Document:

Form of common share certificate (English translation)

 Exhibit 4.1 
  
 FORM OF COMMON SHARE CERTIFICATE (English Translation) 
  
 [Front side] 
  
 SHARE CERTIFICATE OF WEBZEN INC. 
  
 The     th Issuance 
  
 No.:                     
  
                      shares 
  
                      Won 
  

	 1.      Name of Company:
	  	 Webzen Inc.

	 1.      Date of Incorporation:
	  	 April 28, 2000

	 1.      Number of Authorized Shares:
	  	 40 million shares

	 1.      Price Per Share:
	  	 (Won)500

	 1.      Type Of Share:
	  	 Common share in registered form

	 1.      Date of Issuance:
	  	 

  
 This share certificate
is delivered to the person named on the reverse side hereof, in order to certify that the named person is the shareholder of              shares of Webzen Inc. in accordance with its
Articles of Incorporation. 
  
 Webzen Inc. 
  
 Nam Joo Kim, Representative Director (seal affixed) 
  
 [Reverse side] 
  

	To:

	 	Delivery Date

	 	 
	Registration Date

	 	Name of Shareholder

	 	Seal

	 	Registration Date

	 	Name of Shareholder

	 	Seal

	 1.
	 	 	 	 	 	5.	 	 	 	 
	 2.
	 	 	 	 	 	6.	 	 	 	 
	 3.
	 	 	 	 	 	7.	 	 	 	 
	 4.
	 	 	 	 	 	8.	 	 	 	 

  
 [Serial Number]Form of Deposit Agreement among Webzen Inc., JPMorgan Chase Bank

 Exhibit 4.2 
  

  
  
 WEBZEN INC. 
  
 AND 
  
 JPMORGAN CHASE BANK, 
 As Depositary 
  
 AND 
  
 HOLDERS OF AMERICAN 
 DEPOSITARY
RECEIPTS 
  
  
 Deposit Agreement 
  
 Dated as of December     , 2003 
  
  

 TABLE OF CONTENTS 
  

	 	  	Page

		
	PARTIES	  	 
		
	RECITALS	  	 
		
	Section 1.    Certain Definitions	  	 
		
	 (a)    ADR Register
	  	4
		
	 (b)    ADRs; Direct Registration ADRs
	  	4
		
	 (c)    ADS
	  	4
		
	 (d)    CSD
	  	4
		
	 (e)    Custodian
	  	4
		
	 (f)    Deliver, execute, issue et al.
	  	4
		
	 (g)    Delivery Order
	  	4
		
	 (h)    Deposited Securities
	  	4
		
	 (i)    Direct Registration System
	  	4
		
	 (j)    Holder
	  	4
		
	 (k)    Securities Act of 1933
	  	4
		
	 (l)    Securities Exchange Act of 1934
	  	4
		
	 (m)    Shares
	  	5
		
	 (n)    Transfer Office
	  	5
		
	 (o)    Withdrawal Order
	  	5
		
	Section 2.    ADRs	  	5
		
	Section 3.    Deposit of Shares	  	5
		
	Section 4.    Issue of ADRs	  	6
		
	Section 5.    Distributions on Deposited Securities	  	6
		
	Section 6.    Withdrawal of Deposited Securities	  	6
		
	Section 7.    Substitution of ADRs	  	6
		
	Section 8.    Cancellation and Destruction of ADRs	  	7
		
	Section 9.    The Custodian	  	7
		
	Section 10.    Co-Registrars and Co-Transfer Agents	  	7
		
	Section 11.    Lists of Holders.	  	7
		
	Section 12.    Depositary’s Agents	  	7
		
	Section 13.    Successor Depositary	  	7
		
	Section 14.    Reports	  	7
		
	Section 15.    Additional Shares	  	8
		
	Section 16.    Indemnification	  	8
		
	Section 17.    Notices	  	9
		
	Section 18.    Miscellaneous	  	9
		
	Section 19.    Consent to Jurisdiction	  	9
		
	TESTIMONIUM	  	 
		
	SIGNATURES	  	10

  
  

 2 

	 	  	Page

	EXHIBIT A	  	 
		
	 FORM OF FACE OF ADR
	  	A-1
		
	 Introductory Paragraph
	  	A-1
		
	 (1)    Issuance of ADRs
	  	A-1
		
	 (2)    Withdrawal of Deposited Securities
	  	A-2
		
	 (3)    Transfers of ADRs
	  	A-2
		
	 (4)    Certain Limitations
	  	A-3
		
	 (5)    Taxes
	  	A-3
		
	 (6)    Disclosure of Interests
	  	A-4
		
	 (7)    Charges of Depositary
	  	A-4
		
	 (8)    Available Information
	  	A-5
		
	 (9)    Execution
	  	A-5
		
	 Signature of Depositary
	  	A-5
		
	 Address of Depositary’s Office
	  	A-5
		
	 FORM OF REVERSE OF ADR
	  	A-6
		
	 (10)    Distributions on Deposited Securities
	  	A-6  
		
	 (11)    Record Dates
	  	A-6  
		
	 (12)    Voting of Deposited Securities
	  	A-6  
		
	 (13)    Changes Affecting Deposited Securities
	  	A-7  
		
	 (14)    Exoneration
	  	A-7  
		
	 (15)    Resignation and Removal of Depositary; the Custodian
	  	A-8  
		
	 (16)    Amendment
	  	A-8  
		
	 (17)    Termination
	  	A-8  

  

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 DEPOSIT AGREEMENT dated as of December     , 2003 (the “Deposit Agreement”)
among WEBZEN INC. and its successors (the “Company”), JPMORGAN CHASE BANK, as depositary hereunder (the “Depositary”), and all holders from time to time of American Depositary Receipts issued hereunder (“ADRs”)
evidencing American Depositary Shares (“ADSs”) representing deposited Shares (defined below). The parties hereto agree as follows: 
  
 1. Certain Definitions. 
  
 (a) “ADR Register” is defined in paragraph (3) of the form of ADR. 
  
 (b) “ADRs” mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in
physical certificated form or Direct Registration ADRs. ADRs in physical certificated form, and the terms and conditions governing the Direct Registration ADRs (as hereinafter defined), shall be substantially in the form of Exhibit A annexed hereto
(the “form of ADR”). The term “Direct Registration ADR” means an ADR, the ownership of which is recorded on the Direct Registration System. References to “ADRs” shall include certificated ADRs and Direct
Registration ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be binding upon the parties hereto. 
  
 (c) Subject to paragraph (13) of the form of ADR, each “ADS”
evidenced by an ADR represents the right to receive one-tenth of one Share and a pro rata share in any other Deposited Securities. 
  
 (d) “CSD” means any institution authorized under the applicable law to effect book-entry transfers of securities of Korean corporations,
which may include Korea Securities Depository. 
  
 (e)
“Custodian” means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute Custodian appointed pursuant to Section 9. 
  
 (f) The terms “deliver”, “execute”,
“issue”, “register”, “surrender”, “transfer” or “cancel”, when used with respect to Direct Registration ADRs, shall refer to an entry or entries or an electronic
transfer or transfers in the Direct Registration System. 
  
 (g)
“Delivery Order” is defined in Section 3. 
  
 (h)
“Deposited Securities” as of any time means all Shares at such time deposited under this Deposit Agreement and any and all other Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect
or in lieu of such deposited Shares and other Shares, securities, property and cash. 
  
 (i) “Direct Registration System” means the system for the uncertificated registration of ownership of securities established by The Depository Trust Company (“DTC”) and utilized by the
Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. For purposes
hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC which provides for automated transfer of ownership between DTC and the Depositary. 
  
 (j) “Holder” means the person or persons in whose name an
ADR is registered on the ADR Register. 
  
 (k) “Securities
Act of 1933” means the United States Securities Act of 1933, as from time to time amended. 
  
 (l) “Securities Exchange Act of 1934” means the United States Securities Exchange Act of 1934, as from time to time amended. 

 

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 (m) “Shares” mean the shares of common stock, par value Won 500 per share each, of the
Company and shall include the rights to receive Shares specified in paragraph (1) of the form of ADR. 
  
 (n) “Transfer Office” is defined in paragraph (3) of the form of ADR. 
  
 (o) “Withdrawal Order” is defined in Section 6. 
  
 2. ADRs. (a) ADRs in certificated form shall be engraved, printed or
otherwise reproduced at the discretion of the Depositary in accordance with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied on plain or safety paper, and shall be
substantially in the form set forth in the form of ADR, with such changes as may be required by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate any special limitations
or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number of ADSs. ADRs in certificated form shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of
the Depositary. ADRs in certificated form bearing the facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such
office prior to the delivery of such ADRs. 
  
 (b) Direct
Registration ADRs. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs shall be evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder. 
  
 (c) Holders shall be bound by the terms and conditions of this Deposit
Agreement and of the form of ADR, regardless of whether their ADRs are Direct Registration ADRs or certificated ADRs. 
  
 3. Deposit of Shares. In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following in form
satisfactory to it: (a) a written order directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order a Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited
Shares (a “Delivery Order”); (b) proper endorsements or duly executed instruments of transfer in respect of such deposited Shares; (c) instruments assigning to the Custodian or its nominee any distribution on or in respect of such
deposited Shares or indemnity therefor; and (d) proxies entitling the Custodian to vote such deposited Shares. As soon as practicable after the Custodian receives Deposited Securities pursuant to any such deposit or pursuant to paragraph (10) or
(13) of the form of ADR, the Custodian shall, as soon as transfer and recordation can be accomplished, transfer and record the Shares being deposited in the name of the Depositary or, subject to applicable law, its nominee on the shareholders’
register or the books of the CSD, if applicable. Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary, or at such other place or places as the Depositary shall determine, subject
to the applicable laws of Korea, in all cases at the cost and expense of the person making such deposit (or for whose benefit such deposit is made). Deposited Securities shall be held by the Custodian for the account and to the order of the
Depositary at such place or places and in such manner as the Depositary shall determine. Deposited Securities may be delivered by the Custodian to any person only under the circumstances expressly contemplated in this Deposit Agreement. To the
extent that the provisions of or governing the Shares make delivery of certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept, including, without
limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or the appointed agent of the Company for transfer and registration of the Shares, together with delivery of the documents,
payments and Delivery Order referred to herein to the Custodian or the Depositary. 
  
 The Company shall from time to time notify the Depositary and the Custodian in writing with respect to any such restrictions on the deposit of its Shares. To the extent no such written notification shall have been
received by the Depositary, the Depositary shall be protected in acting hereunder as if no such restriction exists. To the 

  

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extent a deposit of Shares would result in the number of Shares on deposit with the Custodian exceeding the maximum number of Shares theretofore consented to
by the Company as being permitted to be represented by ADSs, the Depositary will not accept the deposit of such Shares unless and until the Company shall have consented thereto in writing, such consent not to be unreasonably withheld or delayed. In
order to enable the Depositary, the Custodian and their respective agents to accept the deposit of additional Shares hereunder and issue ADSs in respect thereof, the Company hereby consents, after giving effect to such deposit, to deposits from
shareholders of the Company and others which will enable up to a total of 1,500,000 Shares to be represented by ADSs at any one time. At such time as 1,500,000 Shares are held by the Custodian hereunder, no further Shares may be accepted for deposit
hereunder without the Company’s prior consent, which shall not be unreasonably withheld or delayed. Additionally, the Company hereby consents to the deposit of any and all Shares which result from a stock split, stock dividend and any rights
offering. The provisions of this paragraph shall cease to apply at such time as the Company’s consent is no longer required under Korean laws or regulations. 
  
 4. Issue of ADRs. Upon receipt by a Custodian of a deposit pursuant to Section 3 hereunder and a proper
acknowledgment or other evidence (i) from the Company (or the appointed agent of the Company for transfer and registration of Shares), satisfactory to the Depositary that any Deposited Securities are properly recorded upon the shareholders’
register of the Company (or such agent) maintained for that purpose in the name of the Depositary or, subject to applicable law, its nominee (ii) where such deposit is made by entry in the books of a CSD, from such CSD that any Deposited Securities
have been recorded upon the books of such CSD in the name of the Depositary, or, subject to applicable law, its nominee, together with the other documents required hereunder, the Custodian shall notify the Depositary of such deposit and of the
information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission. After receiving such notice from
the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs registered as requested and evidencing the aggregate ADSs to which
such person is entitled. 
  
 5. Distributions on Deposited
Securities. To the extent that the Depositary determines in its discretion that any distribution pursuant to paragraph (10) of the form of ADR is not practicable with respect to any Holder, the Depositary may make such distribution as it so
deems practicable, including the distribution of foreign currency, securities or property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or the retention thereof as Deposited Securities with
respect to such Holder’s ADRs (without liability for interest thereon or the investment thereof). 
  
 6. Withdrawal of Deposited Securities. In connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by the
ADSs evidenced thereby, the Depositary may require proper endorsement in blank of such ADR (or duly executed instruments of transfer thereof in blank) and the Holder’s written order directing the Depositary to cause the Deposited Securities
represented by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written order of, any person designated in such order (a “Withdrawal Order”). Directions from the Depositary to the Custodian to deliver Deposited
Securities shall be given by letter, first class airmail postage prepaid, or, at the request, risk and expense of the Holder, by cable, telex or facsimile transmission. Delivery of Deposited Securities may be made by the delivery of certificates
(which, if required by law shall be properly endorsed or accompanied by properly executed instruments of transfer or, if such certificates may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order)
or by such other means as the Depositary may deem practicable, including, without limitation, by transfer of record ownership thereof to an account designated in the Withdrawal Order maintained either by the Company or the appointed agent of the
Company for transfer and registration of the Deposited Securities, subject to applicable laws. 
  
 7. Substitution of ADRs. The Depositary shall execute and deliver a new Direct Registration ADR in exchange and substitution for any mutilated certificated ADR upon cancellation thereof or in lieu of and in
substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such ADR 

  

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has been acquired by a bona fide purchaser, upon the Holder thereof filing with the Depositary a request for such execution and delivery and a sufficient
indemnity bond and satisfying any other reasonable requirements imposed by the Depositary. 
  
 8. Cancellation and Destruction of ADRs. All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy ADRs in certificated form so cancelled in accordance
with its customary practices. 
  
 9. The Custodian. Any
Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The Depositary may from time to time appoint one or more agents to act for it as Custodian hereunder. Each Custodian so
appointed (other than JPMorgan Chase Bank) shall give written notice to the Company and the Depositary accepting such appointment and agreeing to be bound by the applicable terms hereof and applicable laws. Any Custodian may resign from its duties
hereunder by at least 30 days written notice to the Depositary. The Depositary may, after consultation with the Company if practicable, discharge any Custodian at any time upon notice to the Custodian being discharged. Any Custodian ceasing to act
hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities held by it to a Custodian continuing to act. 
  
 10. Co-Registrars and Co-Transfer Agents. The Depositary may appoint and remove (i) co-registrars to register ADRs and transfers, combinations and
split-ups of ADRs and to countersign ADRs in accordance with the terms of any such appointment and (ii) co-transfer agents for the purpose of effecting transfers, combinations and split-ups of ADRs at designated transfer offices in addition to the
Transfer Office on behalf of the Depositary. Each co-registrar or co-transfer agent (other than JPMorgan Chase Bank) shall give notice in writing to the Company and the Depositary accepting such appointment and agreeing to be bound by the applicable
terms of this Deposit Agreement and applicable laws. 
  
 11.
Lists of Holders. The Company shall have the right to inspect transfer records of the Depositary and its agents and the ADR Register, take copies thereof and require the Depositary and its agents to supply copies of such portions of such
records as the Company may request. The Depositary or its agent shall furnish to the Company promptly upon the written request of the Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven days of the
Depositary’s receipt of such request. 
  
 12.
Depositary’s Agents. The Depositary may perform its obligations under this Deposit Agreement through any agent appointed by it, provided that the Depositary shall notify the Company of such appointment and shall remain responsible for
the performance of such obligations as if no agent were appointed. 
  
 13. Successor Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company. The Depositary may at any time be removed by the Company by written notice
of such removal. Notwithstanding anything to the contrary contained herein, in case at any time the Depositary acting hereunder shall resign or be removed, it shall continue to act as Depositary for the purpose of terminating this Deposit Agreement
pursuant to paragraph (17) of the form of ADR and, in connection therewith, upon payment of all sums due to it and at the written request of the Company, shall execute and deliver an instrument assigning all interest in the Deposited Securities to
such new depositary bank and deliver to such new depositary bank a list of all Holders. Notwithstanding the foregoing, no resignation or removal shall become effective unless and until the earlier of 90 days after notice of resignation or removal
has been given or the appointment of a new depositary bank by the Company. Any bank or trust company into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all its American depositary
receipt business, shall be the successor of the Depositary without the execution or filing of any document or any further act. 
  
 14. Reports. On or before the first date on which the Company makes any communication available to holders of Deposited Securities or any
securities regulatory authority or stock exchange, by publication or 

  

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otherwise, the Company shall transmit to the Depositary a copy thereof in English or with an English translation or summary. The Company agrees to furnish
the Depositary with its annual reports, which will include a review of operations and annual audited consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles and all notices of shareholders’
meetings and other reports and communications that are made generally available to holders of Shares. Such communications shall be provided by the Company in English when so required by any rules or regulations of the Securities and Exchange
Commission. The Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company and,
promptly upon any change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon
the Company’s delivery thereof for all purposes of this Deposit Agreement. 
  
 15. Additional Shares. Neither the Company nor any company controlling, controlled by or under common control with the Company shall issue additional Shares, rights to subscribe for Shares, securities
convertible into or exchangeable for Shares or rights to subscribe for any such securities or shall deposit any Shares under this Deposit Agreement, except under circumstances complying in all respects with the Securities Act of 1933. The Depositary
will use reasonable efforts to comply with written instructions of the Company 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 securities laws in the United States. 
  
 16. Indemnification. The Company shall indemnify, defend and save harmless each of the Depositary and its agents against any loss, liability or
expense (including reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in accordance with the provisions of this Deposit Agreement and of the ADRs, as the same may be amended, modified or supplemented from time
to time in accordance herewith (i) by either the Depositary or its agents or their respective directors, employees, agents and affiliates, except, subject to the penultimate paragraph of this Section 16, for any liability or expense directly arising
out of its negligence or bad faith, or (ii) by the Company or any of its directors, employees, agents or affiliates. 
  
 The indemnities set forth in the preceding paragraph shall apply to any liability or expense which may arise out of any misstatement or alleged
misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of ADSs, except to the
extent any such liability or expense arises out of (i) information relating to the Depositary or its agents (other than the Company), as applicable, furnished in writing by the Depositary and not changed or altered by the Company expressly for use
in any of the foregoing documents or (ii) if such information is provided, the failure to state a material fact necessary to make the information provided not misleading. 
  
 Except as provided in the next succeeding paragraph, the Depositary shall indemnify, defend and save harmless the Company
against any loss, liability or expense (including reasonable fees and expenses of counsel) incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or expense is due to the negligence or bad faith of the
Depositary or its agents acting hereunder. 
  
 Notwithstanding any
other provision of this Deposit Agreement or the form of ADR to the contrary, neither the Company nor the Depositary, nor any of their agents, shall be liable to the other for any indirect, special, punitive or consequential damages (collectively
“Special Damages”) except to the extent such Special Damages arise from the gross negligence or willful misconduct of the party from whom indemnification is sought. 
  
 The obligations set forth in this Section 16 shall survive the termination of this Deposit Agreement and the succession or
substitution of any indemnified person. 
  

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 17. Notices. Notice to any Holder shall be deemed given when first mailed, first class postage
prepaid, to the address of such Holder on the ADR Register or received by such Holder. Notice to the Depositary or the Company shall be deemed given when first received by it at the address or facsimile transmission number set forth in (a) or (b),
respectively, or at such other address or facsimile transmission number as either may specify to the other by written notice: 
  

	 	(a)	JPMorgan Chase Bank  Four New York Plaza  New York, New York 10004  Attention: ADR Administration  Fax: (212) 623-0079 

  

	 	(b)	Webzen Inc.  6th Floor, Daelim Acrotel,  467-6, Dogok-Dong, Kangnam-Gu,  Seoul, Korea 135-971  Attention: William Kim, CFO  Fax: 822-2057-2568

  
 18. Miscellaneous. This Deposit Agreement
is for the exclusive benefit of the Company, the Depositary, the Holders, and their respective successors hereunder, and shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders and owners of ADRs from
time to time shall be parties to this Deposit Agreement and shall be bound by all of the provisions hereof. If any such provision is invalid, illegal or unenforceable in any respect, the remaining provisions shall in no way be affected thereby. This
Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one instrument. 
  
 19. Consent to Jurisdiction. The Company irrevocably agrees that any legal suit, action or proceeding against the Company brought by the Depositary
or any Holder, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may be instituted in any state or federal court in New York, New York, and irrevocably waives any objection which it may now or hereafter
have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company has appointed National Registered Agents, Inc., New York, New York, as
its authorized agent (the “Authorized Agent”) upon which process may be served in any such action arising out of or based on this Deposit Agreement or the transactions contemplated hereby which may be instituted in any state or federal
court in New York, New York by the Depositary or any Holder, expressly consents to the non-exclusive jurisdiction of any such court in respect of any such action, and waives any other requirements of or objections to personal jurisdiction with
respect thereto. Such appointment shall be irrevocable. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of
any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Company shall be deemed, in every
respect, effective service of process upon the Company. If, for any reason, any agent named above or its successor shall no longer serve as agent of the Company to receive service of process in New York, the Company shall promptly appoint a
successor acceptable to the Depositary, so as to serve and will promptly advise the Depositary thereof. In the event the Company fails to continue such designation and appointment in full force and effect, the Company hereby waives personal service
of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder, and service so made shall be deemed
completed five (5) days after the same shall have been so mailed. Notwithstanding the foregoing, any action based on this Agreement may be instituted by the Depositary or any Holder in any competent court in the Republic of Korea. 
  
 To the extent that the Company or any of its properties, assets or revenues
may have or may hereafter be entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or
counterclaim, 

  

 9 

 
from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or
from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities
or other matter under or arising out of or in connection with the Shares or Deposited Securities, the ADSs, the ADRs or this Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees
not to plead or claim, any such immunity and consents to such relief and enforcement. 
  
 IN WITNESS WHEREOF, WEBZEN INC. and JPMORGAN CHASE BANK have duly executed this Deposit Agreement as of the day and year first above set forth and all holders of ADRs shall become parties hereto upon acceptance by
them of ADRs issued in accordance with the terms hereof. 
  
 WEBZEN INC. 
  
 By: 
 Name: 
  
 JPMORGAN CHASE BANK 
  
 By: 
 Name: 
 Title: Vice President 
  

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 EXHIBIT A 
 ANNEXED TO AND INCORPORATED IN 
 DEPOSIT AGREEMENT 
  
 [FORM OF FACE OF ADR] 
  
 No. of ADSs: 

 Number 
  
 Each ADS represents 
 1/10 of one Share 
  
 CUSIP: 
  
 AMERICAN DEPOSITARY RECEIPT 
  
 evidencing 
  
 AMERICAN DEPOSITARY SHARES 
  
 representing 
  
 COMMON SHARES 
  
 of 
  
 WEBZEN INC. 
  
 (Incorporated under the 
 laws of the Republic of Korea) 
  
 JPMORGAN CHASE BANK, a New York corporation, as depositary hereunder (the “Depositary”), hereby certifies that
             is the registered owner (a “Holder”) of              American Depositary Shares (“ADSs”), each
(subject to paragraph (13)) representing one-tenth of one common share, Won 500 each (including the rights to receive Shares described in paragraph (1), “Shares” and, together with any other securities, cash or property from time to time
held by the Depositary in respect or in lieu of deposited Shares, the “Deposited Securities”), of WEBZEN INC., a corporation organized under the laws of the Republic of Korea (the “Company”), deposited under the Deposit Agreement
dated as of December , 2003 (as amended from time to time, the “Deposit Agreement”) among the Company, the Depositary and all Holders from time to time of American Depositary Receipts issued thereunder (“ADRs”), each of whom by
accepting an ADR becomes a party thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the laws of the State of New York. 
  
 (1) Issuance of ADRs. This ADR is one of the ADRs issued under the
Deposit Agreement. Subject to paragraph (4), the Depositary may so issue ADRs for delivery at the Transfer Office (defined in paragraph (3)) only against deposit with the Custodian of: (a) Shares in form satisfactory to the Custodian; (b) rights to
receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions on behalf of the Company; or, (c) other rights to receive Shares (until such Shares are actually deposited
pursuant to (a) or (b) above, “Pre-released ADRs”) only if (i) Pre-released ADRs are fully collateralized (marked to market daily) with cash or U.S. government securities held by the Depositary for the benefit of Holders (but such
collateral shall not constitute “Deposited Securities”), (ii) each recipient of Pre-released ADRs agrees in writing with the Depositary that such recipient (a) owns such Shares, (b) assigns all beneficial right, title and interest therein
to the Depositary, (c) holds such Shares for the account of the Depositary and (d) will deliver such Shares to the Custodian as soon as practicable and promptly upon demand 

  

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therefor and (iii) all Pre-released ADRs evidence not more than 30% of all ADSs (excluding those evidenced by Pre-released ADRs), provided,
however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may retain for its own account any earnings on collateral for Pre-released ADRs and its charges for
issuance thereof. At the request, risk and expense of the person depositing Shares, the Depositary may accept deposits for forwarding to the Custodian and may deliver ADRs at a place other than its office. Every person depositing Shares under the
Deposit Agreement represents and warrants that such Shares are validly issued and outstanding, fully paid, nonassessable and free of pre-emptive rights, that the person making such deposit is duly authorized so to do and that such Shares (A) are not
“restricted securities” as such term is defined in Rule 144 under the Securities Act of 1933 unless at the time of deposit they may be freely transferred in accordance with Rule 144(k) and may otherwise be offered and sold freely in the
United States or (B) have been registered under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and issuance of ADRs. If any of the representations or warranties are incorrect in any way, the
Depositary and the Company may, at the cost and expense of the Holder, take any and all actions necessary to correct the consequences of any such misrepresentations. The Depositary will not knowingly accept for deposit under the Deposit Agreement
any Shares required to be registered under the Securities Act of 1933 and not so registered; the Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate the Company’s compliance with such
Act. 
  
 (2) Withdrawal of Deposited Securities. Subject to
paragraphs (4) and (5) and applicable laws, upon surrender of (i) a certificated ADR in form satisfactory to the Depositary at the Transfer Office or (ii) proper instructions and documentation in the case of a Direct Registration ADR, the Holder
hereof is entitled to delivery at the Custodian’s office of the Deposited Securities at the time represented by the ADSs evidenced by this ADR; provided that the Depositary will effect the delivery to such Holder of only that portion of
Shares (and any other Deposited Securities relating to such Shares) comprising a whole Share or an integral multiple thereof. At the request, risk and expense of the Holder hereof and to the extent not prohibited under applicable law, the Depositary
may deliver such Deposited Securities at such other place as may have been requested by the Holder, if it is permitted to do so by applicable law. As of the date of the Deposit Agreement, a Holder who wants to withdraw Shares must register its
identity with the Financial Supervisory Service of Korea before the acquisition of Shares if such registration has not been made unless such Holder intends to sell the Shares within three months. Notwithstanding any other provision of the Deposit
Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933.

  
 (3) Transfers of ADRs. The Depositary or its agent will
keep, at a designated transfer office in the Borough of Manhattan, The City of New York (the “Transfer Office”), (a) a register (the “ADR Register”) for the registration, registration of transfer, combination and split-up of
ADRs, and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of
the business of the Company or a matter relating to the Deposit Agreement and (b) facilities for the delivery and receipt of ADRs. The term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities
represented by the ADSs evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of
negotiable instruments under the laws of the State of New York; provided that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner
hereof for all purposes. Subject to paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the same number of ADSs evidenced by this ADR, by the
Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer and duly stamped as may
be required by applicable law; provided that the Depositary may close the ADR Register at any time or from time to time when deemed expedient by it or requested by the Company. At the request of a Holder, the Depositary shall, for the purpose
of substituting a certificated ADR with a Direct Registration ADR, or vice versa, execute 

  

 A-2 

 
and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate
number of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted. 
  
 (4) Certain Limitations. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any
distribution in respect thereof, or, subject to the last sentence of paragraph (2), the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian
may require: (a) payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of Shares or other Deposited Securities upon
any applicable register and (iii) any applicable charges as provided in paragraph (7) of this ADR; (b) the production of proof satisfactory to it of (i) the identity and genuineness of any signature and (ii) such other information, including without
limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, payment of applicable Korean or other taxes or governmental charges, or legal or beneficial ownership and the nature of such
interest, information relating to the registration on the shareholders’ register of the Company (or the appointed agent of the Company for the transfer and registration of Shares) or the books of the CSD of the Shares presented for deposit,
compliance with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and (c) compliance with such regulations as the Depositary may
establish consistent with the Deposit Agreement. As a condition of accepting Shares for deposit, the Depositary may require that the person making such deposit furnish evidence satisfactory to the Depositary (which may be an opinion of counsel) that
any necessary approvals have been waived or granted by any governmental or quasi-governmental body or agency in Korea, including, without limitation, any such body which is then performing the function of regulation of currency exchange. The
issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph (2), the withdrawal of Deposited Securities may be suspended, generally
or in particular instances, when the ADR Register, any register for Deposited Securities is closed, the books of the CSD are closed, or when any such action is deemed advisable by the Depositary or the Company. 
  
 (5) Taxes. If any tax or other governmental charge shall become
payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder
hereof to the Depositary. The Depositary may refuse to effect any registration, registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2), any withdrawal of such Deposited Securities until such
payment is made. The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities (after
attempting by reasonable means to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency,
and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company or its agent will remit to the appropriate governmental authority or agency all amounts (if any)
required to be withheld and owing to such authority or agency by the Company or its agent; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to
such authority or agency by the Depositary or the Custodian. The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary
reports with governmental authorities or agencies. If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is
obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall
distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto. Notwithstanding any 

  

 A-3 

 
other provision of the Deposit Agreement or this ADR, before making any distribution or other payment on any Deposited Securities, the Company shall make
such deductions (if any) which, by the laws of Korea, the Company is required to make in respect of any income, capital gains or other taxes and the Company may also deduct the amount of any tax or governmental charges payable by the Company or for
which the Company might be made liable in respect of such distribution or other payment or any document signed in connection therewith. In making such deductions, neither the Company nor the Depositary shall have any obligation to any Holder to
apply a rate under any treaty or other arrangement between Korea and the country within which such Holder is resident unless such Holder has timely provided to the Company directly or through the Depositary or the Custodian evidence of the residency
of such Holder that is accepted by the relevant tax authorities of Korea. The Holder 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 penalties or interest arising out of any reduced rate of withholding, at source, or other tax benefit obtained for such Holder pursuant to this paragraph. 
  
 (6) Disclosure of Interests. To the extent that the provisions of or
governing any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such
disclosure or limits, Holders and all persons holding ADRs agree to comply with all such disclosure requirements and ownership limitations and to cooperate with the Depositary in the Depositary’s compliance with any Company instructions in
respect thereof, and the Depositary will use reasonable efforts to comply with such Company instructions. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result in the ownership of
Shares exceeding the limit, if any, on ownership under applicable law with respect to which the Company may, from time to time, notify the Depositary. The Company, may, in its sole discretion, instruct the Depositary to advise any Holder in excess
of any such legal limit to surrender their ADSs for cancellation so as to permit the Company to deal directly with such Holder and by holding an ADR or an interest therein, each Holder is agreeing to abide by such request. 
  
 (7) Charges of Depositary. The Depositary may charge each person to
whom ADSs are issued against deposits of Shares, including deposits in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph (10)), and each person surrendering ADSs for withdrawal of Deposited
Securities, U.S. $5.00 for each 100 ADSs (or portion thereof) delivered or surrendered. The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions
prior to such deposit to pay such charge. The following additional charges shall be incurred by the Holders, by any party depositing or withdrawing Shares or by any party surrendering ADRs or to whom ADRs are issued (including, without limitation,
issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the ADRs or the Deposited Securities or a distribution of ADRs pursuant to paragraph (10)), whichever is applicable (i) to the extent not
prohibited by the rules of any stock exchange or interdealer quotation system upon which the ADSs are traded, a fee of $.02 or less per ADS (or portion thereof) for any Cash distribution made pursuant to the Deposit Agreement, (ii) to the extent not
prohibited by the rules of any stock exchange or interdealer quotation system upon which the ADSs are traded, a fee of $1.50 per ADR or ADRs for transfers made pursuant to paragraph (3) hereof, (iii) a fee for the distribution of securities pursuant
to paragraph (10) hereof, such fee being in an amount equal to the fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities (for purposes of this paragraph (7) treating
all such securities as if they were Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to Holders entitled thereto and (iv) such fees and expenses as are incurred by the Depositary
(including without limitation expenses incurred on behalf of Holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment in Korea) in delivery of Deposited Securities or
otherwise in connection with the Depositary’s or its Custodian’s compliance with applicable law, rule or regulation. The Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the
Custodian) pursuant to agreements from time to time between the Company and the Depositary, except (i) stock transfer or 

  

 A-4 

 
other taxes and other governmental charges (which are payable by Holders or persons depositing Shares), (ii) cable, telex and facsimile transmission and
delivery charges incurred at the request of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders), (iii) transfer or registration fees for the registration or transfer of
Deposited Securities on any applicable register, or the books of a CSD, in either case in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities;
there are no such fees in respect of the Shares as of the date of the Deposit Agreement), and (iv) expenses of the Depositary in connection with the conversion of foreign currency into U.S. dollars (which are paid out of such foreign currency).
These charges may be changed in the manner indicated in paragraph (16). 
  
 (8) Available Information. The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which are both received by the Custodian or its nominee as a holder of Deposited
Securities and made generally available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and the Custodian and at the Transfer Office. The Depositary will distribute copies of such
communications (or English translations or summaries thereof) to Holders when furnished by the Company. The Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the
Company. The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports with the United States Securities and Exchange Commission (the “Commission”). Such reports
and other information may be inspected and copied at public reference facilities maintained by the Commission located at the date hereof at Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C. 20549. 
  
 (9) Execution. This ADR shall not be valid for any purpose unless
executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. 
  
 Dated: 
  

	JPMORGAN CHASE BANK, as Depositary
		
	By	 	 
	 	

	 	 	 

  
 The
Depositary’s office is located at 4 New York Plaza, New York, New York 10004. 
  

 A-5 

 [FORM OF REVERSE OF ADR] 
  
 (10) Distributions on Deposited Securities. Subject to paragraphs (4) and (5), to the extent practicable, the
Depositary will distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder’s address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following
distributions on Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder’s ADRs: (a) Cash. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or
the net proceeds of sales of any other distribution or portion thereof authorized in this paragraph (10) (“Cash”), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution
being impermissible or impracticable with respect to certain Holders, and (iii) deduction of the Depositary’s expenses in (1) converting any foreign currency to U.S. dollars by sale or in such other manner as the Depositary may determine to the
extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine to the extent that it determines that such
transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale
by public or private means in any commercially reasonable manner. (b) Shares. (i) Additional ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited Securities
consisting of Shares (a “Share Distribution”) and (ii) U.S. dollars available to it resulting from the net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs
were issued therefor, as in the case of Cash. (c) Rights. (i) Warrants or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or
rights of any nature available to the Depositary as a result of a distribution on Deposited Securities (“Rights”), to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the
Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the
Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales cannot practicably be accomplished by reason of the nontransferability of the Rights,
limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse). (d) Other Distributions. (i) Securities or property available to the Depositary resulting from any distribution on Deposited Securities other
than Cash, Share Distributions and Rights (“Other Distributions”), by any means that the Depositary may deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of such securities or property not to be
equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash. Any U.S. dollars available will be distributed by checks drawn on a bank in the United States for
whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the Depositary in accordance with its then current practices. 
  
 (11) Record Dates. The Depositary may, after consultation with the Company if practicable, fix a record date (which shall be as near as practicable
to any corresponding record date set by the Company) for the determination of the Holders who shall be entitled to receive any distribution on or in respect of Deposited Securities, to give instructions for the exercise of any voting rights, to
receive any notice or to act in respect of other matters and only such Holders shall be so entitled. 
  
 (12) Voting of Deposited Securities. As soon as practicable after receipt from the Company of notice of any meeting or solicitation of consents or
proxies of holders of Shares or other Deposited Securities, the Depositary shall distribute to Holders a notice stating (a) such information as is contained in such notice and any solicitation materials, (b) that each Holder on the record date set
by the Depositary therefor, subject to Korean laws and the provisions and articles of the Company’s articles of incorporation, will be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the
Deposited Securities represented by the ADSs evidenced 

  

 A-6 

 
by such Holder’s ADRs and (c) the manner in which such instructions may be given. Upon receipt of instructions of a Holder on such record date in the
manner and on or before the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities to vote or cause to be voted the Deposited
Securities represented by the ADSs evidenced by such Holder’s ADRs in accordance with such instructions. The Depositary will not itself exercise any voting discretion in respect of any Deposited Securities. A Holder may only exercise the voting
rights in respect of multiples of 10 ADSs (or such other number that represents one or more whole Shares). There can be no assurance that Holders generally or any Holder in particular will receive the notice described above with sufficient time to
enable such Holder to return voting instructions to the Depositary in a timely manner. 
  
 (13) Changes Affecting Deposited Securities. Subject to paragraphs (4) and (5), the Depositary may, in its discretion, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR
for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or
Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and to
sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company, and to the
extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall constitute Deposited
Securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted. 
  
 (14) Exoneration. The Depositary, the Company, their agents and each of them shall: (a) incur no liability (i) if law, regulation, the provisions
of or governing any Deposited Securities, act of God, war or other circumstance beyond its control shall prevent, delay or subject to any civil or criminal penalty any act which the Deposit Agreement or this ADR provides shall be done or performed
by it, or (ii) by reason of any exercise or failure to exercise any discretion given it in the Deposit Agreement or this ADR; (b) assume no liability except to perform its obligations to the extent they are specifically set forth in this ADR and the
Deposit Agreement without gross negligence or bad faith; (c) in the case of the Depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this
ADR; (d) in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR, 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; or (e) not be liable for any action or inaction by it in reliance
upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person believed by it to be competent to give such advice or information. The Depositary, its agents and the
Company may rely and shall be protected in acting upon any written notice, request, direction or other document believed by them to be genuine and to have been signed or presented by the proper party or parties. The Depositary and its agents will
not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities (provided it acts in good faith), for the manner in which any such vote is cast or for the effect of any such vote. For the avoidance of doubt,
the Depositary shall have no responsibility whatsoever to the Company, any Holder or beneficial owner or any other person with respect to any deficiency which might arise because the Depositary is subject to any tax in respect of the Deposited
Securities or any part thereof or any income therefrom or any proceeds thereof. The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in ADRs. The Company has agreed to indemnify the
Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances. Neither the Company nor the Depositary nor any of their respective agents shall be liable to Holders or
beneficial owners of interests in ADSs for any indirect, special, punitive or consequential damages. No disclaimer of liability under the Securities Act of 1933 is intended by any provision hereof. 
  

 A-7 

 (15) Resignation and Removal of Depositary; the Custodian. The Depositary may resign as Depositary
by written notice of its election to do so delivered to the Company, or be removed as Depositary by the Company by written notice of such removal delivered to the Depositary. A resignation by the Depositary shall not be effective until the earlier
of (i) 90 days from the date of such notice of resignation and (ii) the date on which the Company shall have appointed a successor depositary. The Depositary, upon consultation with the Company, if practicable, may appoint substitute or additional
Custodians and the term “Custodian” refers to each Custodian or all Custodians as the context requires. 
  
 (16) Amendment. Subject to the last sentence of paragraph (2), the ADRs and the Deposit Agreement may be amended by the Company and the Depositary,
provided that any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, cable, telex or facsimile transmission costs, delivery costs or
other such expenses), or that shall otherwise prejudice any substantial existing right of Holders, shall become effective 30 days after notice of such amendment shall have been given to the Holders. Every Holder of an ADR at the time any amendment
to the Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of
the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. 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 of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or
increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require
amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance with such changed rules. 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. 
  
 (17) Termination. Upon the resignation or removal of the Depositary
pursuant to the Deposit Agreement, the Depositary may, and shall at the written direction of the Company, terminate the Deposit Agreement and this ADR by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in
such notice for such termination. After the date so fixed for termination, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on Deposited
Securities and deliver Deposited Securities being withdrawn. As soon as practicable after the expiration of six months from the date so fixed for termination, the Depositary shall sell the Deposited Securities and shall thereafter (as long as it may
lawfully do so) hold in a segregated account the net proceeds of such sales, together with any other cash then held by it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of ADRs
not theretofore surrendered. After making such sale, the Depositary shall be discharged from all obligations in respect of the Deposit Agreement and this ADR, except to account for such net proceeds and other cash. After the date so fixed for
termination, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary and its agents. 
  

 A-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]