Document:

exv10w1

Exhibit 10.1

FORM OF ADVISORY AGREEMENT

     THIS ADVISORY AGREEMENT (this “Agreement”), dated as of                     , 2009 (the “Effective
Date”), is by and among GRUBB & ELLIS HEALTHCARE REIT II, INC., a Maryland corporation (the
“Company”), GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP, a Delaware limited partnership (the
“Partnership”), GRUBB & ELLIS HEALTHCARE REIT II ADVISOR, LLC, a Delaware limited liability company
(the “Advisor”).

WITNESSETH

     WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration
Statement on Form S-11 (the “Registration Statement”) covering the initial public offering of its
common stock, par value $0.01 per share (the “Shares”);

     WHEREAS, the Company intends to qualify as a REIT (as defined below), and intends to invest
its funds in investments permitted by the terms of the Company’s Articles of Incorporation and
Sections 856 through 860 of the Code (as defined below);

     WHEREAS, the Company is the general partner of the Partnership and intends to conduct all of
its business and make all of its investments in Properties and Real Estate-Related Investments
through the Partnership;

     WHEREAS, the Company and the Partnership desire to avail themselves of the experience, sources
of information, advice, assistance and certain facilities available to the Advisor (as defined
below) and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on
behalf of, and subject to the supervision of, the Board of Directors, all as provided herein; and

     WHEREAS, the Advisor is willing to undertake to render such services, subject to the
supervision of the Board of Directors, on the terms and conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

     1. Definitions. As used in this Agreement, the following terms have the definitions
hereinafter indicated:

     Acquisition Expenses. Any and all expenses incurred by the Company, the Partnership, the
Advisor, or any Affiliate of any such entity in connection with the selection, evaluation, and
acquisition of, and investment in Properties and Real Estate-Related Investments, whether or not
acquired (or made), including, but not limited to, legal fees and expenses, travel and
communications expenses, cost of appraisals and surveys, nonrefundable option payments on property
not acquired, accounting fees and expenses, architectural, engineering and other property reports,
environmental and asbestos audits, title insurance premiums and escrow fees, transfer taxes, and
miscellaneous expenses related to the selection, evaluation and acquisition of Properties and Real
Estate-Related Investments.

     Acquisition Fee. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by
any Person to any other Person (including any fees or commissions paid by or to any Affiliate of
the Company or the Advisor) in connection with the purchase, origination,

 

 

development or construction of an Asset, including, without limitation, real estate
commissions, selection fees, Development Fees (as such term is defined in the NASAA Guidelines),
Construction Fees (as such term is defined in the NASAA Guidelines), non-recurring management fees,
loan fees, points or any other fees of a similar nature, however designated. Excluded shall be
Development Fees and Construction Fees paid to any Person not affiliated with the Sponsor in
connection with the actual development and construction of any Property.

     Advisor. Grubb & Ellis Healthcare REIT II Advisor, LLC, a Delaware limited liability company,
any successor advisor to the Company and the Partnership to which Grubb & Ellis Healthcare REIT II
Advisor, LLC or any successor advisor subcontracts substantially all of its functions.

     Affiliate or Affiliated. An Affiliate of another Person includes only the following: (i) any
Person directly or indirectly owning, controlling, or holding with the power to vote ten percent
(10.0%) or more of the outstanding voting securities of such other Person; (ii) any Person ten
percent (10.0%) or more of whose outstanding voting securities are directly or indirectly owned,
controlled, or held, with power to vote, by such other Person; (iii) any Person directly or
indirectly controlling, controlled by, or under common control with such other Person; (iv) any
executive officer, director, trustee, or general partner of such other Person; and (v) any legal
entity for which such Person acts as an executive officer, director, trustee, or general partner.
An entity shall not be deemed to control or be under common control with an Advisor-sponsored
program unless (i) the entity owns ten percent (10.0%) or more of the voting equity interests of
such program or (ii) a majority of the board of directors (or equivalent governing body) of such
program is comprised of Affiliates of the entity.

     Appraised Value. Value according to an appraisal made by an Independent Appraiser.

     Articles of Incorporation. The Articles of Incorporation of the Company under Title 2 of the
Corporations and Associations Article of the Annotated Code of
Maryland dated as of January 7,
2009, as amended from time to time.

     Asset Management Fee. The Asset Management Fee payable to the Advisor as defined in
Section 8(b).

     Average Invested Assets. For a specified period, the average of the aggregate Book Value of
the assets of the Company invested, directly or indirectly, in
Properties and Real Estate-Related Investments, before reserves for depreciation, amortization, bad debt or other similar non-cash
reserves, computed by taking the average of such values at the end of each month during such period
(for loan receivables, the average of the aggregate loan receivable balances outstanding at the end
of each month during such period).

     Board of Directors or Board. The persons holding such office, as of any particular time,
under the Articles of Incorporation of the Company, whether they be the Directors named therein or
additional or successor Directors.

     Book Value. The value of an asset on the books of the Company, before allowance for
depreciation or amortization.

     Bylaws. The bylaws of the Company, as the same are in effect from time to time.

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     Capped O&O Expenses. All Organizational and Offering Expenses other than selling commissions
and the dealer manager fee.

     Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute
thereto. Reference to any provision of the Code shall mean such provision as in effect from time
to time, as the same may be amended, and any successor provision thereto, as interpreted by any
applicable regulations as in effect from time to time.

     Company. Grubb & Ellis Healthcare REIT II, Inc., a corporation organized under the laws of
the State of Maryland.

     Competitive Real Estate Commission. A real estate or brokerage commission for the purchase or
sale of a property which is reasonable, customary, and competitive in light of the size, type, and
location of the property.

     Contract Purchase Price. The amount actually paid or allocated by the Company in respect of
the purchase, development, construction or improvement of a Property, or the amount funded or
actually paid to acquire or originate a Real Estate-Related Investment, in each case exclusive of
Acquisition Fees and Acquisition Expenses.

     Contract Sales Price. The total consideration received by the Company for the sale of a
Property or other Real Estate-Related Investment exclusive of the applicable Disposition Fee.

     Director. A member of the Board of Directors of the Company.

     Disposition Fee. The fee payable to the Advisor under certain circumstances in connection
with the Sale of one or more Properties pursuant to Section 8(c).

     Distributions. Any distributions of money or other property by the Company to owners of
Shares, including distributions that may constitute a return of capital for federal income tax
purposes.

     Fiscal Year. Any period for which any income tax return is submitted by the Company to the
Internal Revenue Service and which is treated by the Internal Revenue Service as a reporting
period.

     Gross Income. All cash receipts derived from the operation of any Property, excluding (i)
tenant security deposits unless and until such deposits are forfeited upon a tenant default and
(ii) proceeds from insurance claims, condemnation proceedings, sales or refinancings.

     Gross Offering Proceeds. The aggregate purchase price of all Shares sold for the account of
the Company through an Offering, without deduction for volume discounts, selling commissions, the
dealer manager fee or Organizational and Offering Expenses. For the purpose of computing Gross
Offering Proceeds, the purchase price of any Share for which reduced selling commissions are paid
to the dealer manager or a soliciting dealer (where net proceeds to the Company are not reduced)
shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus
for such Offering without reduction.

     Independent Appraiser. A person or entity with no material current or prior business or
personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in
the business of rendering opinions regarding the value of assets of the type held by the Company,

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and who is a qualified appraiser of real estate as determined by the Board. Membership in a
nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or
the Society of Real Estate Appraisers shall be conclusive evidence of such qualification.

     Independent Director. A Director who is not on the date of determination, and within the last
two years from the date of determination has not been, directly or indirectly associated with the
Sponsor or the Advisor by virtue of (i) ownership of an interest in the Sponsor, the Advisor or any
of their Affiliates, other than the Company, (ii) employment by the Sponsor, the Advisor or any of
their Affiliates, (iii) service as an officer or director of the Sponsor, the Advisor or any of
their Affiliates, other than as a Director of the Company or as a director or trustee of any other
real estate investment trust organized by the Sponsor or advised by the Advisor, (iv) performance
of services, other than as a Director, for the Company, (v) service as a director or trustee of
more than three real estate investment trusts organized by the Sponsor or advised by the Advisor or
(vi) maintenance of a material business or professional relationship with the Sponsor, the Advisor
or any of their Affiliates. A business or professional relationship is considered “material” per
se if the aggregate gross revenue derived by the Director from the Sponsor, the Advisor and their
Affiliates (excluding fees for serving as a Director of the Company or another real estate
investment trust or real estate program that is organized, advised or managed by the Advisor or its
Affiliates) exceeds 5.0% of either the Director’s annual gross income during either of the last two
years or the Director’s net worth on a fair market value basis. An indirect association with the
Sponsor or the Advisor shall include circumstances in which a Director’s spouse, parent, child,
sibling, mother- or father-in-law, son- or daughter-in-law, or brother- or sister-in-law is or has
been associated with the Sponsor, the Advisor, any of their Affiliates or the Company.

     Intellectual Property Rights. All rights, titles and interests, whether foreign or domestic,
in and to any and all trade secrets, confidential information rights, patents, invention rights,
copyrights, service marks, trademarks, know-how, or similar intellectual property rights and all
applications and rights to apply for such rights, as well as any and all moral rights, rights of
privacy, publicity and similar rights and license rights of any type under the laws or regulations
of any governmental, regulatory, or judicial authority, foreign or domestic and all renewals and
extensions thereof.

     Joint Venture. Any joint venture, partnership, limited liability company or other Affiliate
of the Company (other than the Partnership) that owns, in whole or in part on behalf of the
Company, any Properties.

     Lease Fee. The Lease Fee payable to the Advisor, an Affiliate of the Advisor or a
non-Affiliated third party, as defined in Section 8(d).

     Listing. The term “Listing” shall mean that the Shares have been approved for trading on a
national securities exchange. Upon such Listing, the Shares shall be deemed Listed.

     NASAA Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts published
by the North American Securities Administrators Association, Inc. on May 7, 2007, and as in effect
on the date hereof.

     Net Income. For any period, the total revenues applicable to such period, less the total
expenses applicable to such period excluding additions to reserves for depreciation, amortization,
bad debt or other similar non-cash reserves; provided, however, Net Income for purposes of

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calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from
the sale of the Company’s assets.

     Offering. Any offering of Shares that is registered with the Securities and Exchange
Commission, excluding Shares offered under any employee benefit plan.

     Offering Stage. The period from the commencement of the Company’s initial public equity
offering through the termination of the Company’s last public equity offering prior to Listing.
For purposes of this definition, “public equity offering” does not include offerings on behalf of
selling stockholders or offerings related to a distribution reinvestment plan, employee benefit
plan or the redemption of interests in the Partnership.

     Operating Expenses. All costs and expenses incurred by the Company, as determined under
generally accepted accounting principles in the United States of America, which in any way are
related to the operation of the Company or to Company business, including fees paid to the Advisor,
but excluding (i) the expenses of raising capital such as Organizational and Offering Expenses,
legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing
and other such expenses and tax incurred in connection with the issuance, distribution, transfer,
registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash
expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in
compliance with Section IV.F of the NASAA Guidelines and (vi) Acquisition Fees and Acquisition
Expenses, real estate commissions on resale of property, and other expenses connected with the
acquisition, disposition, and ownership of real estate interests, mortgage loans or other property
(such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and
improvement of property).

     Organizational and Offering Expenses. Any and all costs and expenses, including selling
commissions and the dealer manager fee, incurred by the Advisor or any Affiliate in connection with
the formation, qualification and registration of the Company and the offering of the Shares,
including, without limitation, the following: total underwriting and brokerage discounts and
commissions (including fees of the underwriter’s attorneys); printing, engraving, mailing and
distributing costs; salaries of employees while engaged in sales activity; all charges of transfer
agents, registrars, trustees, escrow holders, depositories and experts; and fees, expenses and
taxes related to the filing, registration and qualification of the sale of the Shares under federal
and state laws, including accountants’ and attorneys’ fees.

     Partnership. Grubb & Ellis Healthcare REIT II Holdings, LP, a Delaware limited partnership
formed to own and operate properties on behalf of the Company.

     Partnership Agreement. The Agreement of Limited Partnership of the Partnership, as amended
from time to time, between the Company, as General Partner and the Advisor, as the initial Limited
Partner.

     Person. An individual, corporation, partnership, estate, trust (including a trust qualified
under Section 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or
to be used exclusively for the purposes described in Section 642(c) of the Code, association,
private foundation within the meaning of Section 509(a) of the Code, joint stock company or other
entity, or any government or any agency or political subdivision thereof, and also includes a group
as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended.

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     Property or Properties. Any land, rights in land (including leasehold interests), and any
buildings, structures, improvements, furnishings, fixtures and equipment located on or used in
connection with land and rights or interests in land, or any portion thereof, transferred or
conveyed to the Company or the Partnership, either directly or indirectly, or such investments the
Board of Directors and the Advisor mutually designate as Properties to the extent such investments
could be classified as either Properties or Real Estate-Related Investments.

     Property Management Fee. The Property Management Fee as defined in Section 8(d).

     Property Manager. Any entity that has been retained to perform and carry out property rental,
leasing, operation and management services at one or more of the Properties, excluding persons,
entities or independent contractors retained or hired to perform facility management or other
services or tasks at a particular Property.

     Proprietary Property. All modeling algorithms, tools, computer programs, know-how,
methodologies, processes, technologies, ideas, concepts, skills, routines, subroutines, operating
instructions and other materials and aides used in performing the duties set forth and all
modifications, enhancements and derivative works of the foregoing.

     Prospectus. Prospectus has the meaning set forth in Section 2(10) of the Securities
Act of 1933, as amended, including a preliminary prospectus, an offering circular as described in
Rule 253 of the General Rules and Regulations under the Securities Act of 1933, as amended, or, in
the case of an intrastate offering, any document by whatever name known, utilized for the purpose
of offering and selling securities of the Company to the public.

     REIT. A real estate investment trust under Sections 856 through 860 of the Code.

     Real Estate-Related Investments. Any real estate-related investments transferred or conveyed
to the Company or the Partnership, either directly or indirectly, or such investments the Board of
Directors and the Advisor mutually designate as Real Estate-Related Investments to the extent such
investments could be classified as either Real Estate-Related Investments or Properties.

     Sale or Sales. (i) Any transaction or series of transactions whereby: (A) the Company or the
Partnership (except as described in other subsections of this definition) sells, grants, transfers,
conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of
any Property consisting of the building only, and including any event with respect to any Property
which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the
Company or the Partnership (except as described in other subsections of this definition) sells,
puts, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest
of the Company or the Partnership in any joint venture in which it is a co-venturer or partner; (C)
any joint venture (except as described in other subsections of this definition) in which the
Company or the Partnership as a co-venturer or partner sells, grants, transfers, conveys, or
relinquishes its ownership of any Property or portion thereof, including any event with respect to
any Property which gives rise to insurance claims or condemnation awards; (D) the Company or the
Partnership directly or indirectly (except as described in other subsections of this definition)
sells, grants, conveys or relinquishes its interest in any loan or mortgage or any portion thereof
(including with respect to any mortgage or loan, all payments thereunder or in satisfaction thereof
other than regularly scheduled interest payments) of amounts owed pursuant to such loan or mortgage
and any event which gives rise to the payment of a significant amount of insurance proceeds or
condemnation or similar award; or (E) the Company or the Partnership directly or

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indirectly (except as described in other subsections of this definition) sells, grants,
transfers, conveys or relinquishes its ownership of any other Property not previously described in
this definition or any portion thereof, but (ii) not including any transaction or series of
transactions specified in clause (i)(A), (i)(B), (i)(C), (i)(D) or (i)(E) above in which the
proceeds of such transaction or series of transactions are reinvested in one or more Properties
within one hundred eighty (180) days thereafter.

     Sponsor. Grubb & Ellis Company.

     Stockholders. The registered holders of the Shares.

     2.0%/25.0% Guidelines. The 2.0%/25.0% Guidelines as defined in Section 9(c)(ii).

     2. Appointment. The Company and the Partnership appoint the Advisor to serve as its
advisor as of the Effective Date, on the terms and conditions set forth in this Agreement, and the
Advisor hereby accepts such appointment as of the Effective Date.

     3. Duties and Authority of the Advisor. The Advisor undertakes to use its
commercially reasonable efforts (1) to present to the Company and the Partnership potential
investment opportunities in order to provide a continuing and suitable investment program
consistent with the investment objectives and policies of the Company as determined and adopted
from time to time by the Board and (2) to manage, administer, promote, maintain, and improve the
Properties on an overall portfolio basis in a diligent manner. The services of the Advisor are to
be of scope and quality not less than those generally performed by professional asset managers of
other similar property portfolios. The Advisor shall make available the full benefit of the
judgment, experience and advice of the members of the Advisor’s organization and staff with respect
to the duties it will perform under this Agreement. To facilitate the Advisor’s performance of
these undertakings, but subject to the restrictions included in Sections 4 and 7
and the provisions of Section 11 and to the continuing and exclusive authority of the Board
and the general partner of the Partnership, the Company and the Partnership hereby delegate to the
Advisor the authority to, and the Advisor hereby agrees to, either directly or by engaging a duly
qualified and licensed Affiliate of the Advisor or other duly qualified and licensed Person:

     (a) serve as the Company’s and the Partnership’s investment and financial advisor and, as
requested by the Board, provide research and economic and statistical data in connection with the
Company’s assets and investment policies;

     (b) provide the daily management of the Company and the Partnership and perform and supervise
the various administrative functions reasonably necessary for the management of the Company and the
Partnership;

     (c) maintain and preserve the books and records of the Company, including (i) a stock ledger
reflecting a record of the Stockholders and their ownership of the Company’s Shares, (ii) acting as
transfer agent for the Company’s Shares or selecting, engaging and overseeing the performance by a
third party transfer agent, and (iii) maintaining the accounting and other record-keeping functions
at the Property and Company levels;

     (d) investigate, select, and, on behalf of the Company and the Partnership, engage and conduct
business with such Persons as the Advisor deems necessary to the proper performance of its
obligations hereunder, including but not limited to consultants, accountants, correspondents,
lenders, technical advisors, attorneys, brokers, underwriters, transfer agents, corporate
fiduciaries,

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escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents,
banks, builders, developers, property owners, property management companies, real estate operating
companies, securities investment advisors, mortgagors, and any and all agents for any of the
foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by
the Advisor necessary or desirable for the performance of any of the foregoing services, including
but not limited to entering into contracts in the name of the Company and the Partnership with any
of the foregoing;

     (e) make investments in and dispositions of Real Estate-Related Investments within the
discretionary limits and authority as granted by the Board and in accordance with the Articles of
Incorporation;

     (f) consult with the officers of the Company and the Board and assist the Board in the
formulation and implementation of the Company’s financial policies, and, as necessary, furnish the
Board with advice and recommendations with respect to the making of investments consistent with the
investment objectives and policies of the Company and in connection with any borrowings proposed to
be undertaken by the Company and the Partnership;

     (g) select joint venture partners, structure corresponding agreements and oversee and monitor
these relationships;

     (h) recommend to the Board of Directors appropriate transactions which would provide liquidity
to the Stockholders;

     (i) oversee the performance by a third party or Affiliated Property Manager of its duties,
including collection of payments due from third parties under contracts related to use of any
Property and other assets of the Company and payment of Property expenses and maintenance;

     (j) conduct periodic on-site visits to some or all (as the Advisor deems reasonably necessary)
of the Properties to inspect the physical condition of the Properties and to evaluate the
performance of a third party or Affiliated Property Manager of its duties;

     (k) review, analyze and comment upon the operating budgets, capital budgets and leasing plans
prepared and submitted by a third party or Affiliated Property Manager and aggregate these property
budgets into the Company’s overall budget;

     (l) review and analyze on-going financial information pertaining to each Property, each Real
Estate-Related Investment and the overall portfolio of Properties and Real Estate-Related
Investments;

     (m) if a transaction requires approval by the Board of Directors, deliver to the Board of
Directors all documents requested by them in their evaluation of the proposed investment in the
Property or the Real Estate-Related Investment;

     (n) formulate and oversee the implementation of strategies for the administration, promotion,
management, operation, maintenance, improvement, financing and refinancing, marketing, leasing, and
disposition of Properties on an overall portfolio basis;

     (o) subject to the provisions of Sections 3(m) and 4 hereof, (i) locate,
analyze and select potential investments in Properties and Real Estate-Related Investments, (ii)
structure and negotiate the terms and conditions of transactions pursuant to which investment in
Properties and

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Real Estate-Related Investments will be made; (iii) make investments in Properties and Real
Estate-Related Investments on behalf of the Company or the Partnership in compliance with the
investment objectives and policies of the Company; (iv) arrange for financing and refinancing and
make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from
the sale of, or otherwise deal with the investments in, Properties and Real Estate-Related
Investments; (v) enter into leases, supply agreements and other income-producing contracts relating
to third party use of any Property and Real Estate-Related Investments of the Company; (vi) enter
into service contracts for any Property or Real Estate-Related Investment, including oversight of
Affiliated companies that perform property management services for the Company and the Partnership;
(vii) if applicable, oversee a non-Affiliated Property Manager and any other non-Affiliated Persons
who perform services for the Company; and (viii) to the extent necessary, perform all other
operational functions for the maintenance and administration of such Property or Real
Estate-Related Investments;

     (p) obtain the prior approval of the Board, any particular Directors specified by the Board or
any committee of the Board, as the case may be, for any and all investments in Properties and Real
Estate-Related Investments;

     (q) negotiate on behalf of the Company and the Partnership with banks or lenders for loans to
be made to the Company, and negotiate on behalf of the Company and the Partnership with investment
banking firms and broker-dealers or negotiate private sales of Shares and other securities or
obtain loans for the Company and the Partnership, but in no event in such a way so that the Advisor
shall be acting as broker-dealer or underwriter; provided, further, that any fees and costs payable
to third parties incurred by the Advisor in connection with the foregoing shall be the
responsibility of the Company or the Partnership;

     (r) on behalf of the Company and the Partnership, maintain, with respect to any Property and
to the extent available, title insurance or other assurance of title and customary fire, casualty
and public liability insurance;

     (s) obtain reports (which may be prepared by the Advisor or its Affiliates), where
appropriate, concerning the value of investments or contemplated investments of the Company and the
Partnership in Properties or Real Estate-Related Investments;

     (t) from time to time, or at any time reasonably requested by the Board, provide information
or make reports to the Board related to its performance of services to the Company and the
Partnership under this Agreement;

     (u) from time to time, or at any time reasonably requested by the Board, make reports to the
Board of the investment opportunities it has presented to other Advisor-sponsored programs or that
it has pursued directly or through an Affiliate;

     (v) provide the Company and the Partnership with all necessary cash management services;

     (w) deliver to or maintain on behalf of the Company copies of all appraisals obtained in
connection with the investments in Properties and all valuations of Real Estate-Related Investments
as may be required to be obtained by the Board;

     (x) notify the Board of all proposed material transactions before they are completed;

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     (y) at the direction of Company management, prepare the Company’s periodic reports and other
filings made under the Securities Exchange Act of 1934, as amended, and the Company’s
Post-Effective Amendments to the Registration Statement as well as all related prospectuses,
prospectus supplements and supplemental sales literature and assist in connection with the filing
of such documents with the appropriate regulatory authorities;

     (z) supervise the preparation and filing and distribution of returns and reports to
governmental agencies and to investors and act on behalf of the Company in connection with investor
relations;

     (aa) effect any private placements of Shares or other interests in Properties as may be
approved by the Board;

     (bb) establish and maintain bank accounts on behalf of the Company and the Partnership
pursuant to Section 5 of this Agreement;

     (cc) provide office space, equipment and personnel as required for the performance of the
foregoing services as the Advisor; and

     (dd) do all things it reasonably deems necessary to assure its ability to render the services
described in this Agreement.

     4. Modification or Revocation of Authority of Advisor. The Board may, at any time
upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in
Section 3; provided, however, that such modification or revocation shall be effective upon
receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor
has committed the Company and the Partnership prior to the date of receipt by the Advisor of such
notification.

     5. Bank Accounts. At the direction of the Board of Directors, the Advisor may
establish and maintain one or more bank accounts in its own name for the account of the Company and
the Partnership or in the name of the Company and the Partnership and may collect and deposit into
any such account or accounts, and disburse from any such account or accounts, any money on behalf
of the Company and the Partnership, under such terms and conditions as the Board may approve,
provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall
from time to time render appropriate accountings of such collections and payments to the Board and
to the auditors of the Company.

     6. Records; Access. The Advisor shall maintain appropriate records of all its
activities hereunder and make such records available for inspection by the Board and by counsel,
auditors and authorized agents of the Company, at any time or from time to time during normal
business hours. The Advisor shall at all reasonable times have access to the books and records of
the Company and the Partnership.

     7. Limitations on Activities. Anything else in this Agreement to the contrary
notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made
in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the
Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law,
rule, regulation or statement of policy of any governmental body or agency having jurisdiction over
the Company or the Partnership, its Shares or its other securities, or otherwise not be permitted
by the Articles of Incorporation or Bylaws of the Company, except if

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such action shall be ordered by the Board, in which case the Advisor shall notify promptly the
Board of the Advisor’s judgment of the potential impact of such action and shall refrain from
taking such action until it receives further clarification or instructions from the Board. In such
event the Advisor shall have no liability for acting in accordance with the specific instructions
of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers,
employees and stockholders, and stockholders, directors and officers of the Advisor’s Affiliates
shall not be liable to the Company, the Partnership, the Board or to the Stockholders for any act
or omission by the Advisor, its directors, officers, employees or stockholders, or stockholders,
directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the performance
of their duties under this Agreement except as provided in Sections 20 and 21 of
this Agreement.

     8. Fees.

     (a) Acquisition Fee. The Advisor or its Affiliates shall receive as compensation for services
rendered in connection with the investigation, selection and acquisition of Properties or Real
Estate-Related Investments (by purchase, investment or exchange) funded by equity raised during the
Offering Stage through the Advisor or its Affiliates, including any acquisitions completed after
the end of the Offering Stage and/or the termination of this Agreement or funded with net proceeds
from a Sale, an acquisition fee payable by the Company (the “Acquisition Fee”). The total
Acquisition Fee paid to the Advisor or its Affiliates for services provided by the Advisor, its
Affiliates or sub-contractors thereof, but excluding real estate commissions paid to real estate
broker Affiliates of the Advisor, shall be (x) with respect to each Real Estate-Related Investment,
two percent (2.0%) of the Contract Purchase Price of each such Real Estate-Related Investment and
(y) with respect to Properties, two and three-quarters percent (2.75%) of the Contract Purchase
Price of each such Property.

     At the Advisor’s discretion, a portion of the Acquisition Fee may be paid to third-party
developers for services rendered. Acquisition Fees shall be payable on the acquisition of a
specific Property, on the acquisition of a portfolio of Properties through a purchase of assets,
controlling securities or by joint venture, by a merger or similar business combination or other
comparable transaction, or on the completion of development of a Property or Properties for the
Company, including the acquisition of any Properties funded by equity raised during the Offering
Stage by the Advisor or its Affiliates which are completed after the end of the Offering Stage
and/or the termination of this Agreement. However, the total of all Acquisition Fees and
Acquisition Expenses payable with respect to any Property or Real Estate-Related Investment that is
acquired shall not exceed six percent (6.0%) of the Contract Purchase Price of such Property or
Real Estate-Related Investment unless fees in excess of such amount are approved by a majority of
the Board of Directors, including a majority of the Independent Directors.

     (b) Asset Management Fee. Subject to the overall limitations contained below in this
Section 8(b), commencing on the Effective Date, the Advisor shall be paid a monthly fee in
arrears for the services rendered in connection with the management of the Company’s assets (the
“Asset Management Fee”) in an amount equal to one-twelfth of eighty-five one-hundredths of one
percent (0.85%) of the Average Invested Assets for such month; provided, however, that the
Company’s obligation to pay the Asset Management Fee shall be subject to the Stockholders receiving
Distributions in an amount equal to five percent (5.0%) per annum, cumulative, non-compounded, of
average Invested Capital (as such term is defined in the Articles of Incorporation). The Asset
Management Fee shall be payable by the Company in cash or in Shares at the election of the Advisor
in whole or in part, from time to time, by the Advisor (without interest); provided, however, that
the Company may object to the Advisor’s election and refuse to pay the Advisor in Shares if such
payment would result in a conflict with any provision of the

11

 

Articles of Incorporation. If the Advisor elects to receive the Asset Management Fee in the
form of Shares and such election does not conflict with any provision of the Articles of
Incorporation, then the Shares shall be valued at a price per share equal to the average closing
price of the Shares over the ten trading days immediately preceding the date of such election if
the Shares are Listed at such time. If the Shares are not Listed and the Company is still in its
Offering Stage, and for the twelve-month period following the termination of the Offering Stage, at
such time, the Advisor will estimate the per share value of the Shares at a price per share equal
the most recent price paid to acquire a Share during the Offering Stage (excluding any Shares sold
pursuant to any distribution reinvestment plan or sold with purchase price discounts). If the
Shares are not Listed and the Offering Stage has been completed for more than twelve (12) months at
such time, the Shares shall be valued at a price per share equal to the estimated value of the
shares as reasonably determined by the Advisor on the date of election, based upon the most recent
Appraised Value of the Company.

     (c) Disposition Fee. If the Advisor or an Affiliate of the Advisor provides a substantial
amount of services (as determined by a majority of the Independent Directors) in connection with
the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a
disposition fee equal to the lesser of (i) two percent (2.0%) of the Contract Sales Price of such
Property or Properties, or (ii) fifty percent (50.0%) of a Competitive Real Estate Commission given
the circumstances surrounding the sale (the “Disposition Fee”). In each case in which a Disposition
Fee may be payable, the precise amount of the fee within the limits set forth in the preceding
sentence shall be determined by the Board, including a majority of the Independent Directors, based
upon the extent of the services provided by the Advisor or its Affiliate and market norms for the
services provided. Notwithstanding anything to the contrary herein, no Disposition Fee shall be
payable to the Advisor or its Affiliate for Property Sales if such Sales involve the Company
selling all or substantially all of its Properties in one or more transactions designed to
effectuate a business combination transaction (as opposed to a Company liquidation, in which case
the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount
of services as provided above). Any Disposition Fee payable under this section may be paid in
addition to real estate commissions paid to non-Affiliates, provided that the total real estate
commissions (including such Disposition Fee) paid to all Persons by the Company for each Property
shall not exceed an amount equal to the lesser of (i) six percent (6.0%) of the Contract Sales
Price of the Property or (ii) the Competitive Real Estate Commission for the Property.

     (d) Property Management Fee; Lease Fee. Either the Advisor or an Affiliate of the Advisor as
the Property Manager shall receive a monthly property management fee of up to four percent (4.0%)
of the monthly Gross Income from each Property managed by such Property Manager (the “Property
Management Fee”). The Advisor or an Affiliate of the Advisor may sub-contract its duties to any
third-party, including for fees less than the Property Management Fee payable to the Advisor. In
addition, the Advisor or an Affiliate of the Advisor as the Property Manager may receive a separate
fee for any leasing activities in an amount not to exceed the fee customarily charged in arm’s
length transactions by others rendering similar services in the same geographic area for similar
properties, as determined by a survey of brokers and agents in such area (the “Lease Fee”). The
Lease Fee is generally expected to range from three percent (3.0%) to eight percent (8.0%) of the
gross revenues generated during the initial term of the lease. In addition to the above Property
Management Fee and Lease Fee, for each Property managed directly by a non-Affiliated Property
Manager but where an Affiliate of the Advisor has oversight responsibility over such non-Affiliated
Property Manager, the Company will pay such Affiliate of the Advisor a monthly oversight fee of up
to one percent (1.0%) of the Gross Income from the Property; provided, however, that in no event
shall the Company pay both the Property

12

 

Management Fee and an oversight fee to the Advisor or its Affiliates with respect to the same
property.

     (e) Construction Management Fee; Development Services Fee. In the event that the Advisor or
its Affiliates assist with planning and coordinating the construction of any capital or tenant
improvements, the Company may pay the respective party up to 5.0% of the cost of such improvements.
In addition, the Advisor or its Affiliates may provide development-related services, and the
Company will pay the respective party a development fee in an amount that is usual and customary
for comparable services rendered for similar projects in the geographic market where the services
are provided; however, the Company will not pay a development fee to the Advisor or its Affiliates
if the Advisor elects to receive an Acquisition Fee based on the cost of such development.

     9. Expenses.

     (a) Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to
Section 8 hereof, the Company or the Partnership shall pay directly or reimburse the
Advisor for all of the expenses paid or incurred by the Advisor (to the extent not reimbursable by
another party, such as the dealer manager) in connection with the services it provides to the
Company and the Partnership pursuant to this Agreement, including, but not limited to:

          (i) the Organizational and Offering Expenses; provided, however, that within sixty (60) days
after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company
to the extent (i) Capped O&O Expenses borne by the Company exceed the maximum amount permitted
pursuant to the Prospectus for the Offering and (ii) Organizational and Offering Expenses borne by
the Company exceed fifteen percent (15.0%) of the Gross Offering Proceeds raised in a completed
Offering;

          (ii) Acquisition Expenses incurred in connection with the selection and acquisition of
Properties and Real Estate-Related Investments, whether or not acquired, subject to the aggregate
six percent (6.0%) cap on Acquisition Fees and Acquisition Expenses set forth in Section
8(a) above;

          (iii) the actual cost of goods and services used by the Company and obtained from entities not
Affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in
connection with the purchase and sale of Real Estate-Related Investments;

          (iv) interest and other costs for borrowed money, including discounts, points and other
similar fees;

          (v) taxes and assessments on income of the Company or any of the Properties;

          (vi) costs associated with insurance required in connection with the business of the Company
or by the Board;

          (vii) expenses of managing and operating Properties owned by the Company, whether payable to
an Affiliate of the Company or a non-Affiliated Person;

          (viii) all compensation and expenses payable to the Independent Directors and all expenses
payable to the non-Independent Directors in connection with their services to the

13

 

Company and the Stockholders and their attendance at meetings of the Directors and the
Stockholders;

          (ix) expenses associated with Listing or with the issuance and distribution of securities
other than the Shares, such as selling commissions and fees, advertising expenses, taxes, legal and
accounting fees, listing and registration fees;

          (x) expenses connected with payments of Distributions in cash or otherwise made or caused to
be made by the Company to the Stockholders;

          (xi) expenses of organizing, redomesticating, merging, liquidating or dissolving the Company
or of amending the Articles of Incorporation or the Bylaws;

          (xii) expenses of maintaining communications with Stockholders or their financial advisors,
including the cost of preparation, printing, and mailing annual reports and other Stockholder
reports, proxy statements and other reports required by governmental entities;

          (xiii) administrative service expenses (including (a) personnel costs; provided, however, that
no reimbursement shall be made for costs of personnel to the extent that such personnel perform
services in transactions for which the Advisor receives a separate fee, and (b) the Company’s
allocable share of other overhead of the Advisor such as rent and utilities);

          (xiv) transfer agent and registrar’s fees and charges;

          (xv) expenses associated with the disposition of Properties, including, subject to Section
8(c), real estate commissions;

          (xvi) audit, accounting, legal and other professional fees; and

          (xvii) all other administrative service expenses, including all costs and expenses incurred by
Advisor in fulfilling its duties hereunder. Such costs and expenses may include reasonable wages
and salaries and other employee-related expenses of all employees of the Advisor or its Affiliates
who are engaged in the management, administration, operations, or marketing of the Company,
including taxes, insurance and benefits relating to such employees, and legal, travel and other
out-of-pocket expenses which are directly related to their services provided hereunder.

     (b) Other Services. Should the Board request that the Advisor, any Affiliate of the Advisor
or any director, officer or employee thereof render services for the Company and the Partnership
other than set forth in Section 3, such additional services, if the Advisor elects to
perform them, shall be separately compensated at such rates and in such amounts as are agreed by
the Advisor and the Board, including a majority of the Independent Directors, subject to the
limitations contained in the Articles of Incorporation, shall not exceed an amount that would be
paid to non-Affiliated third parties for similar services, and shall not be deemed to be services
pursuant to the terms of this Agreement.

     (c) Timing of and Limitations on Reimbursements.

          (i) Expenses incurred by the Advisor on behalf of the Company and the Partnership and payable
pursuant to this Section 9 shall be reimbursed at least quarterly to the Advisor. The
Advisor shall prepare a statement documenting the expenses of the Company and the Partnership

14

 

during each quarter, and shall deliver such statement to the Company and the Partnership
within forty-five (45) days after the end of each quarter.

          (ii) The Company shall not reimburse the Advisor at the end of any fiscal quarter Operating
Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the
“Excess Amount”) the greater of two 2.0% of Average Invested Assets or 25.0% of Net Income (the
“2.0%/25.0% Guidelines”) for such year unless a majority of the Independent Directors determines
that such Excess Amount was justified, based on unusual and nonrecurring factors that a majority of
the Independent Directors deems sufficient. If a majority of the Independent Directors does not
approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal
quarter shall be repaid to the Company. If a majority of the Independent Directors determines such
excess was justified, then within sixty (60) days after the end of any fiscal quarter of the
Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2.0%/25.0%
Guidelines, the Advisor, at the direction of a majority of the Independent Directors, shall send to
the Stockholders a written disclosure of such fact, together with an explanation of the factors the
Independent Directors considered in determining that such excess expenses were justified. The
Company will ensure that such determination will be reflected in the minutes of the meetings of the
Board of Directors. All figures used in the foregoing computation shall be determined in
accordance with generally accepted accounting principles in the United States of America, applied
on a consistent basis. In the event that the Independent Directors do not determine that excess
expenses were justified, the Advisor shall reimburse the Corporation the amount by which the
expense reimbursement exceeded the 2.0%/25.0% Guidelines.

          (iii) The foregoing reimbursements of expenses, as limited by this Agreement, will be made
regardless of whether any cash distributions are made to the Stockholders.

     10. Statements. The Advisor shall furnish to the Company not later than the thirtieth
(30th) day following the end of each Fiscal Year, a statement showing a computation of the fees or
other compensation payable to the Advisor or an Affiliate of the Advisor with respect to such
Fiscal Year under Sections 8 and 9 hereof. The final settlement of compensation
payable under Sections 8 and 9 hereof for each Fiscal Year shall be subject to
adjustments in accordance with, and upon completion of, the annual audit of the Company’s financial
statements.

     11. Internalization of the Advisor. To the extent that the Board of Directors
determines that it is in the best interests of the stockholders of the Company to internalize
(acquire from the Advisor) any management functions provided by Advisor, the compensation payable
to the Advisor for such specific internalization shall be negotiated and agreed upon by the
Independent Directors and the Advisor.

     12. Other Activities of the Advisor. Nothing herein contained shall prevent the
Advisor from engaging in other activities, including, without limitation, the rendering of advice
to other Persons (including other REITs) and the management of other programs advised, sponsored or
organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of
any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any
other business or to render services of any kind to any other partnership, corporation, firm,
individual, trust or association. The Advisor may, with respect to any investment in which the
Company or the Partnership is a participant, also render advice and service to each and every other
participant therein. The Advisor shall report to the Board the existence of any condition or
circumstance, existing or anticipated, of which it has knowledge, which creates or could create a
conflict of interest between the Advisor’s obligations to the Company and the Partnership and its

15

 

obligations to or its interest in any other partnership, corporation, firm, individual, trust
or association.

     13. Non-Solicitation. The Company agrees not to solicit any current and/or future
employees of the Advisor or its Affiliates for employment or in any consulting or similar capacity
during the Offering Stage and for two (2) years following the termination of the Offering Stage.

     14. Information Furnished to the Advisor. The Board of Directors will keep the
Advisor informed concerning the investment and financing policies of the Company. The Board of
Directors shall notify the Advisor promptly of its intention to make any investments or to sell or
dispose of any existing investments. The Board of Directors will timely notify the Advisor of any
activities or actions that would require a report or other filing be made with the Securities and
Exchange Commission or any other governmental or regulatory authority. Upon request of the
Advisor, the Company shall furnish the Advisor with a certified copy of any Company financial
statements, a signed copy of each report prepared by independent certified public accountants, and
such other information with regard to its affairs as the Advisor may reasonably request.

     15. Relationship of Advisor and Company. The Company, the Partnership and the Advisor
are not partners or joint venturers with each other, and nothing in this Agreement shall be
construed to make them such partners or joint venturers or impose any liability as such on either
of them.

     16. Term. This Agreement shall continue in force until the first anniversary of the
Effective Date, subject to an unlimited number of successive one-year renewals upon mutual consent
of the parties. The Board will evaluate the performance of the Advisor annually before renewing
the Agreement.

     17. Termination.

     (a) This Agreement may be terminated upon sixty (60) days written notice without cause or
penalty, by either party (if by the Company, only upon approval of a majority of the Independent
Directors).

     (b) Survival. The provisions of Sections 6, 7, 11, 13, and 19 through 32, and
the provisions of Section 8, shall survive expiration or termination of this Agreement.

     18. Assignment. This Agreement shall not be assigned by the Advisor to a
non-Affiliate. This Agreement may be assigned by the Advisor to an Affiliate with the approval of
the Board, including a majority of the Independent Directors. Notwithstanding the foregoing, the
Advisor may assign any rights to receive fees or other payments under this Agreement without
obtaining the approval of the Board. This Agreement shall not be assigned by the Company or the
Partnership without the consent of the Advisor, except in the case of an assignment by the Company
or the Partnership to a corporation or other organization which is a successor to all of the
assets, rights and obligations of the Company or the Partnership, as the case may be, in which case
such successor organization shall be bound hereunder and by the terms of said assignment in the
same manner as the Company and the Partnership is bound by this Agreement.

     19. Payments to and Duties of Advisor Upon Termination. Payments to the Advisor
pursuant to this Section 19 shall be subject to the 2.0%/25.0% Guidelines to the extent
applicable.

16

 

     (a) After the expiration or termination of this Agreement, the Advisor shall not be entitled
to compensation for further services hereunder except that it shall be entitled to the Acquisition
Fee to the extent provided by Section 8(a) and it shall be entitled to receive from the Company
within thirty (30) days after the effective date of such termination all unpaid reimbursements of
expenses and all earned but unpaid fees payable to the Advisor prior to termination of this
Agreement; and

     (b) The Advisor shall promptly upon termination:

          (i) pay over to the Company all money collected and held for the account of the Company
pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its
expenses to which it is then entitled;

          (ii) deliver to the Board a full accounting, including a statement showing all payments
collected by it and a statement of all money held by it, covering the period following the date of
the last accounting furnished to the Board;

          (iii) deliver to the Board all assets, including Properties and Real Estate-Related
Investments, and documents of the Company then in the custody of the Advisor; and

          (iv) cooperate with the Company to provide an orderly management transition.

     20. Indemnification by the Company.

     (a) The Company shall indemnify and hold harmless the Advisor and its Affiliates, including
their respective officers, directors, partners and employees, from all liability, claims, damages
or losses arising in the performance of their duties hereunder, and related expenses, including
reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related
expenses are not fully reimbursed by insurance, provided that the Company shall not indemnify and
hold harmless the Advisor or its Affiliates unless:

          (i) the Advisor or its Affiliates have determined, in good faith, that the course of conduct
which caused the loss or liability was in the best interests of the Company;

          (ii) the Advisor or its Affiliates were acting on behalf of or performing services for the
Company;

          (iii) such liability or loss was not the result of negligence or misconduct by the Advisor or
its Affiliates; and

          (iv) such indemnification or agreement to hold harmless is recoverable only out of Company’s
net assets and not from its stockholders.

The obligation of the Company to indemnify or hold harmless the Advisor and its Affiliates shall
also be subject to any limitations imposed by Maryland law.

     21. Indemnification by Advisor. The Advisor shall indemnify and hold harmless the
Company from contract or other liability, claims, damages, taxes or losses and related expenses,
including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and
related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s
bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties, but

17

 

the Advisor shall not be held responsible for any action of the Board in following or
declining to follow advice or recommendation given by the Advisor.

     22. Fidelity Bond. The Advisor shall not be required to obtain or maintain a fidelity
bond in connection with the performance of its services hereunder.

     23. Notices. Any notice, report or other communication required or permitted to be
given hereunder shall be in writing unless some other method of giving such notice, report or other
communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to
whom it is given, and shall be given by being delivered by hand or by overnight mail or other
overnight delivery service to the addresses set forth herein:

	 	 	 
	To the Board and to the Company:

	 	Grubb & Ellis Healthcare REIT II, Inc.
	 

	 	1551 N. Tustin Avenue, Suite 300
	 

	 	Santa Ana, CA 92705
	 

	 	Attention: Chief Executive Officer
	 
	 	 
	To the Partnership:

	 	Grubb & Ellis Healthcare REIT II Holdings, LP
	 

	 	1551 N. Tustin Avenue, Suite 300
	 

	 	Santa Ana, CA 92705
	 

	 	Attention: Chief Executive Officer of
	 

	 	Grubb & Ellis Healthcare REIT II, Inc.,
	 

	 	its General Partner
	 
	 	 
	To the Advisor:

	 	Grubb & Ellis Healthcare REIT II Advisor, LLC
	 

	 	1551 N. Tustin Avenue, Suite 300
	 

	 	Santa Ana, CA 92705
	 

	 	Attention: Chief Executive Officer

     Either party may at any time give notice in writing to the other party of a change in its
address for the purposes of this Section 23.

     24. Amendments. This Agreement shall not be changed, modified, terminated, or
discharged, in whole or in part, except by an instrument in writing signed by each of the parties
hereto, or their respective successors or assignees.

     25. Severability. The provisions of this Agreement are independent of and severable
from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue
of the fact that for any reason any other or others of them may be invalid or unenforceable in
whole or in part.

     26. Construction. The provisions of this Agreement shall be construed and interpreted
in accordance with the laws of the State of Maryland.

     27. Entire Agreement. This Agreement contains the entire agreement and understanding
among the parties hereto with respect to the subject matter hereof, and supersedes all prior and
contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or
written, of any nature whatsoever with respect to the subject matter hereof. The express terms
hereof control and supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof. This Agreement may not be modified or amended other than by an agreement
in writing.

18

 

     28. Indulgences, Not Waiver. Neither the failure nor any delay on the part of a party
to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude
any other or further exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any occurrence be
construed as a waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

     29. Gender. Words used herein regardless of the number and gender specifically used,
shall be deemed and construed to include any other number, singular or plural, and any other
gender, masculine, feminine or neuter, as the context requires.

     30. Titles Not to Affect Interpretation. The titles of sections and subsections
contained in this Agreement are for convenience only, and they neither form a part of this
Agreement nor are they to be used in the construction or interpretation hereof.

     31. Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original as against any party whose signature
appears thereon, and all of which shall together constitute one and the same instrument. This
Agreement shall become binding when the counterparts hereof, taken together, bear the signatures of
all of the parties reflected hereon as the signatories.

     32. Rights of the Advisor and its Affiliates. Grubb & Ellis Healthcare REIT II
Advisor, LLC or an Affiliate thereof has a proprietary interest in the name “Grubb & Ellis.”
Accordingly, and in recognition of this right, if at any time Grubb & Ellis Healthcare REIT II
Advisor, LLC or an Affiliate thereof ceases to perform the services of the Advisor under this
Agreement, the Company or the Partnership, as the case may be, will, promptly after receipt of
written request from Grubb & Ellis Healthcare REIT II Advisor, LLC, cease to conduct business under
or use the name “Grubb & Ellis” or any variation or derivative thereof and the Company and the
Partnership shall, within five (5) business days of such cessation, each change its name (and the
names of any of their Affiliates) to a name that does not contain the name “Grubb & Ellis” or any
other word or words that might, in the sole discretion of the Advisor, be susceptible of indication
of some form of relationship between the Company and the Advisor or any Affiliate thereof.
Consistent with the foregoing, the parties acknowledge and agree that the Advisor or one or more of
its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist
other investment vehicles (including vehicles for investment in real estate) and financial and
service organizations having “Grubb & Ellis” as a part of their name, all without the need for any
consent (and without the right to object thereto) by the Company or its Board. The Advisor retains
ownership of and reserves all Intellectual Property Rights in the Proprietary Property. To the
extent that the Company has or obtains any claim to any right, title or interest in the Proprietary
Property, including without limitation in any suggestions, enhancements or contributions that
Company may provide regarding the Proprietary Property, the Company hereby assigns and transfers
exclusively to the Advisor all right, title and interest, including without limitation all
Intellectual Property Rights, free and clear of any liens, encumbrances or licenses in favor of the
Company or any other party, in and to the Proprietary Property. In addition, at the Advisor’s
expense, the Company will perform any acts that may be deemed desirable by the Advisor to evidence
more fully the transfer of ownership of right, title and interest in the Proprietary Property to
the Advisor, including but not limited to the execution of any instruments or documents now or
hereafter requested by the Advisor to perfect, defend or confirm the assignment described herein,
in a form determined by the Advisor.

19

 

[Signatures Appear on Next Page]

20

 

     IN WITNESS WHEREOF, the parties hereto have executed this Advisory Agreement as of the day and
year first above written.

	 	 	 	 	 
	 	 	GRUBB & ELLIS HEALTHCARE REIT II, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Jeffrey T. Hanson
	 

	 	Title:
	 	Chief Executive Officer
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

	 

	 	By:
	 	Grubb & Ellis Healthcare REIT II, Inc.,

its General Partner
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Jeffrey T. Hanson
	 

	 	Title:
	 	Chief Executive Officer
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	GRUBB & ELLIS HEALTHCARE REIT II ADVISOR, LLC
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Jeffrey T. Hanson
	 

	 	Title:
	 	Chief Executive Officer

21exv4w1

Exhibit 4.1

 

 

JAMES HARDIE INDUSTRIES SE

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

AND

THE BANK OF NEW YORK MELLON

As Depositary

AND

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

Deposit Agreement

Dated as of September 24, 2001

Amended and Restated as of ____________, 2009

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE 1. DEFINITIONS
	 	 	2	 
	SECTION 1.01 American Depositary Shares
	 	 	2	 
	SECTION 1.02 Article; Section
	 	 	2	 
	SECTION 1.03 CHESS
	 	 	3	 
	SECTION 1.04 CHESS Subregister
	 	 	3	 
	SECTION 1.05 Commission
	 	 	3	 
	SECTION 1.06 CUFS Depositary
	 	 	3	 
	SECTION 1.07 CUFS
	 	 	3	 
	SECTION 1.08 Custodian
	 	 	3	 
	SECTION 1.09 Delivery; Deposit; Surrender; Transfer; Withdraw
	 	 	4	 
	SECTION 1.10 Deposit Agreement
	 	 	4	 
	SECTION 1.11 Depositary; Corporate Trust Office
	 	 	4	 
	SECTION 1.12 Deposited Securities
	 	 	5	 
	SECTION 1.13 Dollars; Euro
	 	 	5	 
	SECTION 1.14 Holding Statement
	 	 	5	 
	SECTION 1.15 Issuer
	 	 	5	 
	SECTION 1.16 Owner
	 	 	5	 
	SECTION 1.17 Receipts
	 	 	5	 
	SECTION 1.18 Registrar
	 	 	6	 
	SECTION 1.19 Restricted Securities
	 	 	6	 
	SECTION 1.20 SCH
	 	 	6	 
	SECTION 1.21 SCH Business Rules
	 	 	6	 
	SECTION 1.22 Securities Act of 1933
	 	 	6	 
	SECTION 1.23 Shares
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	 	 	7	 
	SECTION 2.01 Form and Transferability of Receipts
	 	 	7	 
	SECTION 2.02 Deposit of CUFS
	 	 	8	 
	SECTION 2.03 Execution and Delivery of Receipts
	 	 	9	 
	SECTION 2.04 Transfer of Receipts; Combination and Split-up of Receipts
	 	 	10	 
	SECTION 2.05 Surrender of Receipts and Withdrawal of CUFS
	 	 	11	 
	SECTION 2.06 Limitations on Execution and Delivery, Transfer and Surrender of
Receipts
	 	 	13	 
	SECTION 2.07 Lost Receipts, etc
	 	 	14	 
	SECTION 2.08 Cancellation and Destruction of Surrendered Receipts
	 	 	14	 

 

 

	 	 	 	 	 
	SECTION 2.09 Pre-Release of Receipts
	 	 	14	 
	SECTION 2.10 Uncertificated American Depositary Shares; DTC Direct Registration
System
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS
	 	 	18	 
	SECTION 3.01 Filing Proofs, Certificates and Other Information
	 	 	18	 
	SECTION 3.02 Liability of Owner for Taxes
	 	 	18	 
	SECTION 3.03 Warranties on Deposit of Shares
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 4. THE DEPOSITED SECURITIES
	 	 	19	 
	SECTION 4.01 Cash Distributions
	 	 	19	 
	SECTION 4.02 Distributions Other Than Cash, CUFS or Rights
	 	 	20	 
	SECTION 4.03 Distributions in CUFS
	 	 	21	 
	SECTION 4.04 Rights
	 	 	21	 
	SECTION 4.05 Conversion of Foreign Currency
	 	 	24	 
	SECTION 4.06 Fixing of Record Date
	 	 	25	 
	SECTION 4.07 Voting of Deposited Securities
	 	 	26	 
	SECTION 4.08 Changes Affecting Deposited Securities
	 	 	27	 
	SECTION 4.09 Reports
	 	 	27	 
	SECTION 4.10 Lists of Owners
	 	 	28	 
	SECTION 4.11 Withholding
	 	 	28	 
	 
	 	 	 	 
	ARTICLE 5. THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER
	 	 	28	 
	SECTION 5.01 Maintenance of Office and Transfer Books by the Depositary
	 	 	28	 
	SECTION 5.02 Prevention or Delay in Performance by the Depositary or the Issuer
	 	 	29	 
	SECTION 5.03 Obligations of the Depositary, the Custodian and the Issuer
	 	 	30	 
	SECTION 5.04 Resignation and Removal of the Depositary
	 	 	31	 
	SECTION 5.05 The Custodians
	 	 	32	 
	SECTION 5.06 Notices and Reports
	 	 	33	 
	SECTION 5.07 Distribution of Additional Shares, Rights, etc
	 	 	34	 
	SECTION 5.08 Indemnification
	 	 	35	 
	SECTION 5.09 Charges of Depositary
	 	 	35	 
	SECTION 5.10 Retention of Depositary Documents
	 	 	37	 
	SECTION 5.11 Exclusivity
	 	 	37	 
	SECTION 5.12 List of Restricted Securities Owners
	 	 	37	 

- ii -

 

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

- iii -

 

DEPOSIT AGREEMENT

          DEPOSIT AGREEMENT dated as of September 24, 2001, as amended and restated as of                     ,
2009, and effective as of the Effective Date (as hereinafter defined), among JAMES HARDIE
INDUSTRIES SE (formerly known as JAMES HARDIE INDUSTRIES N.V.), incorporated under the laws of The
Netherlands and with its corporate seat in Amsterdam, The Netherlands (herein called the Issuer),
THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all
Owners and holders from time to time of American Depositary Shares issued hereunder.

W I T N E S S E T H :

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

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

          WHEREAS, the Issuer desires to provide, as hereinafter set forth in this Deposit Agreement,
for the deposit of CUFS (as hereinafter defined), each representing a beneficial interest in one
Share (as hereinafter defined) of the Issuer from time to time with the Depositary or with the
Custodian (as hereinafter defined) as agent of the Depositary for the purposes set forth in this
Deposit Agreement, for the creation of American Depositary Shares representing the CUFS (subject to
the terms and conditions

 

 

of this Deposit Agreement) so deposited, in specified circumstances, and for the execution and
delivery of American Depositary Receipts evidencing the American Depositary Shares; and

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

          NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties
hereto as follows:

ARTICLE 1. DEFINITIONS.

          The following definitions shall for all purposes, unless otherwise clearly indicated, apply to
the respective terms used in this Deposit Agreement:

     SECTION 1.01 American Depositary Shares.

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

     SECTION 1.02 Article; Section.

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

- 2 -

 

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

     SECTION 1.03 CHESS.

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

     SECTION 1.04 CHESS Subregister.

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

     SECTION 1.05 Commission.

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

     SECTION 1.06 CUFS Depositary.

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

     SECTION 1.07 CUFS.

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

     SECTION 1.08 Custodian.

          The term “Custodian” shall mean the Australian office of Australia and New Zealand Banking
Group Limited, as agent of the Depositary for the purposes of this Deposit Agreement, and any other
firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of
Section 5.05, as substitute or additional

- 3 -

 

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

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

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

     SECTION 1.10 Deposit Agreement.

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

     SECTION 1.11 Depositary; Corporate Trust Office.

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

- 4 -

 

     SECTION 1.12 Deposited Securities.

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

     SECTION 1.13 Dollars; Euro.

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

     SECTION 1.14 Holding Statement.

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

     SECTION 1.15 Issuer.

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

     SECTION 1.16 Owner.

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

     SECTION 1.17 Receipts.

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

- 5 -

 

     SECTION 1.18 Registrar.

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

     SECTION 1.19 Restricted Securities.

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

     SECTION 1.20 SCH.

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

     SECTION 1.21 SCH Business Rules.

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

     SECTION 1.22 Securities Act of 1933.

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

- 6 -

 

     SECTION 1.23 Shares.

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

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

     SECTION 2.01 Form and Transferability of Receipts.

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

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

- 7 -

 

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

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

     SECTION 2.02 Deposit of CUFS.

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

- 8 -

 

Depositary (or the appointed agent of the CUFS Depositary for transfer and registration of the CUFS), if
applicable, are closed, shall also be accompanied by an agreement or assignment, or other
instrument satisfactory to the Depositary, which will provide for the prompt transfer to the
Custodian of any dividend, or right to subscribe for additional Shares or CUFS or to receive other
property which any person in whose name the CUFS are or have been recorded may thereafter receive
upon or in respect of such deposited CUFS, or in lieu thereof, such agreement of indemnity or other
agreement as shall be satisfactory to the Depositary.

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

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

     SECTION 2.03 Execution and Delivery of Receipts.

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

- 9 -

 

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

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

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

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

- 10 -

 

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

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

     SECTION 2.05 Surrender of Receipts and Withdrawal of CUFS.

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

- 11 -

 

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

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

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

- 12 -

 

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

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

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

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

- 13 -

 

connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and
(iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts
or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under this Deposit Agreement any CUFS if such
CUFS, or the Shares underlying such CUFS, would be required to be registered under the provisions
of the Securities Act of 1933, unless a registration statement is in effect as to such CUFS or
Shares as applicable.

     SECTION 2.07 Lost Receipts, etc.

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

     SECTION 2.08 Cancellation and Destruction of Surrendered Receipts.

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

     SECTION 2.09 Pre-Release of Receipts.

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

- 14 -

 

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

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

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

          Notwithstanding anything to the contrary in this Deposit Agreement:

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

          (b) (i) The term “deliver”, or its noun form, when used with respect to Receipts, shall mean
(A) book-entry transfer of American Depositary Shares to

- 15 -

 

an account at The Depository Trust
Company, or its successor (“DTC”), designated by the person entitled to such delivery, evidencing
American Depositary Shares registered in the name requested by that person, (B) registration of
American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name
requested by the person entitled to such delivery and mailing to that person of a statement
confirming that registration or (C) if requested by the person entitled to such delivery, delivery
at the Corporate Trust Office of the Depositary to the person entitled to such delivery of one or
more Receipts.

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

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

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

- 16 -

 

to the Owner a Receipt
evidencing the same number of certificated American Depositary Shares.

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

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

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

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and in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part
of the Depositary.

ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS.

     SECTION 3.01 Filing Proofs, Certificates and Other Information.

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

     SECTION 3.02 Liability of Owner for Taxes.

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

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     SECTION 3.03 Warranties on Deposit of Shares.

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

ARTICLE 4. THE DEPOSITED SECURITIES.

     SECTION 4.01 Cash Distributions.

          Whenever the Depositary shall receive any cash dividend or other cash distribution on any
Deposited Securities, the Depositary shall, subject to the provisions of Section 4.05, convert such
dividend or distribution into Dollars if such cash dividend or other cash distribution is not
received in Dollars and shall distribute the amount thus received (net of the fees of the
Depositary as provided in Section 5.09 hereof, if applicable) to the Owners entitled thereto, in
proportion to the number of American Depositary Shares representing such Deposited Securities held
by them respectively; provided, however, that in the event that the Issuer, the CUFS Depositary,
the Custodian, or the Depositary shall be required to withhold and does withhold from such cash
dividend or such other cash distribution an amount on account of taxes, the amount distributed to
the Owner of the Receipts evidencing American Depositary Shares representing such Deposited
Securities shall be reduced accordingly. The Depositary shall distribute only such amount,
however, as can be distributed without attributing to any Owner a fraction of one cent. Any such
fractional amounts shall be rounded to the nearest whole cent and so distributed to Owners entitled
thereto. The Issuer or its agent will remit to the appropriate governmental agency in The
Netherlands all amounts

- 19 -

 

withheld and owing to such agency. The Depositary will forward to the
Issuer or the CUFS Depositary such information from its records as the Issuer or the CUFS
Depositary may reasonably request to enable the Issuer or the CUFS Depositary to file necessary
reports with governmental agencies, and the Depositary or the Issuer or the CUFS Depositary may
file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners
of Receipts.

     SECTION 4.02 Distributions Other Than Cash, CUFS or Rights. 

          Subject to the provisions of Section 4.11 and Section 5.09, whenever the Depositary shall
receive any distribution other than a distribution described in Sections 4.01, 4.03 or 4.04, the
Depositary shall cause the securities or property received by it to be distributed to the Owners
entitled thereto, in proportion to the number of American Depositary Shares representing such
Deposited Securities held by them respectively, in any manner that the Depositary may deem
equitable and practicable for accomplishing such distribution; provided, however, that if in the
opinion of the Depositary such distribution cannot be made proportionately among the Owners
entitled thereto, or if for any other reason (including, but not limited to, any requirement that
the Issuer, the CUFS Depositary or the Depositary withhold an amount on account of taxes or other
governmental charges or that such securities must be registered under the Securities Act of 1933 in
order to be distributed to Owners or holders) the Depositary deems such distribution not to be
feasible, the Depositary may adopt such method as it may deem equitable and practicable for the
purpose of effecting such distribution, including, but not limited to, the public or private sale
of the securities or property thus received, or any part thereof, and the net proceeds of any such
sale (net of the fees of the Depositary as provided in Section 5.09) shall be distributed by the
Depositary to the Owners entitled thereto as in the case of a distribution received in cash. Any
distributions received by the Depositary and not distributed to the Owners entitled thereto or sold
as provided in this Section 4.02 shall be deemed to be Deposited Securities and shall be
represented by such Owner’s Receipts.

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     SECTION 4.03 Distributions in CUFS.

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

     SECTION 4.04 Rights.

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

- 21 -

 

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

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

          If the Depositary has distributed warrants or other instruments for rights to all or certain
Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to
the Depositary from such Owner to exercise such rights, upon payment by such Owner to the
Depositary for the account of such Owner of an amount equal to the purchase price of the relevant
security to be received upon the exercise of the rights, and upon payment of the fees of the
Depositary and any other charges as set forth in such warrants or other instruments, the Depositary
shall, on behalf of such Owner, exercise the rights and purchase the relevant security, and the
Issuer shall cause the relevant security, if Shares, to be delivered to the CUFS Depositary on
behalf of such Owner with instructions to issue CUFS representing such Shares and deliver them to
the Custodian. As agent for such Owner, the Depositary will cause such CUFS to be deposited
pursuant to Section 2.02 of this Deposit Agreement, and shall, pursuant to Section 2.03 of this
Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution
pursuant to the second paragraph of this section, such Receipts

- 22 -

 

shall be legended in accordance
with applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit,
cancellation, and transfer under such laws.

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

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

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

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     SECTION 4.05 Conversion of Foreign Currency.

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

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

          If at any time the Depositary shall determine that in its judgment any foreign currency
received by the Depositary is not convertible on a reasonable basis into Dollars transferable to
the United States, or if any approval or license of any government or agency thereof which is
required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if
any such approval or license is not obtained within a reasonable period as determined by the
Depositary, the Depositary may distribute the foreign currency (or an appropriate document
evidencing the right to receive such foreign currency) received by the Depositary to, or in its
discretion may hold such foreign

- 24 -

 

currency uninvested and without liability for interest thereon for
the respective accounts of, the Owners entitled to receive the same.

          If any such conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such
conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and
may distribute the balance of the foreign currency received by the Depositary to, or hold such
balance uninvested and without liability for interest thereon for the respective accounts of, the
Owners entitled thereto.

     SECTION 4.06 Fixing of Record Date.

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

- 25 -

 

by them respectively and to give voting instructions and to act
in respect of any other such matter.

     SECTION 4.07 Voting of Deposited Securities.

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

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

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     SECTION 4.08 Changes Affecting Deposited Securities. 

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

     SECTION 4.09 Reports.

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

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     SECTION 4.10 Lists of Owners.

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

     SECTION 4.11 Withholding.

          In the event that the Depositary determines that any distribution in property (including CUFS
and rights to subscribe therefor) is subject to any tax or other governmental charge which the
Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or
a portion of such property (including CUFS and rights to subscribe therefor) in such amounts and in
such manner as the Depositary deems necessary and practicable to pay any such taxes or charges and
the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or
charges to the Owners entitled thereto in proportion to the number of American Depositary Shares
held by them respectively.

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

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

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

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

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

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

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

          Neither the Depositary nor the Issuer nor any of their directors, employees, agents or
affiliates shall incur any liability to any Owner or holder of any Receipt, if by reason of any
provision of any present or future law or regulation of the United States or any other country, or
of any governmental or regulatory authority or stock exchange, or by reason of any provision,
present or future, of the Articles of Association of the Issuer, or by reason of any act of God or
war or other circumstances beyond its control, the Depositary or the Issuer or any of their
directors, employees, agents or affiliates shall be prevented or forbidden from, or be subject to
any civil or criminal penalty on account of, doing or performing any act or thing which by the
terms of this Deposit Agreement it is provided shall be done or performed; nor shall the Depositary
or the Issuer incur any liability to any Owner or holder of any Receipt by reason of any
non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the
terms of this Deposit Agreement it is provided shall or may be done or performed, or by reason of
any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement.
Where, by the terms of a distribution pursuant to Sections 4.01, 4.02, or 4.03 of the Deposit
Agreement, or an offering or distribution pursuant to Section 4.04 of the Deposit Agreement, or for
any other reason, such distribution or offering may not be made available to Owners, and the
Depositary may

- 29 -

 

not dispose of such distribution or offering on behalf of such Owners and make the
net proceeds available to such Owners, then the Depositary shall not make such distribution or
offering, and shall allow any rights, if applicable, to lapse.

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

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

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

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

          Neither the Depositary nor the Issuer shall be liable for any action or nonaction by it in
reliance upon the advice of or information from legal counsel, accountants, any person presenting
CUFS for deposit, any Owner or any other person believed by it in good faith to be competent to
give such advice or information.

- 30 -

 

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

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

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

     SECTION 5.04 Resignation and Removal of the Depositary.

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

          The Depositary may at any time be removed by the Issuer by 120 days prior written notice of
such removal effective upon the later of (i) the 120th day after delivery of the notice
to the Depositary or (ii) the appointment of a successor depositary and its acceptance of such
appointment as hereinafter provided.

          In case at any time the Depositary acting hereunder shall resign or be removed, the Issuer
shall use its best efforts to appoint a successor depositary, which shall 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

- 31 -

 

and to the Issuer an instrument in writing
accepting its appointment hereunder, and thereupon such successor depositary, without any further
act or deed, shall become fully vested with all the rights, powers, duties and obligations of its
predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written
request of the Issuer shall execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right,
title and interest in the Deposited Securities to such successor, and shall deliver to such
successor a list of the Owners of all outstanding Receipts. Any such successor depositary shall
promptly mail notice of its appointment to the Owners.

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

     SECTION 5.05 The Custodians.

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

- 32 -

 

appointment, an acceptance of such
appointment satisfactory in form and substance to the Depositary.

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

     SECTION 5.06 Notices and Reports.

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

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

- 33 -

 

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

     SECTION 5.07 Distribution of Additional Shares, Rights, etc.

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

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

- 34 -

 

     SECTION 5.08 Indemnification.

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

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

     SECTION 5.09 Charges of Depositary.

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

          The following charges shall be incurred by any party depositing or withdrawing CUFS or by any
party surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance
pursuant to a stock dividend or stock split declared by the Issuer or an exchange of stock
regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to Section
4.03), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such
registration fees as may

- 35 -

 

from time to time be in effect for the registration of transfers of CUFS
generally on the CHESS Subregister and applicable to transfers of CUFS to or from the name of the
Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals
hereunder, (3) such cable, telex and facsimile transmission expenses as are expressly provided in
this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of
foreign currency pursuant to Section 4.05, (5) a fee of $5.00 or less per 100 American Depositary
Shares (or portion thereof) for the execution and delivery of Receipts pursuant to Section 2.03,
4.03 or 4.04 and the surrender of Receipts pursuant to Section 2.05 or 6.02, (6) a fee of $.02 or
less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to
the Deposit Agreement, including, but not limited to Sections 4.01 through 4.04 hereof, (7) a fee
for the distribution of securities pursuant to Section 4.02, such fee being in an amount equal to
the fee for the execution and delivery of American Depositary Shares referred to above which would
have been charged as a result of the deposit of such securities (for purposes of this clause 7
treating all such securities as if they were Shares) but which securities are instead distributed
by the Depositary to Owners, (8) a fee of $.02 or less per American Depositary Share (or portion
thereof) for depositary services, which will accrue on the last day of each calendar year and which
will be payable as provided in clause (9) below; provided, however, that no fee
will be assessed under this clause (8) if a fee was charged pursuant to clause (6) above during
that calendar year and (9) any other charge payable by the Depositary, any of the Depositary’s
agents, including the Custodian, or the agents of the Depositary’s agents in connection with the
servicing of CUFS or other Deposited Securities (which charge shall be assessed against Owners as
of the date or dates set by the Depositary in accordance with Section 4.06 and shall be payable at
the sole discretion of the Depositary by billing such Owners for such charge or by deducting such
charge from one or more cash dividends or other cash distributions).

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

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     SECTION 5.10 Retention of Depositary Documents.

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

     SECTION 5.11 Exclusivity.

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

     SECTION 5.12 List of Restricted Securities Owners.

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

ARTICLE 6. AMENDMENT AND TERMINATION.

     SECTION 6.01 Amendment.

          The form of the Receipts and any provisions of this Deposit Agreement may at any time and from
time to time be amended by agreement between the Issuer and the Depositary in any respect which
they may deem necessary or desirable. Any amendment which shall impose or increase any fees or
charges (other than taxes and other governmental charges, registration fees, cable, telex or
facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise
prejudice any substantial

- 37 -

 

existing right of Owners, shall, however, not become effective as to
outstanding Receipts until the expiration of thirty days after notice of such amendment shall have
been given to the Owners of outstanding Receipts. Every Owner at the time any amendment so becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any
amendment impair the right of the Owner of any Receipt to surrender such Receipt and receive
therefor the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law.

     SECTION 6.02 Termination.

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

- 38 -

 

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

ARTICLE 7. MISCELLANEOUS.

     SECTION 7.01 Counterparts.

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

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     SECTION 7.02 No Third Party Beneficiaries.

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

     SECTION 7.03 Severability.

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

     SECTION 7.04 Holders and Owners as Parties; Binding Effect.

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

     SECTION 7.05 Notices.

          Any and all notices to be given to the Issuer shall be deemed to have been duly given if in
English and personally delivered or sent by mail or cable, telex or facsimile transmission
confirmed by letter, addressed to James Hardie Industries SE, World Trade Center, Strawinskylaan
1725, 1077 JE Amsterdam, The Netherlands, Attention: Company Secretary or any other place to which
the Issuer may have transferred its principal office.

          Any and all notices to be given to the Depositary shall be deemed to have been duly given if
in English and personally delivered or sent by mail or cable, telex or facsimile transmission
confirmed by letter, addressed to The Bank of New York Mellon, 101 Barclay Street, New York, New
York 10286, Attention: American Depositary Receipt Administration, or any other place to which the
Depositary may have transferred its Corporate Trust Office.

- 40 -

 

          Any and all notices to be given to any Owner shall be deemed to have been duly given if
personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter,
addressed to such Owner at the address of such Owner as it appears on the transfer books for
Receipts of the Depositary, or, if such Owner shall have filed with the Depositary a written
request that notices intended for such Owner be mailed to some other address, at the address
designated in such request.

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

     SECTION 7.06 Governing Law.

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

     SECTION 7.07 Compliance with U.S. Securities Laws.

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

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

          The Issuer hereby (i) irrevocably designates and appoints National Registered Agents, Inc.,
440 9th Avenue, 5th Floor, New York, New York 10001, as the Issuer’s
authorized agent upon which process may be served in any suit or proceeding arising out of or
relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or
this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in the
State of New York in which any such suit or proceeding may be instituted, and (iii) agrees that
service of process upon said authorized agent shall be deemed in every respect effective service of
process upon the Issuer in any such suit or proceeding. The Issuer agrees to deliver, upon the
execution and delivery of this Deposit Agreement, a written acceptance by such agent of its
appointment as such agent. The Issuer further agrees to take any and all action, including the
filing of any and all such documents and instruments, as may be necessary to continue such
designation and appointment in full force and effect for so long as any American Depositary Shares
or Receipts remain outstanding or this Agreement remains in force. In the event the Issuer fails
to continue such designation and appointment in full force and effect, the Issuer hereby waives
personal service of process upon it and consents that any such service of process may be made by
certified or registered mail, return receipt requested, directed to the Issuer at its address last
specified for notices hereunder, and service so made shall be deemed completed five (5) days after
the same shall have been so mailed.

     SECTION 7.09 Effective Date.

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

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     SECTION 7.10 Summary in Respect of CHESS and CUFS.

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

          CHESS

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

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

          CUFS

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

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

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          (i) Title to CUFS

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

          (ii) Voting

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

          (iii) Economic Entitlements

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

          (iv) Fees

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

          (v) Immobilization of Shares

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

          (vi) Evidence of Ownership

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

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

          (vii) Converting CUFS to Shares

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

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

- 45 -

 

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

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

	 	 	 	 	 
	 	JAMES HARDIE INDUSTRIES SE

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,
as Depositary

 	 
	 	By:  	 	 
	 	 	 	 

- 47 -

 

	 	 	 	 	 

Exhibit A to Deposit Agreement

	 	 	 	 	 
	No.

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

THE BANK OF NEW YORK MELLON

AMERICAN DEPOSITARY RECEIPT

FOR CHESS UNITS OF FOREIGN SECURITIES

REPRESENTING ORDINARY SHARES OF THE

PAR VALUE OF 0.59 EURO EACH OF

JAMES HARDIE INDUSTRIES SE

(INCORPORATED UNDER THE LAWS OF THE NETHERLANDS)

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

AMERICAN DEPOSITARY SHARES

representing deposited CHESS Units of Foreign Securities (herein called “CUFS”) of James Hardie
Industries SE, incorporated under the laws of The Netherlands (herein called the “Company”). At
the date hereof, each American Depositary Share represents five (5) CUFS which are either deposited
or subject to deposit under the deposit agreement at the Australian office of Australia and New
Zealand Banking Group Limited (herein called the “Custodian”). The Depositary’s Corporate Trust
Office is located at a different address than its principal executive office. Its Corporate Trust
Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office
is located at One Wall Street, New York, N.Y. 10286.

THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS

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

 

 

	1.	 	THE DEPOSIT AGREEMENT.

     This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and
to be issued upon the terms and conditions set forth in the deposit agreement, dated as of
September 24, 2001, as amended and restated as of                     , 2009 (herein called the “Deposit
Agreement”), by and among the Company, the Depositary, and all Owners and holders from time to time
of American Depositary Shares issued thereunder, each of whom by accepting a Receipt agrees to
become a party thereto and become bound by all the terms and conditions thereof. The Deposit
Agreement sets forth the rights of Owners and holders of the Receipts and the rights and duties of
the Depositary in respect of the CUFS deposited thereunder and any and all other securities,
property and cash from time to time received in respect of such CUFS and held thereunder (such
CUFS, securities, property, and cash are herein called “Deposited Securities”). Copies of the
Deposit Agreement are on file at the Depositary’s Corporate Trust Office in New York City and at
the office of the Custodian.

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

	2.	 	SURRENDER OF RECEIPTS AND WITHDRAWAL OF CUFS.

     Upon surrender at the Corporate Trust Office of the Depositary of this Receipt, and upon
payment of the fee of the Depositary provided in this Receipt, and subject to the terms and
conditions of the Deposit Agreement, the Owner hereof is entitled to (i) with respect to the CUFS
or other uncertificated Deposited Securities held through CHESS evidenced by such Receipt, instruct
the Depositary to procure the electronic transfer through CHESS of such CUFS or such other
uncertificated Deposited Securities to an account in the name of the Owner or such other name as
the Owner may direct and (ii) physical delivery, to or upon the order of such Owner, of any other
Deposited Securities at the time represented by the American Depositary Shares for which this
Receipt is issued. Delivery of such other Deposited Securities, if applicable, may be made by the
delivery of (a) certificates in the name of the Owner hereof or as ordered by him or by
certificates properly endorsed or accompanied by proper instruments of transfer to such Owner or as
ordered by him and (b) any other securities, property and cash to which such Owner is then entitled
in respect of this Receipt to such Owner or as ordered by him. Such delivery will be made at the
option of the Owner hereof, either at the office of the Custodian or at the Corporate Trust Office
of the Depositary, provided that the forwarding of certificates for Shares or other Deposited
Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the risk
and expense of the Owner hereof. Notwithstanding any other provision of the Deposit Agreement or
this Receipt, the surrender of outstanding Receipts and withdrawal of Deposited Securities may be
suspended only for (i) temporary delays caused by closing the transfer books of the
Depositary or the Company or the deposit of Shares in connection with voting at a

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shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar
charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to
the Receipts or to the withdrawal of the Deposited Securities.

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

     The transfer of this Receipt is registrable on the books of the Depositary at its Corporate
Trust Office by the Owner hereof in person or by a duly authorized attorney, upon surrender of this
Receipt properly endorsed for transfer or accompanied by proper instruments of transfer and funds
sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon
compliance with such regulations, if any, as the Depositary may establish for such purpose. This
Receipt may be split into other such Receipts, or may be combined with other such Receipts into one
Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or
Receipts surrendered. As a condition precedent to the execution and delivery, registration of
transfer, split-up, combination, or surrender of any Receipt or withdrawal of any Deposited
Securities, the Depositary, the Company, the CUFS Depositary, the Custodian, or Registrar may
require payment from the depositor of CUFS or the presentor of the Receipt of a sum sufficient to
reimburse it for any tax or other governmental charge and any stock transfer or registration fee
with respect thereto (including any such tax or charge and fee with respect to CUFS being deposited
or withdrawn) and payment of any applicable fees as provided in this Receipt, may require the
production of proof satisfactory to it as to the identity and genuineness of any signature and may
also require compliance with any regulations the Depositary may establish consistent with the
provisions of the Deposit Agreement or this Receipt.

     The delivery of Receipts against deposits of CUFS generally or against deposits of particular
CUFS may be suspended, or the transfer of Receipts in particular instances may be refused, or the
registration of transfer of outstanding Receipts generally may be suspended, during any period when
the transfer books of the Depositary are closed, or if any such action is deemed necessary or
advisable by the Depositary, the Company, or the CUFS Depositary at any time or from time to time
because of any requirement of law or of any government or governmental body or commission, or under
any provision of the Deposit Agreement or this Receipt, or for any other reason, subject to Article
(22) hereof. Without limitation of the foregoing, the Depositary shall not knowingly accept for
deposit under the Deposit Agreement any CUFS if such CUFS, or the Shares underlying such CUFS,
would be required to be registered under the provisions of the Securities Act of 1933, unless a
registration statement is in effect as to such CUFS or Shares as applicable.

	4.	 	LIABILITY OF OWNER FOR TAXES.

     If any tax or other governmental charge shall become payable with respect to any Receipt or
any Deposited Securities represented hereby, such tax or other governmental
charge shall be payable by the Owner hereof to the Depositary. The Depositary may refuse to
effect any transfer of this Receipt or any withdrawal of Deposited Securities

- 3 -

 

represented by
American Depositary Shares evidenced by such Receipt until such payment is made, and may withhold
any dividends or other distributions, or may sell for the account of the Owner hereof any part or
all of the Deposited Securities represented by the American Depositary Shares evidenced by this
Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in
payment of such tax or other governmental charge and the Owner hereof shall remain liable for any
deficiency.

	5.	 	WARRANTIES OF DEPOSITORS.

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

	6.	 	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

     Any person presenting CUFS for deposit or any Owner of a Receipt may be required from time to
time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange
control approval, or such information relating to the registration on the CHESS Subregister, if
applicable, to execute such certificates and to make such representations and warranties, as the
Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration
of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or
of the proceeds thereof or the delivery of any Deposited Securities until such proof or other
information is filed or such certificates are executed or such representations and warranties made.
No CUFS shall be accepted for deposit unless accompanied by evidence satisfactory to the
Depositary that any necessary approval has been granted by any applicable governmental body which
is then performing the function of the regulation of currency exchange.

	7.	 	CHARGES OF DEPOSITARY.

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

     The following charges shall be incurred by any party depositing or withdrawing CUFS or by any
party surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance
pursuant to a stock dividend or stock split declared by the

- 4 -

 

Company or an exchange regarding the
Receipts or Deposited Securities or a distribution of Receipts pursuant to Section 4.03 of the
Deposit Agreement), whichever applicable: (1) taxes and other governmental charges, (2) such
registration fees as may from time to time be in effect for the registration of transfers of CUFS
generally on the CHESS Subregister and applicable to transfers of CUFS to or from the name of the
Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals
under the Deposit Agreement, (3) such cable, telex and facsimile transmission expenses as are
expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in
the conversion of foreign currency pursuant to Section 4.05 of the Deposit Agreement, (5) a fee of
$5.00 or less per 100 American Depositary Shares (or portion thereof) for the execution and
delivery of Receipts pursuant to Sections 2.03, 4.03 or 4.04, and the surrender of Receipts
pursuant to Sections 2.05 or 6.02 of the Deposit Agreement, (6) a fee of $.02 or less per American
Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit
Agreement including, but not limited to Sections 4.01 through 4.04 thereof, (7) a fee for the
distribution of securities pursuant to Section 4.02 of the Deposit Agreement, such fee being in an
amount equal to the fee for the execution and delivery of American Depositary Shares referred to
above which would have been charged as a result of the deposit of such securities (for purposes of
this clause 7 treating all such securities as if they were Shares) but which securities are instead
distributed by the Depositary to Owners, (8) a fee of $.02 or less per American Depositary Share
(or portion thereof) for depositary services, which will accrue on the last day of each calendar
year and which will be payable as provided in clause (9) below; provided, however,
that no fee will be assessed under this clause (8) if a fee was charged pursuant to clause (6)
above during that calendar year and (9) any other charge payable by the Depositary, any of the
Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in
connection with the servicing of CUFS or other Deposited Securities (which charge shall be assessed
against Owners as of the date or dates set by the Depositary in accordance with Section 4.06 of the
Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing such
Owners for such charge or by deducting such charge from one or more cash dividends or other cash
distributions).

     The Depositary, subject to Article (8) hereof, may own and deal in any class of securities of
the Company and its affiliates and in Receipts.

	8.	 	PRE-RELEASE OF RECEIPTS.

     Notwithstanding Section 2.03 of the Deposit Agreement, the Depositary may execute and deliver
Receipts prior to the receipt of CUFS pursuant to Section 2.02 of the Deposit Agreement
(“Pre-Release”). The Depositary may, pursuant to Section 2.05 of the Deposit Agreement, deliver
CUFS upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not
such cancellation is prior to the termination of
such Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The
Depositary may receive Receipts in lieu of CUFS in satisfactory of a Pre-Release. Each Pre-Release
will be (a) preceded or accompanied by a written representation from the person to whom Receipts
are to be delivered that such person, or

- 5 -

 

its customer, owns the CUFS or Receipts to be remitted, as
the case may be, (b) at all times fully collateralized with cash or such other collateral as the
Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business
days notice, and (d) subject to such further indemnities and credit regulations as the Depositary
deems appropriate. The number of American Depositary Shares which are outstanding at any time as a
result of Pre-Releases will not normally exceed thirty percent (30%) of the CUFS deposited under
the Deposit Agreement; provided, however, that the Depositary reserves the right to change or
disregard such limit from time to time as it deems appropriate.

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

	9.	 	TITLE TO RECEIPTS.

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

	10.	 	VALIDITY OF RECEIPT.

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

	11.	 	REPORTS; INSPECTION OF TRANSFER BOOKS.

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

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

     The Depositary will make available for inspection by Owners of Receipts at its Corporate Trust
Office any reports and communications, including any proxy soliciting material, received from the
Company or the CUFS Depositary which are both (a) received by the Depositary and the Custodian as
the holder of the Deposited Securities or

- 6 -

 

by the CUFS Depositary as the holder of Shares underlying
the CUFS and (b) made generally available to the holders of such Deposited Securities or of the
Shares underlying the CUFS by the Company or the CUFS Depositary. The Depositary shall also, upon
written request, send to the Owners of Receipts copies of such reports furnished by the Company
pursuant to the Deposit Agreement. Any such reports and communications, including any such proxy
soliciting material, furnished to the Depositary by the Company shall be furnished in English.

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

	12.	 	DIVIDENDS AND DISTRIBUTIONS.

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

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

- 7 -

 

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

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

     In the event that the Depositary determines that any distribution in property (including CUFS
and rights to subscribe therefor) is subject to any tax or other governmental charge which the
Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or
a portion of such property (including CUFS and rights to subscribe therefor) in such amounts and in
such manner as the Depositary deems necessary and practicable to pay any such taxes or charges and
the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or
charges to the Owners of Receipts entitled thereto.

	13.	 	CONVERSION OF FOREIGN CURRENCY.

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

- 8 -

 

shall be net of any expenses of conversion into Dollars incurred by
the Depositary as provided in Section 5.09 of the Deposit Agreement.

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

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

     If any such conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such
conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and
may distribute the balance of the foreign currency received by the Depositary to, or hold such
balance uninvested and without liability for interest thereon for the respective accounts of, the
Owners entitled thereto.

	14.	 	RIGHTS.

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

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

- 9 -

 

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

     If the Depositary has distributed warrants or other instruments for rights to all or certain
Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to
the Depositary from such Owner to exercise such rights, upon payment by such Owner to the
Depositary for the account of such Owner of an amount equal to the purchase price of the relevant
security to be received upon the exercise of the rights, and upon payment of the fees of the
Depositary and any other charges as set forth in such warrants or other instruments, the Depositary
shall, on behalf of such Owner, exercise the rights and purchase the relevant security, and the
Company shall cause the relevant security, if Shares, to be delivered to the CUFS Depositary on
behalf of such Owner with instructions to issue CUFS representing such Shares and deliver them to
the Custodian. As agent for such Owner, the Depositary will cause the Shares so purchased to be
deposited pursuant to Section 2.02 of the Deposit Agreement, and shall, pursuant to Section 2.03 of
the Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution
pursuant to the second paragraph of this Article, such Receipts shall be legended in accordance
with applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit,
cancellation and transfer under such laws.

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

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

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

	15.	 	RECORD DATES.

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

	16.	 	VOTING OF DEPOSITED SECURITIES.

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

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

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	17.	 	CHANGES AFFECTING DEPOSITED SECURITIES.

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

	18.	 	LIABILITY OF THE COMPANY AND DEPOSITARY.

     Neither the Depositary nor the Company nor any of their respective directors, employees,
agents or affiliates shall incur any liability to any Owner or holder of any Receipt, if by reason
of any provision of any present or future law or regulation of the United States or any other
country, or of any governmental or regulatory authority or stock exchange, or by reason of any
provision, present or future, of the Articles of Association of the Company, or by reason of any
act of God or war or other circumstances beyond its control, the Depositary or the Company or any
of their respective directors, employees, agents or affiliates shall be prevented or forbidden
from, or be subject to any civil or criminal penalty on account of, doing or performing any act or
thing which by the terms of the Deposit Agreement it is provided shall be done or performed; nor
shall the Depositary or the Company incur any liability to any Owner or holder of a Receipt by
reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing
which by the terms of the Deposit Agreement it is provided shall or may be done or performed, or by
reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit
Agreement. Where, by the terms of a distribution pursuant to Sections 4.01, 4.02 or 4.03 of the
Deposit Agreement, or an offering or distribution pursuant to Section 4.04 of the Deposit
Agreement, or for any other reason, such distribution or offering may not be made available to Owners of Receipts,
and the Depositary may not dispose of such distribution or offering on behalf of such Owners and
make the net proceeds available to such Owners, then the Depositary shall not make such
distribution or offering, and shall allow any rights, if applicable, to lapse. Neither the Company
nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit
Agreement to Owners or holders of Receipts, except that they agree to perform their obligations
specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary
shall not be subject to any liability with respect to the validity or worth of the Deposited
Securities. Neither the

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Depositary nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or
in respect of the Receipts, which in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expense and liability shall be furnished as often as may
be required, and the Custodian shall not be under any obligation whatsoever with respect to such
proceedings, the responsibility of the Custodian being solely to the Depositary. Neither the
Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the
advice of or information from legal counsel, accountants, any person presenting CUFS for deposit,
any Owner or holder of a Receipt, or any other person believed by it in good faith to be competent
to give such advice or information. The Depositary shall not be liable for any acts or omissions
made by a successor depositary whether in connection with a previous act or omission of the
Depositary or in connection with any matter arising wholly after the removal or resignation of the
Depositary, provided that in connection with the issue out of which such potential liability arises
the Depositary performed its obligations without negligence or bad faith while it acted as
Depositary. The Depositary shall not be responsible for any failure to carry out any instructions
to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the
effect of any such vote, provided that any such action or nonaction is in good faith. The Company
agrees to indemnify the Depositary, its directors, employees, agents and affiliates and any
Custodian against, and hold each of them harmless from, any liability or expense (including, but
not limited to, the fees and expenses of counsel) which may arise out of acts performed or omitted,
in accordance with the provisions of the Deposit Agreement and of the Receipts, as the same may be
amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or
their respective directors, employees, agents and affiliates, except for any liability or expense
arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its
directors, employees, agents and affiliates. No disclaimer of liability under the Securities Act
of 1933 is intended by any provision of the Deposit Agreement.

	19.	 	RESIGNATION AND REMOVAL OF THE DEPOSITARY.

     The Depositary may at any time resign as Depositary under the Deposit Agreement by written
notice of its election so to do delivered to the Company, such resignation to take effect upon the
appointment of a successor depositary and its
acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at
any time be removed by the Company by written notice of such removal, effective upon the later of
(i) the 120th day after delivery of the notice to the Depositary or (ii) the appointment
of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. Whenever the Depositary in its discretion determines that it is in the best interest of
the Owners of Receipts to do so, it may appoint substitute or additional custodian or custodians.

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	20.	 	AMENDMENT.

     The form of the Receipts and any provisions of the Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable. Any amendment which shall impose or increase any fees or
charges (other than taxes and other governmental charges, registration fees, cable, telex or
facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise
prejudice any substantial existing right of Owners of Receipts, shall, however, not become
effective as to outstanding Receipts until the expiration of thirty days after notice of such
amendment shall have been given to the Owners of outstanding Receipts. Every Owner of a Receipt at
the time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to
consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby.
In no event shall any amendment impair the right of the Owner of any Receipt to surrender such
Receipt and receive therefor the Deposited Securities represented thereby, except in order to
comply with mandatory provisions of applicable law.

	21.	 	TERMINATION OF DEPOSIT AGREEMENT.

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

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

	22.	 	COMPLIANCE WITH U.S. SECURITIES LAWS.

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

	23.	 	SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS.

     The Company hereby (i) irrevocably designates and appoints National Registered Agents, Inc.,
440 9th Avenue, 5th Floor, New York, New York 10001, as the Company’s
authorized agent upon which process may be served in any suit or proceeding arising out of or
relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or
this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in the
State of New York in which any such suit or proceeding may be instituted, and (iii) agrees that
service of process upon said authorized agent shall be deemed in every respect effective service of
process upon the Company in any such suit or proceeding. The Company agrees to deliver, upon the
execution and delivery of this
Deposit Agreement, a written acceptance by such agent of its appointment as such agent. The
Company further agrees to take any and all action, including the filing of any and all such
documents and instruments, as may be necessary to continue such designation and appointment in full
force and effect for so long as any American Depositary Shares or Receipts remain outstanding or
this Agreement remains in force. In the event the Company fails to continue such designation and
appointment in full force and effect, the Company hereby waives personal service of process upon it
and consents that any such service of process may be made by certified or registered mail, return
receipt requested,

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

	24.	 	EFFECTIVE DATE.

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

	25.	 	SUMMARY IN RESPECT OF CHESS AND CUFS.

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

CHESS

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

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

CUFS

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

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

               (i) Title to CUFS

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

               (ii) Voting

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

               (iii) Economic Entitlements

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

               (iv) Fees

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

               (v) Immobilization of Shares

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

               (vi) Evidence of Ownership

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

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

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               (vii) Converting CUFS to Shares

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

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

	26.	 	UNCERTIFICATED AMERICAN DEPOSITARY SHARES; DTC DIRECT REGISTRATION SYSTEM.

     Notwithstanding anything to the contrary in the Deposit Agreement:

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

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

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Corporate Trust Office of the
Depositary to the person entitled to such delivery of one or more Receipts.

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

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

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

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

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

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          (ii) In connection with and in accordance with the arrangements and procedures relating to
DRS/Profile, the parties understand that the Depositary will not verify, determine or otherwise
ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in
requesting a registration of transfer and delivery as described in subsection (i) above has the
actual authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform
Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the
Deposit Agreement shall apply to the matters arising from the use of the DRS. The parties agree
that the Depositary’s reliance on and compliance with instructions received by the Depositary
through the DRS/Profile System and in accordance with the Deposit Agreement shall not constitute
negligence or bad faith on the part of the Depositary.

- 20 -

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