expenses as are incurred by the Depositary in
               connection with compliance with exchange control regulations and
               other regulatory

                                       A-7

<PAGE>

               requirements applicable to Shares, Deposited Securities, ADSs and
               ADRs; and

          (VI) the fees and expenses incurred by the Depositary, the Custodian,
               or any nominee in connection with the delivery or servicing of
               Deposited Securities.

     Any other charges and expenses of the Depositary under the Deposit
Agreement will be paid by the Company upon agreement between the Depositary and
the Company. All fees and charges may, at any time and from time to time, be
changed by agreement between the Depositary and Company but, in the case of fees
and charges payable by Holders or Beneficial Owners, only in the manner
contemplated by paragraph (22) of this ADR and as contemplated in the Deposit
Agreement. The Depositary will provide, without charge, a copy of its latest fee
schedule to anyone upon request. The charges and expenses of the Custodian are
for the sole account of the Depositary.

     (11) TITLE TO ADRS. It is a condition of this ADR, and every successive
Holder of this ADR by accepting or holding the same consents and agrees, that
title to this ADR (and to each ADS evidenced hereby) shall be transferable upon
the same terms as a certificated security under the laws of the State of New
York, provided that, in the case of a Certificated ADS, such ADR has been
properly endorsed or is accompanied by proper instruments of transfer.
Notwithstanding any notice to the contrary, the Depositary and the Company may
deem and treat the Holder of this ADR (that is, the person in whose name this
ADR is registered on the books of the Depositary) as the absolute owner thereof
for all purposes. Neither the Depositary nor the Company shall have any
obligation nor be subject to any liability under the Deposit Agreement or this
ADR to any holder of this ADR or any Beneficial Owner unless such holder is the
Holder of this ADR registered on the books of the Depositary or, in the case of
a Beneficial Owner, such Beneficial Owner or the Beneficial Owner's
representative is the Holder registered on the books of the Depositary.

     (12) VALIDITY OF ADR. The Holder(s) of this ADR (and the ADSs represented
hereby) shall not be entitled to any benefits under the Deposit Agreement or be
valid or enforceable for any purpose against the Depositary or the Company
unless this ADR has been (i) dated, (ii) signed by the manual or facsimile
signature of a duly-authorized signatory of the Depositary, (iii) countersigned
by the manual or facsimile signature of a duly-authorized signatory of the
Registrar, and (iv) registered in the books maintained by the Registrar for the
registration of issuances and transfers of ADRs. An ADR bearing the facsimile
signature of a duly-authorized signatory of the Depositary or the Registrar, who
at the time of signature was a duly authorized signatory of the Depositary or
the Registrar, as the case may be, shall bind the Depositary, notwithstanding
the fact that such signatory has ceased to be so authorized prior to the
delivery of such ADR by the Depositary.

     (13) AVAILABLE INFORMATION; REPORTS; INSPECTION OF TRANSFER BOOKS. The
Company is subject to the periodic reporting requirements of the Exchange Act
and accordingly files certain information with the Commission. These reports and
documents can be retrieved from the Commission's website (www.sec.gov) and can
be inspected and copied at the public reference facilities maintained by the
Commission located at Judiciary Plaza, 450 Fifth Street,

                                       A-8

<PAGE>

N.W., Washington D.C. 20549. The Depositary shall make available for inspection
by Holders at its Principal Office any reports and communications, including any
proxy soliciting materials, received from the Company which are both (a)
received by the Depositary, the Custodian, or the nominee of either of them as
the holder of the Deposited Securities and (b) made generally available to the
holders of such Deposited Securities by the Company.

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

     The Registrar may close the transfer books with respect to the ADSs, at any
time or from time to time, when deemed necessary or advisable by it in good
faith in connection with the performance of its duties hereunder, or at the
reasonable written request of the Company subject, in all cases, to paragraph
(24).

Dated:
       --------------

CITIBANK, N.A.,                         CITIBANK, N.A.,
as Transfer Agent and Registrar         as Depositary

By:                                     By:
    ---------------------------------       ------------------------------------
    Authorized Signatory                    Authorized Signatory

     The address of the Principal Office of the Depositary is 388 Greenwich
Street, New York, New York 10013, U.S.A.

                                       A-9

<PAGE>

                            [FORM OF REVERSE OF ADR]

                    SUMMARY OF CERTAIN ADDITIONAL PROVISIONS
                            OF THE DEPOSIT AGREEMENT

     (14) DIVIDENDS AND DISTRIBUTIONS IN CASH, SHARES, ETC. Whenever the
Depositary receives confirmation from the Custodian of receipt of any cash
dividend or other cash distribution on any Deposited Securities, or receives
proceeds from the sale of any Deposited Securities or of any entitlements held
in respect of Deposited Securities under the terms of the Deposit Agreement, the
Depositary will (i) if at the time of receipt thereof any amounts received in a
Foreign Currency can, in the judgment of the Depositary (upon the terms of the
Deposit Agreement), be converted on a practicable basis into Dollars
transferable to the United States, promptly convert or cause to be converted
such cash dividend, distribution or proceeds into Dollars (upon the terms of the
Deposit Agreement), (ii) if applicable, establish the ADS Record Date upon the
terms described in Section 4.9 of the Deposit Agreement, and (iii) distribute
promptly the amount thus received (net of (a) applicable fees and charges of,
and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders
entitled thereto as of the ADS Record Date in proportion to the number of ADSs
held as of the ADS Record Date. The Depositary shall distribute only such
amount, however, as can be distributed without attributing to any Holder a
fraction of one cent, and any balance not so distributed shall be held by the
Depositary (without liability for interest thereon) and shall be added to and
become part of the next sum received by the Depositary for distribution to
Holders of ADSs then outstanding at the time of the next distribution. If the
Company, the Custodian or the Depositary is required to withhold and does
withhold from any cash dividend or other cash distribution in respect of any
Deposited Securities an amount on account of taxes, duties or other governmental
charges, the amount distributed to Holders on the ADSs representing such
Deposited Securities shall be reduced accordingly. Such withheld amounts shall
be forwarded by the Company, the Custodian or the Depositary to the relevant
governmental authority. Evidence of payment thereof by the Company shall be
forwarded by the Company to the Depositary upon request.

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

                                      A-10

<PAGE>

Shares or ADSs, as the case may be, represented by the aggregate of such
fractions and distribute the net proceeds upon the terms set forth in the
Deposit Agreement.

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

     Upon timely receipt of a notice indicating that the Company wishes an
elective distribution to be made available to Holders of ADSs upon the terms
described in the Deposit Agreement, the Company and the Depositary shall
determine whether such distribution is lawful and reasonably practicable. If so,
the Depositary shall, subject to the terms and conditions of the Deposit
Agreement, establish an ADS Record Date according to paragraph (16) and
establish procedures to enable the Holder hereof to elect to receive the
proposed distribution in cash or in additional ADSs. If a Holder elects to
receive the distribution in cash, the distribution shall be made as in the case
of a distribution in cash. If the Holder hereof elects to receive the
distribution in additional ADSs, the distribution shall be made as in the case
of a distribution in Shares upon the terms described in the Deposit Agreement.
If such elective distribution is not reasonably practicable or if the Depositary
did not receive satisfactory documentation set forth in the Deposit Agreement,
the Depositary shall, to the extent permitted by law, distribute to Holders, on
the basis of the same determination as is made in the Cayman Islands in respect
of the Shares for which no election is made, either (x) cash or (y) additional
ADSs representing such additional Shares, in each case, upon the terms described
in the Deposit Agreement. Nothing herein or in the Deposit Agreement shall
obligate the Depositary to make available to the Holder hereof a method to
receive the elective distribution in Shares (rather than ADSs). There can be no
assurance that the Holder hereof will be given the opportunity to receive
elective distributions on the same terms and conditions as the holders of
Shares.

     Upon timely receipt by the Depositary of a notice indicating that the
Company wishes rights to subscribe for additional Shares to be made available to
Holders of ADSs, the Depositary upon consultation with the Company, shall
determine, whether it is lawful and reasonably practicable to make such rights
available to the Holders. The Depositary shall make such rights available to any
Holders only if (i) the Company shall have timely requested that such rights be
made available to Holders, (ii) the Depositary shall have received the
documentation contemplated in the Deposit Agreement, and (iii) the Depositary
shall have determined that such distribution of rights is reasonably
practicable. If such conditions are not satisfied, the Depositary shall sell the
rights as described below. In the event all conditions set forth above are
satisfied, the Depositary shall establish an ADS Record Date (upon the terms
described in the Deposit Agreement) and establish procedures (x) to distribute
rights to purchase additional ADSs

                                      A-11

<PAGE>

(by means of warrants or otherwise), (y) to enable the Holders to exercise the
rights (upon payment of the subscription price and of the applicable (a) fees
and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z)
to deliver ADSs upon the valid exercise of such rights. Nothing herein or in the
Deposit Agreement shall obligate the Depositary to make available to the Holders
a method to exercise rights to subscribe for Shares (rather than ADSs). If (i)
the Company does not timely request the Depositary to make the rights available
to Holders or if the Company requests that the rights not be made available to
Holders, (ii) the Depositary fails to receive the documentation required by the
Deposit Agreement or determines it is not reasonably practicable to make the
rights available to Holders, or (iii) any rights made available are not
exercised and appear to be about to lapse, the Depositary shall determine
whether it is lawful and reasonably practicable to sell such rights, in a
riskless principal capacity, at such place and upon such terms (including public
and private sale) as it may deem practicable. The Depositary shall, upon such
sale, convert and distribute proceeds of such sale (net of applicable (a) fees
and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the
terms hereof and of the Deposit Agreement. If the Depositary is unable to make
any rights available to Holders or to arrange for the sale of the rights upon
the terms described above, the Depositary shall allow such rights to lapse. The
Depositary shall not be responsible for (i) any failure to determine that it may
be lawful or practicable to make such rights available to Holders in general or
any Holders in particular, (ii) any foreign exchange exposure or loss incurred
in connection with such sale or exercise, or (iii) the content of any materials
forwarded to the ADS Holders on behalf of the Company in connection with the
rights distribution.

     Notwithstanding anything herein or in the Deposit Agreement to the
contrary, if registration (under the Securities Act or any other applicable law)
of the rights or the securities to which any rights relate may be required in
order for the Company to offer such rights or such securities to Holders and to
sell the securities represented by such rights, the Depositary will not
distribute such rights to the Holders (i) unless and until a registration
statement under the Securities Act (or other applicable law) covering such
offering is in effect or (ii) unless the Company furnishes the Depositary
opinion(s) of counsel for the Company in the United States and counsel to the
Company in any other applicable country in which rights would be distributed, in
each case reasonably satisfactory to the Depositary, to the effect that the
offering and sale of such securities to Holders and Beneficial Owners are exempt
from, or do not require registration under, the provisions of the Securities Act
or any other applicable laws. Because the laws of the Cayman Islands presently
do not contemplate the issuance of rights in negotiable form and the possibility
of such issuance is unlikely, a liquid market for rights may not exist, and this
may adversely affect (1) the ability of the Depositary to dispose of such rights
or (2) the amount the Depositary would realize upon disposal of rights. In the
event that the Company, the Depositary or the Custodian shall be required to
withhold and does withhold from any distribution of property (including rights)
an amount on account of taxes or other governmental charges, the amount
distributed to the Holders of ADSs representing such Deposited Securities shall
be reduced accordingly. In the event that the Depositary determines that any
distribution in property (including Shares and rights to subscribe therefor) is
subject to any tax or other governmental charges which the Depositary is
obligated to withhold, the Depositary may dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts and
in such manner, including by public or private sale, as the Depositary deems
necessary and practicable to pay any such taxes or charges.

                                      A-12

<PAGE>

     There can be no assurance that Holders generally, or any Holder in
particular, will be given the opportunity to exercise rights on the same terms
and conditions as the holders of Shares or to exercise such rights. Nothing
herein or in the Deposit Agreement shall obligate the Company to file any
registration statement in respect of any rights or Shares or other securities to
be acquired upon the exercise of such rights.

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

     If the conditions above are not satisfied, the Depositary shall sell or
cause such property to be sold in a public or private sale, at such place or
places and upon such terms as it may deem practicable and shall (i) cause the
proceeds of such sale, if any, to be converted into Dollars and (ii) distribute
the proceeds of such conversion received by the Depositary (net of applicable
(a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes)
to the Holders as of the ADS Record Date upon the terms hereof and of the
Deposit Agreement. If the Depositary is unable to sell such property, the
Depositary may dispose of such property for the account of the Holders in any
way it deems reasonably practicable under the circumstances.

     (15) REDEMPTION. Upon timely receipt of notice from the Company that it
intends to exercise its right of redemption in respect of any of the Deposited
Securities, and a reasonably satisfactory opinion of counsel, and upon
determining that such proposed redemption is practicable, the Depositary shall
(to the extent practicable) provide to each Holder a notice setting forth the
Company's intention to exercise the redemption rights and any other particulars
set forth in the Company's notice to the Depositary. Upon receipt of
confirmation that the redemption has taken place and that funds representing the
redemption price have been received, the Depositary shall convert, transfer,
distribute the proceeds (net of applicable (a) fees and charges of, and expenses
incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if
applicable, upon delivery of such ADSs by Holders thereof upon the terms of the
Deposit Agreement. If less than all outstanding Deposited Securities are
redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis,
as may be determined by the Depositary. The redemption price per ADS shall be
the dollar equivalent of the per share amount received by the Depositary
(adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the
Deposited Securities represented by ADSs (subject to the terms of the Deposit
Agreement and

                                      A-13

<PAGE>

the applicable fees and charges of, and expenses incurred by, the Depositary,
and taxes) multiplied by the number of Deposited Securities represented by each
ADS redeemed.

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

     (17) VOTING OF DEPOSITED SECURITIES. As soon as practicable after receipt
of notice of any meeting at which the holders of Deposited Securities are
entitled to vote, or of solicitation of consents or proxies from holders of
Deposited Securities, the Depositary shall fix the ADS Record Date in respect of
such meeting or solicitation of such consent or proxy. The Depositary shall, if
requested by the Company in writing in a timely manner (the Depositary having no
obligation to take any further action if the request shall not have been
received by the Depositary at least thirty (30) days prior to the date of such
vote or meeting), at the Company's expense and provided no U.S. legal
prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such
notice of meeting or solicitation of consent or proxies, (b) a statement that
the Holders at the close of business on the ADS Record Date will be entitled,
subject to any applicable law, the provisions of the Deposit Agreement, the
Company's Articles of Association and the provisions of or governing Deposited
Securities (which provisions, if any, shall be summarized in pertinent part by
the Company), to instruct the Depositary as to the exercise of the voting
rights, if any, pertaining to the Deposited Securities represented by such
Holder's ADSs and (c) a brief statement as to the manner in which such voting
instructions may be given. Voting instructions may be given only in respect of a
number of ADSs representing an integral number of Deposited Securities. The
Depositary has been advised by the Company that under the Cayman Islands' law as
in effect as of the date of the Deposit Agreement, voting at any meeting of
shareholders is by show of hands unless a poll is demanded. The Depositary will
not join in demanding a poll, whether or not requested to do so by Holders of
ADSs. Under the Articles of Association (as in effect on the date of the Deposit
Agreement) a poll may be demanded by (i) the chairman of the Company, (ii) at
least three shareholders present in person or by proxy, (iii) any shareholder or
shareholders present in person or by proxy holding not less than one-tenth of
the total voting rights of the Shares of the Company conferring the right to
vote or (iv) any shareholder or shareholders present in person or by proxy
holding Shares of the Company of which the

                                      A-14

<PAGE>

aggregate paid up sum is equal to not less than one-tenth of the total paid up
sum of the Company's Shares conferring the right to vote.

     Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of
voting instructions in the manner specified by the Depositary, the Depositary
shall endeavor, insofar as practicable and permitted under applicable law, the
provisions of the Deposit Agreement, the Articles of Association and the
provisions of the Deposited Securities, to vote, or cause the Custodian to vote,
the Deposited Securities (in person or by proxy) represented by such Holder's
ADSs as follows: In the event voting takes place at a shareholders' meeting by
show of hands, the Depositary will instruct the Custodian to vote all Deposited
Securities in accordance with the voting instructions received from a majority
of Holders of ADSs who provided voting instructions. In the event voting takes
place at a shareholders' meeting by poll, the Depositary will instruct the
Custodian to vote the Deposited Securities in accordance with the voting
instructions received from the Holders of ADSs. In the event of voting by poll,
Deposited Securities for which no timely voting instructions have been received
will not be voted (but all Deposited Securities will be represented at the
meeting for quorum purposes if any timely voting instructions have been received
from Holders).

     Neither the Depositary nor the Custodian shall under any circumstances
exercise any discretion as to voting and neither the Depositary nor the
Custodian shall vote, attempt to exercise the right to vote, or in any way make
use of, for purposes of establishing a quorum or otherwise the Deposited
Securities represented by ADSs, except pursuant to and in accordance with the
voting instructions timely received from Holders or as otherwise contemplated
herein. If the Depositary timely receives voting instructions from a Holder
which fail to specify the manner in which the Depositary is to vote the
Deposited Securities represented by such Holder's ADSs, the Depositary will deem
such Holder (unless otherwise specified in the notice distributed to Holders) to
have instructed the Depositary to vote in favor of the items set forth in such
instructions. Deposited Securities represented by ADSs for which no timely
voting instructions are received by the Depositary from the Holder shall not be
voted (except in the case voting is by show of hands, in which case the
Depositary will instruct the Custodian to vote all Deposited Securities in
accordance with the voting instructions received from a majority of Holders of
ADSs who provided voting instructions). Notwithstanding anything else contained
herein, the Depositary shall, if so requested in writing by the Company,
represent all Deposited Securities (whether or not voting instructions have been
received in respect of such Deposited Securities from Holders as of the ADS
Record Date) for the sole purpose of establishing quorum at a meeting of
shareholders. Notwithstanding anything else contained in the Deposit Agreement
or this ADR, the Depositary shall not have any obligation to take any action
with respect to any meeting, or solicitation of consents or proxies, of holders
of Deposited Securities if the taking of such action would violate U.S. laws.
The Company agrees to take any and all actions reasonably necessary and as
permitted by Cayman Islands law to enable Holders and Beneficial Owners to
exercise the voting rights relating to the Deposited Securities and to deliver
to the Depositary an opinion of U.S. counsel addressing any actions requested to
be taken if so requested by the Depositary. There can be no assurance that
Holders generally or any Holder in particular will receive the notice described
above with sufficient time to enable the Holder to return voting instructions to
the Depositary in a timely manner.

                                      A-15
<PAGE>

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

     (19) EXONERATION. Neither the Depositary nor the Company shall be obligated
to do or perform any act which is inconsistent with the provisions of the
Deposit Agreement or incur any liability (i) if the Depositary or the Company
shall be prevented or forbidden from, or subjected to any civil or criminal
penalty or restraint on account of, or delayed in, doing or performing any act
or thing required by the terms of the Deposit Agreement and this ADR, by reason
of any provision of any present or future law or regulation of the United
States, the Cayman Islands or any other country, or of any other governmental
authority or regulatory authority or stock exchange, or on account of possible
criminal or civil penalties or restraint, or by reason of any provision, present
or future, of the Articles of Association or any provision of or governing any
Deposited Securities, or by reason of any act of God or war or other
circumstances beyond its control (including, without limitation,
nationalization, expropriation, currency restrictions, work stoppage, strikes,
civil unrest, acts of terrorism, revolutions, rebellions, explosions and
computer failure), (ii) by reason of any exercise of, or failure to exercise,
any discretion provided for in the Deposit Agreement or in the Articles of
Association or provisions of or governing Deposited Securities, (iii) for any
action or inaction in reliance upon the advice of or information from legal
counsel, accountants, any person presenting Shares for deposit, any Holder, any
Beneficial Owner or authorized representative thereof, or any other person
believed by it in good faith to be competent to give such advice or information,
(iv) for the inability by a Holder or Beneficial

                                      A-16

<PAGE>

Owner to benefit from any distribution, offering, right or other benefit which
is made available to holders of Deposited Securities but is not, under the terms
of the Deposit Agreement, made available to Holders of ADSs or (v) for any
consequential or punitive damages for any breach of the terms of the Deposit
Agreement. The Depositary, its controlling persons, its agents, any Custodian
and the Company, its controlling persons and its agents may rely and shall be
protected in acting upon any written notice, request or other document believed
by it to be genuine and to have been signed or presented by the proper party or
parties. No disclaimer of liability under the Securities Act is intended by any
provision of the Deposit Agreement or this ADR.

     (20) STANDARD OF CARE. The Company and the Depositary assume no obligation
and shall not be subject to any liability under the Deposit Agreement or this
ADR to any Holder(s) or Beneficial Owner(s), except that the Company and
Depositary agree to perform their respective obligations specifically set forth
in the Deposit Agreement and this ADR without negligence or bad faith. The
Depositary and its agents shall not be liable for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in which
any vote is cast or the effect of any vote, provided that any such action or
omission is in good faith and in accordance with the terms of the Deposit
Agreement. The Depositary shall not incur any liability for any failure to
determine that any distribution or action may be lawful or reasonably
practicable, for the content of any information submitted to it by the Company
for distribution to the Holders or for any inaccuracy of any translation
thereof, for any investment risk associated with acquiring an interest in the
Deposited Securities, for the validity or worth of the Deposited Securities or
for any tax consequences that may result from the ownership of ADSs, Shares or
Deposited Securities, for the credit-worthiness of any third party, for allowing
any rights to lapse upon the terms of the Deposit Agreement or for the failure
or timeliness of any notice from the Company.

     (21) RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR
DEPOSITARY. The Depositary may at any time resign as Depositary under the
Deposit Agreement by written notice of resignation delivered to the Company,
such resignation to be effective on the earlier of (i) the 90th day after
delivery thereof to the Company, or (ii) 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, which removal shall be effective on the earlier of (i)
the 90th day after delivery thereof to the Depositary, or (ii) upon the
appointment of a successor depositary and its acceptance of such appointment as
provided in the Deposit Agreement. In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use its best efforts to
appoint a successor depositary, which shall be a bank or trust company having an
office in the Borough of Manhattan, the City of New York. Every successor
depositary shall execute and deliver to its predecessor and to the Company an
instrument in writing accepting its appointment hereunder, and thereupon such
successor depositary, without any further act or deed (except as required by
applicable law), shall become fully vested with all the rights, powers, duties
and obligations of its predecessor. The predecessor depositary, upon payment of
all sums due it and on the written request of the Company, shall (i) execute and
deliver an instrument transferring to such successor all rights and powers of
such predecessor hereunder (other than as contemplated in the Deposit
Agreement), (ii) duly assign, transfer and deliver all right, title and interest
to the

                                      A-17

<PAGE>

Deposited Securities to such successor, and (iii) deliver to such successor a
list of the Holders of all outstanding ADSs and such other information relating
to ADSs and Holders thereof as the successor may reasonably request. Any such
successor depositary shall promptly provide notice of its appointment to such
Holders. Any corporation into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or
filing of any document or any further act.

     (22) AMENDMENT/SUPPLEMENT. Subject to the terms and conditions of this
paragraph 22, the Deposit Agreement and applicable law, this ADR and any
provisions of the Deposit Agreement may at any time and from time to time be
amended or supplemented by written agreement between the Company and the
Depositary in any respect which they may deem necessary or desirable without the
prior written consent of the Holders or Beneficial Owners. Any amendment or
supplement which shall impose or increase any fees or charges (other than the
charges in connection with foreign exchange control regulations, and taxes and
other governmental charges, delivery and other such expenses), or which shall
otherwise materially prejudice any substantial existing right of Holders or
Beneficial Owners, shall not, however, become effective as to outstanding ADRs
until the expiration of thirty (30) days after notice of such amendment or
supplement shall have been given to the Holders of outstanding ADSs. The parties
hereto agree that any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the
ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to be
settled solely in electronic book-entry form and (ii) do not in either such case
impose or increase any fees or charges to be borne by Holders, shall be deemed
not to materially prejudice any substantial rights of Holders or Beneficial
Owners. Every Holder and Beneficial Owner at the time any amendment or
supplement so becomes effective shall be deemed, by continuing to hold such
ADS(s), to consent and agree to such amendment or supplement and to be bound by
the Deposit Agreement and this ADR as amended or supplemented thereby. In no
event shall any amendment or supplement impair the right of the Holder to
surrender such ADS and receive therefor the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law.
Notwithstanding the foregoing, if any governmental body should adopt new laws,
rules or regulations which would require an amendment of, or supplement to, the
Deposit Agreement to ensure compliance therewith, the Company and the Depositary
may amend or supplement the Deposit Agreement and this ADR at any time in
accordance with such changed laws, rules or regulations. Such amendment or
supplement to the Deposit Agreement in such circumstances may become effective
before a notice of such amendment or supplement is given to Holders or within
any other period of time as required for compliance with such laws, or rules or
regulations.

     (23) TERMINATION. The Depositary shall, at any time at the written
direction of the Company, terminate the Deposit Agreement by providing notice of
such termination to the Holders of all ADSs then outstanding at least thirty
(30) days prior to the date fixed in such notice for such termination. If ninety
(90) days shall have expired after (i) the Depositary shall have delivered to
the Company a written notice of its election to resign, or (ii) the Company
shall have delivered to the Depositary a written notice of the removal of the
Depositary, and in either case a successor depositary shall not have been
appointed and accepted its appointment as provided herein and in the Deposit
Agreement, the Depositary may terminate the Deposit

                                      A-18

<PAGE>

Agreement by providing notice of such termination to the Holders of all ADSs
then outstanding at least thirty (30) days prior to the date fixed for such
termination. On and after the date of termination of the Deposit Agreement, the
Holder of ADS(s) will, upon surrender of such ADS(s) at the Principal Office of
the Depositary, upon the payment of the charges of the Depositary for the
surrender of ADSs referred to in paragraph (2) and in the Deposit Agreement and
subject to the conditions and restrictions therein set forth, and upon 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 such
ADS. If any ADSs shall remain outstanding after the date of termination of the
Deposit Agreement, the Registrar thereafter shall discontinue the registration
of transfers of ADSs, and the Depositary shall suspend the distribution of
dividends to the Holders thereof, and shall not give any further notices or
perform any further acts under the Deposit Agreement, except that the Depositary
shall continue to collect dividends and other distributions pertaining to
Deposited Securities, shall sell rights as provided in the Deposit Agreement,
and shall continue to deliver Deposited Securities, subject to the conditions
and restrictions set forth in the Deposit Agreement, together with any dividends
or other distributions received with respect thereto and the net proceeds of the
sale of any rights or other property, in exchange for ADSs surrendered to the
Depositary (after deducting, or charging, as the case may be, in each case the
charges of the Depositary for the surrender of an ADS, any expenses for the
account of the Holder in accordance with the terms and conditions of the Deposit
Agreement and any applicable taxes or governmental charges or assessments). At
any time after the expiration of six months from the date of termination of the
Deposit Agreement, the Depositary may sell the Deposited Securities then held
hereunder and may thereafter hold uninvested the net proceeds of any such sale,
together with any other cash then held by it hereunder, in an unsegregated
account, without liability for interest for the pro rata benefit of the Holders
whose ADSs have not theretofore been surrendered. After making such sale, the
Depositary shall be discharged from all obligations under the Deposit Agreement
with respect to the ADSs and the Deposited Securities, except to account for
such net proceeds and other cash (after deducting, or charging, as the case may
be, in each case, the charges of the Depositary for the surrender of ADSs, any
expenses for the account of the Holder in accordance with the terms and
conditions of the Deposit Agreement and any applicable taxes or governmental
charges or assessments). Upon the termination of the Deposit Agreement, the
Company shall be discharged from all obligations under the Deposit Agreement
except as set forth in the Deposit Agreement.

     (24) COMPLIANCE WITH U.S. SECURITIES LAWS. Notwithstanding any provisions
in this ADR or the Deposit Agreement to the contrary, the withdrawal or delivery
of Deposited Securities will not be suspended by the Company or the Depositary
except as would be permitted by Instruction I.A.(1) of the General Instructions
to the Form F-6 Registration Statement, as amended from time to time, under the
Securities Act.

     (25) CERTAIN RIGHTS OF THE DEPOSITARY; LIMITATIONS. Subject to the further
terms and provisions of this paragraph (25), the Depositary, its Affiliates and
their agents, on their own behalf, may own and deal in any class of securities
of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs
against evidence of rights to receive Shares from the Company, any agent of the
Company or any custodian, registrar, transfer agent, clearing agency or other
entity involved in ownership or transaction records in respect of the Shares.
Such

                                      A-19

<PAGE>

evidence of rights shall consist of written blanket or specific guarantees of
ownership of Shares. In its capacity as Depositary, the Depositary shall not
lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs
prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement
and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited
Securities pursuant to Section 2.7 of the Deposit Agreement, including ADSs
which were issued under (i) above but for which Shares may not have been
received (each such transaction a "Pre-Release Transaction"). The Depositary may
receive ADSs in lieu of Shares under (i) above and receive Shares in lieu of
ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to
a written agreement whereby the person or entity (the "Applicant") to whom ADSs
or Shares are to be delivered (w) represents that at the time of the Pre-Release
Transaction the Applicant or its customer owns the Shares or ADSs that are to be
delivered by the Applicant under such Pre-Release Transaction, (x) agrees to
indicate the Depositary as owner of such Shares or ADSs in its records and to
hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs
are delivered to the Depositary or the Custodian, (y) unconditionally guarantees
to deliver to the Depositary or the Custodian, as applicable, such Shares or
ADSs and (z) agrees to any additional restrictions or requirements that the
Depositary deems appropriate, (b) at all times fully collateralized with cash,
U.S. government securities 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 Depositary will normally limit the
number of ADSs and Shares involved in such Pre-Release Transactions at any one
time to thirty percent (30%) of the ADSs outstanding (without giving effect to
ADSs outstanding under (i) above), 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 also set limits with respect to the number
of ADSs and Shares involved in Pre-Release Transactions with any one person on a
case by case basis as it deems appropriate. The Depositary may retain for its
own account any compensation received by it in conjunction with the foregoing.
Collateral provided pursuant to (b) above, but not earnings thereon, shall be
held for the benefit of the Holders (other than the Applicant).

                                      A-20

<PAGE>

(ASSIGNMENT AND TRANSFER SIGNATURE LINES)

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

Dated:                                  Name:
       ---------------                        ----------------------------------

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

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

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

-------------------------------------
SIGNATURE GUARANTEED

                                        All endorsements or assignments of ADRs
                                        must be guaranteed by a member of a
                                        Medallion Signature Program approved by
                                        the Securities Transfer Association,
                                        Inc.

                                     LEGENDS

[THE ADRS ISSUED IN RESPECT OF PARTIAL ENTITLEMENT AMERICAN DEPOSITARY SHARES
SHALL BEAR THE FOLLOWING LEGEND ON THE FACE OF THE ADR: "THIS ADR EVIDENCES ADSS
REPRESENTING 'PARTIAL ENTITLEMENT' [SHARE DESCRIPTION] OF CHINA GRENTECH
CORPORATION LIMITED AND AS SUCH DO NOT ENTITLE THE HOLDERS THEREOF TO THE SAME
PER-SHARE ENTITLEMENT AS OTHER ORDINARY SHARES (WHICH ARE 'FULL ENTITLEMENT'
ORDINARY SHARES) ISSUED AND OUTSTANDING AT SUCH TIME. THE ADSS REPRESENTED BY
THIS ADR SHALL ENTITLE HOLDERS TO DISTRIBUTIONS AND ENTITLEMENTS IDENTICAL TO
OTHER ADSS WHEN THE ORDINARY SHARES REPRESENTED BY SUCH ADSS BECOME 'FULL
ENTITLEMENT' ORDINARY SHARES."]

                                      A-21
<PAGE>

                                    EXHIBIT B

                                  FEE SCHEDULE

                       DEPOSITARY FEES AND RELATED CHARGES

All capitalized terms used but not otherwise defined herein shall have the
meaning given to such terms in the Deposit Agreement.

I.   DEPOSITARY FEES

     The Company, the Holders, the Beneficial Owners and the persons depositing
Shares or surrendering ADSs for cancellation agree to pay the following fees of
the Depositary:

<TABLE>
<CAPTION>
          SERVICE                      RATE                  BY WHOM PAID
--------------------------   -----------------------  --------------------------
<S>                          <C>                      <C>
(1)  ISSUANCE OF ADSS UPON   UP TO U.S.$5.00 PER 100  PERSON DEPOSITING SHARES
     DEPOSIT OF SHARES       ADSS (OR FRACTION        OR PERSON RECEIVING ADSS.
     (EXCLUDING ISSUANCES    THEREOF) ISSUED.
     AS A RESULT OF
     DISTRIBUTIONS
     DESCRIBED IN PARAGRAPH
     (4) BELOW).

(2)  DELIVERY OF DEPOSITED   UP TO U.S.$5.00 PER 100  PERSON SURRENDERING ADSS
     SECURITIES AGAINST      ADSS (OR FRACTION        FOR PURPOSE OF WITHDRAWAL
     SURRENDER OF ADSS.      THEREOF) SURRENDERED.    OF DEPOSITED SECURITIES OR
                                                      PERSON TO WHOM DEPOSITED
                                                      SECURITIES ARE DELIVERED.

(3)  DISTRIBUTION OF CASH    UP TO U.S.$2.00 PER 100  PERSON TO WHOM
     DIVIDENDS OR OTHER      ADSS (OR FRACTION        DISTRIBUTION IS MADE.
     CASH DISTRIBUTIONS      THEREOF) HELD, UNLESS
     (i.e., SALE OF RIGHTS   PROHIBITED BY THE
     AND OTHER               EXCHANGE UPON WHICH THE
     ENTITLEMENTS).          ADSS ARE LISTED.

(4)  DISTRIBUTION OF ADSS    UP TO U.S.$5.00 PER 100  PERSON TO WHOM
     PURSUANT TO (I) STOCK   ADSS (OR FRACTION        DISTRIBUTION IS MADE.
     DIVIDENDS OR OTHER      THEREOF) ISSUED, UNLESS
     FREE STOCK              PROHIBITED BY THE
     DISTRIBUTIONS, OR (II)  EXCHANGE UPON WHICH THE
     EXERCISE OF RIGHTS TO   ADSS ARE LISTED.
     PURCHASE ADDITIONAL
     ADSS.

(5)  DISTRIBUTION OF         UP TO U.S.$5.00 PER      PERSON TO WHOM
     SECURITIES OTHER THAN   UNIT OF 100 SECURITIES   DISTRIBUTION IS MADE.
     ADSS OR RIGHTS TO       (OR FRACTION THEREOF)
     PURCHASE ADDITIONAL     DISTRIBUTED.
     ADSS (i.e., SPIN-OFF
     SHARES).

(6)  DEPOSITARY SERVICES.    UP TO U.S.$2.00 PER 100  PERSON HOLDING ADSS ON
                             ADSS (OR FRACTION        APPLICABLE RECORD DATE(S)
                             THEREOF) HELD.           ESTABLISHED BY THE
                                                      DEPOSITARY.

(7)  TRANSFER OF ADRS.       U.S.$1.50 PER            PERSON PRESENTING
                             CERTIFICATE PRESENTED    CERTIFICATE FOR TRANSFER.
                             FOR TRANSFER.
</TABLE>

                                       B-1

<PAGE>

II.  CHARGES

     Holders, Beneficial Owners, persons depositing Shares for deposit and
persons surrendering ADSs for cancellation and for the purpose of withdrawing
Deposited Securities shall be responsible for the following charges:

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

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

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

(iv) the expenses and charges incurred by the Depositary in the conversion of
     foreign currency;

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

(vi) the fees and expenses incurred by the Depositary, the Custodian or any
     nominee in connection with the servicing or delivery of Deposited
     Securities.

                                       B-2
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                          <C>
ARTICLE I DEFINITIONS.....................................................     1
   Section 1.1   "Affiliate"..............................................     2
   Section 1.2   "ADS Record Date"........................................     2
   Section 1.3   "American Depositary Receipt(s)", "ADR(s)" and
                 "Receipt(s)".............................................     2
   Section 1.4   "American Depositary Share(s)" and "ADS(s)"..............     2
   Section 1.5   "Applicant"..............................................     2
   Section 1.6   "Articles of Association"................................     2
   Section 1.7   "Beneficial Owner".......................................     2
   Section 1.8   "Certificated ADS(s)"....................................     3
   Section 1.9   "Commission".............................................     3
   Section 1.10  "Company"................................................     3
   Section 1.11  "Custodian"..............................................     3
   Section 1.12  "Deliver" and "Delivery".................................     3
   Section 1.13  "Deposit Agreement"......................................     3
   Section 1.14  "Depositary".............................................     3
   Section 1.15  "Deposited Securities"...................................     3
   Section 1.16  "Dollars" and "$"........................................     3
   Section 1.17  "DTC"....................................................     3
   Section 1.18  "DTC Participant"........................................     3
   Section 1.19  "Exchange Act"...........................................     3
   Section 1.20  "Foreign Currency".......................................     4
   Section 1.21  "Full Entitlement ADR(s)", "Full Entitlement ADS(s)"
                 and "Full Entitlement Share(s)"..........................     4
   Section 1.22  "Holder(s)"..............................................     4
   Section 1.23  "Partial Entitlement ADR(s)", "Partial Entitlement
                 ADS(s)" and "Partial Entitlement Share(s)"...............     4
   Section 1.24  "Pre-Release Transaction"................................     4
   Section 1.25  "Principal Office"......................................      4
   Section 1.26  "Registrar"..............................................     4
   Section 1.27  "Restricted Securities"..................................     4
   Section 1.28  "Restricted ADR(s)", "Restricted ADS(s)" and
                 "Restricted Shares"......................................     4
   Section 1.29  "Securities Act".........................................     5
   Section 1.30  "Share Registrar"........................................     5
   Section 1.31  "Shares".................................................     5
   Section 1.32  "Uncertificated ADS(s)"..................................     5
   Section 1.33  "United States" and "U.S."...............................     5

ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF
SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS........     5
   Section 2.1   Appointment of Depositary................................     5
   Section 2.2   Form and Transferability of ADSs.........................     5
   Section 2.3   Deposit with Custodian...................................     7
   Section 2.4   Registration and Safekeeping of Deposited Securities.....     8
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                                                                          <C>
   Section 2.5   Issuance of ADSs.........................................     9
   Section 2.6   Transfer, Combination and Split-up of ADRs...............     9
   Section 2.7   Surrender of ADSs and Withdrawal of Deposited
                 Securities...............................................    10
   Section 2.8   Limitations on Execution and Delivery, Transfer, etc.
                 of ADSs; Suspension of Delivery, Transfer, Etc...........    11
   Section 2.9   Lost ADRs, etc...........................................    12
   Section 2.10  Cancellation and Destruction of Surrendered ADRs;
                 Maintenance of Records...................................    12
   Section 2.11  Partial Entitlement ADSs.................................    13
   Section 2.12  Certificated/Uncertificated ADSs.........................    13
   Section 2.13  Restricted ADSs..........................................    15

ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF
ADSS......................................................................    16
   Section 3.1   Proofs, Certificates and Other Information...............    16
   Section 3.2   Liability for Taxes and Other Charges....................    17
   Section 3.3   Representations and Warranties on Deposit of Shares......    17
   Section 3.4   Compliance with Information Requests.....................    17
   Section 3.5   Ownership Restrictions...................................    18

ARTICLE IV THE DEPOSITED SECURITIES.......................................    18
   Section 4.1   Cash Distributions.......................................    18
   Section 4.2   Distribution in Shares...................................    18
   Section 4.3   Elective Distributions in Cash or Shares.................    19
   Section 4.4   Distribution of Rights to Purchase Additional ADSs.......    20
   Section 4.5   Distributions Other Than Cash, Shares or Rights to
                 Purchase Shares..........................................    21
   Section 4.6   Distributions with Respect to Deposited Securities in
                 Bearer Form..............................................    22
   Section 4.7   Redemption...............................................    22
   Section 4.8   Conversion of Foreign Currency...........................    23
   Section 4.9   Fixing of ADS Record Date................................    24
   Section 4.10  Voting of Deposited Securities...........................    24
   Section 4.11  Changes Affecting Deposited Securities...................    26
   Section 4.12  Available Information....................................    26
   Section 4.13  Reports..................................................    26
   Section 4.14  List of Holders..........................................    27
   Section 4.15  Taxation.................................................    27

ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY...................    28
   Section 5.1   Maintenance of Office and Transfer Books by the
                 Registrar................................................    28
   Section 5.2   Exoneration..............................................    28
   Section 5.3   Standard of Care.........................................    29
   Section 5.4   Resignation and Removal of the Depositary; Appointment
                 of Successor Depositary..................................    30
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                          <C>
   Section 5.5   The Custodian............................................    30
   Section 5.6   Notices and Reports......................................    31
   Section 5.7   Issuance of Additional Shares, ADSs etc..................    31
   Section 5.8   Indemnification..........................................    32
   Section 5.9   Fees and Charges of Depositary...........................    33
   Section 5.10  Pre-Release Transactions.................................    34
   Section 5.11  Restricted Securities Owners.............................    34

ARTICLE VI AMENDMENT AND TERMINATION......................................    35
   Section 6.1   Amendment/Supplement.....................................    35
   Section 6.2   Termination..............................................    35

ARTICLE VII MISCELLANEOUS.................................................    36
   Section 7.1   Counterparts.............................................    36
   Section 7.2   No Third-Party Beneficiaries.............................    36
   Section 7.3   Severability.............................................    37
   Section 7.4   Holders and Beneficial Owners as Parties; Binding
                 Effect...................................................    37
   Section 7.5   Notices..................................................    37
   Section 7.6   Governing Law and Jurisdiction...........................    38
   Section 7.7   Assignment...............................................    39
   Section 7.8   Compliance with U.S. Securities Laws.....................    39
   Section 7.9   Cayman Islands Law References............................    39
   Section 7.10  Titles and References....................................    40

EXHIBITS
                 Form of ADR..............................................   A-1
                 Fee Schedule.............................................   B-1
</TABLE>

                                       iii

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