Document:

Exhibit 4.2
	 

	 
	 

	 
		 
	 

	 ______________ 

	 
		DEPOSIT
		AGREEMENT
	 

	 ______________ 

	 
		by and among
	 

	 
		BABCOCK & BROWN AIR
		LIMITED
	 

	 
		as Issuer
	 

	 
		AND
	 

	 
		DEUTSCHE BANK TRUST
		COMPANY AMERICAS
	 

	 
		as Depositary,
	 

	 
		AND
	 

	 
		THE HOLDERS AND BENEFICIAL
		OWNERS
	 

	 
		OF AMERICAN DEPOSITARY
		SHARES EVIDENCED BY
	 

	 
		AMERICAN DEPOSITARY
		RECEIPTS ISSUED HEREUNDER 
	 

	 ______________ 

	 
		Dated as of           , 2007
	 

	 ______________ 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		DEPOSIT
		AGREEMENT
	 

	 
		DEPOSIT
		AGREEMENT, dated as of
		           , 2007, by
		and among (i) Babcock & Brown Air Limited, a company incorporated under the
		laws of Bermuda, with its registered office address at           , Bermuda
		and principal executive office at            , and its
		successors (the “Company”),
		(ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary
		of Deutsche Bank A.G., acting in its capacity as depositary, with its principal
		office at 60 Wall Street, New York, NY 10005, USA and any successor depositary
		hereunder (the “Depositary”), and (iii) all Holders and Beneficial Owners of
		American Depositary Shares evidenced by American Depositary Receipts issued
		hereunder (all such capitalized terms as hereinafter defined).	 

	 
		W I T N E S S E T H
		 T H A T:
	 

	 
		WHEREAS, the Company desires to establish an ADR facility with
		the Depositary to provide for the deposit of the Shares and the creation of
		American Depositary Shares representing the Shares so deposited;
		and
	 

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

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

	 
		WHEREAS, the American Depositary Shares to be issued pursuant
		to the terms of this Deposit Agreement [have been approved for listing] on the
		New York Stock Exchange; 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 this Deposit Agreement,] the execution and
		delivery of this 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: 
	 

	 
		SECTION 1.1 “Affiliate”
		shall have the meaning assigned to such term by the Commission under Regulation
		C promulgated under the Securities Act.
	 

	 
		SECTION 1.2 “Agent”
		shall mean such entity or entities as the Depositary may appoint under Section
		7.8, including the Custodian or any successor or addition
		thereto.
	 

	 
		SECTION 1.3
		“American Depositary Share(s)” and “ADS(s)” American Depositary
		Share(s) shall mean the securities represented by the rights and interests in
		the Deposited Securities
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		 
	 

	 
		
  
		granted to the Holders and
		Beneficial Owners pursuant to the terms and conditions of this Deposit
		Agreement and evidenced by the American Depositary Receipts issued hereunder.
		Each American Depositary Share shall represent the right to receive one Share,
		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 4.9 with
		respect to which additional American Depositary Receipts are not executed and
		delivered, and thereafter each American Depositary Share shall represent the
		Shares or Deposited Securities specified in such Sections.
	 

	 
		SECTION 1.4 “Article”
		shall refer to an article of the form of Receipt set out at Exhibit A
		hereto.
	 

	 
		SECTION 1.5
		“ADS Record Date” shall have the meaning given to such term in
		Section 4.7.
	 

	 
		SECTION 1.6
		“Beneficial Owner” shall mean as to any ADS, any person or entity
		having a beneficial interest in any ADSs. A Beneficial Owner need not be the
		Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any
		rights or receive any benefits hereunder solely through the Holder of the
		ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest.
		
	 

	 
		SECTION 1.7
		“Business Day” shall mean each Monday, Tuesday, Wednesday,
		Thursday and Friday which is not (a) a day on which banking institutions in the
		Borough of Manhattan, The City of New York are authorized or obligated by law
		or executive order to close and (b) a day on which the market(s) in which
		Receipts are traded are closed.
	 

	 
		SECTION 1.8 “Commission”
		shall mean the Securities and Exchange Commission of the United States or any
		successor governmental agency in the United States.
	 

	 
		SECTION 1.9 “Company”
		shall mean Babcock & Brown Air Limited, a company incorporated and existing
		under the laws of Bermuda , and its successors.
	 

	 
		SECTION 1.10
		“Corporate Trust Office” when used with respect to the Depositary, shall
		mean the corporate trust office of the Depositary at which at any particular
		time its depositary receipts business shall be administered, which, at the date
		of this Deposit Agreement, is located at 60 Wall Street, New York, New York
		10005, U.S.A.
	 

	 
		SECTION 1.11 “Custodian” shall mean, as of the date hereof, The Governer
		and Company of the Bank of Ireland, having its principal office at New Century
		House, International Financial Services Center, Lower Mayor Street, Dublin 1,
		Ireland, as the custodian for the purposes of this Deposit Agreement, and any
		other firm or corporation which may hereinafter be appointed by the Depositary
		pursuant to the terms of Section 5.5 as a successor or an additional custodian
		or custodians hereunder, as the context shall require. The term
		“Custodian” shall mean all custodians, collectively.
	 

	 
		SECTION 1.12
		“Deliver” and
		“Delivery” shall mean, when used in respect of American
		Depositary Shares, Receipts, Deposited Securities and Shares, the physical
		delivery of the certificate representing such security, or the electronic
		delivery of such security by means of book-entry transfer (except with respect
		to the Shares), as appropriate, including, without limitation, through
		DRS/Profile. With respect to DRS/Profile ADRs, the terms “execute”, “issue”,
		“register”, “surrender”,
		“transfer” or “cancel”
		refer to applicable entries or movements to or within
		DRS/Profile.
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		 
	 

	 
		
  
		SECTION 1.13 “Deposit Agreement” shall mean this Deposit Agreement and all
		exhibits hereto, as the same may from time to time be amended and supplemented
		in accordance with the terms hereof.
	 

	 
		SECTION 1.14 “Depositary” shall mean Deutsche Bank Trust Company Americas,
		an indirect wholly owned subsidiary of Deutsche Bank A.G., in its capacity as
		depositary under the terms of this Deposit Agreement, and any successor
		depositary hereunder.
	 

	 
		SECTION 1.15
		“Deposited Securities” as of any time shall mean Shares at such time
		deposited or deemed to be deposited under this Deposit Agreement and any and
		all other securities, property and cash received or deemed to be received by
		the Depositary or the Custodian in respect thereof and held hereunder, subject,
		in the case of cash, to the provisions of Section 4.6. The collateral delivered
		in connection with Pre-Release Transactions described in Section 2.10 hereof
		shall not constitute Deposited Securities.
	 

	 
		SECTION 1.16
		“Dollars” and “$” shall refer to the lawful currency of the United
		States.
	 

	 
		SECTION 1.17 “DRS/Profile” shall mean the system for the uncertificated
		registration of ownership of securities pursuant to which ownership of ADSs is
		maintained on the books of the Depositary without the issuance of a physical
		certificate and transfer instructions may be given to allow for the automated
		transfer of ownership between the books of DTC and the Depositary. Ownership of
		ADSs held in DRS/Profile are evidenced by periodic statements issued by the
		Depositary to the Holders entitled thereto.
	 

	 
		SECTION 1.18 “DTC” shall mean The Depository Trust and Clearing
		Corporation, the central book-entry clearinghouse and settlement system for
		securities traded in the United States, and any successor
		thereto.
	 

	 
		SECTION 1.19 “Exchange Act” shall mean the U.S. Securities Exchange Act of
		1934, as from time to time amended.
	 

	 
		SECTION 1.20
		“Foreign Currency” shall mean any currency other than
		Dollars.
	 

	 
		SECTION 1.21
		“Foreign Registrar” shall mean the entity, if any, that carries out
		the duties of registrar for the Shares or any successor as registrar for the
		Shares and any other appointed agent of the Company for the transfer and
		registration of Shares, which shall initially be Codan Services
		Limited.
	 

	 
		SECTION 1.22 “Holder” shall mean the person in whose name a Receipt is
		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. A Holder shall
		be deemed to have all requisite authority to act on behalf of those Beneficial
		Owners of the ADRs registered in such Holder’s name.
	 

	 
		SECTION 1.23
		“Indemnified Person” and “Indemnifying
		Person” shall have the meaning set forth in Section
		5.8. hereof.
	 

	 
		SECTION 1.24
		“Pre-Release Transaction” shall have the meaning set forth in Section 2.10
		hereof.
	 

	 
		SECTION 1.25
		“Receipt(s)”; “American Depositary
		Receipt(s)”; and “ADR(s)” shall mean the certificate(s) or statements
		issued by the Depositary evidencing the American Depositary
		Shares
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		issued under the terms of this
		Deposit Agreement, as such Receipts may be amended from time to time in
		accordance with the provisions of this Deposit Agreement. References to
		Receipts shall include physical certificated Receipts as well as ADSs issued
		through DRS/Profile, unless the context otherwise requires.
	 

	 
		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 ownership of Receipts
		and transfer of Receipts as herein provided, 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.
	 

	 
		SECTION 1.27
		“Restricted ADRs”; “Restricted ADSs”; and
		“Restricted Shares”shall have the respective meanings set forth in
		Section 2.11.
	 

	 
		SECTION 1.28
		“Restricted Securities” shall mean Shares, or American Depositary Shares
		representing such Shares, 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 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, Bermuda, or under a
		shareholders’ agreement, shareholders’ lock-up agreement or the
		Company’s Bye-laws or under the regulations of an applicable securities
		exchange unless, in each case, such Shares are being sold to persons other than
		an Affiliate of the Company in a transaction (x) covered by an effective resale
		registration statement or (y) exempt from the registration requirements of the
		Securities Act (as hereinafter defined), and the Shares are not, when held by
		such person, Restricted Securities.
	 

	 
		SECTION 1.29
		“Securities Act” shall mean the United States Securities Act of
		1933, as from time to time amended.
	 

	 
		SECTION 1.30 “Shares” shall mean common shares in registered form of
		the Company, par value $0.001 each, heretofore or hereafter validly issued and
		outstanding and fully paid or hereafter validly issued and outstanding and
		fully paid. References to Shares shall include evidence of rights to receive
		Shares, whether or not stated in the particular instance; provided,
		however, that in no event shall Shares
		include evidence of rights to receive Shares with respect to which the full
		purchase price has not been paid or Shares as to which pre-emptive rights have
		theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any change in par value,
		split-up, subdivision, consolidation, reclassification, conversion or any other
		event described in Section 4.9, in respect of the Shares of the Company, the
		term “Shares” shall thereafter, to the extent permitted by law,
		represent the successor securities resulting from such change in par value,
		split-up, subdivision, consolidation, exchange, conversion, reclassification or
		event.
	 

	 
		SECTION 1.31
		“United States” or “U.S.” shall mean the United States of
		America.
	 

	 
		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
		exclusive depositary for the Deposited Securities and hereby authorizes and
		directs the Depositary to 
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		act in accordance with the terms
		set forth in this Deposit Agreement. Each Holder and each Beneficial Owner,
		upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms of this Deposit Agreement,
		shall be deemed for all purposes to (a) be a party to and bound by the terms of
		this Deposit Agreement 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 this Deposit Agreement, 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 this Deposit Agreement (the taking of such actions to be
		the conclusive determinant of the necessity and appropriateness
		thereof).
	 

	 
		SECTION 2.2 Form and Transferability of
		Receipts.
	 

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

	 
		Notwithstanding anything in this
		Deposit Agreement or in the form of Receipt to the contrary, the Depositary
		may, in its discretion, issue ADRs (including Restricted ADRs) in definitive
		form and Holders of ADRs (other than any Holders of Restricted ADRs who shall
		be required to hold ADRs in definitive form) shall only be entitled to receive
		definitive Receipts, except and to the extent the Depositary has made
		definitive Receipts available at the expense of the Company (i) in its sole
		discretion or (ii) (a) during a continuous period lasting at least 14 days
		during which DTC ceases to operate as a book-entry clearing house and
		settlement system (other than by reason of holidays, statutory or otherwise) or
		(b) DTC announces an intention permanently to cease and subsequently ceases
		business as a book-entry clearing house and settlement system and no
		alternative book-entry clearing house and settlement system satisfactory to the
		Depositary is available within 45 days. Holders and Beneficial Owners shall be
		bound by the terms and conditions of this Deposit Agreement and of the form of
		Receipt, regardless of whether their Receipts are certificated or issued
		through book-entry
		registration.
	 

	 
		(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 may be (i) necessary to enable the Depositary and the Company to
		perform their respective obligations hereunder, (ii) 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) 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) 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.
	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		(c) Subject to the limitations
		contained herein and in the form of Receipt, title to a Receipt (and to the
		ADSs evidenced thereby), when properly endorsed (in the case of certificated
		Receipts) or upon delivery to the Depositary of proper instruments of transfer,
		shall be transferable by delivery with the same effect as in the case of a
		negotiable instrument under the laws of the State of New York; provided,
		however, that the Depositary, notwithstanding any notice to the contrary, may
		treat the Holder thereof as the absolute owner thereof for the purpose of
		determining the person entitled to distribution of dividends or other
		distributions or to any notice provided for in this Deposit Agreement and for
		all other purposes and neither the Depositary nor the Company will have any
		obligation or be subject to any liability under the Deposit Agreement to any
		holder of a Receipt, unless such holder is the Holder thereof.
	 

	 
		SECTION 2.3 Deposits. (a) Subject to the terms and conditions of this
		Deposit Agreement and applicable law, Shares or evidence of rights to receive
		Shares (including Restricted Securities provided that any such Restricted
		Securities shall be held fully segregated from Shares otherwise deposited
		hereunder) 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 and Section 2.11 hereof). Every
		deposit of Shares shall be accompanied by the following: (A) in the case of
		Shares issued in registered form, appropriate instruments of transfer or
		endorsement, in a form satisfactory to the Custodian, (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 this
		Deposit Agreement, (C) if the Depositary so requires, a written order directing
		the Depositary to execute and deliver to, or upon the written order of, the
		person or persons stated in such order a Receipt or Receipts for the number of
		American Depositary Shares representing the Shares so deposited, (D) evidence
		satisfactory to the Depositary (which may include an opinion of counsel
		reasonably satisfactory to the Depositary provided at the cost of the person
		seeking to deposit Shares) that all conditions to such deposit have been met
		and all necessary approvals have been granted by, and there has been compliance
		with the rules and regulations of, any applicable governmental agency in
		Bermuda, 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
		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. No
		Share shall be accepted for deposit unless accompanied by confirmation or such
		additional 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 Bermuda and any necessary approval has been granted by any
		governmental body in Bermuda , if any, which is then performing the function of
		the regulator of currency exchange. The Depositary may issue Receipts 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. Without
		limitation of the foregoing and subject to Section 2.11 hereof, the Depositary
		shall not knowingly accept for deposit under this 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 Memorandum
		and Bye-laws of the Company. The Depositary shall use commercially reasonable
		efforts to comply with reasonable written instructions of the Company
		that
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		the Depositary shall not accept for
		deposit hereunder any Shares specifically 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 in the United States and other jurisdictions; provided that the
		Company shall indemnify the Depositary and the Custodian for any claims and
		losses arising from not accepting the deposit of any Shares identified in the
		Company’s instructions.
	 

	 
		(b) As soon as practicable after
		receipt of any permitted deposit hereunder and compliance with the provisions
		of this Deposit Agreement, the Custodian shall present the Shares so deposited,
		together with the appropriate instrument or instruments of transfer or
		endorsement, duly stamped, to the Foreign 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 for the account
		of the Holders and Beneficial Owners, at such place or places as the Depositary
		or the Custodian shall determine.
	 

	 
		(c) In the event any Shares are deposited which
		entitle the holders thereof to receive a per-share distribution or other
		entitlement in an amount different from the Shares then on deposit, the
		Depositary is authorized to take any and all actions as may be necessary
		(including, without limitation, making the necessary notations on Receipts) to
		give effect to the issuance of such ADSs and to ensure that such ADSs are not
		fungible with other ADSs issued hereunder until such time as the entitlement of
		the Shares represented by such non-fungible ADSs equals that of the Shares
		represented by ADSs prior to the original such deposit. The Company agrees to
		give timely written notice to the Depositary if any Shares issued or to be
		issued contain rights different from those of any other Shares theretofore
		issued and shall assist the Depositary with the establishment of procedures
		enabling the identification of such non-fungible Shares upon Delivery to the
		Custodian.
	 

	 
		SECTION 2.4 Execution
		and Delivery of Receipts. After the
		deposit of any Shares pursuant to Section 2.3, the Custodian shall notify
		the Depositary of such deposit and the person or persons to whom or upon whose
		written order a Receipt or Receipts are deliverable in respect thereof and the
		number of American Depositary Shares to be evidenced thereby. Such notification
		shall be made by letter, first class airmail postage prepaid, or, at the
		request, risk and expense of the person making the deposit, by cable, telex,
		SWIFT, facsimile or electronic transmission. After receiving such notice from
		the Custodian, the Depositary, subject to this Deposit Agreement (including,
		without limitation, the payment by the Company of the fees, expenses, taxes and
		other charges owing hereunder), shall issue the ADSs representing the Shares so
		deposited to or upon the order of the person or persons named in the notice
		delivered to the Depositary and shall execute and deliver a Receipt registered
		in the name or names requested by such person or persons evidencing in the
		aggregate the number of American Depositary Shares to which such person or
		persons are entitled. Nothing herein shall prohibit any Pre-Release Transaction
		upon the terms set forth in this Deposit Agreement.
	 

	 
		SECTION 2.5 Transfer of Receipts; Combination and
		Split-up of Receipts. 
	 

	 
		(a) Transfer. The
		Depositary, or, if a Registrar (other than the Depositary) for the Receipts
		shall have been appointed, the Registrar, subject to the terms and conditions
		of this Deposit Agreement, shall register transfers of Receipts on its books,
		upon surrender at the Corporate Trust Office of the Depositary of a Receipt by
		the Holder thereof in person or by duly authorized attorney, properly endorsed
		in the case of a certificated Receipt or accompanied by, or in the case of
		DRS/Profile Receipts receipt by the Depositary of, proper instruments of
		transfer (including signature guarantees in accordance
	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		with standard industry practice)
		and duly stamped as may be required by the laws of the State of New York and of
		the United States and any other applicable law. Subject to the terms and
		conditions of this Deposit Agreement, including payment of the applicable fees
		and charges of the Depositary set forth in Section 5.9 and Article (9), the
		Depositary shall execute a new Receipt or Receipts and deliver the same to or
		upon the order of the person entitled thereto evidencing the same aggregate
		number of American Depositary Shares as those evidenced by the Receipts
		surrendered. 
	 

	 
		(b) Combination and
		Split Up. The Depositary, subject to
		the terms and conditions of this Deposit Agreement shall, upon surrender of a
		Receipt or Receipts for the purpose of effecting a split-up or combination of
		such Receipt or Receipts and upon payment to the Depositary of the applicable
		fees and charges set forth in Section 5.9 and Article (9), execute and deliver
		a new Receipt or Receipts for any authorized number of American Depositary
		Shares requested, evidencing the same aggregate number of American Depositary
		Shares as the Receipt or Receipts surrendered.
	 

	 
		(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 Receipts at designated transfer offices on behalf of the
		Depositary. In carrying out its functions, a co-transfer agent may require
		evidence of authority and compliance with applicable laws and other
		requirements by Holders or persons entitled to such Receipts and will be
		entitled to protection and indemnity, in each case 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 2.5 (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 this
		Deposit Agreement.
	 

	 
		(d) At the request of a Holder, the Depositary
		shall, for the purpose of substituting a certificated Receipt with a Receipt
		issued through DRS/Profile, or vice versa, execute and deliver a certificated
		Receipt or DRS/Profile statement, 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 Receipt or DRS/Profile statement, as the case may
		be, substituted.
	 

	 
		SECTION 2.6 Surrender of Receipts and Withdrawal of Deposited
		Securities. Upon surrender, at the
		Corporate Trust Office of the Depositary, of American Depositary Shares for the
		purpose of withdrawal of the Deposited Securities represented thereby, and upon
		payment of (i) the fees and charges of the Depositary for the making of
		withdrawals of Deposited Securities and cancellation of Receipts (as set forth
		in Section 5.9 and Article (9)) and (ii) all applicable taxes and governmental
		charges payable in connection with such surrender and withdrawal, and subject
		to the terms and conditions of this Deposit Agreement, the Company’s
		Bye-laws, Section 7.10 hereof and any other provisions of or governing the
		Deposited Securities and other applicable laws, the Holder of such American
		Depositary Shares shall be entitled to Delivery, to him or upon his order, of
		the Deposited Securities at the time represented by the American Depositary
		Shares so surrendered. American Depositary Shares may be surrendered for the
		purpose of withdrawing Deposited Securities by delivery of a Receipt evidencing
		such American Depositary Shares (if held in certificated form) or by book-entry
		delivery of such American Depositary Shares to the Depositary.
	 

	 
		A Receipt surrendered for such
		purposes shall, if so required by the Depositary, be properly endorsed in blank
		or accompanied by proper instruments of transfer in blank, and if the
		Depositary so requires, the Holder thereof shall execute and deliver to the
		Depositary a written order directing the Depositary to cause the Deposited
		Securities being withdrawn to be Delivered to or upon the written order of a
		person or persons designated in such order. Thereupon, the Depositary shall
		direct the Custodian to Deliver (without unreasonable delay) at the designated
		office of the Custodian or through a
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		book-entry delivery of the Shares
		(in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, and to the other terms
		and conditions of this Deposit Agreement, to the Company’s Bye-laws, to
		the provisions of or governing the Deposited Securities and to applicable laws,
		now or hereafter in effect) to or upon the written order of the person or
		persons designated in the order delivered to the Depositary as provided above,
		the Deposited Securities represented by such American Depositary Shares,
		together with any certificate or other proper documents of or relating to title
		of the Deposited Securities as may be legally required, as the case may be, to
		or for the account of such person. 
	 

	 
		The Depositary may, in its
		discretion, refuse to accept for surrender a number of American Depositary
		Shares representing a number other than a whole number of Shares. In the case
		of surrender of a Receipt evidencing a number of American Depositary Shares
		representing 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) issue and deliver to the person surrendering such
		Receipt a new Receipt evidencing American Depositary Shares representing any
		remaining fractional Share, or (ii) sell or cause to be sold the fractional
		Shares represented by the Receipt 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
		Receipt.
	 

	 
		At the request, risk and expense of
		any Holder so surrendering a Receipt, 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 in respect of, and
		any certificate or certificates and other proper documents of or relating to
		title to, the Deposited Securities represented by such Receipt to the
		Depositary for delivery at the Corporate Trust Office of the Depositary, and
		for further delivery to such Holder. Such direction shall be given by letter
		or, at the request, risk and expense of such Holder, by cable, telex or
		facsimile transmission. Upon receipt by the Depositary, the Depositary may make
		delivery to such person or persons entitled thereto at the Corporate Trust
		Office of the Depositary of any dividends or cash distributions with respect to
		the Deposited Securities represented by such American Depositary Shares, or of
		any proceeds of sale of any dividends, distributions or rights, which may at
		the time be held by the Depositary.
	 

	 
		SECTION 2.7 Limitations on Execution and Delivery,
		Transfer, etc. of Receipts; Suspension of Delivery, Transfer,
		etc.
	 

	 
		(a) Additional
		Requirements. As a condition precedent
		to the execution and delivery, registration, registration of transfer,
		split-up, subdivision, combination or surrender of any Receipt, the delivery of
		any distribution thereon or withdrawal of any Deposited Securities, the
		Depositary or the Custodian may require (i) payment from the Company on behalf
		of any depositor of Shares or presenter of the Receipt (or with respect to the
		surrender of any Receipt or withdrawal of any Deposited Securities, from the
		depositor of Shares or presenter of the Receipt) of a sum sufficient to
		reimburse it for any tax or other governmental charge and any stock transfer or
		registration fee with respect thereto (including any such tax or charge and fee
		with respect to Shares being deposited or withdrawn) and payment of any
		applicable fees and charges of the Depositary as provided in Section 5.9 and
		Article (9), or as separately agreed from time to time between the Company and
		the Depositary, (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 hereof and (iii) compliance with (A) any laws or governmental
		regulations relating to the execution and delivery of Receipts or American
		Depositary Shares or to the withdrawal or delivery of Deposited Securities and
		(B) such reasonable regulations as the Depositary may establish consistent with
		the provisions of this Deposit Agreement and applicable law.
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		(b) Additional
		Limitations. The issuance of ADSs
		against deposits of Shares generally or against deposits of particular Shares
		may be suspended, or the issuance of ADSs against the deposit of particular
		Shares may be withheld, or the registration of transfer of Receipts in
		particular instances may be refused, or the registration of transfers of
		Receipts generally may be suspended, during any period when the transfer books
		of the Depositary are closed or if any such action is deemed necessary or
		advisable by the Depositary or the Company, 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 Receipts or Shares
		are listed, or under any provision of this Deposit Agreement or provisions of,
		or governing, the Deposited Securities, or any meeting of shareholders of the
		Company or for any other reason, subject, in all cases, to Section 7.10
		hereof.
	 

	 
		SECTION 2.8 Lost Receipts, etc. To the extent the Depositary has issued Receipts in
		physical certificated form, in case any Receipt shall be mutilated, destroyed,
		lost or stolen, unless the Depositary has notice that such ADR has been
		acquired by a bona fide purchaser, subject to Section 5.9 hereof, the
		Depositary shall execute and deliver a new Receipt (which, in the discretion of
		the Depositary may be issued through DRS/Profile unless specifically requested
		otherwise) in exchange and substitution for such mutilated Receipt upon
		cancellation thereof, or in lieu of and in substitution for such destroyed,
		lost or stolen Receipt. Before the Depositary shall execute and deliver a new
		Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder
		thereof shall have (a) filed with the Depositary (i) a request for
		such execution and delivery before the Depositary has notice that the Receipt
		has been acquired by a bona fide purchaser and (ii) a sufficient indemnity
		bond in form and amount acceptable to the Depositary and (b) satisfied any
		other reasonable requirements imposed by the Depositary.
	 

	 
		SECTION 2.9 Cancellation and Destruction of Surrendered Receipts;
		Maintenance of Records. All Receipts
		surrendered to the Depositary shall be cancelled by the Depositary. The
		Depositary is authorized to destroy Receipts so cancelled in accordance with
		its customary practices. Cancelled Receipts shall not be entitled to any
		benefits under this Deposit Agreement or be valid or obligatory for any
		purpose.
	 

	 
		SECTION 2.10 Pre-Release. Subject to the further terms and provisions of this
		Section 2.10, 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 may (i)
		issue ADSs prior to the receipt of Shares (each such transaction a
		“Pre-Release Transaction”) as provided below and (ii) deliver Shares
		upon the receipt and cancellation of ADSs that were issued in a Pre-Release
		Transaction, but for which Shares may not yet have been received. 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 (1)
		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, (2) 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, (3) unconditionally guarantees to deliver to the
		Depositary or the Custodian, as applicable, such Shares or ADSs, and (4) agrees
		to any additional restrictions or requirements that the Depositary deems
		appropriate, (b) at all times fully collateralized with cash, United States
		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 (save for a prescribed termination event in which
		case any such Pre-Release Transaction may be immediately terminable by the
		Depositary) and (d) subject to such further indemnities and credit regulations
		as the Depositary deems appropriate. The Depositary will normally limit the
		number of ADSs involved in such Pre-Release Transactions at any one time to
		thirty percent (30%) of the ADSs outstanding (without giving 
	 

	 
		 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		effect to ADSs outstanding pursuant
		to any Pre-Release Transaction), provided, however, that
		the Depositary reserves the right to disregard such limit from time to time as
		it deems appropriate. The Depositary may also set limits with respect to the
		number of ADSs 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 2.11 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”).
		Restricted ADSs shall only be issued in
		physical form, registered in the name
		of the Holder of Restricted ADSs. 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 this 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 2.11 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 this Deposit Agreement (other than
		this Section 2.11) and (b) the terms of
		(i) this Section 2.11 or (ii) the
		applicable Restricted ADR, the terms
		and conditions set forth in this Section
		2.11 and of the Restricted ADR shall be
		controlling and shall govern the rights
		and obligations of the parties to this
		Deposit Agreement pertaining to the
		deposited Restricted Shares, the
		Restricted ADSs and Restricted ADRs.
	 

	 
		 
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		If any of 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 such Restricted
		ADRs, Restricted ADSs and Restricted Shares are not as of such time Restricted
		Securities, and (y) instructions from the Company to remove the restrictions
		applicable to such Restricted ADRs, Restricted ADSs and the Restricted Shares,
		shall (i) eliminate the distinctions and separations between such Restricted
		Shares held on deposit under this Section 2.11 and the other Shares held on
		deposit under the terms of the Deposit Agreement that are not Restricted
		Shares, (ii) treat such 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 2.11 between such
		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 RECEIPTS
	 

	 
		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 or 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 this Deposit
		Agreement and the provisions of, or governing, the Deposited Securities or
		other information; to execute such certifications and to make such
		representations and warranties, and to provide such other information and
		documentation as the Depositary may deem necessary or proper or as the Company
		may reasonably require by written request to the Depositary consistent with its
		obligations hereunder. The Depositary and the Registrar, as applicable, may
		withhold the execution or delivery or registration of transfer of any Receipt
		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 7.10
		hereof, the delivery of any Deposited Securities, until such proof or other
		information is filed or such certifications are executed, or such
		representations and warranties are made, or such other documentation or
		information provided, in each case to the Depositary’s and the
		Company’s satisfaction. The Depositary shall from time to time on the
		written request advise the Company of the availability of any such proofs,
		certificates or other information and shall, at the Company’s sole
		expense, provide or otherwise make available copies thereof to the Company upon
		written request thereof by the Company, unless such disclosure is prohibited by
		law. Each Holder and Beneficial Owner agrees to provide any information
		requested by the Company or the Depositary pursuant to this paragraph. 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.
	 

	 
		SECTION 3.2 Liability for Taxes and Other Charges. If any present or future tax or other governmental
		charge shall become payable by the Depositary or the Custodian with respect to
		any ADR or any Deposited Securities or American Depositary Shares, such tax or
		other governmental charge shall be payable by the Holders and Beneficial Owners
		to the Depositary and such Holders and Beneficial Owners shall be deemed liable
		therefor. 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
	 

	 
		 
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
		

		
	 

	 

	 
	 

	 
		

		
	 

	 
		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, with the Holder and the Beneficial Owner remaining fully liable for
		any deficiency. In addition to any other remedies available to it, the
		Depositary and 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 Section 7.10) 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 each of their respective agents,
		officers, directors, 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. The obligations of Holders and Beneficial Owners of
		Receipts under this Section 3.2 shall survive any transfer of Receipts,
		any surrender of Receipts and withdrawal of Deposited Securities, or the
		termination of this Deposit Agreement.
	 

	 
		SECTION 3.3 Representations and
		Warranties on Deposit of Shares. Each
		depositor 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 were 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 are not, and the American Depositary Shares
		issuable upon such deposit will not be, Restricted Securities (except as
		contemplated by Section 2.11) and (v) 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 American Depositary Shares in respect thereof and the transfer
		of such American Depositary Shares.
		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 this Deposit Agreement, the Bye-laws of the Company and applicable
		law, each Holder and Beneficial Owner agrees to (a) provide such information as
		the Company or the Depositary may request pursuant to law (including, without
		limitation, relevant Bermuda law, any applicable law of the United States, the
		Bye-laws of the Company, any resolutions of the Company’s Board of
		Directors adopted pursuant to such Bye-laws, the requirements of any markets or
		exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to
		any requirements of any electronic book-entry system by which the ADSs or
		Receipts may be transferred, and (b) be bound by and subject to applicable
		provisions of the laws of Bermuda, the Bye-laws of the Company and the
		requirements of any markets or exchanges upon which the ADSs, Receipts or
		Shares are listed or traded, or pursuant to any requirements of any electronic
		book-entry system by which the ADSs, Receipts or Shares may be transferred, to
		the same extent as if such Holder and Beneficial Owner held Shares directly, in
		each case irrespective of whether or not they are Holders or Beneficial Owners
		at the time such request is made. 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.
	 

	 
		 
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
	 

	 

	 
		ARTICLE IV.
	 

	 
		THE DEPOSITED SECURITIES
	 

	 
		SECTION 4.1 Cash
		Distributions. 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 Shares, rights, securities or other entitlements under the
		terms hereof, received in Dollars, the Depositary will distribute promptly the
		amount thus received (net of taxes and governmental charges withheld) to the
		Holders of record as of the ADS Record Date in proportion to the number of
		American Depositary Shares held by such Holders respectively 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. Any
		such fractional amounts shall be rounded to the nearest whole cent and so
		distributed to Holders entitled thereto. If at the time of receipt thereof any
		amounts received are received in a Foreign Currency and can, in the judgment of
		the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable
		basis into Dollars transferable to the United States, the Depositary will
		promptly convert or cause to be converted such cash dividend, distribution or
		proceeds into Dollars (on the terms described in Section 4.6) and will
		distribute in accordance with the first two sentences of this Section 4.1.
		Holders and Beneficial Owners understand that in converting Foreign Currency,
		amounts received on conversion are calculated at a rate which exceeds three or
		four decimal places (the number of decimal places used by the Depositary to
		report distribution rates). The excess amount may be retained by the Depositary
		as an additional cost of conversion, irrespective of any other fees and
		expenses payable or owing hereunder and shall not be subject to escheatment.
		
	 

	 
		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 American Depositary Shares 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. 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 agencies, such reports necessary to obtain
		benefits under the applicable tax treaties for the Holders and Beneficial
		Owners of Receipts. 
	 

	 
		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 any of their nominees. Upon receipt of confirmation of such
		deposit from the Custodian, the Depositary shall establish the ADS Record Date
		upon the terms described in Section 4.7 and shall, subject to Section 5.9
		hereof, either (i) distribute to the Holders as of the ADS Record Date in
		proportion to the number of American Depositary Shares held as of the ADS
		Record Date, additional American Depositary Shares, which represent in the
		aggregate the number of Shares received as such dividend, or free distribution,
		subject to the other terms of this Deposit Agreement (including, without
		limitation, taxes), or (ii) if additional American Depositary Shares are not so
		distributed, each American Depositary Share issued and outstanding after the
		ADS Record Date shall, to the extent permissible by law, thenceforth also
		represent rights and interests in the additional Shares distributed upon the
		Deposited Securities represented thereby (net of taxes and governmental
		charges). In lieu of delivering fractional American Depositary Shares, the
		Depositary shall sell the number of Shares represented by the aggregate of such
		fractions and distribute the proceeds upon the terms described in Section 4.1.
		The Depositary may withhold any such distribution of Receipts if it has not
		received satisfactory assurances from the 
	 

	 
		 
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
	 

	 

	 
		Company (including an opinion of counsel to
		the Company furnished at the expense of the Company) that such distribution
		does not require registration under the Securities Act or is exempt from
		registration under the provisions of the Securities Act. To the extent such
		distribution may be withheld, the Depositary may dispose of all or a portion of
		such distribution 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 applicable (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. 
	 

	 
		SECTION 4.3 Elective Distributions in
		Cash or Shares. Whenever the Company
		intends to distribute a dividend 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 30 days prior to the proposed distribution stating
		whether or not it wishes such elective distribution to be made available to
		Holders of ADSs. Upon 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 is available to Holders of ADRs, (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 local market 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 4.7) and
		establish procedures to enable Holders to elect the receipt of the proposed
		dividend in cash or in additional ADSs. The Company shall assist the Depositary
		in establishing such procedures to the extent necessary. Subject to Section 5.9
		hereof, if a Holder elects to receive the proposed dividend (x) in cash, the
		dividend shall be distributed upon the terms described in Section 4.1, or (y)
		in ADSs, the dividend shall be distributed 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 dividend 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
		Shares.
	 

	 
		(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 60 days prior
		to the proposed distribution stating whether or not it wishes such rights to be
		made available to Holders of ADSs. Upon 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
		determine, 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 lawful and reasonably
		practicable. In the event any of the conditions set forth above are not
		satisfied, the Depositary shall proceed with the sale of the rights as
		contemplated in Section 4.4(b) below or, if timing or market conditions may not
		permit, do nothing thereby allowing such rights to lapse. In the event all
		conditions 
	 

	 
		 
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
	 

	 

	 
		set forth above are satisfied, the
		Depositary shall establish an ADS Record Date (upon the terms described in
		Section 4.7) and establish procedures (x) to distribute such rights (by means
		of warrants or otherwise) and (y) to enable the Holders to exercise the rights
		(upon payment of applicable (a) fees and charges of, and expenses incurred by,
		the Depositary and (b) taxes and other governmental charges). Nothing herein
		shall obligate the Depositary to make available to the Holders a method to
		exercise such 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 lawful or 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 or otherwise, at such place and upon
		such terms (including public or private sale) as it may deem proper. 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.
	 

	 
		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 covering such offering is in
		effect or (ii) unless the Company furnishes at its expense the Depositary with
		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 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. 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 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
		exercise rights on the same terms and conditions as the holders of Shares or be
		
	 

	 
		 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 
	 

	 

	 
		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 notice
		thereof to the Depositary at least 30 days prior to the proposed distribution
		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 determine
		whether such distribution to Holders is lawful and practicable. The Depositary
		shall not make such distribution unless (i) the Company shall have timely
		requested the Depositary to make such distribution 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 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 may 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 such
		Holders 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 and other governmental charges 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 or feasible, the Depositary shall endeavor to 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 proper and shall distribute the net proceeds, if
		any, of such sale 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 in any way it deems reasonably practicable under the circumstances for
		nominal or no consideration and Holders and Beneficial Owners shall have no
		rights thereto or arising therefrom.
	 

	 
		SECTION 4.6 Conversion of Foreign
		Currency. Whenever the Depositary or
		the Custodian shall receive Foreign Currency from time to time, by way of
		dividends or other distributions or the net proceeds from the sale of
		securities, property or rights, and in the judgment of the Depositary such
		Foreign Currency 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 fees, expenses, taxes or
		other governmental charges incurred in the process of such conversion) in
		accordance with the terms of the applicable sections of this 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 
	 

	 
		 
	 

	 
		 
	 

	 
		17
	 

	 
		 
	 

	 
	 

	 

	 
		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 exchange restrictions, the date of
		delivery of any Receipt or otherwise.
	 

	 
		Holders understand that in converting
		Foreign Currency, amounts received on conversion are calculated at a rate which
		may exceed the number of decimal places used by the Depositary to report
		distribution rates (which in any case will not be less than two decimal
		places). Any excess amount may be retained by the Depositary as an additional
		cost of conversion, irrespective of any other fees and expenses payable or
		owing hereunder and shall not be subject to escheatment.
	 

	 
		If such conversion or distribution can be
		effected only with the approval or license of any government or agency thereof,
		the Depositary may file such application for approval or license, if any, as it
		may deem necessary, practicable and at nominal cost and expense. Nothing herein
		shall obligate the Depositary to file or cause to be filed, or to seek
		effectiveness of any such application or license.
	 

	 
		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 practical 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 not obtainable at a reasonable cost,
		within a reasonable period or otherwise sought, the Depositary shall, in its
		sole discretion but subject to applicable laws and regulations, either (i)
		distribute the foreign currency (or an appropriate document evidencing the
		right to receive such foreign currency) received by the Depositary to the
		Holders entitled to receive such foreign currency, or (ii) hold such foreign
		currency uninvested and without liability for interest thereon for the
		respective accounts of the Holders entitled to receive the same. 
	 

	 
		SECTION 4.7 Fixing of Record
		Date. Whenever necessary in connection
		with 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 American Depositary Share, or whenever the
		Depositary shall receive notice of any meeting of or solicitation of holders of
		Shares or other Deposited Securities, or whenever the Depositary shall find it
		necessary or convenient, the Depositary shall fix a record date (the “ADS
		Record Date”), as close as practicable to the record date fixed by the
		Company with respect to the Shares, for the determination of the Holders who
		shall be entitled to receive such distribution, to give instructions for the
		exercise of voting rights at any such meeting, or to give or withhold such
		consent, or 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 American Depositary Share. Subject to applicable law
		and the provisions of Sections 4.1 through 4.6 and to the other terms and
		conditions of this Deposit Agreement, only the Holders of record 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 4.8 Voting of Deposited
		Securities. Subject to the next
		sentence, as soon as practicable after receipt of notice of any meeting at
		which the holders of Shares are entitled to vote, or of solicitation of
		consents or proxies from holders of Shares or other Deposited Securities, the
		Depositary shall fix the ADS Record Date in respect of such meeting or
		solicitation of 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 30 days prior to the date of such vote or meeting) and at
		the Company’s expense and provided no U.S. legal prohibitions exist, mail
		by regular, ordinary mail delivery (or by electronic mail or as otherwise may
		be agreed between the Company and the Depositary in writing from time to time)
		or otherwise distribute 
	 

	 
		 
	 

	 
		 
	 

	 
		18
	 

	 
		 
	 

	 
	 

	 

	 
		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 Company’s Memorandum of
		Association and Bye-laws 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 Shares or other Deposited Securities
		represented by such Holder’s American Depositary Shares; and (c) a brief
		statement as to the manner in which such instructions may be given. Voting
		instructions may be given only in respect of a number of American Depositary
		Shares representing an integral number of Shares or other Deposited Securities.
		Upon the timely receipt of written instructions of a Holder of American
		Depositary Shares on 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 this Deposit
		Agreement, the Company’s Bye-laws and the provisions of or governing the
		Deposited Securities, to vote or cause the Custodian to vote the Shares and/or
		other Deposited Securities (in person or by proxy) represented by American
		Depositary Shares evidenced by such Receipt in accordance with such voting
		instructions.
	 

	 
		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, or attempt to exercise the
		right to vote, or in any way make use of for purposes of establishing a quorum
		or otherwise, the Shares or other Deposited Securities represented by ADSs
		except pursuant to and in accordance with such written instructions from
		Holders. 
	 

	 
		There can be no assurance that Holders or
		Beneficial Owners generally or any Holder or Beneficial Owner 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.
	 

	 
		Notwithstanding the above, save for
		applicable provisions of the law of Bermuda , and in accordance with the terms
		of Section 5.3, the Depositary shall not be liable for any failure to carry out
		any instructions to vote any of the Deposited Securities or the manner in which
		such vote is cast or the effect of any such vote.
	 

	 
		SECTION 4.9 Changes Affecting Deposited
		Securities. Upon any change in par
		value, split-up, subdivision, cancellation, consolidation or any other
		reclassification of Deposited Securities, or upon any recapitalization,
		reorganization, amalgamation, merger or consolidation or sale of assets
		affecting the Company or to which it is otherwise a party, any securities which
		shall be received by the Depositary or the Custodian in exchange for, or in
		conversion of or replacement or otherwise in respect of, such Deposited
		Securities shall, to the extent permitted by law, be treated as new Deposited
		Securities under this Deposit Agreement, and the Receipts shall, subject to the
		provisions of this Deposit Agreement and applicable law, evidence American
		Depositary Shares representing the right to receive such additional securities.
		Alternatively, 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 furnished at the
		Company’s expense satisfactory to the Depositary that such distributions
		are not in violation of any applicable laws or regulations, execute and deliver
		additional Receipts as in the case of a stock dividend on the Shares, or call
		for the surrender of outstanding Receipts to be exchanged for new Receipts, in
		either case, as well as in the event of newly deposited Shares, with necessary
		modifications to the form of Receipt contained in Exhibit A
		hereto, specifically describing such new Deposited Securities and/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 Receipts. 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 
	 

	 
		 
	 

	 
		 
	 

	 
		19
	 

	 
		 
	 

	 
	 

	 

	 
		shall, if the Company requests, subject to
		receipt of an opinion of the Company’s counsel furnished at the
		Company’s expense 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 4.10 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
		inspected and copied at the public reference facilities maintained by the
		Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A.
	 

	 
		SECTION 4.11 Reports. The Depositary shall make available during normal
		business hour on any Business Day for inspection by Holders at its Corporate
		Trust 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 Company agrees to provide to the
		Depositary, at the Company’s expense, all documents that it provides to
		the Custodian. The Depositary shall, at the expense of the Company and in
		accordance with Section 5.6, also mail by regular, ordinary mail delivery or by
		electronic transmission (if agreed by the Company and the Depositary) and
		unless otherwise agreed in writing by the Company and the Depositary, to
		Holders copies of such reports when furnished by the Company pursuant to
		Section 5.6.
	 

	 
		SECTION 4.12 List of
		Holders. Promptly upon written request
		by the Company, the Depositary shall, at the expense of the Company, furnish to
		it a list, as of a recent date, of the names, addresses and holdings of
		American Depositary Shares by all persons in whose names Receipts are
		registered on the books of the Depositary. 
	 

	 
		SECTION 4.13 Taxation;
		Withholding. 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 necessary tax reports with governmental
		authorities or agencies. The Depositary, the Custodian or the Company and its
		agents may, but shall not be obligated to, 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. Holders and Beneficial Owners of American
		Depositary Shares 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.
	 

	 
		 
	 

	 
		 
	 

	 
		20
	 

	 
		 
	 

	 
	 

	 

	 
		The Company shall remit to the appropriate
		governmental authority or agency any amounts required to be withheld by the
		Company and owing to such governmental authority or agency. Upon any such
		withholding, the Company shall remit 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 satisfactory to the Depositary. The
		Depositary shall, to the extent required by U.S. law, report to Holders: (i)
		any taxes withheld by it; (ii) any taxes withheld by the Custodian, subject to
		information being provided to the Depositary by the Custodian; and (iii) any
		taxes withheld by the Company, subject to information being provided to the
		Depositary 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. 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.
	 

	 
		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 charge which the
		Depositary is obligated to withhold, the Depositary shall withhold the amount
		required to be withheld and may by public or private sale dispose of all or a
		portion of such property (including Shares and rights to subscribe therefor) in
		such amounts and in such manner as the Depositary deems necessary and
		practicable to pay such taxes or charges and the Depositary shall distribute
		the net proceeds of any such sale after deduction of such taxes or charges to
		the Holders entitled thereto in proportion to the number of American Depositary
		Shares held by them respectively.
	 

	 
		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 American Depositary Shares.
	 

	 
		ARTICLE V.
	 

	 
		THE DEPOSITARY, THE CUSTODIAN AND THE
		COMPANY
	 

	 
		SECTION 5.1 Maintenance of Office and
		Transfer Books by the Registrar. Until
		termination of this Deposit Agreement in accordance with its terms, the
		Depositary or if a Registrar for the Receipts shall have been appointed, the
		Registrar shall maintain in the Borough of Manhattan, the City of New York, an
		office and facilities for the execution and delivery, registration,
		registration of transfers, combination and split-up of Receipts, the surrender
		of Receipts and the delivery and withdrawal of Deposited Securities in
		accordance with the provisions of this Deposit Agreement.
	 

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

	 
		The Depositary or the Registrar, as
		applicable, may close the transfer books with respect to the Receipts, at any
		time or from time to time, when deemed necessary or advisable by it in
		connection with the performance of its duties hereunder.
	 

	 
		 
	 

	 
		 
	 

	 
		21
	 

	 
		 
	 

	 
	 

	 

	 
		If any Receipts or the American Depositary
		Shares evidenced thereby 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
		Receipts and transfers, combinations and split-ups, and to countersign such
		Receipts 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.
	 

	 
		If any Receipts or the American Depositary
		Shares evidenced thereby are listed on one or more securities exchanges,
		markets or automated quotation systems, (i) the Depositary shall be entitled
		to, and shall, take or refrain from taking such action(s) as it may deem
		necessary or appropriate to comply with the requirements of such securities
		exchange(s), market(s) or automated quotation system(s) applicable to it,
		notwithstanding any other provision of this Deposit Agreement; and (ii) upon
		the reasonable request of the Depositary, the Company shall provide the
		Depositary such information and assistance as may be reasonably necessary for
		the Depositary to comply with such requirements, to the extent that the Company
		may lawfully do so.
	 

	 
		SECTION 5.2 Exoneration. Neither the Depositary, the Custodian or the Company
		shall be obligated to do or perform any act which is inconsistent with the
		provisions of this Deposit Agreement or shall incur any liability (i) if the
		Depositary, the Custodian or the Company or their respective controlling
		persons or agents shall be prevented or forbidden from, or delayed in, doing or
		performing any act or thing required by the terms of this Deposit Agreement, by
		reason of any provision of any present or future law or regulation of the
		United States or any state thereof, Bermuda, Ireland 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, or by
		reason of any provision, present or future, of the Company’s Memorandum of
		Association or Bye-laws 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, revolutions,
		rebellions, explosions and computer failure), (ii) by reason of any exercise
		of, or failure to exercise, any discretion provided for in this Deposit
		Agreement or in the Company’s Memorandum of Association or Bye-laws or
		provisions of or governing Deposited Securities, (iii) for any action or
		inaction of the Depositary, the Custodian or the Company or their respective
		controlling persons or agents 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 this Deposit
		Agreement, made available to Holders of American Depositary Shares or (v) for
		any special, consequential, indirect or punitive damages for any breach of the
		terms of this Deposit Agreement or otherwise.
	 

	 
		The Depositary, its controlling persons, its
		agents, the Custodian and the Company, its controlling persons and its agents
		may rely and shall be protected in acting upon any written notice, request,
		opinion 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 this Deposit Agreement.
	 

	 
		SECTION 5.3 Standard of
		Care. The Company and the Depositary
		and their respective agents assume no obligation and shall not be subject to
		any liability under this Deposit Agreement or any 
	 

	 
		 
	 

	 
		 
	 

	 
		22
	 

	 
		 
	 

	 
	 

	 

	 
		Receipts to any Holder(s) or Beneficial
		Owner(s) or other persons, except in accordance with Section 5.8 hereof,
		provided, that the Company and the Depositary and their respective agents agree
		to perform their respective obligations specifically set forth in this Deposit
		Agreement or the applicable ADRs without gross 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 Receipts, which in its opinion may involve it
		in expense or liability, unless indemnity satisfactory to it against all
		expenses (including fees and disbursements of counsel) and liabilities 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
		effects of any vote. 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 this
		Deposit Agreement or for the failure or timeliness of any notice from the
		Company, or for any action or non action by it in reliance upon the opinion,
		advice of or information from legal counsel, accountants, any person
		representing Shares for deposit, any Holder or any other person believed by it
		in good faith to be competent to give such advice or information. The
		Depositary and its agents shall not be liable for any acts or omissions made by
		a successor depositary whether in connection with a previous act or omission of
		the Depositary or in connection with any matter arising wholly after the
		removal or resignation of the Depositary, provided that in connection with the
		issue out of which such potential liability arises the Depositary performed its
		obligations without gross negligence or bad faith while it acted as
		Depositary.
	 

	 
		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, in the event no
		successor depositary has been appointed by the Company, be entitled to take the
		actions contemplated in Section 6.2 hereof), or (ii) upon the appointment by
		the Company of a successor depositary and its acceptance of such appointment as
		hereinafter provided, save that, any amounts, fees, costs or expenses owed to
		the Depositary hereunder or in accordance with any other agreements otherwise
		agreed in writing between the Company and the Depositary from time to time
		shall be paid to the Depositary prior to such resignation.
	 

	 
		The Company shall use reasonable efforts to
		appoint such successor depositary, and give notice to the Depositary of such
		appointment, not more than 90 days after delivery by the Depositary of written
		notice of resignation as provided in this paragraph. In the event that notice
		of the appointment of a successor depositary is not provided by the Company in
		accordance with the preceding sentence, the Depositary shall be entitled to
		take the actions contemplated in Section 6.2 hereof. 
	 

	 
		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 
	 

	 
		 
	 

	 
		 
	 

	 
		23
	 

	 
		 
	 

	 
	 

	 

	 
		Depositary (whereupon the Depositary shall
		be entitled to take the actions contemplated in Section 6.2 hereof), or (ii)
		upon the appointment by the Company of a successor depositary and its
		acceptance of such appointment as hereinafter provided, save that, any amounts,
		fees, costs or expenses owed to the Depositary hereunder or in accordance with
		any other agreements otherwise agreed in writing between the Company and the
		Depositary from time to time shall be paid to the Depositary prior to such
		removal.
	 

	 
		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.
		The predecessor depositary, upon payment of all sums due to 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 Receipts and such other information relating to
		Receipts and Holders thereof as the successor may reasonably request. Any such
		successor depositary shall promptly mail 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 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 Deposited Securities 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. 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 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
		entity to act as 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. After any such change, the Depositary
		shall give notice thereof in writing to all Holders.
	 

	 
		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 
	 

	 
		 
	 

	 
		 
	 

	 
		24
	 

	 
		 
	 

	 
	 

	 

	 
		and the Custodian a copy of the notice
		thereof in English 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 Company’s Bye-laws that may be
		relevant or pertain to such notice of meeting or be the subject of a vote
		thereat. 
	 

	 
		The Company will also transmit to the
		Depositary (a) English language versions of the other notices, reports and
		communications which are made generally available by the Company to holders of
		its Shares or other Deposited Securities and (b) English language versions of
		the Company’s annual and other reports prepared in accordance with the
		applicable requirements of the Commission. The Depositary shall arrange, at the
		request of the Company and at the Company’s expense, for the mailing of
		copies thereof to all Holders, or by any other means as agreed between the
		Company and the Depositary (at the Company’s expense) or make such
		notices, reports and other communications available for inspection by all
		Holders, provided, that, the Depositary shall have received evidence
		sufficiently satisfactory to it, including in the form of an opinion of local
		and/or U.S. counsel or counsel of other applicable jurisdiction, furnished at
		the expense of the Company, as the Depositary in its discretion so requests,
		that the distribution of such notices, reports and any such other
		communications to Holders from time to time is valid and does not or will not
		infringe any local, U.S. or other applicable jurisdiction regulatory
		restrictions or requirements if so distributed and made available to Holders.
		The Company will timely provide the Depositary with the quantity of such
		notices, reports, and communications, as requested by the Depositary from time
		to time, in order for the Depositary to effect such mailings. The Company has
		delivered to the Depositary and the Custodian a copy of the Company’s
		Bye-laws along with the provisions of or governing the Shares and any other
		Deposited Securities issued by the Company or any Affiliate of the Company, in
		connection with the 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 this Deposit Agreement.
	 

	 
		The Depositary will 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 Receipts evidencing the
		American Depositary Shares representing such Shares governed by such provisions
		at the Depositary’s Corporate Trust 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 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,
		amalgamation or consolidation or transfer of assets or (viii) any
		reclassification, recapitalization, reorganization, merger, amalgamation,
		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
		application of the proposed transaction to Holders and Beneficial Owners 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 or the securities laws of the states of the
		United States). In support of the foregoing, the Company will furnish to the
		Depositary, at its own expense, (a) a written opinion of U.S. counsel
		(satisfactory to the Depositary) stating whether or not application of such
		transaction to Holders and Beneficial Owners (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 Bermuda
		counsel (satisfactory to the Depositary) 
	 

	 
		 
	 

	 
		 
	 

	 
		25
	 

	 
		 
	 

	 
	 

	 

	 
		stating that (1) making the transaction
		available to Holders and Beneficial Owners does not violate the laws or
		regulations of Bermuda and (2) a written opinion of Bermuda counsel
		(satisfactory to the Depositary) stating that all requisite regulatory consents
		and approvals have been obtained in Bermuda. 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
		and that such distribution is in accordance with all applicable laws or
		regulations. 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 this 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 or have been registered under the
		Securities Act (and such registration statement has been declared
		effective).
	 

	 
		Notwithstanding anything else contained in
		this Deposit Agreement, nothing in this 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 Company agrees
		to indemnify the Depositary, any Custodian and each of their respective
		directors, officers, employees, agents and Affiliates against, and hold each of
		them harmless from, any direct losses, liabilities, taxes, costs, demands and
		any charges or expenses of any kind whatsoever (including, but not limited to,
		reasonable attorney’s fees and expenses and, in each case, fees and
		expenses of counsel, in each case, irrevocable value added tax and any similar
		tax charged or otherwise imposed in respect thereof) (collectively referred to
		as “Losses”) which the Depositary or any agent thereof may
		incur or which may be made against it as a result of or in connection with its
		appointment or the exercise of its powers and duties under this Agreement or
		that may arise (a) out of or in connection with any offer, issuance, sale,
		resale, transfer, deposit or withdrawal of Receipts, American Depositary
		Shares, the Shares, or other Deposited Securities, as the case may be, (b) out
		of or in connection with any offering documents in respect thereof or (c) out
		of or in connection with 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 this Deposit Agreement, the Receipts,
		the American Depositary Shares, 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 any
		such Losses are due to the gross negligence or bad faith of any of them, or
		(ii) by the Company or any of its directors, officers, employees, agents and
		Affiliates; provided, however, that the foregoing indemnity shall not apply or
		be of any effect to the extent any such Losses arise out of or are based upon
		any untrue statement or alleged untrue statement or omission or alleged
		omission of information in any document or other conveyance of information in
		connection with the offer, issuance, sale, resale, transfer, deposit or
		withdrawal of any Receipts, American Depositary Shares, Shares, or other
		Deposited Securities made in reliance upon and in conformity with information
		regarding the Depositary provided by the Depositary. The Depositary agrees to
		indemnify the Company and any of its respective directors, officers, employees,
		agents and Affiliates against and hold each of them harmless 
	 

	 
		 
	 

	 
		26
	 

	 
		 
	 

	 
	 

	 

	 
		from any direct Losses which may arise out
		of acts performed or omitted to be performed by the Depositary due to the gross
		negligence or bad faith of the Depositary or any of their respective directors,
		officers or employees, agents and/or Affiliates. In no event shall the
		Depositary or any of its directors, officers, employees, agents and/or
		Affiliates be liable for any indirect, special, punitive or consequential
		damages to the Company, Holders, Beneficial Owners or any other person. 

	 

	 
		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 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 under 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.
	 

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

	 
		SECTION 5.9 Fees and Charges of
		Depositary. The Company, the Holders,
		the Beneficial Owners, and persons 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 as provided for under Article (9). 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 and the Company may reach
		separate agreement in relation to the payment of any additional remuneration to
		the Depositary in respect of any exceptional duties which the Depositary finds
		necessary or desirable and agreed by both parties in the performance of its
		obligations hereunder and in respect of the actual costs and expenses of the
		Depositary in respect of any notices required to be given to the Holders in
		accordance with Article (20).
	 

	 
		In connection with any payment by the
		Company to the Depositary: 
	 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  all fees, taxes, duties, charges,
				  costs and expenses which are payable by the Company shall be paid or be
				  procured to be paid by the Company (and any such amounts which are paid by the
				  Depositary shall be reimbursed to the Depositary by the Company upon demand
				  therefor); 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  such payment shall be subject to all
				  necessary applicable exchange control and other consents and approvals having
				  been obtained. The Company undertakes to use its reasonable endeavours to
				  obtain all necessary approvals that are required to be obtained by it in this
				  connection; and
				

			 

 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  the Depositary may request, in its
				  sole but reasonable discretion after reasonable consultation with the Company,
				  an opinion of counsel regarding U.S. law, the laws of Bermuda or of any other
				  relevant jurisdiction, to be furnished at the expense of the Company, if at any
				  
				

			 

 

	 
		 
	 

	 
		27
	 

	 
		 
	 

	 
	 

	 

	 
		time it deems it necessary to seek such an
		opinion of counsel regarding the validity of any action to be taken or
		instructed to be taken under this Agreement.
	 

	 
		The Company agrees to promptly pay to the
		Depositary such other fees, charges and expenses and to reimburse the
		Depositary for such properly documented 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. 
	 

	 
		All payments by the Company to the
		Depositary under this Clause 5.9 shall be paid without set-off or counterclaim,
		and free and clear of and without deduction or withholding for or on account
		of, any present or future taxes, levies, imports, duties, fees, assessments or
		other charges of whatever nature, imposed by Bermuda or by any department,
		agency or other political subdivision or taxing authority thereof or therein,
		and all interest, penalties or similar liabilities with respect thereto.

	 

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

	 
		SECTION 5.10 Restricted Securities
		Owners/Ownership Restrictions. From
		time to time or upon the reasonable request of the Depositary, the Company
		shall provide to the Depositary a list setting forth, to the actual knowledge
		of the Company, those persons or entities who beneficially own Restricted
		Securities and the Company shall update that list on a regular basis. The
		Depositary may rely on such a list or update but shall not be liable for any
		action or omission made in reliance thereon. 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 2.11)
		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 2.11). Each Holder and
		Beneficial Owner acknowledges and agrees that each Receipt, and the terms upon
		which it is held by such Holder or Beneficial Owner, are subject to the
		Company’s Memorandum of Association and Bye-laws, and that so long as the
		Company’s Memorandum of Association or Bye-laws provide a means by which
		the Company may require Holders or Beneficial Owners to take certain actions
		with respect to their holdings, beneficial ownership or control over the
		Company’s securities (including, without limitation, obligations imposed
		on Competitors (as defined in the Company’s Bye-laws)), such Holders or
		Beneficial Owners will be bound by such obligations. The Company and the
		Depositary may implement such other procedures as necessary in order to conform
		the rights and responsibilities of Holders or Beneficial Owners to ensure
		monitoring, compliance and enforcement of the Company’s Memorandum of
		Association or Bye-laws. The Company shall, in accordance with Article (24),
		inform Owners and Beneficial Owners and the Depositary of any other limitations
		on ownership of Shares that the Owners and Beneficial Owners may be subject to
		by reason of the number of American Depositary Shares held under the Memorandum
		of Association or Bye-laws of the Company or applicable Bermuda law, as such
		restrictions may be in force from time to time.
	 

	 
		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 pursuant to the
		Company’s Bye-laws, including but not limited to, the removal or
		limitation of voting rights or the mandatory sale or disposition on behalf of a
		Holder or Beneficial Owner of the Shares 
	 

	 
		 
	 

	 
		28
	 

	 
		 
	 

	 
	 

	 

	 
		represented by the ADRs 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 Company’s Memorandum of
		Association and Bye-laws; provided that any such measures are practicable and
		can be undertaken without undue burden or expense. The Depositary shall have no
		liability for any actions taken in accordance with such instructions.
	 

	 
		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 Receipts
		outstanding at any time, the provisions of this Deposit Agreement and the form
		of Receipt 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 and not materially prejudicial to the Holders without
		the 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 payable by Holders or
		Beneficial Owners), or which shall otherwise materially prejudice any
		substantial existing right of Holders or Beneficial Owners, shall not, however,
		become effective as to outstanding Receipts until 30 days after notice of such
		amendment or supplement shall have been given to the Holders of outstanding
		Receipts. 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 American Depositary Shares to be registered on Form F-6 under the
		Securities Act or (b) the American Depositary Shares or the 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
		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 American
		Depositary Share or Shares, to consent and agree to such amendment or
		supplement and to be bound by the Deposit Agreement as amended and supplemented
		thereby. In no event shall any amendment or supplement impair the right of the
		Holder to surrender such Receipt 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 amendment or
		supplement of the Deposit Agreement to ensure compliance therewith, the Company
		and the Depositary may amend or supplement the Deposit Agreement and the
		Receipt 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, rules or regulations.
	 

	 
		SECTION 6.2 Termination. The
		Depositary shall, at any time at the written direction of the Company,
		terminate this Deposit Agreement by mailing notice of such termination to the
		Holders of all Receipts then outstanding at least 90 days prior to the date
		fixed in such notice for such termination, provided that, the Depositary shall
		be reimbursed by the Company for any amounts, fees, costs or expenses owed to
		it in accordance with the terms of this Deposit Agreement and in accordance
		with any other agreements as otherwise agreed in writing between the Company
		and the Depositary from time to time, prior to such termination shall take
		effect. If 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 

	 

	 
		 
	 

	 
		29
	 

	 
		 
	 

	 
	 

	 

	 
		5.4, the Depositary may terminate this
		Deposit Agreement by mailing notice of such termination to the Holders of all
		Receipts then outstanding at least 30 days prior to the date fixed for such
		termination. On and after the date of termination of this Deposit Agreement,
		the Holder will, upon surrender of such Receipt at the Corporate Trust Office
		of the Depositary, upon the payment of the charges of the Depositary for the
		surrender of Receipts referred to in Section 2.6 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 Receipt. If any Receipts
		shall remain outstanding after the date of termination of this Deposit
		Agreement, the Registrar thereafter shall discontinue the registration of
		transfers of Receipts, 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 this Deposit Agreement, except that the
		Depositary shall continue to collect dividends and other distributions
		pertaining to Deposited Securities, shall sell rights or other property as
		provided in this Deposit Agreement, and shall continue to deliver Deposited
		Securities, subject to the conditions and restrictions set forth in Section
		2.6, together with any dividends or other distributions received with respect
		thereto and the net proceeds of the sale of any rights or other property, in
		exchange for Receipts surrendered to the Depositary (after deducting, or
		charging, as the case may be, in each case, the charges of the Depositary for
		the surrender of a Receipt, any expenses for the account of the Holder in
		accordance with the terms and conditions of this 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 this 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 of
		Receipts whose Receipts have not theretofore been surrendered. After making
		such sale, the Depositary shall be discharged from all obligations under this
		Deposit Agreement with respect to the Receipts and the Shares, Deposited
		Securities and American Depositary Shares, 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 a Receipt, any
		expenses for the account of the Holder in accordance with the terms and
		conditions of this Deposit Agreement and any applicable taxes or governmental
		charges or assessments). Upon the termination of this Deposit Agreement, the
		Company shall be discharged from all obligations under this Deposit Agreement
		except for its obligations to the Depositary hereunder.
	 

	 
		ARTICLE VII.
	 

	 
		MISCELLANEOUS
	 

	 
		SECTION 7.1 Counterparts.
		This Deposit Agreement may be executed in any number of counterparts, each of
		which shall be deemed an original, and all of such counterparts together shall
		constitute one and the same agreement. Copies of this 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. This 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
		this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to
		give rise to a partnership or joint venture among the parties hereto 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 transactions in which parties adverse to the Company or the Holders or
		Beneficial Owners may have interests and (iii) nothing contained in this
		Agreement shall (a) preclude the 
	 

	 
		 
	 

	 
		30
	 

	 
		 
	 

	 
	 

	 

	 
		Depositary or any of its Affiliates from
		engaging in such transactions or establishing or maintaining such
		relationships, or (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 this Deposit Agreement or
		in the Receipts should be or become invalid, illegal or unenforceable in any
		respect, the validity, legality and enforceability of the remaining provisions
		contained herein or therein shall in no way be affected, prejudiced or
		disturbed thereby.
	 

	 
		SECTION 7.4 Holders and Beneficial Owners
		as Parties; Binding Effect. The Holders
		and Beneficial Owners from time to time of American Depositary Shares shall be
		parties to the Deposit Agreement and shall be bound by all of the terms and
		conditions hereof and of any Receipt by acceptance hereof 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, facsimile
		transmission or electronic transmission, confirmed by letter, addressed to
		Babcock & Brown Air Limited [•], Attention:
		[•], 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, facsimile transmission or by
		electronic transmission (if agreed by the Company and the Depositary), at the
		Company’s expense, unless otherwise agreed in writing between the Company
		and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust
		Company Americas, 60 Wall Street, New York, New York 10005, USA, Attention: ADR
		Department, telephone: +1 212 250-9100, facsimile: +1
		212 797 0327 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 personally delivered or sent
		by mail or cable, telex, facsimile transmission or by electronic transmission
		(if agreed by the Company and the Depositary), at the Company’s expense,
		unless otherwise agreed in writing between the Company and the Depositary,
		addressed to such Holder at the address of such Holder as it appears on the
		transfer books for Receipts of the Depositary, or, if such Holder shall have
		filed with the Depositary a written request that notices intended for such
		Holder be mailed to some other address, at the address specified in such
		request. Notice to Holders shall be deemed to be notice to Beneficial Owners
		for all purposes of this Deposit Agreement.
	 

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

	 
		SECTION 7.6 Governing Law and
		Jurisdiction. This Deposit Agreement
		and the Receipts 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. 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 non-exclusive jurisdiction to hear
		and determine any suit, action or proceeding and to settle any dispute between
		them 
	 

	 
		 
	 

	 
		31
	 

	 
		 
	 

	 
	 

	 

	 
		that may arise out of or in connection with
		this 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 Puglisi & Associates (the
		“Process Agent”), now at 850 Library Avenue, Suite 204, Newark,
		DE 19711, United States of America, 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
		Process Agent shall cease to be available to act as such, the Company agrees to
		designate a new agent in The City of 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 Process
		Agent (whether or not the appointment of such Process Agent shall for any
		reason prove to be ineffective or such Process 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
		hereof. The Company agrees that the failure of the Process 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) the
		Company, (b) the Depositary in its capacity as Depositary under this Deposit
		Agreement or (c) against both the Company and the Depositary, 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 Process 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 and the Depositary agree that,
		notwithstanding the foregoing, with regard to any claim or dispute or
		difference of whatever nature between the parties hereto arising directly or
		indirectly from the relationship created by this Deposit Agreement, the
		Depositary, in its sole discretion, shall be entitled to refer such dispute or
		difference for final settlement by arbitration (“Arbitration”) in accordance with the applicable rules of the
		American Arbitration Association (the “Rules”)
		then in force, by a sole arbitrator appointed in accordance with the Rules. The
		seat and place of any reference to Arbitration shall be New York, New York
		State. The procedural law of any Arbitration shall be New York law and the
		language to be used in the Arbitration shall be English. The fees of the
		arbitrator and other costs incurred by the parties in connection with such
		Arbitration shall be paid by the party that is unsuccessful in such
		Arbitration.
	 

	 
		The provisions of this Section 7.6 shall
		survive any termination of this Deposit Agreement, in whole or in part.
	 

	 
		 
	 

	 
		32
	 

	 
		 
	 

	 
	 

	 

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

	 
		SECTION 7.8 Agents. The
		Depositary shall be entitled, in its sole but reasonable discretion, to appoint
		one or more agents (the “Agents”) of
		which it shall have control for the purpose, inter alia, of
		making distributions to the Holders or otherwise carrying out its obligations
		under this Agreement.
	 

	 
		SECTION 7.9 Exclusivity. The
		Company agrees not to appoint any other depositary for the issuance or
		administration of depositary receipts evidencing any class of stock of the
		Company so long as Deutsche Bank Trust Company Americas is acting as Depositary
		hereunder.
	 

	 
		SECTION 7.10 Compliance with U.S.
		Securities Laws. Notwithstanding
		anything in this 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 7.11 Titles. All
		references in this Deposit Agreement to exhibits, Articles, sections,
		subsections, and other subdivisions refer to the exhibits, Articles, sections,
		subsections and other subdivisions of this Deposit Agreement unless expressly
		provided otherwise. The words “this
		Deposit Agreement”,
		“herein”, “hereof”,
		“hereby”, “hereunder”,
		and words of similar import refer to the Deposit Agreement as a whole as in
		effect 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 this Deposit Agreement are included for convenience only
		and shall be disregarded in construing the language contained in this Deposit
		Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
		33
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, BABCOCK & BROWN AIR
		LIMITED and DEUTSCHE BANK TRUST COMPANY AMERICAS have duly executed this
		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
		American Depositary Shares evidenced by Receipts issued in accordance with the
		terms hereof.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  BABCOCK & BROWN AIR
				  LIMITED
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK TRUST COMPANY
				  AMERICAS
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
		 
	 

	 
		EXHIBIT A
	 

	 
		[FORM OF FACE OF RECEIPT]
	 

	 
		 
	 

	 
			
				
				  Number
				

			 	
				
				   
				

			 	
				
				  CUSIP: 05614P101
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  ISIN: US05614P1012
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  American Depositary Shares (Each
				  
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  American Depositary Share 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  representing one Fully Paid Common
				  Share)
				

			 
				

 

	 
		AMERICAN DEPOSITARY RECEIPT
	 

	 
		for
	 

	 
		AMERICAN DEPOSITARY SHARES
	 

	 
		representing
	 

	 
		DEPOSITED COMMON SHARES
	 

	 
		of
	 

	 
		BABCOCK & BROWN AIR LIMITED
	 

	 
		(Incorporated under the laws of
		Bermuda)
	 

	 
		DEUTSCHE BANK TRUST COMPANY AMERICAS, as
		depositary (herein called the “Depositary”), hereby certifies that ________________is the
		owner of ______________ American Depositary Shares (hereinafter
		“ADS”), representing deposited common shares, each of
		Par Value of $0.001 including evidence of rights to receive such common shares
		(the “Shares”) of Babcock & Brown Air Limited, a company
		incorporated under the laws of Bermuda (the “Company”).
		As of the date of the Deposit Agreement (hereinafter referred to), each ADS
		represents one Share deposited under the Deposit Agreement with the Custodian
		which at the date of execution of the Deposit Agreement is The Governer and
		Company of the Bank of Ireland (the “Custodian”). The ratio of Depositary Shares to the Shares is
		subject to subsequent amendment as provided in Article IV of the Deposit
		Agreement. The Depositary’s Corporate Trust Office is located at 60 Wall
		Street, New York, New York 10005, U.S.A.
	 

	 
		(1) The Deposit Agreement. This American Depositary Receipt is one of an issue of
		American Depositary Receipts (“Receipts”),
		all issued and to be issued upon the terms and conditions set forth in the
		Deposit Agreement, dated as of [•] (as amended from time to time, the
		“Deposit Agreement”), by and among the Company, the Depositary, and
		all Holders and Beneficial Owners from time to time of Receipts issued
		thereunder, each of whom by accepting a Receipt agrees to become a party
		thereto and becomes bound by all the terms and conditions thereof. The Deposit
		Agreement sets forth the rights and obligations of Holders and Beneficial
		Owners of Receipts and the rights and duties of the Depositary in respect of
		the Shares deposited thereunder and any and all other securities, property and
		cash from time to time, received in respect of such Shares and held thereunder
		(such Shares, other securities, property and cash are herein called
		“Deposited
		Securities”). Copies of the
		Deposit Agreement are on file at the Corporate Trust Office of the Depositary
		and the Custodian.
	 

	 
		 
	 

	 
		 
	 

	 
		A-1
	 

	 
		 
	 

	 
	 

	 

	 
		Each owner 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 Receipt are derived from the relevant provisions of the Deposit
		Agreement and the Company’s Bye-laws (as in effect on the date of the
		Deposit Agreement) and are qualified by and subject to the detailed provisions
		of the Deposit Agreement, 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
		American Depositary Shares into DTC. Each Beneficial Owner of American
		Depositary Shares 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
		American Depositary Shares. The Receipt evidencing the American Depositary
		Shares held through DTC will be registered in the name of a nominee of DTC. So
		long as the American Depositary Shares are held through DTC or unless otherwise
		required by law, ownership of beneficial interests in the Receipt registered in
		the name of DTC (or its nominee) will be shown on, and transfers of such
		ownership will be effected only through, records maintained by (i) DTC (or its
		nominee), or (ii) DTC Participants (or their nominees).
	 

	 
		(2) Surrender of Receipts and Withdrawal of Deposited
		Securities. Upon surrender, at the
		Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt for
		the purpose of withdrawal of the Deposited Securities represented thereby, and
		upon payment of (i) the charges of the Depositary for the making of withdrawals
		and cancellation of Receipts (as set forth in Section 5.9 of the Deposit
		Agreement and Article (9) hereto) and (ii) all fees, taxes and governmental
		charges payable in connection with such surrender and withdrawal, and, subject
		to the terms and conditions of the Deposit Agreement, the Company’s
		Bye-laws, Section 7.10 of the Deposit Agreement, Article (22) of this Receipt
		and the provisions of or governing the Deposited Securities and other
		applicable laws, the Holder of the American Depositary Shares evidenced hereby
		is entitled to delivery, to him or upon his order, of the Deposited Securities
		represented by the ADS so surrendered. Subject to the last sentence of this
		paragraph, such Deposited Securities may be delivered in certificated form or,
		except for Shares, by electronic delivery. ADS may be surrendered for the
		purpose of withdrawing Deposited Securities by delivery of a Receipt evidencing
		such ADS (if held in registered form) or by book-entry delivery of such ADS to
		the Depositary.
	 

	 
		A Receipt surrendered for such purposes
		shall, if so required by the Depositary, be properly endorsed in blank or
		accompanied by proper instruments of transfer in blank, and if the Depositary
		so requires, the Holder thereof shall execute and deliver to the Depositary a
		written order directing the Depositary to cause the Deposited Securities being
		withdrawn to be delivered to or upon the written order of a person or persons
		designated in such order. Thereupon, the Depositary shall direct the Custodian
		to Deliver (without unreasonable delay) at the designated office of the
		Custodian (subject to the terms and conditions of the Deposit Agreement, to the
		Company’s Bye-laws, and to the provisions of or governing the Deposited
		Securities and applicable laws, now or hereafter in effect), to or upon the
		written order of the person or persons designated in the order delivered to the
		Depositary as provided above, the Deposited Securities represented by such
		ADSs, together with any certificate or other proper 
	 

	 
		 
	 

	 
		 
	 

	 
		A-2
	 

	 
		 
	 

	 
	 

	 

	 
		documents of or relating to title for the
		Deposited Securities or evidence of the electronic transfer thereof (if
		available) as the case may be to or for the account of such person. The
		Depositary may make delivery to such person or persons at the Corporate Trust
		Office of the Depositary of any dividends or distributions with respect to the
		Deposited Securities represented by such Receipt, or of any proceeds of sale of
		any dividends, distributions or rights, which may at the time be held by the
		Depositary. 
	 

	 
		The Depositary may, in its discretion,
		refuse to accept for surrender a number of American Depositary Shares
		representing a number of Shares other than a whole number of Shares. In the
		case of surrender of a Receipt evidencing a number of ADSs representing 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) issue and
		deliver to the person surrendering such Receipt a new Receipt evidencing
		American Depositary Shares representing any remaining fractional Share, or (ii)
		sell or cause to be sold the fractional Shares represented by the Receipt so
		surrendered and remit the proceeds thereof (net of (a) applicable fees and
		charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to
		the person surrendering the Receipt. At the request, risk and expense of any
		Holder so surrendering a Receipt, 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 in respect of, and
		any certificate or certificates and other proper documents of or relating to
		title to, the Deposited Securities represented by such Receipt to the
		Depositary for delivery at the Corporate Trust Office of the Depositary, and
		for further delivery to such Holder. Such direction shall be given by letter
		or, at the request, risk and expense of such Holder, by cable, telex or
		facsimile transmission.
	 

	 
		(3) Transfers, Split-Ups and Combinations of
		Receipts. Subject to the terms and
		conditions of the Deposit Agreement, the Registrar shall register transfers of
		Receipts on its books, upon surrender at the Corporate Trust Office of the
		Depositary of a Receipt by the Holder thereof in person or by duly authorized
		attorney, properly endorsed or accompanied by proper instruments of transfer
		(including signature guarantees in accordance with standard industry practice)
		and duly stamped as may be required by the laws of the State of New York and of
		the United States of America, of Bermuda and of any other applicable
		jurisdiction. Subject to the terms and conditions of the Deposit Agreement,
		including payment of the applicable fees and expenses incurred by, and charges
		of, the Depositary, the Depositary shall execute and deliver a new Receipt(s)
		(and if necessary, cause the Registrar to countersign such Receipt(s)) and
		deliver same to or upon the order of the person entitled to such Receipts
		evidencing the same aggregate number of ADSs as those evidenced by the Receipts
		surrendered. Upon surrender of a Receipt or Receipts for the purpose of
		effecting a split-up or combination of such Receipt or Receipts upon payment of
		the applicable fees and charges of the Depositary, and subject to the terms and
		conditions of the Deposit Agreement, the Depositary shall execute and deliver a
		new Receipt or Receipts for any authorized number of ADSs requested, evidencing
		the same aggregate number of ADSs as the Receipt or Receipts surrendered.
		
	 

	 
		(4) Pre-Conditions to Registration, Transfer,
		Etc. As a condition precedent to the
		execution and delivery, registration of transfer, split-up, combination or
		surrender of any Receipt or withdrawal of any Deposited Securities, the
		Depositary or the Custodian may require (i) payment from the depositor of
		Shares or presenter of the Receipt of a sum sufficient to reimburse it for any
		tax or other governmental charge and any stock transfer or registration fee
		with respect thereto (including any such tax or charge and fee with respect to
		Shares being deposited or withdrawn) and payment of any applicable fees and
		charges of the Depositary as provided in the Deposit Agreement and in this
		Receipt, (ii) the production of proof satisfactory to it as to the identity and
		genuineness of any signature or any other matters and (iii) compliance with (A)
		any laws or governmental regulations relating to the execution and
	 

	 
		 
	 

	 
		 
	 

	 
		A-3
	 

	 
		 
	 

	 
	 

	 

	 
		delivery of Receipts and ADSs or to the
		withdrawal of Deposited Securities and (B) such reasonable regulations of the
		Depositary or the Company consistent with 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 issuance of ADSs against the deposit of particular Shares may be withheld,
		or the registration of transfer of Receipts in particular instances may be
		refused, or the registration of transfer of Receipts generally may be
		suspended, during any period when the transfer books of the Depositary are
		closed or if any such action is deemed necessary or advisable by the Depositary
		or the Company, 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 Receipts or Share are listed, or under any
		provision of the Deposit Agreement or provisions of, or governing, the
		Deposited Securities or any meeting of shareholders of the Company or for any
		other reason, subject in all cases to Article (22) hereof. Notwithstanding any
		provision of the Deposit Agreement or this Receipt to the contrary, the Holders
		of Receipts 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 Receipts or to the withdrawal of the Deposited Securities, and (iv)
		other circumstances specifically contemplated by Section I.A.(l) of the General
		Instructions to Form F-6 (as such General Instructions may be amended from time
		to time). 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.
	 

	 
		(5) Compliance With Information Requests. Notwithstanding any other provision of the Deposit
		Agreement or this Receipt, each Holder and Beneficial Owner of the ADSs
		represented hereby agrees to comply with requests from the Company pursuant to
		the laws of Bermuda, the rules and requirements of National Association of
		Securities Dealers and any other stock exchange on which the Shares are, or
		will be registered, traded or listed, the Company’s Bye-laws, which are
		made to provide information as to the capacity in which such Holder or
		Beneficial Owner owns ADSs and regarding the identity of any other person
		interested in such ADSs and the nature of such interest and various other
		matters whether or not they are Holders and/or Beneficial Owner at the time of
		such request. The Depositary agrees to use reasonable efforts to forward any
		such requests to the Holders and to forward to the Company any such responses
		to such requests received by the Depositary.
	 

	 
		(6) Liability of Holder for Taxes, Duties and Other
		Charges. If any tax or other
		governmental charge shall become payable by the Depositary or the Custodian
		with respect to any Receipt or any Deposited Securities or ADSs, such tax, or
		other governmental charge 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 the 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, with the Holder and the Beneficial Owner hereof remaining fully
		liable for any deficiency. The Custodian may refuse the deposit of Shares, and
		the Depositary may refuse to issue ADSs, to deliver Receipts, register the
		transfer, split-up or combination of ADRs and (subject to Article (22) hereof)
		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 each of
		their respective agents, directors, employees and Affiliates for, and hold each
		of 
	 

	 
		 
	 

	 
		 
	 

	 
		A-4
	 

	 
		 
	 

	 
	 

	 

	 
		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.
	 

	 
		Holders understand that in converting
		Foreign Currency, amounts received on conversion are calculated at a rate which
		may exceed the number of decimal places used by the Depositary to report
		distribution rates (which in any case will not be less than two decimal
		places). Any excess amount may be retained by the Depositary as an additional
		cost of conversion, irrespective of any other fees and expenses payable or
		owing hereunder and shall not be subject to escheatment.
	 

	 
		(7) 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 were 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 are not, and the American Depositary Shares
		issuable upon such deposit will not be, Restricted Securities (except as
		contemplated by Section 2.11) and (v) 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 and the issuance,
		cancellation and transfer of ADSs. If any such representations or warranties
		are false in any way, the Company and 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.
	 

	 
		(8) Filing 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 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 or other information as the Depositary
		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. Subject to Article (22) hereof and the terms of the Deposit
		Agreement, the Depositary and the Registrar, as applicable, may withhold the
		delivery or registration of transfer of any Receipt or the distribution or sale
		of any dividend or other distribution of rights or of the proceeds thereof or
		the delivery of any Deposited Securities until such proof or other information
		is filed, or such certifications are executed, or such representations and
		warranties made, or such information and documentation are provided.
	 

	 
		(9) Charges of Depositary. The Depositary shall charge to any person surrendering
		ADSs for cancellation and withdrawal of Deposited Securities including,
		inter alia, cash distributions made pursuant to a cancellation or
		withdrawal, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction
		thereof) so surrendered; provided, however, that in connection with a
		termination of the ADR facility the charge to holders of ADSs shall be no more
		than US $2.50 per 100 ADSs (or fraction thereof). 
	 

	 
		In addition, any depositor depositing Shares
		for deposit and any person surrendering ADSs for cancellation and withdrawal of
		Deposited Securities will be required to pay the following charges:
	 

	 
		 
	 

	 
		 
	 

	 
		A-5
	 

	 
		 
	 

	 
	 

	 

	 
		(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 with the Foreign Registrar 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, facsimile and
		electronic transmission and delivery expenses as are expressly provided in the
		Deposit Agreement to be at the expense of the depositor depositing or person
		withdrawing Shares or Holders and Beneficial Owners of ADSs;
	 

	 
		(iv) the expenses and charges incurred by
		the Depositary in the conversion of Foreign Currency, if any; and
	 

	 
		(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. 
	 

	 
		Any other fees and charges of, and expenses
		incurred by, the Depositary shall be for the account of the Company unless
		otherwise agreed between the Company and the Depositary in writing from time to
		time. 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 Article (20) of this Receipt. 
	 

	 
		(10) Title to Receipts. It is a condition of this Receipt, and every
		successive Holder of this Receipt by accepting or holding the same consents and
		agrees, that title to this Receipt (and to each ADS evidenced hereby) is
		transferable by delivery of the Receipt, provided it has been properly endorsed
		or accompanied by proper instruments of transfer, such Receipt being a
		certificated security under the laws of the State of New York. Notwithstanding
		any notice to the contrary, the Depositary may deem and treat the Holder of
		this Receipt (that is, the person in whose name this Receipt is registered on
		the books of the Depositary) as the absolute owner hereof for all purposes. The
		Depositary shall have no obligation or be subject to any liability under the
		Deposit Agreement or this Receipt to any holder of this Receipt or any
		Beneficial Owner unless such holder is the Holder of this Receipt 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.
	 

	 
		(11) Validity of Receipt. This Receipt shall not be entitled to any benefits
		under the Deposit Agreement or be valid or enforceable for any purpose, unless
		this Receipt has been (i) dated, (ii) signed by the manual or facsimile
		signature of a duly authorized signatory of the Depositary, (iii) if a
		Registrar for the Receipts shall have been appointed, countersigned by the
		manual or facsimile signature of a duly authorized signatory of the Registrar
		and (iv) registered in the books maintained by the Depositary or the Registrar,
		as applicable, for the issuance and transfer of Receipts. Receipts 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 execution and delivery of such Receipt by the Depositary or did
		not hold such office on the date of issuance of such Receipts.
	 

	 
		(12) Available Information; Reports; Inspection of Transfer
		Books. The Company is subject to the
		periodic reporting requirements of the Exchange Act and accordingly files
		certain
	 

	 
		 
	 

	 
		 
	 

	 
		A-6
	 

	 
		 
	 

	 
	 

	 

	 
		information with the Commission. These
		reports and documents can be inspected and copied at the public reference
		facilities maintained by the Commission located at 100 F Street, N.E.,
		Washington D.C. 20549, U.S.A. The Depositary shall make available during normal
		business hours on any Business Day for inspection by Holders at its Corporate
		Trust 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 Depositary or the Registrar, as
		applicable, shall keep books for the registration of Receipts and transfers of
		Receipts which at all reasonable times shall be open for inspection by the
		Company and by the Holders of such Receipts, provided that such inspection
		shall not be, to the Depositary’s or the Registrar’s knowledge, for
		the purpose of communicating with Holders of such Receipts 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 Receipts.
	 

	 
		 
	 

	 
		 
	 

	 
		A-7
	 

	 
		 
	 

	 
	 

	 

	 
		The Depositary or the Registrar, as
		applicable, may close the transfer books with respect to the Receipts, 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 Article
		(22) hereof.
	 

	 
		 
	 

	 
		 
	 

	 
			
				
				  Dated:
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK
				  TRUST
 COMPANY AMERICAS, as
				  Depositary
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		The address of the Corporate Trust Office of
		the Depositary is 60 Wall Street, New York, New York 10005, U.S.A.
	 

	 
		 
	 

	 
		 
	 

	 
		A-8
	 

	 
		 
	 

	 
	 

	 

	 
		[FORM OF REVERSE OF RECEIPT]
	 

	 
		SUMMARY OF CERTAIN ADDITIONAL
		PROVISIONS
	 

	 
		OF THE DEPOSIT AGREEMENT
	 

	 
		(13) 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 Shares, rights securities or other entitlements under the Deposit
		Agreement, the Depositary will distribute promptly the amount thus received
		(net of applicable fees and charges of, and expenses incurred by, the
		Depositary and taxes withheld) to the Holders of record as of the ADS Record
		Date in proportion to the number of ADS representing such Deposited Securities
		held by such Holders respectively 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. Any such fractional amounts
		shall be rounded to the nearest whole cent and so distributed to Holders
		entitled thereto. If at the time of receipt thereof any such amounts are
		received in a Foreign Currency and 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, the Depositary will promptly convert
		or cause to be converted such dividend, distribution or proceeds into Dollars
		and will distribute in accordance with the Deposit Agreement. 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. Any Foreign Currency received by the Depositary shall
		be converted upon the terms and conditions set forth in the Deposit
		Agreement.
	 

	 
		If any distribution upon any Deposited
		Securities consists of a dividend in, or free distribution of, Shares, the
		Company shall or 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 nominees. Upon receipt of confirmation of such deposit, the Depositary
		shall, subject to and in accordance with the Deposit Agreement, establish the
		ADS Record Date and either (i) 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, the applicable fees and charges of,
		and expenses incurred by, the Depositary, and 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 Shares distributed upon the Deposited
		Securities represented thereby (net of the applicable fees and charges of, and
		the expenses incurred by, the Depositary, and taxes). In lieu of delivering
		fractional ADSs, the Depositary shall sell the number of Shares represented by
		the aggregate of such fractions and distribute the proceeds upon the terms set
		forth in the Deposit Agreement.
	 

	 
		In the event that (x) 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, (y) if the Company, in the fulfillment of its obligations under
		the Deposit Agreement, has either (a) 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), or (b) fails to timely deliver the documentation
		contemplated in the Deposit Agreement, 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
	 

	 
		 
	 

	 
		 
	 

	 
		A-9
	 

	 
		 
	 

	 
	 

	 

	 
		deems necessary and practicable, and the
		Depositary shall distribute the net proceeds of any such sale (after deduction
		of taxes and fees and charges of, and expenses incurred by, the Depositary) to
		Holders entitled thereto upon the terms of the Deposit Agreement. The
		Depositary shall hold and/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 upon the terms described in the Deposit Agreement, the Depositary
		shall, upon provision of all documentation required under the Deposit
		Agreement, (including, without limitation, any legal opinions of counsel the
		Depositary may request under the Deposit Agreement) 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 Article (14) hereof 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
		dividend shall be distributed 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 distributed as in the case of a distribution in Shares
		upon the terms described in the Deposit Agreement. If such elective
		distribution is not lawful or 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 Bermuda , 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 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 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 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 the
		Company shall have timely requested that such rights be made available to
		Holders, the Depositary shall have received the documentation required by the
		Deposit Agreement, and the Depositary shall have determined that such
		distribution of rights is lawful and 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 and establish procedures (x) to distribute such
		rights (by means of warrants or otherwise) and (y) to enable the Holders to
		exercise the rights (upon payment of the applicable fees and charges of, and
		expenses incurred by, the Depositary and taxes). Nothing herein or in the
		Deposit Agreement shall obligate the Depositary to make available to the
		Holders a method to exercise such 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 lawful
		or 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 or otherwise, at such place
		and upon such terms (including public and private sale) as it may deem proper.
		The Depositary shall, upon such sale, convert (if applicable) and distribute
		proceeds of such sale (net of applicable fees and charges of, and expenses
		incurred by, the Depositary and taxes) upon the terms hereof and in 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 feasible
		to make such rights available to Holders in general or any
	 

	 
		 
	 

	 
		 
	 

	 
		A-10
	 

	 
		 
	 

	 
	 

	 

	 
		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 herein 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 covering such offering is in effect or (ii)
		unless the Company furnishes to 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 satisfactorily 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. 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 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
		exercise rights on the same terms and conditions as the holders of Shares or 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.
	 

	 
		Upon receipt of a notice regarding property
		other than cash, Shares or rights to purchase additional Shares, to be made to
		Holders of ADSs, the Depositary shall determine, upon consultation with the
		Company, whether such distribution to Holders is lawful and reasonably
		practicable. The Depositary shall not make such distribution unless (i) the
		Company shall have timely requested the Depositary to make such distribution to
		Holders, (ii) the Depositary shall have received the documentation required by
		the Deposit Agreement, and (iii) the Depositary shall have determined that such
		distribution is lawful and 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 such Holders 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 proper
		and shall distribute the proceeds of such sale received by the Depositary (net
		of (a) applicable fees and charges of, and expenses incurred by, the Depositary
		and (b) taxes) to the Holders 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 in any way it deems reasonably practicable under
		the circumstances.
	 

	 
		 
	 

	 
		 
	 

	 
		A-11
	 

	 
		 
	 

	 
	 

	 

	 
		(14) Fixing of Record Date. Whenever necessary in connection with 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 holders of Shares or other Deposited Securities,
		or whenever the Depositary shall find it necessary or convenient, the
		Depositary shall fix a record date (“ADS Record Date”), as close as
		practicable to the record date fixed by the Company with respect to the Shares,
		for the determination of the Holders who shall be entitled to receive such
		distribution, to give instructions for the exercise of voting rights at any
		such meeting, or to give or withhold such consent, or 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 Receipt and the Deposit
		Agreement, only the Holders of record at the close of business in New York on
		such ADS Record Date shall be entitled to receive such distributions, to give
		such voting instructions, to receive such notice or solicitation, or otherwise
		take action.
	 

	 
		(15) Voting of Deposited Securities. As soon as practicable after receipt of notice of any
		meeting at which the holders of Shares are entitled to vote, or of solicitation
		of consents or proxies from holders of Shares or other 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 30 days prior to the date of such vote or meeting), at the
		Company’s expense and provided no U.S. legal prohibitions exist, mail by
		ordinary, regular mail delivery or by electronic transmission (if agreed by the
		Company and the Depositary), unless otherwise agreed in writing by the Company
		and the Depositary, 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
		as of the ADS Record Date will be entitled, subject to (i) any applicable law,
		the provisions of the Deposit Agreement, the Company’s Bye-laws 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
		Shares or other Deposited Securities represented by such Holder’s American
		Depositary Shares; and (c) a brief statement as to the manner in which such
		instructions may be given. Voting instructions may be given only in respect of
		a number of American Depositary Shares representing an integral number of
		Shares or other Deposited Securities. Upon the timely receipt of written
		instructions of a Holder of American Depositary Shares on 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 Company’s
		Bye-laws and the provisions of or governing the Deposited Securities, to vote
		or cause the Custodian to vote the Shares and/or other Deposited Securities (in
		person or by proxy) represented by American Depositary Shares evidenced by such
		Receipt in accordance with such voting instructions.
	 

	 
		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, or attempt to exercise the
		right to vote, or in any way make use of for purposes of establishing a quorum
		or otherwise, the Shares or other Deposited Securities represented by ADSs
		except pursuant to and in accordance with such written instructions from
		Holders. 
	 

	 
		There can be no assurance that Holders or
		Beneficial Owners generally or any Holder or Beneficial Owner 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-12
	 

	 
		 
	 

	 
	 

	 

	 
		Notwithstanding the above, and in accordance
		with the terms of Section 5.3 of the Deposit Agreement, the Depositary 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 such vote is cast or the effect
		of any such vote.
	 

	 
		(16) Changes Affecting Deposited Securities. Upon any change in par value, split-up, subdivision,
		cancellation, consolidation or any other reclassification of Deposited
		Securities, or upon any recapitalization, reorganization, merger , amalgamation
		or consolidation or sale of assets affecting the Company or to which it
		otherwise is a party, any securities which shall be received by the Depositary
		or a Custodian in exchange for, or in conversion of or replacement 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
		Receipts shall, subject to the provisions of the Deposit Agreement and
		applicable law, evidence ADSs representing the right to receive such additional
		securities. Alternatively, 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 Receipts as in the case
		of a stock dividend on the Shares, or call for the surrender of outstanding
		Receipts to be exchanged for new Receipts, in either case, as well as in the
		event of newly deposited Shares, with necessary modifications to this form of
		Receipt specifically describing such new Deposited Securities and/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 fees and charges of, and expenses incurred
		by, the Depositary and 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.
	 

	 
		(17) Exoneration.
		Neither the Depositary, the Custodian or the Company shall be obligated to do
		or perform any act which is inconsistent with the provisions of the Deposit
		Agreement or shall incur any liability (i) if the Depositary, the Custodian or
		the Company or their respective controlling persons or agents 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 Receipt, by reason of
		any provision of any present or future law or regulation of the United
		States, Bermuda or any other country, or of any other
		governmental authority or regulatory authority or stock exchange, or by reason
		of any provision, present or future of the Company’s Bye-laws 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, 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 Company’s
		Bye-laws or provisions of or governing Deposited Securities, (iii) for any
		action or inaction of the Depositary, the Custodian or the Company or their
		respective controlling persons or agents 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 any inability by a Holder or Beneficial Owner
		to benefit from any distribution, offering, right or other
	 

	 
		 
	 

	 
		 
	 

	 
		A-13
	 

	 
		 
	 

	 
	 

	 

	 
		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 ADS 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, opinion 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.
	 

	 
		(18) Standard of Care. The Company and the Depositary and their respective
		agents assume no obligation and shall not be subject to any liability under the
		Deposit Agreement or the Receipts to Holders or Beneficial Owners or other
		persons, except in accordance with Section 5.8 of the Deposit Agreement,
		provided, that the Company and the Depositary and their respective agents agree
		to perform their respective obligations specifically set forth in the Deposit
		Agreement without gross 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. In no event shall the Depositary or any of its Agents be
		liable for any indirect, special, punitive or consequential damage.
	 

	 
		(19) 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, save that,
		any amounts, fees, costs or expenses owed to the Depositary under the Deposit
		Agreement or in accordance with any other agreements otherwise agreed in
		writing between the Company and the Depositary from time to time shall be paid
		to the Depositary prior to such resignation. The Company shall use reasonable
		efforts to appoint such successor depositary, and give notice to the Depositary
		of such appointment, not more than 90 days after delivery by the Depositary of
		written notice of resignation as provided in the Deposit Agreement. The
		Depositary may at any time be removed by the Company by written notice of such
		removal which notice shall be effective on the later 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 save that, any amounts, fees, costs or expenses owed to the
		Depositary under the Deposit Agreement or in accordance with any other
		agreements otherwise agreed in writing between the Company and the Depositary
		from time to time shall be paid to the Depositary prior to such removal. In
		case at any time the Depositary acting hereunder shall resign or be removed,
		the Company shall use its best efforts to appoint a successor depositary which
		shall be a bank or trust company having an office in the Borough of Manhattan,
		the City of New York. Every successor depositary shall execute and deliver to
		its predecessor and to the Company an instrument in writing accepting its
		appointment hereunder, and thereupon such successor depositary, without any
		further act or deed, shall become fully vested with all the rights, powers,
		duties and obligations of its predecessor. 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
	 

	 
		 
	 

	 
		 
	 

	 
		A-14
	 

	 
		 
	 

	 
	 

	 

	 
		predecessor hereunder (other than as
		contemplated in the Deposit Agreement), (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
		Receipts and such other information relating to Receipts and Holders thereof as
		the successor may reasonably request. Any such successor depositary shall
		promptly mail 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.
	 

	 
		(20) Amendment/Supplement. Subject to the terms and conditions of this Article
		(20), and applicable law, this Receipt 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 consent of the Holders or
		Beneficial Owners. Any amendment or supplement which shall impose or increase
		any fees or charges (other than the charges of the Depositary 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 Receipts until 30 days after
		notice of such amendment or supplement shall have been given to the Holders of
		outstanding Receipts. 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 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 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, to consent and agree to such amendment
		or supplement and to be bound by the Deposit Agreement as amended or
		supplemented thereby. In no event shall any amendment or supplement impair the
		right of the Holder to surrender such Receipt 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 amendment or supplement of the Deposit Agreement to ensure compliance
		therewith, the Company and the Depositary may amend or supplement the Deposit
		Agreement and the Receipt 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.
	 

	 
		(21) Termination. The
		Depositary shall, at any time at the written direction of the Company,
		terminate the Deposit Agreement by mailing notice of such termination to the
		Holders of all Receipts then outstanding at least 90 days prior to the date
		fixed in such notice for such termination provided that, the Depositary shall
		be reimbursed for any amounts, fees, costs or expenses owed to it in accordance
		with the terms of the Deposit Agreement and in accordance with any other
		agreements as otherwise agreed in writing between the Company and the
		Depositary from time to time, prior to such termination shall take effect. If
		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 Agreement by mailing notice
		of such termination to the Holders of all Receipts then outstanding at least 30
		days prior to the date fixed for such termination. On and after the date of
		termination of the Deposit Agreement, the Holder will, upon surrender of such
		Holder’s Receipt at the Corporate Trust Office of the Depositary, upon the
		payment of the charges of the
	 

	 
		 
	 

	 
		 
	 

	 
		A-15
	 

	 
		 
	 

	 
	 

	 

	 
		Depositary for the surrender of Receipts
		referred to in Article (2) hereof 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
		Receipt. If any Receipts shall remain outstanding after the date of termination
		of the Deposit Agreement, the Registrar thereafter shall discontinue the
		registration of transfers of Receipts, 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
		Receipts 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 a
		Receipt, 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 of Receipts whose Receipts
		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 Receipts and the Shares, Deposited Securities and ADSs, 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 a Receipt, 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.
	 

	 
		(22) Compliance with U.S. Securities Laws; Regulatory
		Compliance. Notwithstanding any
		provisions in this Receipt 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 Section I.A.(1) of
		the General Instructions to the Form F-6 Registration Statement, as amended
		from time to time, under the Securities Act.
	 

	 
		(23) Certain Rights of the Depositary;
		Limitations. Subject to the further
		terms and provisions of this Article (23), 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 may (i) issue ADSs prior to the receipt of Shares (each such
		transaction a “Pre-Release Transaction”) as provided below and (ii)
		deliver Shares upon the receipt and cancellation of ADSs that were issued in a
		Pre-Release Transaction, but for which Shares may not yet have been received.
		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 (1)
		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, (2) 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, (3) unconditionally guarantees to deliver to the
		Depositary or the Custodian, as applicable, such Shares or ADSs, and (4) agrees
		to any additional restrictions or requirements that the Depositary deems
		appropriate, (b) at all times fully collateralized with cash, United States
		government securities or such other collateral
	 

	 
		 
	 

	 
		 
	 

	 
		A-16
	 

	 
		 
	 

	 
	 

	 

	 
		as the Depositary deems appropriate, (c)
		terminable by the Depositary on not more than five (5) business days’
		notice (save for a prescribed termination event in which case any such
		Pre-Release Transaction may be immediately terminable by the Depositary) and
		(d) subject to such further indemnities and credit regulations as the
		Depositary deems appropriate. The Depositary will normally limit the number of
		ADSs involved in such Pre-Release Transactions at any one time to thirty
		percent (30%) of the ADSs outstanding (without giving effect to ADSs
		outstanding pursuant to any Pre-Release Transaction), provided,
		however, that the Depositary reserves the right to disregard
		such limit from time to time as it deems appropriate. The Depositary may also
		set limits with respect to the number of ADSs 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). 
	 

	 
		(24) Ownership Restrictions. Owners and Beneficial Owners shall comply with any
		limitations on ownership of Shares under the Bye-laws of the Company or
		applicable Bermuda law as if they held the number of Shares their American
		Depositary Shares represent. The Company shall inform the Owners, Beneficial
		Owners and the Depositary of any such ownership restrictions in place from time
		to time. The Company may restrict transfers of the Shares where such transfer
		might result in ownership of Shares exceeding the limits applicable to the
		Shares under applicable law or the Company’s Memorandum of Association or
		Bye-laws. 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 pursuant to the Company’s
		Bye-laws, including but not limited to, the removal or limitation of voting
		rights or the mandatory sale or disposition on behalf of a Holder or Beneficial
		Owner of the Shares represented by the ADRs 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 Company’s Memorandum of Association
		and Bye-laws; provided that any such measures are practicable and can be
		undertaken without undue burden or expense. The Depositary shall have no
		liability for any actions taken in accordance with such instructions.
	 

	 
		 
	 

	 
		 
	 

	 
		A-17
	 

	 
		 
	 

	 
	 

	 

	 
		(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 Receipt and all rights thereunder, hereby
		irrevocably constituting and appointing                           attorney-in-fact to transfer said Receipt 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 Receipt.
				

			 

 

	 
		 
	 

	  

  

	 
		 
	 

	 
			
				
				  SIGNATURE GUARANTEED 

				  

				

			 
	
				
				   
 
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		A-18
	 

	 
		 
	 

	 
	 

	 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  ARTICLE I. DEFINITIONS
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  SECTION 1.1
				

			 	
				
				   
				

			 	
				
				  “Affiliate”
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  SECTION 1.2
				

			 	
				
				   
				

			 	
				
				  “Agent”
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  SECTION 1.3
				

			 	
				
				   
				

			 	
				
				  “American Depositary
				  Share(s)” and “ADS(s)”
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  SECTION 1.4
				

			 	
				
				   
				

			 	
				
				  “Article” shall
				  refer to an article of the form of Receipt set out at Exhibit A hereto
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION 1.5
				

			 	
				
				   
				

			 	
				
				  “ADS Record
				  Date”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION 1.6
				

			 	
				
				   
				

			 	
				
				  “Beneficial
				  Owner”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION 1.7
				

			 	
				
				   
				

			 	
				
				  “Business
				  Day”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION 1.8
				

			 	
				
				   
				

			 	
				
				  “Commission”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION 1.9
				

			 	
				
				   
				

			 	
				
				  “Company”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION 1.10
				

			 	
				
				   
				

			 	
				
				  “Corporate Trust
				  Office”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION 1.11
				

			 	
				
				   
				

			 	
				
				  “Custodian”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION 1.12
				

			 	
				
				   
				

			 	
				
				  “Deliver” and
				  “Delivery”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  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
				

			 	
				
				   
				

			 	
				
				  “DRS/Profile”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION 1.18
				

			 	
				
				   
				

			 	
				
				  “DTC”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION 1.19
				

			 	
				
				   
				

			 	
				
				  “Exchange
				  Act”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION 1.20
				

			 	
				
				   
				

			 	
				
				  “Foreign
				  Currency”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION 1.21
				

			 	
				
				   
				

			 	
				
				  “Foreign
				  Registrar”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION 1.22
				

			 	
				
				   
				

			 	
				
				  “Holder”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION 1.23
				

			 	
				
				   
				

			 	
				
				  “Indemnified
				  Person” and “Indemnifying Person”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION 1.24
				

			 	
				
				   
				

			 	
				
				  “Pre-Release
				  Transaction”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION 1.25
				

			 	
				
				   
				

			 	
				
				  “Receipt(s)”;
				  “American Depositary Receipt(s)”; and “ADR(s)”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION 1.26
				

			 	
				
				   
				

			 	
				
				  “Registrar”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION 1.27
				

			 	
				
				   
				

			 	
				
				  “Restricted
				  ADRs”; “Restricted ADSs”; and “Restricted
				  Shares”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION 1.28
				

			 	
				
				   
				

			 	
				
				  “Restricted
				  Securities”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION 1.29
				

			 	
				
				   
				

			 	
				
				  “Securities
				  Act”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION 1.30
				

			 	
				
				   
				

			 	
				
				  “Shares”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION 1.31
				

			 	
				
				   
				

			 	
				
				  “United States”
				  or “U.S.”
				

			 	
				
				   
				

			 	
				
				  4
				

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

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION 2.1
				

			 	
				
				   
				

			 	
				
				  Appointment of
				  Depositary
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION 2.2
				

			 	
				
				   
				

			 	
				
				  Form and Transferability of
				  Receipts
				

			 	
				
				   
				

			 	
				
				  5
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		(i)
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  SECTION 2.3
				

			 	
				
				   
				

			 	
				
				  Deposits
				

			 	
				
				   
				

			 	
				
				  6
				

			 
	
				
				  SECTION 2.4
				

			 	
				
				   
				

			 	
				
				  Execution and Delivery of
				  Receipts
				

			 	
				
				   
				

			 	
				
				  7
				

			 
	
				
				  SECTION 2.5
				

			 	
				
				   
				

			 	
				
				  Transfer of Receipts; Combination
				  and Split-up of Receipts
				

			 	
				
				   
				

			 	
				
				  7
				

			 
	
				
				  SECTION 2.6
				

			 	
				
				   
				

			 	
				
				  Surrender of Receipts and Withdrawal
				  of Deposited Securities
				

			 	
				
				   
				

			 	
				
				  8
				

			 
	
				
				  SECTION 2.7
				

			 	
				
				   
				

			 	
				
				  Limitations on Execution and
				  Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer,
				  etc.
				

			 	
				
				   
				

			 	
				
				  9
				

			 
	
				
				  SECTION 2.8
				

			 	
				
				   
				

			 	
				
				  Lost Receipts, etc.
				

			 	
				
				   
				

			 	
				
				  10
				

			 
	
				
				  SECTION 2.9
				

			 	
				
				   
				

			 	
				
				  Cancellation and Destruction of
				  Surrendered Receipts; Maintenance of Records
				

			 	
				
				   
				

			 	
				
				  10
				

			 
	
				
				  SECTION 2.10
				

			 	
				
				   
				

			 	
				
				  Pre-Release
				

			 	
				
				   
				

			 	
				
				  10
				

			 
	
				
				  SECTION 2.11
				

			 	
				
				   
				

			 	
				
				  Restricted ADSs
				

			 	
				
				   
				

			 	
				
				  11
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				 

			   

			 	
				
				   
				

			 	
				
				  11
				

			 
	
				
				  ARTICLE III. CERTAIN OBLIGATIONS OF
				  HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				  SECTION 3.1
				

			 	
				
				   
				

			 	
				
				  Proofs, Certificates and Other
				  Information
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				  SECTION 3.2
				

			 	
				
				   
				

			 	
				
				  Liability for Taxes and Other
				  Charges
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				  SECTION 3.3
				

			 	
				
				   
				

			 	
				
				  Representations and Warranties on
				  Deposit of Shares
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  SECTION 3.4
				

			 	
				
				   
				

			 	
				
				  Compliance with Information
				  Requests
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  ARTICLE IV. THE DEPOSITED
				  SECURITIES
				

			 	
				
				   
				

			 	
				
				  14
				

			 
	
				
				  SECTION 4.1
				

			 	
				
				   
				

			 	
				
				  Cash Distributions
				

			 	
				
				   
				

			 	
				
				  14
				

			 
	
				
				  SECTION 4.2
				

			 	
				
				   
				

			 	
				
				  Distribution in Shares
				

			 	
				
				   
				

			 	
				
				  14
				

			 
	
				
				  SECTION 4.3
				

			 	
				
				   
				

			 	
				
				  Elective Distributions in Cash or
				  Shares
				

			 	
				
				   
				

			 	
				
				  15
				

			 
	
				
				  SECTION 4.4
				

			 	
				
				   
				

			 	
				
				  Distribution of Rights to Purchase
				  Shares
				

			 	
				
				   
				

			 	
				
				  15
				

			 
	
				
				  SECTION 4.5
				

			 	
				
				   
				

			 	
				
				  Distributions Other Than Cash,
				  Shares or Rights to Purchase Shares
				

			 	
				
				   
				

			 	
				
				  17
				

			 
	
				
				  SECTION 4.6
				

			 	
				
				   
				

			 	
				
				  Conversion of Foreign
				  Currency
				

			 	
				
				   
				

			 	
				
				  17
				

			 
	
				
				  SECTION 4.7
				

			 	
				
				   
				

			 	
				
				  Fixing of Record Date
				

			 	
				
				   
				

			 	
				
				  18
				

			 
	
				
				  SECTION 4.8
				

			 	
				
				   
				

			 	
				
				  Voting of Deposited
				  Securities
				

			 	
				
				   
				

			 	
				
				  18
				

			 
	
				
				  SECTION 4.9
				

			 	
				
				   
				

			 	
				
				  Changes Affecting Deposited
				  Securities
				

			 	
				
				   
				

			 	
				
				  19
				

			 
	
				
				  SECTION 4.10
				

			 	
				
				   
				

			 	
				
				  Available Information
				

			 	
				
				   
				

			 	
				
				  20
				

			 
	
				
				  SECTION 4.11
				

			 	
				
				   
				

			 	
				
				  Reports
				

			 	
				
				   
				

			 	
				
				  20
				

			 
	
				
				  SECTION 4.12
				

			 	
				
				   
				

			 	
				
				  List of Holders
				

			 	
				
				   
				

			 	
				
				  20
				

			 
	
				
				  SECTION 4.13
				

			 	
				
				   
				

			 	
				
				  Taxation; Withholding
				

			 	
				
				   
				

			 	
				
				  20
				

			 
	
				
				  ARTICLE V. THE DEPOSITARY, THE
				  CUSTODIAN AND THE COMPANY
				

			 	
				
				   
				

			 	
				
				  21
				

			 
	
				
				  SECTION 5.1
				

			 	
				
				   
				

			 	
				
				  Maintenance of Office and Transfer
				  Books by the Registrar
				

			 	
				
				   
				

			 	
				
				  21
				

			 
	
				
				  SECTION 5.2
				

			 	
				
				   
				

			 	
				
				  Exoneration
				

			 	
				
				   
				

			 	
				
				  22
				

			 
	
				
				  SECTION 5.3
				

			 	
				
				   
				

			 	
				
				  Standard of Care
				

			 	
				
				   
				

			 	
				
				  22
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		(ii)
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  SECTION 5.4
				

			 	
				
				   
				

			 	
				
				  Resignation and Removal of the
				  Depositary; Appointment of Successor Depositary
				

			 	
				
				   
				

			 	
				
				  23
				

			 
	
				
				  SECTION 5.5
				

			 	
				
				   
				

			 	
				
				  The Custodian
				

			 	
				
				   
				

			 	
				
				  24
				

			 
	
				
				  SECTION 5.6
				

			 	
				
				   
				

			 	
				
				  Notices and Reports
				

			 	
				
				   
				

			 	
				
				  24
				

			 
	
				
				  SECTION 5.7
				

			 	
				
				   
				

			 	
				
				  Issuance of Additional Shares, ADSs
				  etc.
				

			 	
				
				   
				

			 	
				
				  25
				

			 
	
				
				  SECTION 5.8
				

			 	
				
				   
				

			 	
				
				  Indemnification
				

			 	
				
				   
				

			 	
				
				  26
				

			 
	
				
				  SECTION 5.9
				

			 	
				
				   
				

			 	
				
				  Fees and Charges of
				  Depositary
				

			 	
				
				   
				

			 	
				
				  27
				

			 
	
				
				  SECTION 5.10
				

			 	
				
				   
				

			 	
				
				  Restricted Securities
				  Owners/Ownership Restrictions
				

			 	
				
				   
				

			 	
				
				  28
				

			 
	
				
				  ARTICLE VI. AMENDMENT AND
				  TERMINATION
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  SECTION 6.1
				

			 	
				
				   
				

			 	
				
				  Amendment/Supplement
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  SECTION 6.2
				

			 	
				
				   
				

			 	
				
				  Termination
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  ARTICLE VII. MISCELLANEOUS
				

			 	
				
				   
				

			 	
				
				  30
				

			 
	
				
				  SECTION 7.1
				

			 	
				
				   
				

			 	
				
				  Counterparts
				

			 	
				
				   
				

			 	
				
				  30
				

			 
	
				
				  SECTION 7.2
				

			 	
				
				   
				

			 	
				
				  No Third-Party Beneficiaries
				

			 	
				
				   
				

			 	
				
				  30
				

			 
	
				
				  SECTION 7.3
				

			 	
				
				   
				

			 	
				
				  Severability
				

			 	
				
				   
				

			 	
				
				  31
				

			 
	
				
				  SECTION 7.4
				

			 	
				
				   
				

			 	
				
				  Holders and Beneficial Owners as
				  Parties; Binding Effect
				

			 	
				
				   
				

			 	
				
				  31
				

			 
	
				
				  SECTION 7.5
				

			 	
				
				   
				

			 	
				
				  Notices
				

			 	
				
				   
				

			 	
				
				  31
				

			 
	
				
				  SECTION 7.6
				

			 	
				
				   
				

			 	
				
				  Governing Law and
				  Jurisdiction
				

			 	
				
				   
				

			 	
				
				  31
				

			 
	
				
				  SECTION 7.7
				

			 	
				
				   
				

			 	
				
				  Assignment
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  SECTION 7.8
				

			 	
				
				   
				

			 	
				
				  Agents
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  SECTION 7.9
				

			 	
				
				   
				

			 	
				
				  Exclusivity
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  SECTION 7.10
				

			 	
				
				   
				

			 	
				
				  Compliance with U.S. Securities
				  Laws
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  SECTION 7.11
				

			 	
				
				   
				

			 	
				
				  Titles
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  EXHIBIT A Form of Face of Receipt
				

			 	
				
				   
				

			 	
				
				  A-1
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		(iii)Exhibit 10.1 

B&B Air Management Agreement

Babcock & Brown Air Limited

and

Babcock & Brown Air Management Co. Limited

 

 

Table of contents

 

	
      Clause
 	
       
 	
       
 	
       
 	
       
 	
       
 	
      Page
 
	
                        1
 	
                         
 	
                        Definitions and interpretation
 	
                         
 	
                        2
 
	
                         
 	
                         
 	
                        1.1
 	
                         
 	
                        Definitions
 	
                         
 	
                        2
 
	
                         
 	
                         
 	
                        1.2
 	
                         
 	
                        Interpretation
 	
                         
 	
                        15
 
	
                        2
 	
                         
 	
                        Appointment
 	
                         
 	
                        17
 
	
                        3
 	
                         
 	
                        Obligations of the Manager
 	
                         
 	
                        18
 
	
                         
 	
                         
 	
                        3.1
 	
                         
 	
                        Management and Administrative Services
 	
                         
 	
                        18
 
	
                         
 	
                         
 	
                        3.2
 	
                         
 	
                        Origination and Disposition Services
 	
                         
 	
                        21
 
	
                         
 	
                         
 	
                        3.3
 	
                         
 	
                        Ancillary Management and Administrative Services
 	
                         
 	
                        23
 
	
                         
 	
                         
 	
                        3.4
 	
                         
 	
                        Compliance with Company’s strategy, policy and directions
 	
                         
 	
                        24
 
	
                         
 	
                         
 	
                        3.5
 	
                         
 	
                        Restrictions and duties
 	
                         
 	
                        26
 
	
                         
 	
                         
 	
                        3.6
 	
                         
 	
                        Amounts to be reviewed
 	
                         
 	
                        30
 
	
                         
 	
                         
 	
                        3.7
 	
                         
 	
                        Assistance in providing Services
 	
                         
 	
                        31
 
	
                         
 	
                         
 	
                        3.8
 	
                         
 	
                        Delegation
 	
                         
 	
                        32
 
	
                         
 	
                         
 	
                        3.9
 	
                         
 	
                        Reports and information
 	
                         
 	
                        32
 
	
                         
 	
                         
 	
                        3.10
 	
                         
 	
                        Insurance
 	
                         
 	
                        34
 
	
                         
 	
                         
 	
                        3.11
 	
                         
 	
                        Relationship of this Agreement and other agreements
 	
                         
 	
                        34
 
	
                        4
 	
                         
 	
                        Obligations of the Company
 	
                         
 	
                        34
 
	
                        5
 	
                         
 	
                        Fees
 	
                         
 	
                        35
 
	
                         
 	
                         
 	
                        5.1
 	
                         
 	
                        Manager fees
 	
                         
 	
                        35
 
	
                         
 	
                         
 	
                        5.2
 	
                         
 	
                        Break Fees
 	
                         
 	
                        44
 
	
                         
 	
                         
 	
                        5.3
 	
                         
 	
                        Ancillary Management and Administrative Fees
 	
                         
 	
                        45
 
	
                         
 	
                         
 	
                        5.4
 	
                         
 	
                        Credit for Servicing Fees Paid
 	
                         
 	
                        45
 
	
                         
 	
                         
 	
                        5.5
 	
                         
 	
                        Fees independent
 	
                         
 	
                        46
 
	
                         
 	
                         
 	
                        5.6
 	
                         
 	
                        Other services performed by B&B Affiliates
 	
                         
 	
                        46
 
	
                        6
 	
                         
 	
                        Costs and expenses
 	
                         
 	
                        46
 
	
                         
 	
                         
 	
                        6.1
 	
                         
 	
                        Company liable for certain costs and expenses
 	
                         
 	
                        46
 
	
                         
 	
                         
 	
                        6.2
 	
                         
 	
                        Regulatory expenses
 	
                         
 	
                        48
 
	
                         
 	
                         
 	
                        6.3
 	
                         
 	
                        Adjusting the Management Expense Amount
 	
                         
 	
                        48
 
	
                        7
 	
                         
 	
                        Management and Board of Directors
 	
                         
 	
                        50
 
	
                         
 	
                         
 	
                        7.1
 	
                         
 	
                        Core Management Team
 	
                         
 	
                        50
 
	
                         
 	
                         
 	
                        7.2
 	
                         
 	
                        Chief executive officer and chief financial officer
 	
                         
 	
                        51
 
	
                         
 	
                         
 	
                        7.3
 	
                         
 	
                        Manager’s board appointees
 	
                         
 	
                        51
 
	
                        8
 	
                         
 	
                        Servicing and Competitors
 	
                         
 	
                        52
 
	
                         
 	
                         
 	
                        8.1
 	
                         
 	
                        BBAM as exclusive servicer
 	
                         
 	
                        52
 
	
                         
 	
                         
 	
                        8.2
 	
                         
 	
                        Competitors
 	
                         
 	
                        53
 

 

 

 

  	9
	 
	Warranties, limitation of liability and indemnity
	 
	55

	 
	 
	9.1
	 
	Mutual warranties
	 
	55

	 
	 
	9.2
	 
	Warranties of Manager
	 
	55

	 
	 
	9.3
	 
	Inaccurate warranties
	 
	56

	 
	 
	9.4
	 
	Exclusion of warranties
	 
	56

	 
	 
	9.5
	 
	Manager may rely
	 
	57

	 
	 
	9.6
	 
	Acknowledgement
	 
	58

	 
	 
	9.7
	 
	Indemnity and limitation of liability
	 
	58

	10
	 
	Term and termination
	 
	63

	 
	 
	10.1
	 
	Term
	 
	63

	 
	 
	10.2
	 
	Termination
	 
	63

	 
	 
	10.3
	 
	Effect of termination
	 
	69

	11
	 
	Confidentiality
	 
	71

	 
	 
	11.1
	 
	Confidential Information
	 
	71

	 
	 
	11.2
	 
	Permitted disclosures
	 
	72

	12
	 
	Notices
	 
	73

	 
	 
	12.1
	 
	Requirements
	 
	73

	 
	 
	12.2
	 
	Receipt
	 
	75

	13
	 
	Independent contractor, conflicts of interest and restriction
	 
	76

	 
	 
	13.1
	 
	Independent contractor
	 
	76

	 
	 
	13.2
	 
	Conflicts of interest
	 
	76

	 
	 
	13.3
	 
	Acting in interess of shareholders
	 
	77

	 
	 
	13.4
	 
	Manager not accountable
	 
	77

	 
	 
	13.5
	 
	Contracts valid
	 
	78

	14
	 
	Independent advice
	 
	78

	15
	 
	Legal actions
	 
	79

	 
	 
	15.1
	 
	Third-party claims
	 
	79

	 
	 
	15.2
	 
	Litigation
	 
	79

	16
	 
	General provisions
	 
	80

	 
	 
	16.1
	 
	Entire agreement
	 
	80

	 
	 
	16.2
	 
	Assignment
	 
	80

	 
	 
	16.3
	 
	Indemnities
	 
	80

	 
	 
	16.4
	 
	Invalid or unenforceable provisions
	 
	81

	 
	 
	16.5
	 
	Waiver and exercise of rights
	 
	81

	 
	 
	16.6
	 
	Amendment
	 
	82

	 
	 
	16.7
	 
	Counterparts
	 
	82

	 
	 
	16.8
	 
	Rights cumulative
	 
	82

	 
	 
	16.9
	 
	Successors and assigns
	 
	82

	 
	 
	16.10
	 
	Governing law
	 
	82

	 
	 
	16.11
	 
	Jurisdiction
	 
	82

 

 

 

 

 

	
      Schedule 1
 	
       
 	
      –
 	
       
 	
      Expenses
 	
       
 	
      84
 
	
                        Schedule 2
 	
                         
 	
                        –
 	
                         
 	
                        Illustration of Notional Amount Allocation
 	
                         
 	
                        88
 
	
                        
 	
                         
 	
                         
 	
                         
 	
                        
 	
                         
 	
                        
 

 

 

 

 

This Management Agreement

is made on ______ 2007 between the following parties:

	
                         
 	
                        1
 	
                        Babcock & Brown Air Limited, a Bermuda limited liability company, with its principal executive offices at West Pier, Dun Laoghaire, County Dublin, Ireland (Company)
 

	
                         
 	
                        2
 	
                        Babcock & Brown Air Management Co. Limited, a Bermuda limited liability company, with its principal executive offices at West Pier Dun Laoghaire, County Dublin, Ireland (Manager)
 

Recitals

	
                         
 	
                        A.
 	
                        The Company carries on a business of acquiring, owning and leasing commercial jet aircraft and other aviation assets.
 

	
                         
 	
                        B.
 	
                        The Company wishes to appoint the Manager to manage the Company’s portfolio of aircraft and other aviation assets and to provide the other services described herein.
 

This Agreement witnesses

that in consideration of, among other things, the mutual promises contained in this Agreement, the parties agree:

1          Definitions and interpretation

	
                         
 	
      1.1
 	
      Definitions
 

In this Agreement, unless the context requires another meaning:

$ means the lawful currency of the United States of America;

Administrative Agency Agreement means any administrative agency agreement entered into on or after the date hereof between any B&B Affiliate, on the one part, and the Company or any of its Subsidiaries, on the other part;

Administrative Agency Fee means the fee payable under clause 5.1(e);

ADSs means the American Depositary Shares representing the Shares;

ADS Registration Statement means the registration statement on Form F-6 filed under the Securities Act (No. 333-______) pursuant to which the offer and sale of ADSs has been registered.

Affiliate means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified, including a trust of which the Person specified or any of its Affiliates is a beneficiary, except that for purposes of this Agreement the Company and its Subsidiaries, on the one part, and Babcock & Brown and B&B Affiliates (other than the Company and its Subsidiaries), on the other part, shall not be considered to be Affiliates of each other.

Agreement means this management agreement;

2

 

 

Ancillary Management and Administrative Services means the services to be procured or provided by the Manager under clause 3.3;

Available Liquidity means the sum of (i) cash available to be used by the Company on an unrestricted basis plus (ii) the Company’s and its Subsidiaries’ debt capacity under committed debt facilities available for aviation asset investment transactions.

B&B Affiliate means any Affiliate of Babcock & Brown and any entity in respect of which Babcock & Brown or an Affiliate of Babcock & Brown has been appointed a responsible entity or with whom Babcock & Brown or an Affiliate of Babcock & Brown has entered into a management, trustee or similar agreement;

Babcock & Brown means Babcock & Brown Limited ABN 53 108 614 955, an Australian company;

Base Value means the value of an aircraft in an open, unrestricted, stable market environment with a reasonable balance of supply and demand, and with full consideration of the aircraft’s “highest and best use”, presuming an arm’s-length, cash transaction between willing, able and knowledgeable parties, acting prudently, with an absence of duress and with a reasonable period of time available for marketing, adjusted to account for the maintenance status of such aircraft (with such assumptions as to use since the last reported status as may be reasonably stated in the appraisal setting forth such Base Value);

B&B Air Acquisition means Babcock & Brown Air Acquisition I Limited, a Bermuda limited liability company;

B&B Air Funding means Babcock & Brown Air Funding I Limited, a Bermuda limited liability company;

Base Fee means the monthly fee payable under clause 5.1(a)(1)(A);

BBAM means Babcock & Brown Aircraft Management LLC, a Delaware limited liability company, and Babcock & Brown Aircraft Management (Europe) Limited, an Irish corporation, individually or collectively;

Board means the board of directors of the Company as constituted from time to time;

Business Day means a day on which banks are open for business in New York, New York;

Calculation Date means the sixth Business Day immediately preceding each Payment Date;

Change of Control Fee means the fee calculated in accordance with clause 5.1(c)(2); 

Competitor means any of the following Persons:

	
                         
 	
                        (a)
 	
                        any of the following Persons (or any of their respective Affiliates) and their respective successors and assigns:
 

	
                         
 	
                        (1)
 	
                        GE Commercial Aviation Services Limited;
 

 

 

3

 

	
                         
 	
                        (2)
 	
                        International Lease Finance Corporation;
 

	
                         
 	
                        (3)
 	
                        AerCap B.V.; 
 

	
                         
 	
                        (4)
 	
                        Aircastle Advisor LLC;
 

	
                         
 	
                        (5)
 	
                        Allco Finance Group;
 

	
                         
 	
                        (6)
 	
                        Aviation Capital Group;
 

	
                         
 	
                        (7)
 	
                        AWAS;
 

	
                         
 	
                        (8)
 	
                        BCI Aircraft Leasing, Inc.;
 

	
                         
 	
                        (9)
 	
                        Boeing Capital Corporation;
 

	
                         
 	
                        (10)
 	
                        CIT Group Inc.;
 

	
                         
 	
                        (11)
 	
                        GATX Air;
 

	
                         
 	
                        (12)
 	
                        Macquarie Bank Limited;
 

	
                         
 	
                        (13)
 	
                        ORIX Aviation Systems Limited;
 

	
                         
 	
                        (14)
 	
                        Pegasus Aviation;
 

	
                         
 	
                        (15)
 	
                        Pembroke Group Ltd.;
 

	
                         
 	
                        (16)
 	
                        RBS Aviation Capital;
 

	
                         
 	
                        (17)
 	
                        Singapore Aircraft Leasing Enterprise;
 

	
                         
 	
                        (18)
 	
                        Sumisho Aircraft Asset Management B.V.; 
 

	
                         
 	
                        (19)
 	
                        Genesis Lease Limited; and
 

	
                         
 	
                        (20)
 	
                        Tombo Aviation.
 

	
                         
 	
                        (b)
 	
                        any other Person (or any Affiliate thereof) (other than Babcock & Brown or any B&B Affiliate) that, together with its Affiliates, has consolidated aircraft leasing-related revenues or aircraft- or engine manufacturing-related revenues of more than $200 million for its most recently completed fiscal year; or
 

	
                         
 	
                        (c)
 	
                        any other Person which beneficially owns 15% or more of the voting securities of any Person identified in the foregoing clauses (a) or (b) (other than Babcock & Brown or any B&B Affiliate);
 

Confidential Information means all books, records, documents and information of or relating to the affairs of a party;

Core Management Team means the management team referred to in clause 7.1(a);

CPI means the headline consumer price index number as published on a monthly basis by the United States Department of Labor, or any substitute accepted by the Government of the United States from time to time provided that:

	
                         
 	
      (a)
 	
                        if the CPI base adopted for CPI is at any time updated, the CPI is to be appropriately adjusted from time to time;
 

 

 

4

 

	
                         
 	
                        (b)
 	
                        if at any time the CPI is discontinued, there is to be substituted the alternative method of computing changes in the cost of living which is mutually agreed between the parties during the period of 20 Business Days after written notice given by either party to the other; and
 

	
                         
 	
                        (c)
 	
                        if any alternative index is determined in accordance with paragraph (b) and that index is at any time thereafter discontinued, the procedure in paragraph (b) is repeated to determine the new CPI;
 

Directors means the directors comprising the Board from time to time;

Exchange Act means the United States Securities Exchange Act of 1934, as amended;

Ex-Dividend Date means, with respect to any declared dividend, the first date on and after which which purchasers of ADSs will not be entitled to receive payment of the dividend;

Fee Period has the meaning given to that term in clause 5.1(a)(1)(B);

Government Agency means:

	
                         
 	
                        (a)
 	
                        a government, whether foreign, federal, state, territorial or local;
 

	
                         
 	
                        (b)
 	
                        a department, office, branch or minister of a government acting in that capacity; or
 

	
                         
 	
                        (c)
 	
                        a commission, delegate, instrumentality, agency, board, court, or other governmental, semi-governmental, judicial, administrative, monetary or fiscal authority, whether statutory or not;
 

Gross Acquisition Cost shall be an amount equal to the gross consideration (including the fair market value of any non-cash consideration) paid by the Company or any of its Subsidiaries in respect of the applicable acquisition;

Gross Proceeds shall be an amount equal to the gross proceeds (including the fair market value of any non-cash consideration, but excluding any cash added to the purchase price of the applicable aircraft or other aviation asset in respect of any utilization rent or deposit) received by the Company or any of its Subsidiaries in respect of any disposition of an aircraft or other aviation asset;

Gross Consideration shall be an amount equal to the gross consideration (including the fair market value of any non-cash consideration) received by the Company and its Subsidiaries or the holders of ADSs in respect of the applicable change of control transaction;

Incentive Fee means the fee calculated in accordance with clause 5.1(b); 

Initial Portfolio means the initial portfolio of 47 aircraft acquired by B&B Air Funding acquired on and after the date of consummation of the Company’s initial public offering of its ADSs;

IPO Registration Statement means the registration statement on Form F-1 filed under the Securities Act (No. 333-______) pursuant to which the offer and sale of the Shares has been registered.

 

 

5

 

Management and Administrative Services means the services to be procured or provided by the Manager under clause 3.1;

Management Expense Amount means the amount calculated in accordance with clause 6.3; 

Management Expenses means those expenses which are agreed by the Company and the Manager from time to time to be included in the Management Expense Amount as detailed in Part 1 of Schedule 1;

Manager Shares means the manager shares, par value $0.001 per share, of the Company;

NYSE means the New York Stock Exchange;

NYSE Rules means the rules of the NYSE applicable to companies listed thereon;

Origination and Disposition Fees means the fees calculated in accordance with clause 5.1(c)(1); 

Origination and Disposition Services means the services to be procured or provided by the Manager under clause 3.2;

Payment Date means the 19th day of each month, commencing on [            ] [     ], 2007; provided that, if any Payment Date would otherwise fall on a day that is not a Business Day, the relevant Payment Date shall be the first following day which is a Business Day;

Person means any individual, firm, corporation, limited liability company, partnership, trust, body of persons, joint venture, Government Agency or other entity, and shall include any successor (by merger or otherwise) of such entity;

Prospectus means the prospectus or prospectuses included in any of the Registration Statements, as amended or supplemented by any prospectus supplement and by all other amendments and supplements to any such prospectus, including post-effective amendments and all material incorporated by reference in such prospectus;

Quarter means a period of 3 consecutive months ending on 31 March, 30 June, 30 September or 31 December or, in the case of the period from the Trading Date to [     ] 2007, that period;

Registration Statements means the IPO Registration Statement and the ADS Registration Statement, including in each case the Prospectus related thereto, amendments and supplements to any such Registration Statement, including post-effective amendments, all exhibits and all materials incorporated by reference in any such Registration Statement and Prospectus.

Rent Fee means the fee payable under clause 5.1(a)(2);

The Rent Collected Fee in respect of any Fee Period shall equal 1.00% of the aggregate amount of the Rents actually paid by each lessee and, if any lessee fails to pay any Rents when due, amounts applied towards such payment during such Fee Period or portion of such Fee Period in which the relevant aircraft is held by B&B Air Funding or any of its Subsidiaries; provided that if 

 

 

6

 

any collateral security, including any security deposit, is applied to the payment of Rents, then, for purposes of calculating the Rent Collected Fee, the amounts so applied shall not be included as Rents at the time of such application but shall be so included at such time as any B&B Air Funding or any of its Subsidiaries shall receive substitute collateral security or a payment (whether in the form of Rents or otherwise) which restores, in whole or in part, such collateral security;

The Rent Payable Fee in respect of any Fee Period shall equal 1.00% of the aggregate amount of the Rents due from each lessee attributable to such Fee Period, or portion of such Fee Period in which the relevant aircraft is held by B&B Air Funding or any of its Subsidiaries; provided that, in the event of an early termination of a lease for any reason (other than by reason of the occurrence of an event of loss or exercise of a purchase option), the Rents which would have been payable pursuant to such lease but for such early termination will be included in this calculation of the Rent Payable Fee until the earlier of (a) the date on which Rents shall become payable in respect of such aircraft pursuant to another lease
(the Rents of which shall be included in this calculation of the Rent Payable Fee) and (b) the day that numerically corresponds to the first date by which such aircraft and related aircraft documents shall have been physically repossessed by BBAM following such early termination in (or, if no such day exists, the last day of) the calendar month that is the third month after the month in which such date occurs;

Rents means the basic rent payable pursuant to a lease, and in the event that the agreement or arrangement pursuant to which possession of any aircraft asset is given is other than as a lease, amounts equivalent to any basic rent, and, in the event that there is a negotiated or non-consensual termination of a lease prior to the scheduled expiry date of the term thereof or the exercise of a termination right by the lessee under a lease, all amounts payable by the lessee in connection therewith other than amounts that the Manager allocates in good faith to damages for the applicable aircraft’s failure to comply with the return conditions specified in the lease for such aircraft (as compared with damages for failure to pay overdue or future rent);

SEC means the United States Securities and Exchange Commission;

Securities Act means the United States Securities Act of 1933, as amended;

Services means the Management and Administrative Services, the Origination and Disposition Services and the Ancillary Management and Administrative Services;

Servicing Agreement means any servicing agreement entered into on or after the date hereof between BBAM or any of its Affiliates, on the one part, and the Company or any of its Subsidiaries, on the other part;

Shares means the common shares, par value $0.001 per share, of the Company;

Similarly Constituted Entity has the meaning given to that term in clause 10.2(a)(5);

 

 

7

 

Standard of Care has the meaning given to that term in clause 3.5(a)(1);

Subsidiary of any Person means a corporation, company, common law or statutory trust or other entity

	
                         
 	
                        (a) 
 	
                        more than 50% of whose outstanding shares or securities representing the right to vote for the election of directors or other managing authority are, or 
 

	
                         
 	
                        (b) 
 	
                        which does not have outstanding shares or securities (as may be the case in a partnership, joint venture or unincorporated association), but more than 50% of whose ownership interest representing the right to make decisions for such other entity is, 
 

now or hereafter owned or controlled, directly or indirectly, by such Person, but such corporation, company, common law or statutory trust or other entity shall be deemed to be a Subsidiary of such Person only so long as such ownership or control exists; provided that any corporation, company, common law or statutory trust or other entity established by the Company (or any Subsidiary of the Company) for the purpose of entering into a securitization or warehouse credit facility financing shall be deemed for the purposes of this Agreement to be a Subsidiary of the Company (and such Subsidiary, as the case may be) if the Company or such Subsidiary has the right to appoint at least one director or trustee of such entity and/or has the right to receive the cash flows from, and residual value of, the
assets held by such entity after the obligations owing to third-party investors with respect to the financing have been satisfied;

Tax means a tax, levy, charge, impost, deduction, withholding or duty of any nature (including stamp and transaction duty) at any time imposed or levied by any government agency or required to be remitted to, or collected, withheld or assessed by, any government agency, and any related interest, expense, fine, penalty or other charge on those amounts; 

Term means the term of this Agreement under clause 10.1;

Trading Date is the first day of trading in ADSs on the NYSE;

Trading Day means a day that is a trading day on the primary U.S. national or regional securities exchange on which the ADS is listed or admitted to trading.

1.2       Interpretation

In this Agreement:

	
                         
 	
                        (a)
 	
                        where a word or phrase is defined, its other grammatical forms have a corresponding meaning;
 

	
                         
 	
                        (b)
 	
                        headings are for convenience only and do not affect the interpretation of this Agreement;
 

	
                         
 	
                        (c)
 	
                        where the day on or by which any thing is to be done is not a Business Day, that thing must be done on or by the next Business Day;
 

	
                         
 	
                        (d)
 	
                        if a period starts from, after or before a day or the day of an act or event, it excludes that day,
 

 

 

8

 

and, unless the context otherwise requires:

	
                         
 	
                        (e)
 	
                        words importing the singular include the plural and vice versa;
 

	
                         
 	
                        (f)
 	
                        words importing a gender include all genders; and
 

	
                         
 	
                        (g)
 	
                        a reference to:
 

	
                         
 	
                        (1)
 	
                        any document (including this Agreement) is a reference to that document as amended, consolidated, supplemented, novated or replaced;
 

	
                         
 	
                        (2)
 	
                        an agreement includes any undertaking, representation, deed, agreement or legally enforceable arrangement or understanding whether written or not;
 

	
                         
 	
                        (3)
 	
                        a clause or annexure is a reference to a clause of or annexure to this Agreement and a reference to this Agreement includes any annexure;
 

	
                         
 	
                        (4)
 	
                        a person includes any individual, body corporate, association, partnership, joint venture, trust and Government Agency;
 

	
                         
 	
                        (5)
 	
                        a law includes any legislation, judgment, rule of common law or equity or rule of any applicable stock exchange, and is a reference to that law as amended, consolidated, supplemented or replaced, and includes a reference to any regulation, by-law or other subordinate legislation;
 

	
                         
 	
                        (6)
 	
                        the word “including” or “includes” means “including but not limited to” or “including without limitation” 
 

	
                         
 	
                        (7)
 	
                        the Company taking any action includes a reference to the Company taking any action through any of its Subsidiaries; and
 

	
                         
 	
                        (8)
 	
                        time is a reference to time in Dublin, Ireland.
 

2          Appointment

	
                         
 	
                        (a)
 	
                        The Company appoints the Manager for the Term as an independent contractor of the Company to perform the Services on the terms of this Agreement and the Manager accepts the appointment.
 

	
                         
 	
                        (b)
 	
                        The appointment of the Manager under clause 2(a) is exclusive and:
 

	
                         
 	
                        (1)
 	
                        the Company may not appoint any other manager to provide any services similar to the Services; and
 

	
                         
 	
                        (2)
 	
                        the Company may not employ or otherwise engage any Person to provide any services similar to the Services,
 

during the Term.

	
                         
 	
                        (c)
 	
                        The Manager may perform any services similar to the Services for any other Person during the Term.
 

	
                         
 	
                        (d)
 	
                        The performance by the Manager of the Services pursuant to this Agreement is subject to the overall supervision of the Board. The 
 

 

 

9

 

Company may only provide directions to the Manager in accordance with this Agreement.

3          Obligations of the Manager

3.1        Management and Administrative Services 

	
                         
 	
                        (a)
 	
                        The Manager shall, and is hereby authorized, subject to clauses 3.4 and 3.5, by the Company to:
 

	
                         
 	
                        (1)
 	
                        manage the Company’s portfolio of aircraft and other aviation assets and the administration of the Company’s cash balances;
 

	
                         
 	
                        (2)
 	
                        if requested by the Board, make available a member of the Core Management Team as the Company’s nominee on the board of directors or similar governing body of any of the Company’s Subsidiaries (provided that each such member must be agreed between the Company and the Manager);
 

	
                         
 	
                        (3)
 	
                        assist with the implementation of the Board’s decisions;
 

	
                         
 	
                        (4)
 	
                        provide the Company suitably qualified and experienced persons to perform the Management and Administrative Services for the Company and its Subsidiaries, including persons to be appointed by the Board to serve as the Company’s dedicated chief executive and chief financial officers (who shall remain employees of, and be remunerated by, the Manager or an Affiliate of the Manager while serving in such capacities);
 

	
                         
 	
                        (5)
 	
                        perform or procure the performance of all reasonable accounting, tax, corporate secretarial, information technology, reporting and compliance services for the Company and its Subsidiaries, including the preparation and maintenance of the Company’s accounts and such financial statements and other reports and filings as the Company is required to make with any Government Agency (including the SEC) or stock exchange;
 

	
                         
 	
                        (6)
 	
                        supervise financial audits of the Company by an external auditor as required; and
 

	
                         
 	
                        (7)
 	
                        manage the Company’s relations with its investors and the public, including
 

	
                         
 	
                        (A)
 	
                        preparing the Company’s annual reports and any notices of meeting, papers, reports and agendas relating to meetings of the Company’s shareholders; and
 

	
                         
 	
      (B)
 	
                        assisting in the resolution of any complaints by or disputes with the Company’s investors and any litigation involving the Company (other than litigation in which the Company’s interests are adverse to those of the Manager or Babcock & Brown).
 

 

 

10

 

	
                         
 	
                        (b)
 	
                        The Manager may delegate the provision of all or any part of the Management and Administrative Services to any B&B Affiliate. 
 

	
                         
 	
                        (c)
 	
                        The Manager shall, in performing the Services under this Agreement, avoid taking any action that would reasonably be expected to directly result in the Company violating any material applicable laws.
 

3.2        Origination and Disposition Services 

	
                         
 	
                        (a)
 	
                        The Manager shall, and is hereby authorized, subject to clauses 3.4 and 3.5, by the Company to:
 

	
                         
 	
                        (1)
 	
                        source opportunities for the Company relating to aircraft and other aviation assets, including using the Manager’s commercially reasonable efforts to notify the Company of potential aviation asset investment opportunities that come to the attention of the Manager and which the Manager acting reasonably believes may be of interest to the Company as investments;
 

	
                         
 	
                        (2)
 	
                        in relation to identified potential opportunities to purchase or sell aircraft or other aviation assets, investigate, research, evaluate, advise and make recommendations on or facilitating such opportunities;
 

	
                         
 	
                        (3)
 	
                        with respect to prospective purchases and sales of aircraft and other aviation assets, conduct negotiations with sellers and purchasers and their agents, representatives and financial advisors; and
 

	
                         
 	
                        (4)
 	
                        otherwise provide advice and assistance to the Company in relation to the evaluation or pursuit of aviation asset investment or disposition opportunities as the Company may reasonably request from time to time.
 

	
                         
 	
                        (b)
 	
                        The Manager acknowledges and agrees that it will facilitate the Company’s non-exclusive access to the worldwide resources and knowledge base of Babcock & Brown in relation to the Origination and Disposition Services.
 

	
                         
 	
                        (c)
 	
                        The Company and the Manager acknowledge and agree that:
 

	
                         
 	
                        (1)
 	
                        the Company will be under no obligation to invest in or to otherwise pursue any investment or disposal opportunities notified to it by the Manager pursuant to clause 3.2(a); and
 

	
                         
 	
      (2)
 	
                        neither Babcock & Brown nor any B&B Affiliate will be restricted from pursuing, or offering to a third-party, including a party managed by, or otherwise associated with, a B&B Affiliate, or will be required to establish any investment allocation protocol in relation to prioritization of, any investment or disposal opportunities identified to the Company by the Manager pursuant to clause 3.2(a).
 

 

 

11

 

	
                         
 	
                        (d)
 	
                        The Manager may delegate the provision of all or any part of the Origination and Disposition Services to any B&B Affiliate.
 

	
                         
 	
                        (e)
 	
                        The Company may elect to have all or any part of the Origination and Disposition Services provided to one or more of its Subsidiaries. In any case where Origination and Disposition Services are being provided by the Manager (or any B&B Affiliate) to the Company (or any one of its Subsidiaries), the Manager or the Company may require that a mandate letter be prepared which sets out the specific Origination and Disposition Services which are being provided and the fees payable for such Origination and Services (as determined in accordance with clause 5.1(c)).
 

3.3      Ancillary Management and Administrative Services

The Manager shall, and is hereby authorized, subject to clauses 3.4 and 3.5, by the Company to provide the Company with services that are ancillary to the Management and Administrative Services upon such terms as may be agreed from time to time between the Company and the Manager, which may include, among other things, if requested by the Board and agreed by the Manager:

	
                         
 	
                        (a)
 	
                        the expansion of the Core Management Team with additional personnel as may be required by developments or changes in the commercial aircraft leasing industry (whether regulatory, economic or otherwise) or the compliance or reporting environment for publicly listed companies in the United States (whether as a result of changes to securities laws or regulations, listing requirements or accounting principles or otherwise); and
 

	
                         
 	
                        (b)
 	
                        making available individuals (other than members of the Core Management Team) as the Company’s nominees on the boards of directors or similar governing bodies of any of the Company’s Subsidiaries.
 

3.4      Compliance with Company’s strategy, policy and directions

	
                         
 	
                        (a)
 	
                        In performing the Services, the Manager shall, subject to clauses 3.4(b) and 3.4(c), comply with the written policy and written directions of the Company provided to the Manager from time to time by the Board unless doing so would contravene any law or the express terms of this Agreement.
 

	
                         
 	
                        (b)
 	
                        The Company may not make any decision, take any action or omit to take any action in relation to the acquisition, disposition or management of any aircraft or other aviation asset, unless:
 

	
                         
 	
                        (1)
 	
                        that matter has been the subject of a recommendation by the Manager; or
 

	
                         
 	
                        (2)
 	
                        the failure to make that decision, take that action or omit to take that action would breach the fiduciary duties of the members of the Board or any law.
 

	
                         
 	
                        (c)
 	
                        The Company may not direct the Manager (unless the direction is otherwise permitted under this Agreement) to make any decision, take 
 

 

 

12

 

any action or omit to take any action in relation to the acquisition, disposition or management of any aircraft or other aviation asset, and the Manager is not obliged to comply with any such direction if given by the Company, unless:

	
                         
 	
                        (1)
 	
                        that matter has been the subject of a recommendation by the Manager; or
 

	
                         
 	
                        (2)
 	
                        the failure to make that decision, take that action or omit to take that action would breach the fiduciary duties of the members of the Board or any law.
 

	
                         
 	
                        (d)
 	
                        The Company may direct the Manager to review a proposed decision, action or omission to take an action in relation to the acquisition, disposition or management of any aircraft or other aviation asset and require that within a reasonable period of time the Manager either make or decline to make a recommendation with respect thereto.
 

	
                         
 	
                        (e)
 	
                        If, in the Manager’s opinion, any written direction of the Company is ambiguous or unclear in any respect, the Manager must promptly clarify the direction with the Company.
 

3.5       Restrictions and duties

	
                         
 	
                        (a)
 	
                        At all times in the performance of the Services the Manager shall:
 

	
                         
 	
                        (1)
 	
                        use reasonable care and diligence and act honestly and in good faith (Standard of Care);
 

	
                         
 	
                        (2)
 	
                        comply with all applicable laws, provided the Company acknowledges that the Manager may act on the written directions of the Company provided to the Manager from time to time without investigating whether the act will comply with all applicable laws, but must not comply with any direction which it is aware will contravene any law;
 

	
                         
 	
                        (3)
 	
                        promptly notify the Company of any directions provided to it by the Company which have not been complied with and the reason for the non-compliance; and
 

	
                         
 	
                        (4)
 	
                        comply with any reasonable requests from the Company’s auditor for information or assistance in relation to the Company’s business, assets, internal controls over financial reporting or financial statements.
 

	
                         
 	
                        (b)
 	
                        Without limiting clauses 3.2(b) or 3.5(a), the Manager may not, without the Board’s prior consent:
 

	
                         
 	
                        (1)
 	
                        carry out any transaction with an Affiliate of the Manager on the Company’s behalf, it being understood that B&B Affiliates have been appointed as the exclusive servicer for the Company’s portfolio of aircraft, and that the Manager may delegate the provision of all or any part of the Services to any B&B Affiliate;
 

	
                         
 	
                        (2)
 	
                        carry out any aviation asset investment or disposition transaction, or sequence of related aviation asset investment or 
 

 

 

13

 

disposition transactions with the same Person or group of Persons under common control, for the Company if the aggregate purchase price to be paid, or the Gross Proceeds to be received, by the Company and its Subsidiaries in connection therewith would exceed $200 million; 

	
                         
 	
                        (3)
 	
                        carry out any aviation asset investment or disposition transaction if the sum of all the purchase prices to be paid, or of all the Gross Proceeds to be received, by the Company and its Subsidiaries in connection with all such transactions during any Quarter would exceed $500 million;
 

	
                         
 	
                        (4)
 	
                        appoint or retain any third-party service provider to assist the Manager in providing Management and Administrative Services if:
 

	
                         
 	
                        (A)
 	
                        the amount to be paid by the Manager and reimbursed by the Company or paid by the Company to the third-party with respect to any particular matter, or series of related matters, is reasonably likely to exceed $1 million; or
 

	
                         
 	
                        (B)
 	
                        as a result of the appointment or retention, the amount to be paid by the Manager and reimbursed by the Company or paid by the Company to all such third-party service providers appointed or retained in any rolling 12-month period is reasonably likely to exceed $5 million;
 

	
                         
 	
                        (5)
 	
                        appoint or retain any third-party service provider to assist the Manager in providing Ancillary Management and Administrative or Origination and Disposition Services if:
 

	
                         
 	
                        (A)
 	
                        the amount to be paid by the Manager and reimbursed by the Company or paid by the Company to the third-party with respect to any particular matter, or series of related matters, is reasonably likely to exceed $1 million; or
 

	
                         
 	
                        (B)
 	
                        as a result of the appointment or retention, the amount to be paid by the Manager and reimbursed by the Company or paid by the Company to all such third-party service providers appointed or retained in any rolling 12-month period is reasonably likely to exceed $7.5 million; or
 

	
                         
 	
                        (6)
 	
                        hold any cash or other assets of the Company, provided that the Manager may cause the Company’s cash and other assets to be held in the Company’s name or any custodian for the Company nominated or approved by the Company.
 

Acquisitions of series of aircraft from Persons who are not Affiliates of each other shall be deemed not to be related matters for purposes of this clause 3.5(b). Amounts relating to transactions and third-party service providers entered into, appointed or retained by B&B Affiliates on the Company’s behalf pursuant to any Servicing Agreement or Administrative Agency Agreement will not be included in determining whether the thresholds set forth in this clause 3.5(b) have been met or 

 

 

14

 

exceeded. Amounts relating to any transactions or sequence of related transactions specifically consented to by the Board will not be included in determining whether the thresholds set forth in this clause 3.5(b) have been met or exceeded.

	
                         
 	
                        (c)
 	
                        In the performance of the Services, the Manager shall not commit the Company to carry out any aviation asset investment transaction, or sequence of related aviation asset investment transactions, if under or in connection with the transaction or sequence of related transactions the Company would be required to fund payments in excess of reasonably anticipated Available Liquidity at the time funding would be required.
 

3.6      Amounts to be reviewed

The thresholds set forth in clauses 3.5(b)(4) and 3.5(b)(5) shall be reviewed regularly and at least annually by the parties and may be increased by the Board (but shall not be decreased) having regard to changes in the value of money from the date of this Agreement, changes in the market capitalization of the Company and any other principles agreed between the Company and the Manager. The thresholds set forth in clauses 3.5(b)(2) and 3.5(b)(3) may be increased or decreased by the Board in its sole discretion at any time by notice to the Manager.

3.7      Assistance in providing Services

Subject to clauses 3.5(b) and 6.1(a)(3)(B):

	
                         
 	
                        (a)
 	
                        the Manager shall obtain assistance in providing the Services from professional advisors, attorneys, appraisers, specialist consultants and other experts, as requested by the Company from time to time; and
 

	
                         
 	
                        (b)
 	
                        the Manager may obtain assistance from time to time from professional advisors, attorneys, appraisers, tax advisors, specialist consultants and other experts, as the Manager considers reasonably necessary in providing the Services and discharging its duties and other functions under this Agreement.
 

The Manager shall be entitled to rely on the assistance and advice of any professional advisor, attorney, appraiser, tax advisor, specialist consultant or other expert engaged to provide assistance in the discharge of its duties and other functions under this Agreement. The Manager shall have fully discharged its obligations under this Agreement with respect to any matter if it has acted consistently with any such assistance or advice in respect of such matter.

For the avoidance of doubt, the fees and expenses charged by the parties engaged by the Manager to provide the assistance described in clauses 3.7(a) and (b) shall be paid for by the Company or reimbursed by the Company to the Manager and are not included in the Management Expense Amount.

3.8      Delegation

The Manager may not delegate the provision of all or any of the Services or any of its other powers or functions under this Agreement to any Person (other 

 

 

15

 

than a B&B Affiliate) without the Company’s prior written consent (which may be provided subject to conditions).

3.9      Reports and information

	
                         
 	
                        (a)
 	
                        The Manager shall use commercially reasonable efforts to cause the Company to comply with its reporting obligations under the Exchange Act and under the NYSE Rules.
 

	
                         
 	
                        (b)
 	
                        The Manager shall provide to the Company, within 30 calendar days after the Quarters ending 31 March, 30 June and 30 September of each year, and within 60 days after 31 December of each year, a report confirming that the Manager has complied in all material respects with its obligations under this Agreement or identifying any material non-compliance and the reasons for such non-compliance.
 

	
                         
 	
                        (c)
 	
                        The Manager shall also provide, upon request by the Company, any additional information and a copy of any records or documents in relation to the Company’s portfolio of aircraft and other aviation assets that a reasonable Person in the position of the Company as owner of such portfolio would expect to have, to enable the Company to:
 

	
                         
 	
                        (1)
 	
                        assess the performance of the Manager in providing the Services and carrying out its other functions and duties under this Agreement;
 

	
                         
 	
                        (2)
 	
                        complete returns and reports to any Government Agency; and
 

	
                         
 	
                        (3)
 	
                        otherwise comply with any law.
 

 

 

16

 

 

 

3.10      Insurance

The Manager shall obtain at its own expense appropriate insurance in relation to the Services to be provided and the other functions and duties of the Manager to be discharged under this Agreement. The Manager shall give the Company any information it may reasonably request concerning the currency and/or scope of such insurance. Notwithstanding the foregoing, this clause 3.10 does not require the Manager to insure for Directors’ & Officers’ insurance coverage or for coverage in respect of the business of the Company at the Manager’s own expense. 

3.11      Relationship of this Agreement and other agreements

To the extent that BBAM is entitled to exercise any authority, enter into any transaction or take any action on the Company’s or any of its Subsidiaries’ behalf pursuant to any Servicing Agreement or Administrative Agency Agreement such Servicing Agreement or Administrative Agency Agreement shall govern such exercise of authority, transaction or action in the event of a conflict between this Agreement and such Servicing Agreement or Administrative Agency Agreement.

4          Obligations of the Company

The Company shall:

	
                         
 	
                        (a)
 	
                        provide all information, access and support as is required to enable the Manager to provide the Services and discharge its other duties and functions under this Agreement; and
 

	
                         
 	
                        (b)
 	
                        grant a power of attorney in favor of the Manager to allow it to perform the Services.
 

5          Fees

5.1      Manager fees

During the Term and in consideration for the Manager agreeing to act as Manager, the parties agree that the Company shall pay to the Manager the following fees:

	
                         
 	
                        (a)
 	
                        Base Fee and Rent Fee
 

	
                         
 	
                        (1)
 	
                        In respect of the aircraft in the Initial Portfolio and any other aircraft that the Company acquires that will be held by B&B Air Funding or any of its Subsidiaries or any other Subsidiary established by the Company for the purpose of entering into an aircraft securitization financing, the Company shall pay to the Manager:
 

	
                         
 	
                        (A)
 	
                        a monthly Base Fee equal to $150,000 per Subsidiary established by the Company for the purpose of entering
 

 

 

17

 

into an aircraft securitization financing, payable by the Company to the Manager in arrears on each Payment Date during the Term of this Agreement, which shall be increased by 0.01% of the Base Value of each additional aircraft acquired beyond the Initial Portfolio, in the case of B&B Air Funding, or beyond the initial portfolio  of aircraft financed with the proceeds of the applicable aircraft securitization financing, in the case of any other Subsidiary established by the Company for the purpose of entering into an aircraft securitization financing (the amount of the Base Fee shall be subject to adjustment as set forth in clause 5.1(e)), 

	
                         
 	
                        (B)
 	
                        a Rent Payable Fee, payable by the Company to the Manager in arrears for each period commencing on the Trading Date (or, thereafter, the fourth Business Day prior to the most recent Calculation Date) and ending on the fourth Business Day prior to the next succeeding Calculation Date during the term of this Agreement (each such period, a Fee Period), such payment to be made no later than the Payment Date immediately following the end of each such Fee Period, and
 

	
                         
 	
                        (C)
 	
                        a Rent Collected Fee, payable by the Company to the Manager in arrears for each Fee Period, such payment to be made no later than the Payment Date immediately following the end of each such Fee Period.
 

	
                         
 	
                        (2)
 	
                        In respect of any aircraft that the Company acquires that will be held by B&B Air Acquisition or any of its Subsidiaries, the Company shall pay to the Manager in arrears for each Fee Period (such payment to be made no later than the Payment Date immediately following the end of each such Fee Period) a Rent Fee equal to 3.5% of the aggregate amount of the Rents actually paid by each lessee and, if any lessee fails to pay any Rents when due, amounts applied towards such payment during such Fee Period or portion of such Fee Period in which the relevant aircraft is held by B&B Air Acquisition or any of its Subsidiaries; provided that if any collateral security, including any security deposit, is applied to the payment of Rent, then, for purposes of calculating the
Rent Fee, the amounts so applied shall not be included as Rent at the time of such application but shall be so included at such time as B&B Air Acquisition or any of its Subsidiaries shall receive substitute collateral security or a payment (whether in the form of Rent or otherwise) which restores, in whole or in part, such collateral security.
 

	
                         
 	
                        (b)
 	
                        Incentive Fee 
 

	
                         
 	
                        (1)
 	
                        The Company shall pay to the Manager an Incentive Fee based on a notional amount determined in connection with the declaration and payment of any dividend on the Shares. The
 

 

 

18

 

notional amount in respect of any Quarter shall be equal to the aggregate dividend paid by the Company on the Shares in respect of such Quarter plus an Incentive Fee payable to the Manager in respect of such Quarter as calculated in the following manner:

	
                         
 	
                        (A)
 	
                        100% of the notional amount will be paid as a dividend on the Shares, without the payment of any Incentive Fee to the Manager, up to a dividend of $0.575 per Share;
 

	
                         
 	
                        (B)
 	
                        90% of the incremental notional amount in excess of $0.575 per Share will be paid as a dividend on the Shares and 10% of the incremental notional amount will be paid to the Manager as an Incentive Fee until each Share receives a dividend of $0.650;
 

	
                         
 	
                        (C)
 	
                        80% of the incremental notional amount in excess of $0.650 per Share will be paid as a dividend on the Shares and 20% of the incremental notional amount will be paid to the Manager as an Incentive Fee until each Share receives a dividend of $0.900; and
 

	
                         
 	
                        (D)
 	
                        75% of the incremental notional amount in excess of $0.900 per Share will be paid as a dividend on the Shares and 25% of the incremental notional amount will be paid to the Manager as an Incentive Fee.
 

No Incentive Fee will be paid in respect of the period from the Trading Date until December 31, 2007. The thresholds in this clause 5.1(b)(1) will be adjusted upon stock splits and stock dividends. Schedule 2 sets forth an illustration of the allocation of the notional amount as a dividend on the Shares and as an Incentive Fee to the Manager.

	
                         
 	
                        (2)
 	
                        The Manager may elect to receive Incentive Fee payments in the form of cash or ADSs or any combination thereof. If the Manager elects to receive an Incentive Fee payment (or any portion thereof) in the form of ADSs, the number of ADSs to be so delivered will be equal to:
 

	
                         
 	
                        (A)
 	
                        the amount of the Incentive Fee (or applicable portion thereof to be paid in the form of ADSs), divided by
 

	
                         
 	
                        (B)
 	
                        the average of the closing price (minus the per share amount of the dividend declared in the case of any Trading Day before the Ex-Dividend Date for the dividend) on the NYSE (or other principal U.S. national or regional securities exchange on which the ADSs are then traded) of one ADS for the 15 consecutive Trading Days following the announcement of the declaration of the applicable dividend (or if the ADSs are not listed on a U.S. national or regional securities exchange, the average market value (minus the per share amount of the
 

 

 

19

 

dividend declared in the case of any Trading Day before the Ex-Dividend Date for the dividend) of one ADS over the 15 consecutive Trading Days following the announcement of the declaration of the applicable dividend as determined by a majority of the independent directors on the Board).

	
                         
 	
                        (3)
 	
                        The parties acknowledge that any ADSs issued pursuant to clause 5.1(b)(2) will be restricted securities within the meaning of Rule 144 under the Securities Act, will bear restrictive legends and will be subject to transfer restrictions under the Securities Act. If the Manager elects to receive ADSs pursuant to clause 5.1(b)(2), it shall hold such ADSs for its own account for investment and without a view to the public distribution thereof.
 

	
                         
 	
                        (4)
 	
                        The amount of any Incentive Fee shall be calculated concurrently with the declaration by the Board of any dividend on the Shares and will become due and payable (in cash and/or ADSs as elected by the Manager pursuant to clause 5.1(b)(2)) on the date of payment of such dividend.
 

	
                         
 	
                        (c)
 	
                        Origination and Disposition Fees and Change of Control Fees
 

	
                         
 	
                        (1)
 	
                        The Company shall pay to the Manager an Origination and Disposition Fee for each acquisition or sale of aircraft or other aviation assets equal to 1.5% of the Gross Acquisition Cost in respect of acquisitions or the aggregate Gross Proceeds in respect of dispositions.
 

	
                         
 	
                        (2)
 	
                        The Company shall also pay the Manager a Change of Control Fee equal to 1.5% of the aggregate Gross Consideration received in respect of any change of control of the Company, including the acquisition of more than 50% of the Shares or ADSs or the acquisition of all or substantially all of the Company’s assets.
 

The amount of any Origination and Disposition Fee or Change of Control Fee in respect of any transaction shall become due and payable (i) if a purchase price or similar adjustment payment with respect to such transaction is to be made after the 90th day following consummation of such transaction, upon the consummation of such transaction (with any increase or reduction of the Origination and Disposition Fee or Change of Control Fee for such transaction as a result of a purchase price or similar adjustment payment becoming due and payable upon the payment of such purchase price or similar adjustment payment) or (ii) if a purchase price or similar adjustment payment with respect to such transaction is to be made within 90 days of consummation of such transaction, upon payment of such purchase price or similar adjustment payment.

 

 

20

 

It is understood that no Origination and Disposition Fee shall be payable by the Company to the Manager in respect of the acquisition of the Initial Portfolio.

	
                         
 	
                        (d)
 	
                        Administrative Agency Fees
 

The Company shall pay to the Manager an Administrative Agency Fee initially equal to $750,000 per annum for each aircraft securitization financing established by the Company. Administrative Agency Fees shall be payable in arrears on [           ]. The amount of the Administrative Agency Fee payable for each aircraft securitization financing established by the Company shall be subject to adjustment as set forth in clause 5.1(e).

	
                         
 	
                        (e)
 	
                        Adjusting the Base Fees and Administrative Agency Fees
 

The amount of the Base Fee payable under clause 5.1(a)(1)(A) and the amount of the Administrative Agency Fee payable for each aircraft securitization financing established by the Company under clause 5.1(d) shall be increased (but not decreased) annually by the percentage movement (if any) in the CPI index from June 30, 2007 to December 31, 2007, in the case of calendar year 2008, and January 1 to December 31 of the previous year in the case of each calendar year thereafter.

5.2      Break Fees

The Manager shall be entitled to one-third of the value of any break, termination or other similar fee received by the Company (with such value to be reduced by any third-party costs incurred by or on behalf of the Company or by the Manager on behalf of the Company in the transaction to which the fee relates) in connection with any investment or proposed investment to be made by the Company. Such portion of any break, termination or other similar fee received by the Company shall become due and payable to the Manager upon receipt of such fee by the Company.

5.3      Ancillary Management and Administrative Fees

The Company shall pay to the Manager such additional fees for any Ancillary Management and Administrative Services provided by the Manager to the Company from time to time as the Company and the Manager agree to before the Ancillary Management and Administrative Services are provided.

5.4      Credit for Servicing Fees Paid

Base fees, rent payable fees, rent collected fees, rent fees and administrative agency fees paid to BBAM under any Servicing Agreement or Administrative Agency Agreement shall be credited toward (and thereby reduce) the amount of Base Fees, Rent Payable Fees, Rent Collected Fees, Rent Fees and Administrative Agency Fees due and payable by the Company to the Manager pursuant to clauses 5.1(a) and 5.1(d). Sales fees paid to BBAM under any Servicing Agreement shall be credited toward (and thereby reduce) the amount of Origination and Disposition Fees due and payable by the Company to the Manager pursuant to clause 5.1(c).

 

 

21

 

5.5      Fees independent

Except as set forth in clause 5.4, each fee referred to in a provision of this clause 5 is independent from, and not creditable, rebateable or deductible against, any other fee referred to in this clause 5.

5.6      Other services performed by B&B Affiliates

The Company acknowledges that B&B Affiliates may from time to time perform financial advisory, investment banking or other services for the Company and its Subsidiaries which are outside the scope of this Agreement and for which such B&B Affiliates will be separately remunerated in accordance with terms to be agreed between the Company and any such B&B Affiliate.

6         Costs and expenses

6.1       Company liable for certain costs and expenses

	
                         
 	
                        (a)
 	
                        Subject to clause 6.1(b), the Company shall, each Quarter in arrears, pay or reimburse the Manager for:
 

	
                         
 	
                        (1)
 	
                        all costs of the Company paid for the Company by the Manager other than those listed in Part 1 of Schedule 1 (but including the costs listed in Part 2 of Schedule 1);
 

	
                         
 	
                        (2)
 	
                        the proportion of the Management Expense Amount that applies to that Quarter;  
 

	
                         
 	
                        (3)
 	
                        the amount of all Taxes, costs, charges and expenses properly incurred by the Manager in connection with
 

	
                         
 	
                        (A)
 	
                        the provision of Ancillary Management and Administrative Services; and
 

	
                         
 	
                        (B)
 	
                        the engagement of professional advisors, attorneys, appraisers, specialist consultants and other experts as requested by the Company from time to time or which the Manager considers reasonably necessary in providing the Services and discharging its duties and other functions under this Agreement, including the fees and expenses of professional advisors relating to the purchase and sale of aircraft and other aviation assets.
 

	
                         
 	
                        (b)
 	
                        The Manager shall, upon request of the Company, provide a copy of any invoices or assessments for any Taxes, costs, charges and expenses to be paid by the Company under clause 6.1(a).
 

	
                         
 	
                        (c)
 	
                        The Company acknowledges that prior to the date hereof B&B Affiliates have incurred expenses and cost on behalf of the Company. The Company agrees that upon the consummation of the Company’s initial public offering it shall pay or reimburse the Manager (or pay or reimburse B&B Affiliates as directed by the Manager) for such expenses and costs.
 

 

 

22

 

6.2      Regulatory expenses

The Company shall bear any costs associated with the provision of information and other assistance it or the Manager is required to provide to any Government Agency, including without limitation any costs associated with the preparation and filing of financial statements, reports and other information with the SEC.

6.3      Adjusting the Management Expense Amount

	
                         
 	
                        (a)
 	
                        Without limiting clauses 6.3(b) and 6.3(c), no later than 90 days before the start of any calendar year, the Manager may notify the Company that it wishes to amend the list of activities and items that are Management Expenses (Adjusted Schedule 1) or increase the Management Expense Amount to reflect the actual amount estimated to be expended during such calendar year by the Manager on Management Expenses (Adjusted Amount), having regard to the then-actual business of the Company and the growth of the Company projected over the relevant calendar year. The Manager shall provide a reasonably detailed explanation of the basis for the Adjusted Schedule 1 and the Adjusted Amount to the Company when
it notifies the Company that it intends to exercise its rights under this clause 6.3(a). Subject to the approval of, and any terms imposed by, the independent directors on the Board, the Adjusted Schedule 1 and the Adjusted Amount for a calendar year pursuant to this clause 6.3(a) shall take effect from January 1 of the relevant calendar year.
 

	
                         
 	
                        (b)
 	
                        The Management Expense Amount for the period commencing with the Trading Date and ending on December 31, 2007 shall be an aggregate of $6.0 million annually, prorated for the number of days in the period.
 

	
                         
 	
                        (c)
 	
                        The Management Expense Amount for calendar year 2008 and each calendar year thereafter, shall be an aggregate of $6.0 million increased (but not decreased) by the percentage movement (if any) in the CPI index from June 30, 2007 to December 31, 2007, in the case of calendar year 2008, and January 1 to December 31 of the previous year in the case of each calendar year thereafter.
 

	
                         
 	
                        (d)
 	
                        If an Adjusted Amount is to be used for the Management Expense Amount in respect of a calendar year in accordance with clause 6.3(a), the provisions of clause 6.3(c) will continue to apply except that, for the purposes of applying clause 6.3(c) “$6.0 million” will be replaced by the Adjusted Amount as so determined. 
 

7         Management and Board of Directors

7.1       Core Management Team

	
                         
 	
                        (a)
 	
                        During the Term, the Manager’s Core Management Team shall comprise individuals performing the following functions:
 

	
                         
 	
                        (1)
 	
                        chief executive officer;
 

 

 

23

 

	
                         
 	
                        (2)
 	
                        chief financial officer; and
 

	
                         
 	
                        (3)
 	
                        that level of dedicated or shared support personnel, such as corporate counsel, company secretary, financial controller and other accounting staff and risk and compliance personnel, as the Manager reasonably determines is necessary to provide the Management and Administrative Services as of the date of this Agreement.
 

7.2      Chief executive officer and chief financial officer

	
                         
 	
                        (a)
 	
                        The Manager shall recommend candidates to serve as chief executive officer and chief financial officer of the Company. Upon appointment of any such candidates to such roles by the Board, such individuals shall become officers of the Company but shall also remain employees of the Manager (or an Affiliate of the Manager) and shall be remunerated by the Manager (or such Affiliate).
 

	
                         
 	
                        (b)
 	
                        The Manager and the Company acknowledge and agree that the Board may terminate the Company’s chief executive officer or chief financial officer without the Manager’s consent. If there is a vacancy in the position of chief executive officer or chief financial officer for any reason, the Manager will recommend a candidate to serve as replacement chief executive officer or chief financial officer. If the Board does not appoint the initial candidate proposed by the Manager to fill any such vacancy, then the Manager shall recommend one or more further candidates until the Board appoints a candidate recommended by the Manager to fill such vacancy. 
 

7.3      Manager’s board appointees

	
                         
 	
                        (a)
 	
                        For so long as Babcock & Brown or any B&B Affiliate holds any Manager Shares, the Manager shall have the right to appoint the whole number of directors on the Board that is nearest to but not more than 3/7ths of the number of directors on the Board at the time. The Manager’s appointees on the Board shall not be required to stand for election by the Company’s shareholders other than by the Manager.
 

	
                         
 	
                        (b)
 	
                        The Manager’s appointees on the Board shall not receive any compensation from the Company (other than out-of-pocket expenses) and shall not have any special voting rights. The appointees of the Manager shall not participate in discussions regarding, or vote on, any related-party transaction in which any B&B Affiliate shall have an interest. The independent directors on the Board shall be responsible for approving any such related-party transactions.
 

8         Servicing and Competitors

8.1       BBAM as exclusive servicer

	
                         
 	
                        (a)
 	
                        For so long as the Manager’s appointment is not terminated pursuant to clause 10.2(a), the Company shall engage BBAM as the exclusive
 

 

 

24

 

servicer for any additional aircraft or other aviation assets that the Company or any of its Subsidiaries acquires in the future 

	
                         
 	
                        (1)
 	
                        in the case of aircraft, on rates and terms substantially similar to (and no less advantageous to BBAM than) those set forth in the Servicing Agreement in respect of the Initial Portfolio or on such other rates and terms as the Company and BBAM may agree in the case of aircraft; and
 

	
                         
 	
                        (2)
 	
                        in the case of aviation assets other than aircraft, on rates and terms reasonably within the range of market rates and terms received by third parties for like services.
 

8.2      Competitors

	
                         
 	
                        (a)
 	
                        The Company shall not, and shall not permit any of its Subsidiaries to, 
 

	
                         
 	
                        (1)
 	
                        transfer any interest in B&B Air Funding, B&B Air Acquisition, or any of their Subsidiaries, or any other of the Company’s Subsidiaries receiving services from BBAM pursuant to a Servicing Agreement, to any Person that is a Competitor or that does not agree in a manner reasonably acceptable to BBAM to be bound by the provisions of the Servicing Agreement applicable thereto; or
 

	
                         
 	
                        (2)
 	
                        take any action, including the voting of shares, or fail to take any action, so as to cause or permit an officer, director or employee of a Competitor to be an officer, director or employee of the Company or any of its Subsidiaries.
 

	
                         
 	
                        (b)
 	
                        Without limiting any other right or remedy of the Manager for breach of the foregoing provisions of this clause 8.2 or of any other provision hereof, the Company agrees that the Manager cannot be adequately compensated by damages for a breach of the provisions of this clause 8.2 and that the Manager shall be entitled to a court order of specific performance requiring the Company to comply with each and every provision in this clause 8.2 and/or an injunction prohibiting the Company from violating any provision of this clause 8.2, as the case may be, in addition to any and all other remedies, at law or in equity, to which the Manager may be entitled in connection with a breach of any provision of this clause 8.2.
 

 

9          Warranties, limitation of liability and indemnity

9.1      Mutual warranties

Each party represents and warrants to the other parties that it has the power and authority to enter into and perform this Agreement.

9.2      Warranties of Manager

The Manager represents and warrants to the Company that:

 

 

25

 

	
                         
 	
                        (a)
 	
                        it has and will at all times during the term of this Agreement have the skill, facilities, capacity and staff necessary to perform its duties and obligations under this Agreement; and
 

	
                         
 	
                        (b)
 	
                        it will, at all times during the term of this Agreement, hold such licences, permits and authorizations as are necessary for it to perform the Services and its other duties and functions under this Agreement, or will delegate to an appropriate B&B Affiliate the Services and other duties and functions under this Agreement which require the holding of licences, permits and authorizations it does not itself hold.
 

9.3      Inaccurate warranties

If a warranty given by a party to this Agreement ceases to be accurate, that party must immediately advise the other party in writing.

9.4      Exclusion of warranties

To the fullest extent permitted by applicable law, except as expressly provided to the contrary in this Agreement, all terms, conditions, warranties, undertakings, inducements or representations whether expressed, implied, statutory or otherwise relating in any way to this Agreement or the Services are excluded.

Where any law, rule or regulation implies in this Agreement any term, condition or warranty, and that law, rule or regulation avoids or prohibits provisions in a contract excluding or modifying the application of, or exercise of, or liability under such term, condition or warranty, such term, condition or warranty shall be deemed to be included in this Agreement, however the liability of the Manager for any breach of such a term, condition or warranty shall be limited, at the option of the Manager, to any one or more of the following:

	
                         
 	
                        (a)
 	
                        the supplying of the services again; or
 

	
                         
 	
                        (b)
 	
                        the payment of the cost of having the services supplied again.
 

 

9.5      Manager may rely

Without limiting clause 3.7, the Manager may take and may act upon:

	
                         
 	
                        (a)
 	
                        the opinion or advice of counsel or solicitors, whether or not instructed by the Manager, in relation to the interpretation of this Agreement or any other document (whether statutory or otherwise) or generally in connection with the Company;
 

	
                         
 	
                        (b)
 	
                        advice, opinions, statements or information from bankers, accountants, auditors, appraisers, valuers and other persons consulted by the Manager who are in each case believed by the Manager in good faith to be expert in relation to the matters upon which they are consulted;
 

	
                         
 	
                        (c)
 	
                        a document which the Manager believes in good faith to be the original or a copy of an appointment by a shareholder or the holder of an option
 

 

 

26

 

in respect of a Share of a person to act as their agent for any purpose connected with the Company; and

	
                         
 	
                        (d)
 	
                        any other document provided to the Manager in connection with the Company upon which it is reasonable for the Manager to rely,
 

and the Manager will not be liable for anything done, suffered or omitted by it in good faith in reliance upon such opinion, advice, statement, information or document.

9.6      Acknowledgement

The Company acknowledges that:

	
                         
 	
                        (a)
 	
                        neither the Manager nor any Affiliate of the Manager guarantees the performance of the Company’s business or its assets nor makes any representation regarding any of these matters; and
 

	
                         
 	
                        (b)
 	
                        the Manager may assume that all documents which it receives in connection with the Company’s business and assets are complete, accurate and correct and that all signatures, seals, and markings on all such documents are authentic and duly authorized.
 

9.7      Indemnity and limitation of liability

	
                         
 	
                        (a)
 	
                        The Company assumes liability for, and indemnifies the Manager, all B&B Affiliates and any Person to whom the Manager delegates its obligations in compliance with this Agreement, and their respective members, shareholders, managers, directors, officers, employees and agents (collectively, Indemnified Persons), on an after-tax basis against any losses and liabilities (collectively, Losses) that arise out of or in connection with the doing or failing to do anything in connection with this Agreement or on account of any bona fide investment decision made by the Indemnified Person, except insofar as any such Loss is finally adjudicated to have been caused directly by the Indemnified Person
from gross negligence, fraud or dishonesty, or willful misconduct in respect of the obligation to apply the Standard of Care under this Agreement. 
 

	
                         
 	
                        (b)
 	
                        The Manager and each other Indemnified Person shall not be liable to the Company or any of its Subsidiaries for any Losses suffered or incurred by the Company or any of its Subsidiaries arising out of or in connection with the Indemnified Person doing or failing to do anything in connection with this Agreement or on account of any bona fide investment decision made by the Indemnified Person, except insofar as any such Loss is finally adjudicated to have been caused directly by the gross negligence, fraud or dishonesty of, or willful misconduct in respect of the obligation to apply the Standard of Care under this Agreement by the Indemnified Person.
 

	
                         
 	
                        (c)
 	
                        The Company agrees to indemnify and hold harmless on an after-tax basis the Indemnified Persons and each Person, if any, who controls any Indemnified Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the Registration
 

 

 

27

 

Indemnified Parties) from and against any and all Losses arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus, or arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such Losses arise out of or are based upon any untrue statement or omission or alleged untrue statement or omission which has been made therein or omitted therefrom in reliance upon and in conformity with (i) the information set forth in the IPO Registration Statement under the headings “[to come]” (the B&B Information), and (ii) information
relating to any underwriter furnished in writing to the Company by or on behalf of such underwriter expressly for use in the Registration Statement or Prospectus.

	
                         
 	
                        (d)
 	
                        Each Registration Indemnified Party agrees, severally and not jointly, to indemnify and hold harmless on an after-tax basis the Company and its Subsidiaries and any of their respective directors or officers who sign any Registration Statement, and any person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, to the same extent as the foregoing indemnity from the Company to each Registration Indemnified Party, but only with respect to the B&B Information. For purposes of this clause 9.7(d), any information relating to any underwriter that is contained in a Registration Statement or Prospectus shall not be deemed to be information relating to a Registration Indemnified Party.
 

	
                         
 	
                        (e)
 	
                        Contribution
 

	
                         
 	
                        (1)
 	
                        If the indemnification provided for in this clause 9.7 is unavailable to, or insufficient to hold harmless on an after-tax basis, any indemnified party under this clause 9.7 in respect of any Losses referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such Losses (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the actions which resulted in Losses as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact
relates to information supplied by such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
 

	
                         
 	
                        (2)
 	
                        The parties hereto agree that it would not be just and equitable if contribution pursuant to this clause 9.7(e) were determined by a pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
 

 

 

28

 

paragraph (1) above. The amount paid or payable by an indemnified party as a result of the Losses referred to in paragraph (1) above, shall be deemed to include, subject to the limitations set forth above, any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating any claim or defending any action. Notwithstanding the provisions of this clause 9.7(e), a Registration Indemnified Party shall not be required to contribute any amount in excess of the amount by which the proceeds to such Registration Indemnified Party exceeds the amount of any damages which such Registration Indemnified Party has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation

	
                         
 	
                        (f)
 	
                        The obligations contained in this clause 9.7 shall continue after the termination of this Agreement. 
 

	
                         
 	
                        (g)
 	
                        The provisions of this clause 9.7 are held by the Manager for its own benefit and for the benefit of the other Indemnified Persons and may be enforced by the Manager on behalf of, and for the benefit of, the Indemnified Persons.
 

10        Term and termination

10.1      Term

This Agreement commences on the Trading Date and continues until the date that is 25 years after the Trading Date, unless terminated earlier in accordance with clause 10.2.

10.2      Termination

	
                         
 	
                        (a)
 	
                        By the Company
 

The Company may terminate this Agreement immediately upon written notice if but only if:

	
                         
 	
                        (1)
 	
                        at least 75% of the independent directors on the Board and holders of 75% or more of all of the outstanding Shares (measured by vote) determine by resolution that there has been unsatisfactory performance by the Manager that is materially detrimental to the Company;
 

	
                         
 	
                        (2)
 	
                        the Manager materially breaches this Agreement and fails to remedy such breach within 90 days of receiving written notice from the Company requiring it to do so, or such breach results in liability to the Company and is attributable to the Manager’s gross negligence, fraud or dishonesty, or willful misconduct in
 

 

 

29

 

respect of the obligation to apply the Standard of Care under this Agreement;

	
                         
 	
                        (3)
 	
                        any license, permit or authorization held by the Manager which is necessary for it to perform the services and duties under this Agreement is materially breached, suspended or revoked, or otherwise made subject to conditions which, in the reasonable opinion of the Board, would prevent the Manager from performing the Services and the situation is not remedied within 90 days;
 

	
                         
 	
                        (4)
 	
                        Babcock & Brown ceases to hold (directly or indirectly) more than 50% of the voting equity of, and economic interest in, the Manager;
 

	
                         
 	
                        (5)
 	
                        an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking relief in respect of the Manager or of a substantial part of the property or assets of the Manager, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. Federal or state or non-U.S. bankruptcy, insolvency, receivership or similar law, and such proceeding or petition shall continue undismissed for 75 days or an order or decree approving or ordering any of the foregoing shall be entered or the Manager shall go into liquidation, suffer a receiver or mortgagee to take possession of all or substantially all of its assets or have an examiner appointed over it or if a petition or proceeding is presented for any of the foregoing and not discharged within 75 days, unless in the
case of the commencement of any such proceeding or the filing of any such petition the Manager is withdrawn and replaced by the Manager within 90 days of the commencement of such proceeding or the date of such filing with a B&B Affiliate that is able to give correctly the warranties set out in clause 9.2 of this Agreement (Similarly Constituted Entity); or 
 

	
                         
 	
                        (6)
 	
                        the Manager shall: 
 

	
                         
 	
                        (A)
 	
                        voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. Federal or state or non-U.S. bankruptcy, insolvency, receivership or similar law; 
 

	
                         
 	
                        (B)
 	
                        consent to the institution of, or fail to contest the filing of, any petition described in clause (5) above; 
 

	
                         
 	
                        (C)
 	
                        file an answer admitting the material allegations of a petition filed against it in any such proceeding; or 
 

	
                         
 	
                        (D)
 	
                        make a general assignment for the benefit of its creditors, unless the Manager is withdrawn and replaced within 15
 

 

 

30

 

days by the Manager with a Similarly Constituted Entity; or

	
                         
 	
                        (7)
 	
                        an order is made for the winding up of the Manager, unless the Manager is withdrawn and replaced within 15 days by the Manager with a Similarly Constituted Entity.
 

	
                         
 	
                        (b)
 	
                        By the Manager 
 

The Manager may terminate this Agreement immediately upon written notice if:

	
                         
 	
                        (1)
 	
                        the Company’s ADSs cease to be listed for trading on the NYSE;
 

	
                         
 	
                        (2)
 	
                        the Company fails to make any payment due under this Agreement to the Manager within 15 days after the same becomes due;
 

	
                         
 	
                        (3)
 	
                        the Company otherwise materially breaches this Agreement and fails to remedy the breach within 90 days of receiving written notice from the Manager requiring it to do so;
 

	
                         
 	
                        (4)
 	
                        an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking relief in respect to the Company or any Significant Subsidiary of the Company or of a substantial part of the property or assets of any of such Persons, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. Federal or state or non-U.S. bankruptcy, insolvency, receivership or similar law, and such proceeding or petition shall continue undismissed for 75 days or an order or decree approving or ordering any of the foregoing shall be entered or any such Persons within the Company Group shall go into liquidation, suffer a receiver or mortgagee to take possession of all or substantially all of it assets or have an examiner appointed over it or if a petition or proceeding is
presented for any of the foregoing and not discharged within 75 days; or 
 

	
                         
 	
                        (5)
 	
                        the Company or any significant subsidiary (as defined in Rule 1-02(w) of Regulation S-X under the Securities Act) of the Company shall:
 

	
                         
 	
                        (A)
 	
                        voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. Federal or state or non-U.S. bankruptcy, insolvency, receivership or similar law; 
 

	
                         
 	
                        (B)
 	
                        consent to the institution of, or fail to contest the filing of, any petition described in clause (4) above; 
 

	
                         
 	
                        (C)
 	
                        file an answer admitting the material allegations of a petition filed against it in any such proceeding; or
 

 

 

31

 

	
                         
 	
                        (D)
 	
                        make a general assignment for the benefit of its creditors; or 
 

	
                         
 	
                        (6)
 	
                        an order is made for the winding up of the Company; or
 

	
                         
 	
                        (7)
 	
                        any Person or group (as such term is defined under the Exchange Act and the rules promulgated thereunder) acquires more than 15% of any class of the Company’s voting securities.
 

 

	
                        10.3
 	
                        Effect of termination
 

	
                         
 	
                        (a)
 	
                        If this Agreement is terminated under clauses 10.1 or 10.2, this Agreement and the parties’ obligations under it shall cease, other than the obligations under this clause 10 and clauses 9, 11, 13 (other than 13.3 and 13.4), 15 and 16.
 

	
                         
 	
                        (b)
 	
                        The termination of this Agreement does not prejudice any:
 

	
                         
 	
                        (1)
 	
                        transaction properly entered into prior to termination;
 

	
                         
 	
                        (2)
 	
                        claim by the Manager in respect of accrued Base Fees, Rent Payable Fees, Rent Collected Fees, Rent Fees, Incentive Fees, Origination and Disposition Fees, Change of Control Fees and Administrative Agency Fees in respect of the period to termination and the Company shall pay to the Manager any such accrued Base Fees, Rent Payable Fees, Rent Collected Fees, Rent Fees, Incentive Fees, Origination and Disposition Fees, Change of Control Fees or Administrative Agency Fees (it being agreed that (i) if a dividend is declared and paid on the Shares with respect to the Quarter during which this Agreement is terminated, the Manager shall be entitled to the full amount of any Incentive Fee payable in connection with such dividend pursuant to clause 5.1(b) and (ii) the amount of the Base Fees, Rent Payable Fees, Rent Collected Fees and Rent Fees payable to the
Manager with respect to the Fee Period during which this Agreement is terminated shall be calculated to the end of such Fee Period);
 

	
                         
 	
                        (3)
 	
                        claim by the Manager in respect of accrued costs and expenses incurred in respect of the period to termination and the Company must pay or reimburse the Manager for any such accrued costs and expenses in accordance with clause 6; or
 

	
                         
 	
                        (4)
 	
                        any accrued rights of a party to take action in respect of a breach of this Agreement occurring prior to such termination.
 

	
                         
 	
                        (c)
 	
                        If this Agreement is terminated, the Company must promptly change its name, and procure that its Subsidiaries and Affiliates promptly change their names, so that they do not include the words “Babcock & Brown”, “Babcock” or “Brown”.
 

 

 

32

 

	
                        11
 	
                        Confidentiality
 

 

	
                         
 	
                        11.1
 	
                        Confidential Information
 

	
                         
 	
                        (a)
 	
                        Subject to clauses 11.2, the parties must not, and must ensure that their respective officers, employees and agents do not, without the prior written consent of a party, disclose any Confidential Information of that party. 
 

	
                         
 	
                        (b)
 	
                        In addition, to the extent that any officer, director, employee, agent, advisor or consultant of the Company or any of its Subsidiaries is involved in any other business activities that are competitive with BBAM or any B&B Affiliate, the Company shall screen such person from receipt of competitively sensitive information. Without limiting the foregoing, the Company shall, and shall cause each of its Subsidiaries to, ensure that no competitively sensitive information is provided to a Competitor, even a Competitor that is a shareholder of the Company.
 

 

	
                         
 	
                        11.2
 	
                        Permitted disclosures
 

	
                         
 	
                        (a)
 	
                        The parties may make disclosures:
 

	
                         
 	
                        (1)
 	
                        to B&B Affiliates but only on a strictly confidential basis; and
 

	
                         
 	
                        (2)
 	
                        to those of their or any B&B Affiliate’s employees, officers, professional or financial advisers and bankers as the party reasonably thinks necessary to give effect to this Agreement but only on a strictly confidential basis.
 

	
                         
 	
                        (b)
 	
                        The obligations of this clause do not apply to any information which a party can reasonably demonstrate:
 

	
                         
 	
                        (1)
 	
                        is in the public domain through no fault of its own;
 

	
                         
 	
                        (2)
 	
                        is already known to that party (as evidenced by its written records) at the date of disclosure and was not acquired directly or indirectly from the other party; or
 

	
                         
 	
                        (3)
 	
                        is required to be disclosed by law or the listing rules of an applicable stock exchange, provided where practical, the form and terms of the relevant disclosure have been notified to the other party and the other party has had a reasonable opportunity to comment on the form and terms.
 

	
                         
 	
                        (c)
 	
                        Notwithstanding any provision of this Agreement to the contrary, the legal obligations of confidentiality hereunder do not extend to the U.S. federal or state tax structure or the U.S. federal or state tax treatment of any transaction pursuant to this Agreement. If any U.S. federal or state tax analyses or materials are provided to any party, such party is free to disclose any such analyses or materials without limitation.
 

 

 

33

 

	
                        12
 	
                        Notices
 

 

	
                         
 	
                        12.1
 	
                        Requirements
 

All notices must be:

	
                         
 	
                        (a)
 	
                        in legible writing;
 

	
                         
 	
                        (b)
 	
                        addressed to the recipient at the address or facsimile number set out below or to any other address or facsimile number that a party may notify to the other:
 

to the Company:

 

	
                        Address:
 	
                        West Pier, Dun Laoghaire, County Dublin, Ireland
 
	
                        Attention:
 	
                        Chief Executive Officer
 
	
                        Facsimile no:
 	
                        +353-1-______________
 

with a copy to Weil, Gotshal & Manges LLP:

 

	
                        Address:
 	
                        767 Fifth Avenue, New York, NY 10001
 
	
                        Attention:
 	
                        Boris Dolgonos
 
	
                        Facsimile no:
 	
                        +1-212-310-8007
 

to the Manager:

 

	
                        Address:
 	
                        West Pier, Dun Laoghaire, County Dublin, Ireland
 
	
                        Attention:
 	
                        Chief Executive Officer
 
	
                        Facsimile no:
 	
                        +353-1-______________
 

with a copy to Weil, Gotshal & Manges LLP:

 

	
                        Address:
 	
                        767 Fifth Avenue, New York, NY 10001
 
	
                        Attention:
 	
                        Boris Dolgonos
 
	
                        Facsimile no:
 	
                        +1-212-310-8007
 

	
                         
 	
                        (c)
 	
                        signed by the party; and
 

	
                         
 	
                        (d)
 	
                        sent to the recipient by hand, prepaid post or facsimile.
 

 

	
                         
 	
                        12.2
 	
                        Receipt
 

Without limiting any other means by which a party may be able to prove that a notice has been received by the other parties, a notice will be considered to have been received:

	
                         
 	
                        (a)
 	
                        if sent by hand, when left at the address of the recipient;
 

	
                         
 	
                        (b)
 	
                        if sent by pre-paid post, 2 days (if posted within Ireland to an address in Ireland) or 7 days (if posted from one country to another) after the date of posting; or
 

 

 

34

 

	
                         
 	
                        (c)
 	
                        if sent by facsimile, on receipt by the sender of an acknowledgment or transmission report generated by the sender’s machine indicating that the whole facsimile was sent to the recipient’s facsimile number;
 

but if a notice is served by hand, or is received by the recipient’s facsimile, on a day that is not a Business Day, or after 5:00 pm (recipient’s local time) on a Business Day, the notice will be considered to have been received by the recipient at 9:00 am on the next Business Day.

 

	
                        13
 	
                        Independent contractor, conflicts of interest and restriction
 

 

	
                         
 	
                        13.1
 	
                        Independent contractor
 

The relationship between the Company and the Manager is in the nature of an independent contractor relationship only and the parties do not intend to create, and this Agreement does not constitute, a partnership, trust or other arrangement and this Agreement must not be construed as creating anything other than an independent contractor relationship. The Company acknowledges that the Manager has been appointed by the Company solely in its capacity as Manager and not in any other capacity including as an advisor or a fiduciary.

 

	
                         
 	
                        13.2
 	
                        Conflicts of interest
 

Nothing in this Agreement restricts the Manager (or any of Affiliate of the Manager) from:

	
                         
 	
                        (a)
 	
                        dealing or conducting business with the Company, any of the Company’s Subsidiaries, the Manager, any B&B Affiliate or any shareholder of the Company;
 

	
                         
 	
                        (b)
 	
                        being interested in any contract or transaction with the Company, any of the Company’s Subsidiaries, any B&B Affiliate or any shareholder of the Company; 
 

	
                         
 	
                        (c)
 	
                        acting in the same or similar capacity in relation to any other corporation or enterprise; or
 

	
                         
 	
                        (d)
 	
                        holding or dealing in the Company’s or its Subsidiaries’ equity or other securities or interests therein; or
 

	
                         
 	
                        (e)
 	
                        co-investing with the Company or any of its Subsidiaries.
 

 

	
                         
 	
                        13.3
 	
                        Acting in interests of shareholders
 

Without limiting clauses 13.1 or 13.2, in performing the Services under this Agreement, the Manager shall act in the best interest of the Company’s shareholders. If there is a conflict between the Company’s shareholders’ interests and the Manager’s interests, the Manager shall give priority to the Company’s shareholders’ interests. 

 

	
                         
 	
                        13.4
 	
                        Manager not accountable
 

The Manager or any Affiliate of the Manager may be or become interested in any business promoted by the Company or in which the Company may be interested as a shareholder or otherwise and is not accountable to the Company

 

 

35

 

 for any remuneration, commission or other benefits received from its interest in that business as long as the Manager discloses the nature of its interest to the Company.

 

	
                         
 	
                        13.5
 	
                        Contracts valid
 

No contract or transaction referred to in clause 13.2 which the Manager or any Affiliate of the Manager is interested in any way, whether directly or indirectly, will be avoided and the Manager and any Affiliate of the Manager is not liable, by reason of the Manager’s appointment as Manager under this Agreement, to account to the Company or any other person for any profit or benefits arising from such contracts or transactions and it may retain such profits or benefits. Any fees paid or payable in relation to such contracts or transactions are to be retained by the person to whom those fees are paid or payable.

 

	
                        14
 	
                        Independent advice 
 

For the avoidance of doubt, nothing in this Agreement limits the right of the members of the Board to seek independent professional advice (including legal, accounting and financial advice) at the expense of the Company on any matter connected with the discharge of their responsibilities, in accordance with the procedures and subject to the conditions set out in the Company’s corporate governance principles from time to time.

 

	
                        15
 	
                        Legal actions
 

 

	
                         
 	
                        15.1
 	
                        Third-party claims
 

 

	
                         
 	
                        (a)
 	
                        The Manager will notify the Company promptly of any claim made by any third-party against the Company or any of its Subsidiaries of which it is aware or has notice and will send to the Company any notice, claim, summons or writ served on the Manager concerning the Company or its Subsidiaries.
 

	
                         
 	
                        (b)
 	
                        The Manager will not without the express written consent of the Board purport to accept or admit any claims or liabilities of which it receives notification pursuant to clause 15.1(a) on behalf of the Company or make any settlement or compromise with any third-party in respect of the Company.
 

 

	
                         
 	
                        15.2
 	
                        Litigation
 

If legal action is initiated against the Manager by any third-party in respect of any matter connected with this Agreement and in respect of which the Manager has the benefit of an indemnity from the Company under this Agreement, the Company shall be entitled at its election to take over from the Manager the conduct and the defence of any such action and to prosecute any claim for indemnity or damages or other entitlement against any third-party in the name of the Manager. 

 

 

36

 

 

	
                        16
 	
                        General provisions
 

 

	
                         
 	
                        16.1
 	
                        Entire agreement
 

This Agreement is the entire agreement of the parties about the subject matter of this Agreement and supersedes all other representations, negotiations, arrangements, understandings, agreements and/or other communications. No party has entered into this Agreement relying on any representations made by or on behalf of the any other party, other than those expressly made in this Agreement. 

 

	
                         
 	
                        16.2
 	
                        Assignment
 

A party must not assign, create an interest in, or deal in any other way with any of its rights under this Agreement without the prior written consent of the other parties.

 

	
                         
 	
                        16.3
 	
                        Indemnities
 

	
                         
 	
                        (a)
 	
                        The indemnities in this Agreement are:
 

	
                         
 	
                        (1)
 	
                        continuing obligations of the parties, separate and independent from their other obligations and survive the termination of this Agreement; and
 

	
                         
 	
                        (2)
 	
                        absolute and unconditional and unaffected by anything that might have the effect of prejudicing, releasing, discharging or affecting in any other way the liability of the party giving the indemnity.
 

	
                         
 	
                        (b)
 	
                        It is not necessary for a party to incur expense or make payment before enforcing a right of indemnity under this Agreement.
 

 

	
                         
 	
                        16.4
 	
                        Invalid or unenforceable provisions
 

If a provision of this Agreement is invalid or unenforceable in a jurisdiction:

	
                         
 	
                        (a)
 	
                        it is to be read down or severed in that jurisdiction to the extent of the invalidity or unenforceability; and
 

	
                         
 	
                        (b)
 	
                        that fact does not affect the validity or enforceability of that provision in another jurisdiction or the remaining provisions.
 

 

	
                         
 	
                        16.5
 	
                        Waiver and exercise of rights
 

	
                         
 	
                        (a)
 	
                        A waiver by a party of a provision of, or of a right under, this Agreement is binding on the party granting the waiver only if it is given in writing and is signed by the party or an authorized representative of the party granting the waiver.
 

	
                         
 	
                        (b)
 	
                        A waiver is effective only in the specific instance and for the specific purpose for which it is given.
 

	
                         
 	
                        (c)
 	
                        A single or partial exercise of a right by a party does not preclude another exercise of that right or the exercise of another right.
 

 

 

37

 

	
                         
 	
                        (d)
 	
                        Failure by a party to exercise or delay in exercising a right does not prevent its exercise or operate as a waiver.
 

 

	
                         
 	
                        16.6
 	
                        Amendment
 

This Agreement may be amended only by a document signed by all parties.

 

	
                         
 	
                        16.7
 	
                        Counterparts
 

This Agreement may be signed in counterparts and all counterparts taken together constitute one document.

 

	
                         
 	
                        16.8
 	
                        Rights cumulative
 

The rights, remedies and powers of the parties under this Agreement are cumulative and do not exclude any other rights, remedies or powers.

 

	
                         
 	
                        16.9
 	
                        Successors and assigns
 

This Agreement is binding on, and has effect for the benefit of, the parties and their respective successors and permitted assigns.

 

	
                         
 	
                        16.10
 	
                        Governing law
 

This Agreement is governed by the laws of the State of New York.

 

	
                         
 	
                        16.11
 	
                        Jurisdiction
 

Each party irrevocably and unconditionally:

	
                         
 	
                        (a)
 	
                        submits to the non-exclusive jurisdiction of the courts of the State of New York; and
 

	
                         
 	
                        (b)
 	
                        waives, without limitation, any claim or objection based on absence of jurisdiction or inconvenient forum. 
 

 

 

38

 

Schedule 1 – Expenses

Part 1

The expenses that are covered by the Management Expense Amount and which are therefore not separately recoverable by the Manager from the Company under clause 6.1(a) are:

Employee Remuneration

Base salaries, all “on costs”, superannuation and bonuses for members of the Core Management Team including any payments or benefits “packaged” for a member of the Core Management Team.

Direct expenses of the Manager’s own in-house resources including legal, accounting, internal audit, treasury, investor relations, risk and compliance, company secretarial and internal taxation support.

The following expenses in relation to the Core Management Team:

	
                        •
 	
                        Car parking
 

	
                        •
 	
                        Recruitment expenses 
 

	
                        •
 	
                        Relocation expenses
 

	
                        •
 	
                        Work cover insurance
 

	
                        •
 	
                        Staff training and seminars
 

	
                        •
 	
                        Conference attendance
 

The Manager’s Corporate Overheads

The Manager’s corporate overheads on a pro rata basis having regard to the number of employees of Babcock & Brown, the number of those employees providing Services to the Company and the proportion of time spent by those employees providing such Services (e.g., 4 employees spending half their time providing Services are treated as 2 employees providing full time Services), including: 

	
                        •
 	
                        Office rental
 

	
                        •
 	
                        Telephone, fax & internet rental, connections and associated hardware
 

	
                        •
 	
                        Travel costs of the Core Management Team (including flights, accommodation, taxis, entertainment and meals while traveling) in relation to the provision of the Services under this Agreement (other than travel related to sourcing, negotiating and conducting transactions on behalf of the Company and attending any meeting of the Board or Company)
 

	
                        •
 	
                        Printing
 

	
                        •
 	
                        Postage and stationery
 

	
                        •
 	
                        Temporary staff
 

	
                        •
 	
                        Computer hardware and software and all IT maintenance and support (excluding website development and maintenance)
 

 

 

39

 

	
                        •
 	
                        Couriers
 

	
                        •
 	
                        Gifts and donations
 

	
                        •
 	
                        Subscriptions to any organisation, industry body, publication or equivalent
 

	
                        •
 	
                        Sundry expenses (including a portion of the Manager’s costs for office maintenance and utilities)
 

Part 2

Expenses associated with the Company that are not covered by the Management Expense Amount and which are therefore recoverable by the Manager from the Company under clause 6.1(a) if paid by the Manager include but shall not be limited to:

	
                        •
 	
                        Directors’ fees for the directors on the Company’s and its Subsidiaries’ boards of directors
 

	
                        •
 	
                        Directors’ and officers’ insurance for the Company’s and its Subsidiaries’ directors and officers
 

	
                        •
 	
                        Travel expenses of the directors (including flights, accommodation, taxis, entertainment and meals while travelling) to attend any meeting of the Board or Company 
 

	
                        •
 	
                        Registration fees and listing fees in connection with listing the Shares on the NYSE and registering the Shares under the Securities Act
 

	
                        •
 	
                        Fees and offering and other expenses relating to the Company’s initial public offering, the securitization of the Initial Portfolio, the Company’s credit facility and any other equity or debt financings the Company enters into in the future
 

	
                        •
 	
                        Fees and expenses of the depositary for the Company’s ADSs
 

	
                        •
 	
                        Costs and expenses related to insuring the Company’s aircraft and other aviation assets, including all fees and expenses of insurance advisors and brokers
 

	
                        •
 	
                        Costs incurred in connection with organizing and hosting the Company’s annual meetings or other general meetings of the Company
 

	
                        •
 	
                        Costs of production and distribution of any of the Company’s securityholder communications, including notices of meetings, annual and other reports, press releases, and any prospectus, disclosure statement, offering memorandum or other form of offering document
 

	
                        •
 	
                        Website development and maintenance
 

	
                        •
 	
                        Travel expenses of the Core Management Team and other personnel of any B&B Affiliate (including flights, accommodation, taxis, entertainment and meals while traveling) related to sourcing, negotiating and conducting transactions on behalf of the Company and attending any meeting of the Board or Company
 

	
                        •
 	
                        External legal counsel
 

	
                        •
 	
                        Fees of third-party consultants, accounting firms and other professionals
 

	
                        •
 	
                        External auditor’s fees
 

	
                        •
 	
                        Internal auditor’s fees
 

 

 

40

 

Schedule 2 – Illustration of Notional Amount Allocation

The table below illustrates the allocation of the Company’s aggregate quarterly notional amount as a dividend on the Shares and as an Incentive Fee payable to the Manager. 

 

	
                        Quarterly Dividend
  Per Share
 	
                         
 	
                        Portion of Notional
  Amount Paid as
 Dividend on
  Shares
 	
                         
 	
                        Portion of
  Notional
  Amount Paid as
 Incentive Fee to
  Manager
 	
                         
 
	
                        Up to $0.575
 	
                         
 	
                        100.00 %
 	
                         
 	
                        0.00 %
 	
                         
 
	
                        $0.650
 	
                         
 	
                        98.73 %
 	
                         
 	
                        1.27 %
 	
                         
 
	
                        $0.800
 	
                         
 	
                        94.58 %
 	
                         
 	
                        5.42 %
 	
                         
 
	
                        $0.900
 	
                         
 	
                        91.91 %
 	
                         
 	
                        8.09 %
 	
                         
 
	
                        $1.000
 	
                         
 	
                        89.89 %
 	
                         
 	
                        10.11 %
 	
                         
 

 

 

41

 

IN WITNESS WHEREOF, this Agreement has been duly executed on the date first written above.

BABCOCK & BROWN AIR LIMITED

by:

 

	
                         
 	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Name
 	
                         
 	
                         
 	
                         
 

BABCOCK & BROWN AIR MANAGEMENT CO. LIMITED

by:

 

	
                         
 	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Name
 	
                         
 	
                         
 	
                         
 

 

42

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]