Document:

Exhibit 4.1

 

 

 

DEPOSIT AGREEMENT

 

 

 

 

by and among

 

CALLIDITAS THERAPEUTICS AB

 

and

 

CITIBANK, N.A.,

as Depositary,

 

and

 

THE HOLDERS AND BENEFICIAL OWNERS OF

AMERICAN DEPOSITARY SHARES

ISSUED HEREUNDER

 

 

 

Dated as of [date], 2020

 

     

     

    

 

TABLE OF CONTENTS

	ARTICLE I DEFINITIONS	1
	Section 1.1   “ADS Record Date”	1
	Section 1.2   “Affiliate”	1
	Section 1.3   “American Depositary Receipt(s)”, “ADR(s)” and “Receipt(s)”	1
	Section 1.4   “American Depositary Share(s)” and “ADS(s)”	2
	Section 1.5   “Beneficial Owner”	2
	Section 1.6   “Certificated ADS(s)”	3
	Section 1.7   “Citibank”	3
	Section 1.8   “Commission”	3
	Section 1.9   “Company”	3
	Section 1.10   “Custodian”	3
	Section 1.11   “Deliver” and “Delivery”	3
	Section 1.12   “Deposit Agreement”	3
	Section 1.13   “Depositary”	3
	Section 1.14   “Deposited Property”	3
	Section 1.15   “Deposited Securities”	4
	Section 1.16   “Dollars” and “$”	4
	Section 1.17   “DTC”	4
	Section 1.18   “DTC Participant”	4
	Section 1.19   “Exchange Act”	4
	Section 1.20   “Euroclear Sweden”	4
	Section 1.21   “Foreign Currency”	4
	Section 1.22   “Full Entitlement ADR(s)”, “Full Entitlement ADS(s)” and “Full Entitlement
Share(s)”	4
	Section 1.23   “Holder(s)”	4
	Section 1.24   “Kronor” and “SEK”	5
	Section 1.25   “Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and “Partial
Entitlement Share(s)”	5
	Section 1.26   “Principal Office”	5
	Section 1.27   “Registrar”	5
	Section 1.28   “Restricted Securities”	5
	Section 1.29   “Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted Shares”	5
	Section 1.30   “Securities Act”	5
	Section 1.31   “Share Registrar”	6
	Section 1.32   “Shares”	6
	Section 1.33   “Uncertificated ADS(s)”	6
	Section 1.34   “United States” and “U.S.”	6

 

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	ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	6
	Section 2.1   Appointment of Depositary.	6
	Section 2.2   Form and Transferability of ADSs.	6
	Section 2.3   Deposit of Shares.	8
	Section 2.4   Registration and Safekeeping of Deposited Securities.	9
	Section 2.5   Issuance of ADSs.	10
	Section 2.6   Transfer, Combination and Split-up of ADRs.	10
	Section 2.7   Surrender of ADSs and Withdrawal of Deposited Securities.	11
	Section 2.8   Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer,
etc.	12
	Section 2.9   Lost ADRs, etc.	13
	Section 2.10   Cancellation and Destruction of Surrendered ADRs; Maintenance of Records.	13
	Section 2.11   Escheatment.	13
	Section 2.12   Partial Entitlement ADSs.	14
	Section 2.13   Certificated/Uncertificated ADSs.	15
	Section 2.14   Restricted ADSs.	16
	ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs	17
	Section 3.1   Proofs, Certificates and Other Information.	17
	Section 3.2   Liability for Taxes and Other Charges.	18
	Section 3.3   Representations and Warranties on Deposit of Shares.	19
	Section 3.4   Compliance with Information Requests.	19
	Section 3.5   Ownership Restrictions.	19
	Section 3.6   Reporting Obligations and Regulatory Approvals.	20
	ARTICLE IV THE DEPOSITED SECURITIES	20
	Section 4.1   Cash Distributions.	20
	Section 4.2   Distribution in Shares.	21
	Section 4.3   Elective Distributions in Cash or Shares.	22
	Section 4.4   Distribution of Rights to Purchase Additional ADSs.	23
	Section 4.5   Distributions Other Than Cash, Shares or Rights to Purchase Shares.	25
	Section 4.6   Distributions with Respect to Deposited Securities in Bearer Form.	27
	Section 4.7   Redemption.	27
	Section 4.8   Conversion of Foreign Currency.	27
	Section 4.9   Fixing of ADS Record Date.	28
	Section 4.10   Voting of Deposited Securities.	29
	Section 4.11   Changes Affecting Deposited Securities.	30

 

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	Section 4.12   Available Information.	31
	Section 4.13   Reports.	31
	Section 4.14   List of Holders.	31
	Section 4.15   Taxation.	31
	ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	32
	Section 5.1   Maintenance of Office and Transfer Books by the Registrar.	32
	Section 5.2   Exoneration.	33
	Section 5.3   Standard of Care.	34
	Section 5.4   Resignation and Removal of the Depositary; Appointment of Successor Depositary.	35
	Section 5.5   The Custodian.	36
	Section 5.6   Notices and Reports.	37
	Section 5.7   Issuance of Additional Shares, ADSs etc.	37
	Section 5.8   Indemnification.	38
	Section 5.9   ADS Fees and Charges.	38
	Section 5.10   Restricted Securities Owners.	39
	ARTICLE VI AMENDMENT AND TERMINATION	40
	Section 6.1   Amendment/Supplement.	40
	Section 6.2   Termination.	40
	ARTICLE VII MISCELLANEOUS	41
	Section 7.1   Counterparts.	41
	Section 7.2   No Third-Party Beneficiaries/Acknowledgments.	41
	Section 7.3   Severability.	41
	Section 7.4   Holders and Beneficial Owners as Parties; Binding Effect.	42
	Section 7.5   Notices.	42
	Section 7.6   Governing Law and Jurisdiction.	43
	Section 7.7   Assignment.	44
	Section 7.8   Compliance with, and No Disclaimer under, U.S. Securities Laws.	45
	Section 7.9   Swedish Law References.	45
	Section 7.10   Titles and References.	45
	 	 
	EXHIBITS	 
	Form of ADR.  	A-1
	Fee Schedule.	B-1

 

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DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT, dated as of ___________,
2020, by and among (i) Calliditas Therapeutics AB, a company organized under the laws of the Kingdom of Sweden, and its successors
(the “Company”), (ii) CITIBANK, N.A., a national banking association organized under the laws of the United States
of America (“Citibank”) acting in its capacity as depositary, and any successor depositary hereunder (Citibank
in such capacity, the “Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares
issued hereunder (all such capitalized terms as hereinafter defined).

 

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

 

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

 

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

 

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

 

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

 

ARTICLE I

DEFINITIONS

 

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

 

Section 1.1          
“ADS Record Date” shall have the meaning given to such term in Section 4.9.

 

Section 1.2          
“Affiliate” shall have the meaning assigned to such term by the Commission (as hereinafter defined)
under Regulation C promulgated under the Securities Act (as hereinafter defined), or under any successor regulation thereto.

 

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

 

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Section 1.4          
“American Depositary Share(s)” and “ADS(s)” shall mean the rights
and interests in the Deposited Property (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms
and conditions of the Deposit Agreement and, if issued as Certificated ADS(s) (as hereinafter defined), the ADR(s) issued to evidence
such ADSs. ADS(s) may be issued under the terms of the Deposit Agreement in the form of (a) Certificated ADS(s) (as hereinafter
defined), in which case the ADS(s) are evidenced by ADR(s), or (b) Uncertificated ADS(s) (as hereinafter defined), in which
case the ADS(s) are not evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for
such purposes under the terms of Section 2.13 . Unless otherwise specified in the Deposit Agreement or in any ADR, or unless the
context otherwise requires, any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated ADS(s), individually or
collectively, as the context may require. Each ADS shall represent the right to receive, and to exercise the beneficial ownership
interests in, the number of Shares specified in the form of ADR attached hereto as Exhibit A (as amended from time to time)
that are on deposit with the Depositary and/or the Custodian, subject, in each case, to the terms and conditions of the Deposit
Agreement and the applicable ADR (if issued as a Certificated ADS), until there shall occur a distribution upon Deposited Securities
referred to in Section 4.2 or a change in Deposited Securities referred to in Section 4.11 with respect to which additional ADSs
are not issued, and thereafter each ADS shall represent the right to receive, and to exercise the beneficial ownership interests
in, the applicable Deposited Property on deposit with the Depositary and the Custodian determined in accordance with the terms
of such Sections, subject, in each case, to the terms and conditions of the Deposit Agreement and the applicable ADR (if issued
as a Certificated ADS). In addition, the ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of
the Deposit Agreement (which may give rise to Depositary fees).

 

Section 1.5 “Articles
of Association” shall mean the Articles of Association of the Company, as amended and restated from time to time.

 

Section 1.5           
 “Beneficial Owner” shall mean, as to any ADS, any person or entity having a beneficial interest
deriving from the ownership of such ADS. Notwithstanding anything else contained in the Deposit Agreement, any ADR(s) or any
other instruments or agreements relating to the ADSs and the corresponding Deposited Property, the Depositary, the Custodian
and their respective nominees are intended to be, and shall at all times during the term of the Deposit Agreement be, the
record holders only of the Deposited Property represented by the ADSs for the benefit of the Holders and Beneficial Owners of
the corresponding ADSs. The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees,
disclaims any beneficial ownership interest in the Deposited Property held on behalf of the Holders and Beneficial Owners of
ADSs. The beneficial ownership interests in the Deposited Property are intended to be, and shall at all times during the term
of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing the Deposited Property. The
beneficial ownership interests in the Deposited Property shall, unless otherwise agreed by the Depositary, be exercisable by
the Beneficial Owners of the ADSs only through the Holders of such ADSs, by the Holders of the ADSs (on behalf of the
applicable Beneficial Owners) only through the Depositary, and by the Depositary (on behalf of the Holders and Beneficial
Owners of the corresponding ADSs) directly, or indirectly through the Custodian or their respective nominees, in each case
upon the terms of the Deposit Agreement and, if applicable, the terms of the ADR(s) evidencing the ADSs. A Beneficial Owner
of ADSs may or may not be the Holder of such ADSs. A Beneficial Owner shall be able to exercise any right or receive any
benefit hereunder solely through the person who is the Holder of the ADSs owned by such Beneficial Owner. Unless otherwise
identified to the Depositary, a Holder shall be deemed to be the Beneficial Owner of all the ADSs registered in his/her/its
name. The manner in which a Beneficial Owner holds ADSs (e.g., in a brokerage account vs. as registered holder) may affect
the rights and obligations of, the manner in which, and the extent to which, services are made available to, Beneficial
Owners pursuant to the terms of the Deposit Agreement.

 

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Section 1.6          
“Certificated ADS(s)” shall have the meaning set forth in Section 2.13.

 

Section 1.7          
“Citibank” shall mean Citibank, N.A., a national banking association organized under the laws of
the United States of America, and its successors.

 

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

 

Section 1.9          
“Company” shall mean Calliditas Therapeutics AB, a company incorporated and existing under
the laws of the Kingdom of Sweden, and its successors.

 

Section 1.10         
“Custodian” shall mean (i) as of the date hereof, Citibank Europe plc having its principal
office at 1 North Wall Quay, Dublin 1, Ireland, as the custodian of Deposited Property for the purposes of the Deposit Agreement,
(ii) Citibank, N.A., acting as custodian of Deposited Property pursuant to the Deposit Agreement, and (iii) any other entity that
may be appointed by the Depositary pursuant to the terms of Section 5.5 as successor, substitute or additional custodian hereunder.
The term “Custodian” shall mean any Custodian individually or all Custodians collectively, as the context requires.

 

Section 1.11         
   “Deliver” and “Delivery” shall mean (x) when used in respect
of Shares and other Deposited Securities, either (i) the physical delivery of the certificate(s) representing such securities,
or (ii) the book-entry transfer and recordation of such securities on the books of the Share Registrar (as hereinafter defined)
or in the book-entry settlement of Euroclear Sweden, and (y) when used in respect of ADSs, either (i) the physical delivery
of ADR(s) evidencing the ADSs, or (ii) the book-entry transfer and recordation of ADSs on the books of the Depositary or any book-entry
settlement system in which the ADSs are settlement-eligible.

 

Section 1.12         
“Deposit Agreement” shall mean this Deposit Agreement and all exhibits hereto, as the same
may from time to time be amended and supplemented from time to time in accordance with the terms of the Deposit Agreement.

 

Section 1.13        
“Depositary” shall mean Citibank, N.A., a national banking association organized under the
laws of the United States, in its capacity as depositary under the terms of the Deposit Agreement, and any successor depositary
hereunder.

 

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Section 1.14        
“Deposited Property” shall mean the Deposited Securities and any cash and other property held on
deposit by the Depositary and the Custodian in respect of the ADSs under the terms of the Deposit Agreement, subject, in the case
of cash, to the provisions of Section 4.8. All Deposited Property shall be held by the Custodian, the Depositary and their
respective nominees for the benefit of the Holders and Beneficial Owners of the ADSs representing the Deposited Property. The Deposited
Property is not intended to, and shall not, constitute proprietary assets of the Depositary, the Custodian or their nominees. Beneficial
ownership in the Deposited Property is intended to be, and shall at all times during the term of the Deposit Agreement continue
to be, vested in the Beneficial Owners of the ADSs representing the Deposited Property.

 

Section 1.15        
“Deposited Securities” shall mean the Shares and any other securities held on deposit by the Custodian
from time to time in respect of the ADSs under the Deposit Agreement and constituting Deposited Property.

 

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

 

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

 

Section 1.18      
“DTC Participant” shall mean any financial institution (or any nominee of such institution)
having one or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC. A DTC
Participant may or may not be a Beneficial Owner. If a DTC Participant is not the Beneficial Owner of the ADSs credited to its
account at DTC, or of the ADSs in respect of which the DTC Participant is otherwise acting, such DTC Participant shall be deemed,
for all purposes hereunder, to have all requisite authority to act on behalf of the Beneficial Owner(s) of the ADSs credited to
its account at DTC or in respect of which the DTC Participant is so acting. A DTC Participant, upon acceptance in any one of its
DTC accounts of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement,
shall (notwithstanding any explicit or implicit disclosure that it may be acting on behalf of another party) be deemed for all
purposes to be a party to, and bound by, the terms of the Deposit Agreement and the applicable ADR(s) to the same extent as, and
as if the DTC Participant were, the Holder of such ADSs.

 

Section 1.19      
“Exchange Act” shall mean the United States Securities Exchange Act of 1934, as amended from
time to time.

 

Section 1.20      
“Euroclear Sweden” shall mean Euroclear Sweden AB, which provides the book-entry settlement system
for equity securities in Sweden, or any successor entity thereto.

 

Section 1.21      
“Foreign Currency” shall mean any currency other than Dollars.

 

Section 1.22      
“Full Entitlement ADR(s)”, “Full Entitlement ADS(s)” and “Full Entitlement
Share(s)” shall have the respective meanings set forth in Section 2.12.

 

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Section 1.23      
“Holder(s)” shall mean the person(s) in whose name the ADSs are registered on the books of
the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder
is not the Beneficial Owner of the ADS(s) registered in its name, such person shall be deemed, for all purposes hereunder, to have
all requisite authority to act on behalf of the Beneficial Owners of the ADSs registered in its name. The manner in which a Holder
holds ADSs (e.g., in certificated vs. uncertificated form) may affect the rights and obligations of, and the manner in which, and
the extent to which, the services are made available to, Holders pursuant to the terms of the Deposit Agreement.

 

Section 1.24         
 “Kronor” and “SEK” shall refer to the lawful currency of Sweden.

 

Section 1.25      
“Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and “Partial Entitlement
Share(s)” shall have the respective meanings set forth in Section 2.12.

 

Section 1.26      
“Principal Office” shall mean, when used with respect to the Depositary, the principal office
of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of
the Deposit Agreement, is located at 388 Greenwich Street, New York, New York 10013, U.S.A.

 

Section 1.27      
“Registrar” shall mean the Depositary or any bank or trust company having an office in the
Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register issuances, transfers and cancellations
of ADSs as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other
than the Depositary) may be removed and substitutes appointed by the Depositary. Each Registrar (other than the Depositary) appointed
pursuant to the Deposit Agreement shall be required to give notice in writing to the Depositary accepting such appointment and
agreeing to be bound by the applicable terms of the Deposit Agreement.

 

Section 1.28      
“Restricted Securities” shall mean Shares, Deposited Securities or ADSs which (i) have
been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving
any public offering and are subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii) are
held by an executive officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii) are
subject to other restrictions on sale or deposit under the laws of the United States, Sweden, or under a shareholder agreement
or the Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such Shares,
Deposited Securities or ADSs are being transferred or sold to persons other than an Affiliate of the Company in a transaction (a) covered
by an effective resale registration statement, or (b) exempt from the registration requirements of the Securities Act (as
hereinafter defined), and the Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities.

 

Section 1.29      
“Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted Shares”
shall have the respective meanings set forth in Section 2.14.

 

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Section 1.30       “Securities
Act” shall mean the United States Securities Act of 1933, as amended from time to time.

 

Section 1.31      
“Share Registrar” shall mean Euroclear Sweden AB or any other institution organized under
the laws of Sweden appointed by the Company from time to time to carry out the duties of registrar for the Shares, and any successor
thereto.

 

Section 1.32      
“Shares” shall mean the Company’s common shares, quota value SEK 0.04 per share, validly
issued and outstanding and fully paid and may, if the Depositary so agrees after consultation with the Company, include evidence
of the right to receive Shares; provided that in no event shall Shares include evidence of the right to receive Shares with
respect to which the full purchase price has not been paid or Shares as to which preemptive rights have theretofore not been validly
waived or exercised; provided further, however, that, if there shall occur any change in quota value, split-up,
consolidation, reclassification, exchange, conversion or any other event described in Section 4.11 in respect of the Shares of
the Company, the term “Shares” shall thereafter, to the maximum extent permitted by law, represent the successor securities
resulting from such event.

 

Section 1.33      
“Uncertificated ADS(s)” shall have the meaning set forth in Section 2.13.

 

Section 1.34      
“United States” and “U.S.” shall have the meaning assigned to it
in Regulation S as promulgated by the Commission under the Securities Act.

 

ARTICLE II

 

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;

DEPOSIT OF SHARES; EXECUTION AND

DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

 

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

 

Section 2.2          
Form and Transferability of ADSs.

 

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

 

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

 

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

 

(d)              Book-Entry
Systems. The Depositary shall make arrangements for the acceptance of the ADSs into DTC. All ADSs held through DTC
will be registered in the name of the nominee for DTC (currently “Cede & Co.”). As such, the nominee for DTC
will be the only “Holder” of all ADSs held through DTC. Unless issued by the Depositary as Uncertificated ADSs,
the ADSs registered in the name of Cede & Co. will be evidenced by one or more ADR(s) in the form of a “Balance
Certificate,” which will provide that it represents the aggregate number of ADSs from time to time indicated in the
records of the Depositary as being issued hereunder and that the aggregate number of ADSs represented thereby may from time
to time be increased or decreased by making adjustments on such records of the Depositary and of DTC or its nominee as
hereinafter provided. Citibank, N.A. (or such other entity as is appointed by DTC or its nominee) may hold the “Balance
Certificate” as custodian for DTC. Each Beneficial Owner of ADSs held through DTC must rely upon the procedures of DTC
and the DTC Participants to exercise or be entitled to any rights attributable to such ADSs. The DTC Participants shall for
all purposes be deemed to have all requisite power and authority to act on behalf of the Beneficial Owners of the ADSs held
in the DTC Participants’ respective accounts in DTC and the Depositary shall for all purposes be authorized to rely
upon any instructions and information given to it by DTC Participants. So long as ADSs are held through DTC or unless
otherwise required by law, ownership of beneficial interests in the ADSs registered in the name of the nominee for DTC will
be shown on, and transfers of such ownership will be effected only through, records maintained by (i) DTC or its nominee
(with respect to the interests of DTC Participants), or (ii) DTC Participants or their nominees (with respect to the
interests of clients of DTC Participants). Any distributions made, and any notices given, by the Depositary to DTC under the
terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) satisfy the Depositary’s
obligations under the Deposit Agreement to make such distributions, and give such notices, in respect of the ADSs held in DTC
(including, for avoidance of doubt, to the DTC Participants holding the ADSs in their DTC accounts and to the Beneficial
Owners of such ADSs).

 

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Section 2.3          
Deposit of Shares. Subject to the terms and conditions of the Deposit Agreement and applicable law, Shares or
evidence of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary
in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7) at
any time, whether or not the transfer books of the Company or the Share Registrar, if any, are closed, by Delivery of the Shares
to the Custodian. Every deposit of Shares shall be accompanied by the following: (A)  in the case of Shares delivered by
book-entry transfer and recordation, confirmation of such book-entry transfer and recordation in the books of the Share Registrar
or of Euroclear Sweden, as applicable, to the Custodian or that irrevocable instructions have been given to cause such Shares to
be so transferred and recorded, (B) such certifications and payments (including, without limitation, the Depositary’s
fees and related charges) and evidence of such payments as may be required by the Depositary or the Custodian in accordance with
the provisions of the Deposit Agreement and applicable law, (C) if the Depositary so requires, a written order directing the
Depositary to issue and deliver to, or upon the written order of, the person(s) stated in such order the number of ADSs representing
the Shares so deposited, (D) evidence reasonably satisfactory to the Depositary (which may be an opinion of counsel) that
all necessary approvals have been granted by, or there has been compliance with the rules and regulations of, any applicable governmental
agency in Sweden, and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the
Depositary or the Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been recorded
to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any
such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the
Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit,
a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes until the
Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee.

 

Without limiting any other provision
of the Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept
for deposit (a) any Restricted Securities (except as contemplated by Section 2.14) nor (b) any fractional Shares or
fractional Deposited Securities nor (c) a number of Shares or Deposited Securities which upon application of the ADS to
Shares ratio would give rise to fractional ADSs. No Shares shall be accepted for deposit unless accompanied by evidence, if
any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to
such deposit have been satisfied by the person depositing such Shares under the laws and regulations of Sweden and any
necessary approval has been granted by any applicable governmental body in Sweden, if any. The Depositary may issue ADSs
against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer
agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence
of rights shall consist of written blanket or specific guarantees of ownership of Shares furnished by the Company or any such
custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect
of the Shares.

 

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Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under the Deposit Agreement (A) any Shares or other securities required
to be registered under the provisions of the Securities Act, unless (i) a registration statement is in effect as to such Shares
or other securities or (ii) the deposit is made upon terms contemplated in Section 2.14, or (B) any Shares or other securities
the deposit of which would violate any provisions of the Articles of Association. For purposes of the foregoing sentence, the Depositary
shall be entitled to rely upon representations and warranties made or deemed made pursuant to the Deposit Agreement and shall not
be required to make any further investigation. The Depositary will comply with written instructions of the Company (received by
the Depositary reasonably in advance) not to accept for deposit hereunder any Shares identified in such instructions at such times
and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance
with the securities laws of the United States.

 

Section 2.4           Registration
and Safekeeping of Deposited Securities. The Depositary shall instruct the Custodian upon each Delivery of registered
Shares being deposited hereunder with the Custodian (or other Deposited Securities pursuant to Article IV hereof), together
with the other documents above specified, to present such Shares, together with the appropriate instrument(s) of transfer or
endorsement, duly stamped, to the Share Registrar for transfer and registration of the Shares (as soon as transfer and
registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the
Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary, or by a Custodian for
the account and to the order of the Depositary or a nominee of the Depositary, in each case, on behalf of the Holders and
Beneficial Owners, at such place(s) as the Depositary or the Custodian shall determine. Notwithstanding anything else
contained in the Deposit Agreement, any ADR(s), or any other instruments or agreements relating to the ADSs and the
corresponding Deposited Property, the registration of the Deposited Securities in the name of the Depositary, the Custodian
or any of their respective nominees, shall, to the maximum extent permitted by applicable law, vest in the Depositary, the
Custodian or the applicable nominee the record ownership in the applicable Deposited Securities with the beneficial ownership
rights and interests in such Deposited Securities being at all times vested with the Beneficial Owners of the ADSs
representing the Deposited Securities. Notwithstanding the foregoing, the Depositary, the Custodian and the applicable
nominee shall at all times be entitled to exercise the beneficial ownership rights in all Deposited Property, in each case
only on behalf of the Holders and Beneficial Owners of the ADSs representing the Deposited Property, upon the terms set forth
in the Deposit Agreement and, if applicable, the ADR(s) representing the ADSs. The Depositary, the Custodian and their
respective nominees shall for all purposes be deemed to have all requisite power and authority to act in respect of Deposited
Property on behalf of the Holders and Beneficial Owners of ADSs representing the Deposited Property, and upon making payments
to, or acting upon instructions from, or information provided by, the Depositary, the Custodian or their respective nominees
all persons shall be authorized to rely upon such power and authority.

 

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Section 2.5          
Issuance of ADSs. The Depositary has made arrangements with the Custodian for the Custodian to confirm to the
Depositary upon receipt of a deposit of Shares (i) that a deposit of Shares has been made pursuant to Section 2.3, (ii) that
such Deposited Securities have been recorded in the name of the Depositary, the Custodian or a nominee of either on the shareholders’
register maintained by or on behalf of the Company by the Share Registrar or on the books of Euroclear Sweden, (iii) that
all required documents have been received, and (iv) the person(s) to whom or upon whose order ADSs are deliverable in respect
thereof and the number of ADSs to be so delivered. Such notification may be made by letter, cable, telex, SWIFT message or, at
the risk and expense of the person making the deposit, by facsimile or other means of electronic transmission. Upon receiving such
notice from the Custodian, the Depositary, subject to the terms and conditions of the Deposit Agreement and applicable law, shall
issue the ADSs representing the Shares so deposited to or upon the order of the person(s) named in the notice delivered to the
Depositary and, if applicable, shall execute and deliver at its Principal Office Receipt(s) registered in the name(s) requested
by such person(s) and evidencing the aggregate number of ADSs to which such person(s) is/are entitled, but, in each case, only
upon payment to the Depositary of the charges of the Depositary for accepting a deposit of Shares and issuing ADSs (as set forth
in Section 5.9 and Exhibit B hereto) and all applicable taxes and governmental charges and fees payable in connection
with such deposit and the transfer of the Shares and the issuance of the ADS(s). The Depositary shall only issue ADSs in whole
numbers and deliver, if applicable, ADR(s) evidencing whole numbers of ADSs.

 

Section 2.6          
Transfer, Combination and Split-up of ADRs.

 

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

 

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

 

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

 

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

 

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The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number
of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by
the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred
by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs.

 

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

 

		Section 2.8	Limitations on Execution and Delivery,
                                         Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.

 

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

 

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

 

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

 

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

 

Section 2.10      
Cancellation and Destruction of Surrendered ADRs; Maintenance of Records. All ADRs surrendered to the Depositary
shall be canceled by the Depositary. Canceled ADRs shall not be entitled to any benefits under the Deposit Agreement or be valid
or enforceable against the Depositary for any purpose. The Depositary is authorized to destroy ADRs so canceled, provided the Depositary
maintains a record of all destroyed ADRs. Any ADSs held in book-entry form (e.g., through accounts at DTC) shall be deemed
canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate to be reduced by the number of ADSs
surrendered (without the need to physically destroy the Balance Certificate).

 

Section 2.11       Escheatment.
In the event any unclaimed property relating to the ADSs, for any reason, is in the possession of Depositary and has not been
claimed by the Holder thereof or cannot be delivered to the Holder thereof through usual channels, the Depositary shall, upon
expiration of any applicable statutory period relating to abandoned property laws, escheat such unclaimed property to the
relevant authorities in accordance with the laws of each of the relevant States of the United States.

 

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Section 2.12      
Partial Entitlement ADSs. In the event any Shares are deposited which (i) entitle the holders thereof to
receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit or (ii) are not
fully fungible (including, without limitation, as to settlement or trading) with the Shares then on deposit (the Shares then on
deposit collectively, “Full Entitlement Shares” and the Shares with different entitlement, “Partial
Entitlement Shares”), the Depositary shall (i) cause the Custodian to hold Partial Entitlement Shares separate and
distinct from Full Entitlement Shares, and (ii) subject to the terms of the Deposit Agreement, issue ADSs representing Partial
Entitlement Shares which are separate and distinct from the ADSs representing Full Entitlement Shares, by means of separate CUSIP
numbering and legending (if necessary) and, if applicable, by issuing ADRs evidencing such ADSs with applicable notations thereon
(“Partial Entitlement ADSs/ADRs” and “Full Entitlement ADSs/ADRs”, respectively). If and
when Partial Entitlement Shares become Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial
Entitlement ADSs and give Holders of Partial Entitlement ADRs the opportunity to exchange such Partial Entitlement ADRs for Full
Entitlement ADRs, (b) cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full Entitlement
Shares, and (c) take such actions as are necessary to remove the distinctions between (i) the Partial Entitlement ADRs
and ADSs, on the one hand, and (ii) the Full Entitlement ADRs and ADSs on the other. Holders and Beneficial Owners of Partial
Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders and Beneficial Owners of Full
Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares. All provisions and conditions of the Deposit
Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and ADSs, except as contemplated
by this Section 2.12. The Depositary is authorized to take any and all other actions as may be necessary (including, without
limitation, making the necessary notations on ADRs) to give effect to the terms of this Section 2.12. The Company agrees to
give timely written notice to the Depositary if any Shares issued or to be issued are Partial Entitlement Shares and shall assist
the Depositary with the establishment of procedures enabling the identification of Partial Entitlement Shares upon Delivery to
the Custodian.

 

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Section 2.13       Certificated/Uncertificated
ADSs. Notwithstanding any other provision of the Deposit Agreement, the Depositary may, at any time and from time to
time, issue ADSs that are not evidenced by ADRs (such ADSs, the “Uncertificated ADS(s)” and the ADS(s)
evidenced by ADR(s), the “Certificated ADS(s)”). When issuing and maintaining Uncertificated ADS(s) under
the Deposit Agreement, the Depositary shall at all times be subject to (i) the standards applicable to registrars and
transfer agents maintaining direct registration systems for equity securities in New York and issuing uncertificated
securities under New York law, and (ii) the terms of New York law applicable to uncertificated equity securities.
Uncertificated ADSs shall not be represented by any instruments but shall be evidenced by registration in the books of the
Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges,
liens, restrictions or adverse claims of which the Depositary has notice at such time, shall at all times have the right to
exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case to
(x) applicable laws and any rules and regulations the Depositary may have established in respect of the Uncertificated
ADSs, and (y) the continued availability of Certificated ADSs in the U.S. Holders of Certificated ADSs shall, if the
Depositary maintains a direct registration system for the ADSs, have the right to exchange the Certificated ADSs for
Uncertificated ADSs upon (i) the due surrender of the Certificated ADS(s) to the Depositary for such purpose and (ii) the
presentation of a written request to that effect to the Depositary, subject in each case to (a) all liens and restrictions
noted on the ADR evidencing the Certificated ADS(s) and all adverse claims of which the Depositary then has notice, (b) the
terms of the Deposit Agreement and the rules and regulations that the Depositary may establish for such purposes hereunder,
(c) applicable law, and (d) payment of the Depositary fees and expenses applicable to such exchange of Certificated
ADS(s) for Uncertificated ADS(s). Uncertificated ADSs shall in all material respects be identical to Certificated ADS(s) of
the same type and class, except that (i) no ADR(s) shall be, or shall need to be, issued to evidence Uncertificated
ADS(s), (ii) Uncertificated ADS(s) shall, subject to the terms of the Deposit Agreement, be transferable upon the same
terms and conditions as uncertificated securities under New York law, (iii) the ownership of Uncertificated ADS(s) shall
be recorded on the books of the Depositary maintained for such purpose and evidence of such ownership shall be reflected in
periodic statements provided by the Depositary to the Holder(s) in accordance with applicable New York law, (iv) the
Depositary may from time to time, upon notice to the Holders of Uncertificated ADSs affected thereby, establish rules and
regulations, and amend or supplement existing rules and regulations, as may be deemed reasonably necessary to maintain
Uncertificated ADS(s) on behalf of Holders, provided that (a) such rules and regulations do not conflict with the terms
of the Deposit Agreement and applicable law, and (b) the terms of such rules and regulations are readily available to
Holders upon request, (v) the Uncertificated ADS(s) shall not be entitled to any benefits under the Deposit Agreement or
be valid or enforceable for any purpose against the Depositary or the Company unless such Uncertificated ADS(s) is/are
registered on the books of the Depositary maintained for such purpose, (vi) the Depositary may, in connection with any
deposit of Shares resulting in the issuance of Uncertificated ADSs and with any transfer, pledge, release and cancellation of
Uncertificated ADSs, require the prior receipt of such documentation as the Depositary may deem reasonably appropriate, and
(vii) upon termination of the Deposit Agreement, the Depositary shall not require Holders of Uncertificated ADSs to
affirmatively instruct the Depositary before remitting proceeds from the sale of the Deposited Property represented by such
Holders’ Uncertificated ADSs under the terms of Section 6.2. When issuing ADSs under the terms of the Deposit
Agreement, including, without limitation, issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary may
in its discretion determine to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise specifically
instructed by the applicable Holder to issue Certificated ADSs. All provisions and conditions of the Deposit Agreement shall
apply to Uncertificated ADSs to the same extent as to Certificated ADSs, except as contemplated by this Section 2.13. The
Depositary is authorized and directed to take any and all actions and establish any and all procedures deemed reasonably
necessary to give effect to the terms of this Section 2.13. Any references in the Deposit Agreement or any ADR(s) to the
terms “American Depositary Share(s)” or “ADS(s)” shall, unless the context otherwise requires,
include Certificated ADS(s) and Uncertificated ADS(s). Except as set forth in this Section 2.13 and except as required by
applicable law, the Uncertificated ADSs shall be treated as ADSs issued and outstanding under the terms of the Deposit
Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Uncertificated
ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.13) and (b) the terms of
this Section 2.13, the terms and conditions set forth in this Section 2.13 shall be controlling and shall govern the rights
and obligations of the parties to the Deposit Agreement pertaining to the Uncertificated ADSs.

 

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Section 2.14       Restricted
ADSs. The Depositary shall, at the request and expense of the Company, establish procedures enabling the deposit
hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to hold its ownership
interests in such Restricted Securities in the form of ADSs issued under the terms hereof (such Shares, “Restricted
Shares”). Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the
Depositary agrees to establish procedures permitting the deposit of such Restricted Shares and the issuance of ADSs
representing the right to receive, subject to the terms of the Deposit Agreement and the applicable ADR (if issued as a
Certificated ADS), such deposited Restricted Shares (such ADSs, the “Restricted ADSs,” and the ADRs
evidencing such Restricted ADSs, the “Restricted ADRs”). Notwithstanding anything contained in this
Section 2.14, the Depositary and the Company may, to the extent not prohibited by law, agree to issue the Restricted ADSs in
uncertificated form (“Uncertificated Restricted ADSs”) upon such terms and conditions as the Company and
the Depositary may deem necessary and appropriate. The Company shall assist the Depositary in the establishment of such
procedures and agrees that it shall take all steps necessary and satisfactory to the Depositary to ensure that the
establishment of such procedures does not violate the provisions of the Securities Act or any other applicable laws. The
depositors of such Restricted Shares and the Holders of the Restricted ADSs may be required prior to the deposit of such
Restricted Shares, the transfer of the Restricted ADRs and Restricted ADSs or the withdrawal of the Restricted Shares
represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the Company may
require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the Restricted ADRs (if the
Restricted ADSs are to be issued as Certificated ADSs), or to be included in the statements issued from time to time
to Holders of Uncertificated ADSs (if issued as Uncertificated Restricted ADSs), which legends shall (i) be in a form
reasonably satisfactory to the Depositary and (ii) contain the specific circumstances under which the Restricted ADSs, and,
if applicable, the Restricted ADRs evidencing the Restricted ADSs, may be transferred or the Restricted Shares withdrawn. The
Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified on the books of the Depositary
and the Restricted Shares so deposited shall, to the extent required by law, be held separate and distinct from the other
Deposited Securities held hereunder. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement
system, including, without limitation, DTC (unless (x) otherwise agreed by the Company and the Depositary, (y) the inclusion
of Restricted ADSs is acceptable to the applicable clearing system, and (z) the terms of such inclusion are generally
accepted by the Commission for Restricted Securities of that type), and shall not in any way be fungible with the ADSs issued
under the terms hereof that are not Restricted ADSs. The Restricted ADSs, and, if applicable, the Restricted ADRs evidencing
the Restricted ADSs, shall be transferable only by the Holder thereof upon delivery to the Depositary of (i) all
documentation otherwise contemplated by the Deposit Agreement and (ii) an opinion of counsel reasonably satisfactory to the
Depositary setting forth, inter alia, the conditions upon which the Restricted ADSs presented, and, if applicable, the
Restricted ADRs evidencing the Restricted ADSs, are transferable by the Holder thereof under applicable securities laws and
the transfer restrictions contained in the legend applicable to the Restricted ADSs presented for transfer. Except as set
forth in this Section 2.14 and except as required by applicable law, the Restricted ADSs and the Restricted ADRs evidencing
Restricted ADSs shall be treated as ADSs and ADRs issued and outstanding under the terms of the Deposit Agreement. In the
event that, in determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict
arises between (a) the terms of the Deposit Agreement (other than this Section 2.14) and (b) the terms of (i) this Section
2.14 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.14 and of the Restricted ADR
shall be controlling and shall govern the rights and obligations of the parties to the Deposit Agreement pertaining to the
deposited Restricted Shares, the Restricted ADSs and Restricted ADRs.

 

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If the Restricted ADRs, the Restricted ADSs
and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt of (x) an opinion of counsel reasonably
satisfactory to the Depositary setting forth, inter alia, that the Restricted ADRs, the Restricted ADSs and the Restricted
Shares are not as of such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable
to the Restricted ADRs, the Restricted ADSs and the Restricted Shares, shall (i) eliminate the distinctions and separations
that may have been established between the applicable Restricted Shares held on deposit under this Section 2.14 and the other Shares
held on deposit under the terms of the Deposit Agreement that are not Restricted Shares, (ii) treat the newly unrestricted
ADRs and ADSs on the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of
the Deposit Agreement that are not Restricted ADRs or Restricted ADSs, and (iii) take all actions necessary to remove any
distinctions, limitations and restrictions previously existing under this Section 2.14 between the applicable Restricted ADRs and
Restricted ADSs, respectively, on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively,
on the other hand, including, without limitation, by making the newly-unrestricted ADSs eligible for inclusion in the applicable
book-entry settlement systems.

 

ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS

AND BENEFICIAL OWNERS OF ADSs

 

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

 

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Section 3.2           Liability
for Taxes and Other Charges. Any tax or other governmental charge payable by the Custodian or by the Depositary with
respect to any Deposited Property, ADSs or ADRs shall be payable by the Holders and Beneficial Owners to the Depositary. The
Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited
Property held on behalf of such Holder and/or Beneficial Owner, and may sell for the account of a Holder and/or Beneficial
Owner any or all of such Deposited Property and apply such distributions and sale proceeds in payment of, any taxes
(including applicable interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in
respect of the ADSs, Deposited Property and ADRs, the Holder and the Beneficial Owner remaining liable for any deficiency.
The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the
transfer of ADSs, register the split-up or combination of ADRs and (subject to Section 7.8(a)) the withdrawal of
Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial
Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and
Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and
penalties thereon) arising from (i) any ADSs held by such Holder and/or owned by such Beneficial Owner, (ii) the Deposited
Property represented by the ADSs, and (iii) any transaction entered into by such Holder and/or Beneficial Owner in respect of
the ADSs and/or the Deposited Property represented thereby. Notwithstanding anything to the contrary contained in the Deposit
Agreement or any ADR, the obligations of Holders and Beneficial Owners under this Section 3.2 shall survive any transfer of
ADSs, any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement.

 

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Section 3.3          
Representations and Warranties on Deposit of Shares. Each person depositing Shares under the Deposit Agreement
shall be deemed thereby to represent and warrant that (i) such Shares are duly authorized, validly issued, fully paid, non-assessable
and legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly
waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are
free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (iv) the Shares presented for deposit
are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in Section 2.14), and
(v) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties
shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in respect thereof and the transfer of
such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized,
at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof.

 

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

 

Section 3.5           Ownership
Restrictions. Notwithstanding any other provision contained in the Deposit Agreement or any ADR(s) to the contrary,
the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits
imposed by applicable law or the Articles of Association. The Company may also restrict, in such manner as it deems
appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned
by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to
applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial
Owner in excess of the limits set forth in the preceding sentence, including, but not limited to, the imposition of
restrictions on the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or disposition on behalf
of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner in excess of
such limitations, if and to the extent such disposition is permitted by applicable law and the Articles of Association.
Nothing herein shall be interpreted as obligating the Depositary or the Company to ensure compliance with the ownership
restrictions described in this Section 3.5.

 

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Section 3.6          
Reporting Obligations and Regulatory Approvals. Applicable laws and regulations may require holders and beneficial
owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory
approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying
with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such
determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws and regulations
as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates
shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting
requirements or obtain such regulatory approvals under applicable laws and regulations.

 

ARTICLE IV

THE DEPOSITED SECURITIES

 

Section 4.1           Cash
Distributions. Whenever the Company intends to make a distribution of a cash dividend or other cash distribution in
respect of any Deposited Securities, the Company shall give timely notice thereof to the Depositary at least twenty (20) days
(or such other number of days as mutually agreed to in writing by the Depositary and the Company) prior to the proposed
distribution specifying, inter alia, the record date applicable for determining the holders of Deposited Securities
entitled to receive such distribution. Upon the timely receipt of such notice, the Depositary shall establish the ADS Record
Date upon the terms described in Section 4.9. Upon confirmation of the receipt of (x) any cash dividend or other cash
distribution on any Deposited Securities, or (y) proceeds from the sale of any Deposited Property held in respect of the
ADSs under the terms hereof, the Depositary will (i) if any amounts are received in a Foreign Currency, promptly convert
or cause to be converted such cash dividend, distribution or proceeds into Dollars (subject to the terms and conditions of
Section 4.8), (ii) if applicable and unless previously established, establish the ADS Record Date upon the terms
described in Section 4.9, and (iii) distribute promptly the amount thus received (net of (a) the applicable fees and
charges set forth in the Fee Schedule attached hereto as Exhibit B, and (b) applicable taxes withheld) to the
Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The
Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of
one cent, and any balance not so distributed shall be held by the Depositary (without liability for interest thereon) and
shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding
at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold and does
withhold from any cash dividend or other cash distribution in respect of any Deposited Securities, or from any cash proceeds
from the sales of Deposited Property, an amount on account of taxes, duties or other governmental charges, the amount
distributed to Holders on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the
Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be
forwarded by the Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute
in a non-interest bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the
distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed property in accordance
with the laws of the relevant states of the United States. Notwithstanding anything contained in the Deposit Agreement to the
contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in
this Section 4.1, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this
Section 4.1, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability
for the Depositary’s failure to perform the actions contemplated in this Section 4.1 where such notice has not been so
timely given, other than its failure to use commercially reasonable efforts, as provided herein.

 

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Section 4.2           Distribution
in Shares. Whenever the Company intends to make a distribution that consists of a dividend in, or free distribution
of, Shares, the Company shall give timely notice thereof to the Depositary at least twenty (20) days (or such other number of
days as mutually agreed to in writing by the Depositary and the Company) prior to the proposed distribution, specifying, inter
alia, the record date applicable to holders of Deposited Securities entitled to receive such distribution. Upon the
timely receipt of such notice from the Company, the Depositary shall establish the ADS Record Date upon the terms described
in Section 4.9. Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company,
the Depositary shall either (i) subject to Section 5.9, distribute to the Holders as of the ADS Record Date in proportion to
the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares
received as such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including, without
limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes), or
(ii) if additional ADSs are not so distributed, take all actions necessary so that each ADS issued and outstanding after the
ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional
integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and
charges of, and expenses incurred by, the Depositary and (b) applicable taxes). In lieu of delivering fractional ADSs, the
Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and
distribute the net proceeds upon the terms described in Section 4.1. In the event that the Depositary determines that any
distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is
obligated to withhold, or, if the Company in the fulfillment of its obligation under Section 5.7, has furnished an opinion of
U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to
Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of
such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or
private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any
such sale (after deduction of (a) applicable taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to
Holders entitled thereto upon the terms described in Section 4.1. The Depositary shall hold and/or distribute any unsold
balance of such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained in
the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed
distribution provided for in this Section 4.2, the Depositary agrees to use commercially reasonable efforts to perform the
actions contemplated in this Section 4.2, and the Company, the Holders and the Beneficial Owners acknowledge that the
Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.2
where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided
herein.

 

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Section 4.3           Elective
Distributions in Cash or Shares. Whenever the Company intends to make a distribution payable at the election of the
holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at
least sixty (60) days prior to the proposed distribution specifying, inter alia, the record date applicable to holders
of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such elective
distribution to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes
such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to
determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable
to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution
available to Holders only if (i) the Company shall have timely requested that the elective distribution be made available to
Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the
Depositary shall have received satisfactory documentation within the terms of Section 5.7. If the above conditions are not
satisfied or if the Company requests such elective distribution not to be made available to Holders of ADSs, the Depositary
shall establish the ADS Record Date on the terms described in Section 4.9 and, to the extent permitted by law, distribute to
the Holders, on the basis of the same determination as is made in Sweden in respect of the Shares for which no election is
made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon
the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date
on the terms described in Section 4.9 and establish procedures to enable Holders to elect the receipt of the proposed
distribution in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the
extent necessary. If a Holder elects to receive the proposed distribution (X) in cash, the distribution shall be made upon
the terms described in Section 4.1, or (Y) in ADSs, the distribution shall be made upon the terms described in Section
4.2. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective distribution
in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given
the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. Notwithstanding
anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely
notice of the proposed distribution provided for in this Section 4.3, the Depositary agrees to use commercially reasonable
efforts to perform the actions contemplated in this Section 4.3, and the Company, the Holders and the Beneficial Owners
acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions
contemplated in this Section 4.3 where such notice has not been so timely given, other than its failure to use commercially
reasonable efforts, as provided herein.

 

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Section 4.4          
Distribution of Rights to Purchase Additional ADSs.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 4.5          
Distributions Other Than Cash, Shares or Rights to Purchase Shares.

 

(a)               Whenever
the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to
purchase additional Shares, the Company shall give timely notice thereof to the Depositary and shall indicate whether or not
it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such
distribution to be made to Holders of ADSs, the Depositary shall consult with the Company, and the Company shall assist the
Depositary, to determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not
make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders,
(ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, and (iii) the
Depositary shall have determined that such distribution is reasonably practicable.

 

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

 

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

 

(d)             
Neither the Depositary nor the Company shall be liable for (i) any failure to accurately determine whether it is lawful
or practicable to make the property described in this Section 4.5 available to Holders in general or any Holders in particular,
nor (ii) any loss incurred in connection with the sale or disposal of such property.

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Section 4.6           [Intentionally
Omitted]. Redemption. If the Company intends to exercise any right of redemption in respect of any of the
Deposited Securities, the Company shall give timely notice thereof to the Depositary at least sixty (60) days (or such other
number of days as mutually agreed to in writing by the Depositary and the Company) prior to the intended date of redemption
which notice shall set forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and
(ii) satisfactory documentation given by the Company to the Depositary within the terms of Section 5.7, and only if the
Depositary shall have determined that such proposed redemption is practicable, the Depositary shall provide to each Holder a
notice setting forth the intended exercise by the Company of the redemption rights and any other particulars set forth in the
Company’s notice to the Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited
Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price. Upon
receipt of confirmation from the Custodian that the redemption has taken place and that funds representing the redemption
price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and
charges of, and the expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon
delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2. If less than all outstanding
Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be
determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by
the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented
by ADSs (subject to the terms of Section 4.8 and the applicable fees and charges of, and expenses incurred by, the
Depositary, and taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed.

 

Notwithstanding anything contained in the
Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed redemption
provided for in this Section 4.7, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated
in this Section 4.7, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability
for the Depositary’s failure to perform the actions contemplated in this Section 4.7 where such notice has not been so timely
given, other than its failure to use commercially reasonable efforts, as provided herein.

 

Section 4.8           Conversion
of Foreign Currency. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or
other distributions or the net proceeds from the sale of Deposited Property, which in the judgment of the Depositary can at
such time be converted on a practicable basis, by sale or in any other manner that it may determine in accordance with
applicable law, into Dollars transferable to the United States and distributable to the Holders entitled thereto, the
Depositary shall convert or cause to be converted, by sale or in any other manner that it may reasonably determine, such
Foreign Currency into Dollars, and shall distribute such Dollars (net of the fees and charges set forth in the Fee Schedule
attached hereto as Exhibit B, and applicable taxes withheld) in accordance with the terms of the applicable sections
of the Deposit Agreement. The Depositary and/or its agent (which may be a division, branch or Affiliate of the Depositary)
may act as principal for any conversion of Foreign Currency. If the Depositary shall have distributed warrants or other
instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of
such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest
thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among
Holders on account of any application of exchange restrictions or otherwise.

 

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

 

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

 

Section 4.9          
Fixing of ADS Record Date. Whenever (a) the Depositary shall receive notice of the fixing of a record date by
the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares,
rights, or other distribution), (b) for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, (c) the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, or (d)
the Depositary shall find it necessary or convenient in connection with the giving of any notice or any other matter, the Depositary
shall fix the record date (the “ADS Record Date”) for the determination of the Holders of ADS(s) who shall be
entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to receive such
notice or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented
by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as practicable to the applicable
record date for the Deposited Securities (if any) set by the Company in Sweden and shall not announce the establishment of any
ADS Record Date prior to the relevant corporate action having been made public by the Company (if such corporate action affects
the Deposited Securities). Subject to applicable law and the provisions of Section 4.1 through 4.8 and to the other terms and conditions
of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date shall be entitled
to receive such distribution, to give such voting instructions or otherwise take action.

 

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Section 4.10      
Voting of Deposited Securities.

 

As soon as practicable after receipt
of notice of any meeting at which the holders of Deposited Securities are entitled to vote, the Depositary shall fix the ADS
Record Date in respect of such meeting in accordance with Section 4.9. The Depositary shall, if requested by the Company in
writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been
received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company’s
expense and provided no U.S. legal prohibitions exist, distribute as soon as practicable after receipt thereof to Holders as
of the ADS Record Date: (a) such notice of meeting, (b) a statement that the Holders at the close of business on the ADS
Record Date and who continue to hold their ADSs as of the local Swedish record date established for such meeting will be
entitled, subject to any applicable law, the provisions of the Deposit Agreement, the Articles of Association of the Company
and the provisions of or governing the Deposited Securities, to instruct the Depositary as to the exercise of the voting
rights, if any, pertaining to the Deposited Securities represented by such Holder’s ADSs, (c) a brief statement as to
the manner in which such voting instructions may be given to the Depositary, and (d) a statement that by instructing the
Depositary as to the exercise of voting rights with respect to the Deposited Securities such Holder will be deemed to (i)
authorize the Depositary to cause the number of Deposited Securities evidenced by the number of American Depositary Shares
held by such Holder to be registered in the name of the Depositary or the Custodian (or their respective nominees) for the
benefit of such Holder or the applicable Beneficial Owner(s) in a temporary shareholder voting account on the Company’s
register of shareholders (Sw. rösträttsregistrering) prior to and as per the Swedish record date applicable
to such meeting and immediately after such Swedish record date and meeting to register such Deposited Securities in the name
of the Depositary or the Custodian (or their respective nominees) for the benefit of all Holders and Beneficial Owners of
ADSs, (ii) authorize the Company and the Depositary to make such other arrangements as they may deem necessary or advisable
consistent with Swedish law, the Articles of Association of the Company and the terms of the Deposited Securities to permit
the Depositary to carry out such voting instructions, and (iii) agree and acknowledge that any transfer, surrender or other
disposition of such Holder’s ADSs representing such Deposited Securities prior to the Swedish record date and vote
shall invalidate such Holder’s voting instructions.

 

Notwithstanding anything contained in the
Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of
the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection
with any meeting of holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise
publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (e.g., by reference
to a website containing the materials for retrieval or a contact for requesting copies of the materials).

 

Voting instructions may be given only
in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt of voting
instructions from a Holder of ADSs as of the ADS Record Date and who continues to hold the ADSs as of the applicable Swedish
record date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted
under applicable law, the provisions of the Deposit Agreement, Articles of Association of the Company and the provisions of
the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy)
represented by such Holder’s ADSs in accordance with such voting instructions. Notwithstanding the terms of the Deposit
Agreement or any ADR, it will be a condition that the Holders of ADSs providing voting instructions to the Depositary also
provide the Depositary and the Company, as the case may be, with such information about, and documents pertaining to, the
applicable Holders and/or Beneficial Owners of the ADSs being voted as the Company and the Depositary may request, and any
voting instructions provided to the Depositary without the requisite information and documentation, in each case reasonably
satisfactory to the Company and the Depositary, will be disregarded.

 

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Deposited Securities represented by ADSs
for which no timely and valid voting instructions are received by the Depositary from the Holder shall not be voted (except as
otherwise contemplated herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion
as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make
use of, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely
received from Holders or as otherwise contemplated herein. If the Depositary timely receives valid voting instructions from a Holder
which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s
ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed
the Depositary to vote in favor of the items set forth in such voting instructions.

 

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

 

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

 

Section 4.11       Changes
Affecting Deposited Securities. Upon any change in quota value, split-up, cancellation, consolidation or any
other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale
of assets affecting the Company or to which it is a party, any property which shall be received by the Depositary or the
Custodian in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities
shall, to the extent permitted by law, be treated as new Deposited Property under the Deposit Agreement, and the ADSs shall,
subject to the provisions of the Deposit Agreement, any ADR(s) evidencing such ADSs and applicable law, represent the right
to receive such additional or replacement Deposited Property. In giving effect to such change, split-up, cancellation,
consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or
sale of assets, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to
the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses
incurred by, the Depositary, and (b) taxes) and receipt of an opinion of counsel to the Company reasonably satisfactory to
the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and deliver
additional ADSs as in the case of a stock dividend on the Shares, (ii) amend the Deposit Agreement and the applicable
ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the
ADSs, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions
as are appropriate to reflect the transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary,
amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of ADRs.
Notwithstanding the foregoing, in the event that any Deposited Property so received may not be lawfully distributed to some
or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt
of an opinion of Company’s counsel reasonably satisfactory to the Depositary that such action is not in violation of
any applicable laws or regulations, sell such Deposited Property at public or private sale, at such place or places and upon
such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and
expenses incurred by, the Depositary and (b) applicable taxes) for the account of the Holders otherwise entitled to such
Deposited Property upon an averaged or other practicable basis without regard to any distinctions among such Holders and
distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant
to Section 4.1. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable
to make such Deposited Property available to Holders in general or to any Holder in particular, (ii) any foreign exchange
exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such Deposited
Property.

 

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Section 4.12      
Available Information. The Company is subject to the periodic reporting requirements of the Exchange Act and,
accordingly, is required to file or furnish certain reports with the Commission. These reports can be retrieved from the Commission’s
website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission
located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549.

 

Section 4.13      
Reports. The Depositary shall make available for inspection by Holders at its Principal Office any reports and
communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary,
the Custodian, or the nominee of either of them as the holder of the Deposited Property and (b) made generally available to the
holders of such Deposited Property by the Company. The Depositary shall also provide or make available to Holders copies of such
reports when furnished by the Company pursuant to Section 5.6.

 

Section 4.14      
List of Holders.

 

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

 

Section 4.15      
Taxation. The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such
information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax
reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may file such reports
as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Property
under applicable tax treaties or laws for the Holders and Beneficial Owners. In accordance with instructions from the Company and
to the extent practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced
withholding of tax at source on dividends and other benefits under applicable tax treaties or laws with respect to dividends and
other distributions on the Deposited Property. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs
may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership
(as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information
or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s
obligations under applicable law. The Depositary and the Company shall have no obligation or liability to any person if any Holder
or Beneficial Owner fails to provide such information or if such information does not reach the relevant tax authorities in time
for any Holder or Beneficial Owner to obtain the benefits of any tax treatment. The Holders and Beneficial Owners shall indemnify
the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and
hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or
interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained.

 

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

 

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

 

ARTICLE
V

THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY

 

Section 5.1          
Maintenance of Office and Transfer Books by the Registrar. Until termination of the Deposit Agreement in accordance
with its terms, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the
issuance and delivery of ADSs, the acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the
registration of issuances, cancellations, transfers, combinations and split-ups of ADS(s) and, if applicable, to countersign
ADRs evidencing the ADSs so issued, transferred, combined or split-up, in each case in accordance with the provisions of the Deposit
Agreement.

 

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

 

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

 

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

 

Section 5.2           Exoneration.
Notwithstanding anything contained in the Deposit Agreement or any ADR, neither the Depositary nor the Company shall be
obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any liability
(to the extent not limited by Section 7.8(b)) (i) if the Depositary, the Custodian, the Company or their respective agents
shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required or contemplated by the
terms of the Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States,
Sweden or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account
of potential criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Articles of
Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other
circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work
stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason
of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Articles of
Association or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice
of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner
or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or
information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or
other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit
Agreement, made available to Holders of ADSs, (v) for any action or inaction of any clearing or settlement system (and any
participant thereof) for the Deposited Property or the ADSs, or (vi) for any consequential or punitive damages
(including lost profits) for any breach of the terms of the Deposit Agreement.

 

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

 

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

 

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

 

The Depositary and its agents shall
not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in
which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and without
negligence and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any
failure to accurately determine that any distribution or action may be lawful or reasonably practicable, for the content of
any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation
thereof, for any investment risk associated with acquiring an interest in the Deposited Property, for the validity or worth
of the Deposited Property, for the value of any Deposited Property or any distribution thereon, for any interest on Deposited
Property, for any tax consequences that may result from the ownership of ADSs, Shares or other Deposited Property, for the
credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement, for the
failure or timeliness of any notice from the Company, or for any action of or failure to act by, or any information provided
or not provided by, DTC or any DTC Participant.

 

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.

 

    34

     

    

 

The Depositary shall not be liable for any
acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or 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.

 

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

 

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

 

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

 

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

 

Section 5.5          
The Custodian. The Depositary has initially appointed Citibank Europe plc as Custodian for the purpose of the
Deposit Agreement. The Custodian or its successors shall be subject at all times and in all respects to the direction of the Depositary
for the Deposited Property for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns
or is discharged from its duties hereunder with respect to any Deposited Property and no other Custodian has previously been appointed
hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged
Custodian to Deliver, or cause the Delivery of, the Deposited Property held by it, together with all such records maintained by
it as Custodian with respect to such Deposited Property as the Depositary may request, to the Custodian designated by the Depositary.
Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional custodian
with respect to any Deposited Property, or discharge the Custodian with respect to any Deposited Property and appoint a substitute
custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Property. Immediately upon any such change,
the Depositary shall give notice thereof in writing to all Holders of ADSs, each other Custodian and the Company.

 

Citibank may at any time act as Custodian
of the Deposited Property pursuant to the Deposit Agreement, in which case any reference to Custodian shall mean Citibank solely
in its capacity as Custodian pursuant to the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement or
any ADR to the contrary, the Depositary shall not be obligated to give notice to the Company, any Holders of ADSs or any other
Custodian of its acting as Custodian pursuant to the Deposit Agreement.

 

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

 

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

 

The Company will also transmit to the Depositary
(a) an English language version of the other notices, reports and communications which are made generally available by the Company
to holders of its Shares or other Deposited Securities and (b) the English-language versions of the Company’s annual
and semi-annual reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange,
at the request of the Company and at the Company’s expense, to provide copies thereof to all Holders or make such notices,
reports and other communications available to all Holders on a basis similar to that for holders of Shares or other Deposited Securities
or on such other basis as the Company may advise the Depositary or as may be required by any applicable law, regulation or stock
exchange requirement. The Company has delivered to the Depositary and the Custodian a copy of the Articles of Association along
with the provisions of or governing the Shares and any other Deposited Securities issued by the Company in connection with such
Shares, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian
a copy of such amendment thereto or change therein. The Depositary may rely upon such copy for all purposes of the Deposit Agreement.

 

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

 

Section 5.7           Issuance
of Additional Shares, ADSs etc. The Company agrees that in the event it or any of its Affiliates proposes (i) an
issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited
Securities, (iii) an issuance or assumption of securities convertible into or exchangeable for Shares, (iv) an issuance of
rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares,
(vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or
proxies, relating to any reclassification of securities, merger or consolidation or transfer of assets, (viii) any
assumption, reclassification, recapitalization, reorganization, merger, consolidation or sale of assets which affects the
Deposited Securities, or (ix) a distribution of securities other than Shares, it will obtain U.S. legal advice and take all
steps necessary to ensure that the application of the proposed transaction to Holders and Beneficial Owners does not violate
the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the
Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of the U.S.). In support
of the foregoing, the Company will furnish to the Depositary (a) a written opinion of U.S. counsel (reasonably satisfactory
to the Depositary) stating whether such transaction (1) requires a registration statement under the Securities Act to be
in effect or (2) is exempt from the registration requirements of the Securities Act and (b) an opinion of Swedish counsel
stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations
of Sweden and (2) all requisite regulatory consents and approvals have been obtained in Sweden. If the filing of a
registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it
shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective. If,
being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act,
the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to
avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each
case as contemplated in the Deposit Agreement, to prevent such transaction from violating the registration requirements of
the Securities Act. The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any
time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other
Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional
Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe
for such securities or distribute securities other than Shares, unless such transaction and the securities issuable in such
transaction do not violate the registration provisions of the Securities Act, or any other applicable laws (including,
without limitation, the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of
the U.S.).

 

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

 

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

 

The Company agrees to indemnify the
Depositary, the Custodian and any of their respective directors, officers, employees, agents and Affiliates against, and hold
each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not
limited to, the reasonable fees and expenses of counsel) that may arise (a) out of, or in connection with, any offer,
issuance, sale, resale, transfer, deposit or withdrawal of ADRs, ADSs, the Shares, or other Deposited Securities, as the case
may be, (b) out of, or as a result of, any offering documents in respect thereof or (c) out of acts performed or omitted,
including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company,
in connection with the Deposit Agreement, any ancillary or supplemental agreement entered into between the Company and the
Depositary, the ADRs, the ADSs, the Shares, or any Deposited Property, in any such case (i) by the Depositary, the Custodian
or any of their respective directors, officers, employees, agents and Affiliates, except to the extent such loss, liability,
tax, charge or expense is due to the negligence or bad faith of any of them, or (ii) by the Company or any of its directors,
officers, employees, agents and Affiliates. The Company shall not indemnify the Depositary or the Custodian (for so long as
the Custodian is a branch of Citibank) against (x) any liability or expense arising out of information relating to the
Depositary or such Custodian, as the case may be, furnished in a signed writing to the Company, executed by the Depositary
expressly for use in any registration statement, prospectus or preliminary prospectus relating to any Deposited Securities
represented by the ADSs, or (y) any fees, charges or expenses payable by Holders or Beneficial Owners other than the Company
under this Deposit Agreement.

 

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

 

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

 

Section 5.9          
ADS Fees and Charges. The Company, the Holders, the Beneficial Owners, persons depositing Shares or withdrawing
Deposited Securities in connection with the issuance and cancellation of ADSs, and persons receiving ADSs upon issuance or whose
ADSs are being cancelled shall be required to pay the Depositary’s fees and related charges identified as payable by them
respectively in the Fee Schedule attached hereto as Exhibit B. All ADS fees and charges so payable may be deducted from
distributions or must be remitted to the Depositary, or its designee, and may, at any time and from time to time, be changed by
agreement between the Depositary and the Company, but, in the case of ADS fees and charges payable by Holders and Beneficial Owners,
only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest ADS fee schedule
to anyone upon request.

 

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ADS fees and charges for (i) the
issuance of ADSs and (ii) the cancellation of ADSs will be payable by the person for whom the ADSs are so issued by the
Depositary (in the case of ADS issuances) and by the person for whom ADSs are being cancelled (in the case of ADS
cancellations). In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS
issuance and cancellation fees and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary
or the DTC Participant(s) holding the ADSs being cancelled, as the case may be, on behalf of the Beneficial Owner(s) and will
be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the
procedures and practices of the DTC participant(s) as in effect at the time. ADS fees and charges in respect of distributions
and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the
case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds being
distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, the applicable Holders as of the
ADS Record Date established by the Depositary will be invoiced for the amount of the ADS fees and charges and such ADS fees
may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees and charges for distributions
other than cash and the ADS service fee may be deducted from distributions made through DTC, and may be charged to the DTC
Participants in accordance with the procedures and practices prescribed by DTC from time to time and the DTC Participants in
turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs. In the case of
(i) registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose ADSs are being
transferred or by the person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series for ADSs of
another series, the ADS conversion fee will be payable by the Holder whose ADSs are converted or by the person to whom the
converted ADSs are delivered.

 

The Depositary may reimburse the Company
for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company
and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary
for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such
fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once every three months.
The charges and expenses of the Custodian are for the sole account of the Depositary.

 

The obligations of Holders and Beneficial
Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation
or removal of such Depositary as described in Section 5.4, the right to collect ADS fees and charges shall extend for those ADS
fees and charges incurred prior to the effectiveness of such resignation or removal.

 

Section 5.10       Restricted
Securities Owners. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of
the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder (except under
the circumstances contemplated in Section 2.14) and, to the extent practicable, shall require each of such persons to
represent in writing that such person will not deposit Restricted Securities hereunder (except under the circumstances
contemplated in Section 2.14).

 

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ARTICLE VI

AMENDMENT AND TERMINATION

 

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

 

Section 6.2          
Termination. The Depositary shall, at any time at the written direction of the Company, terminate the Deposit
Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior
to the date fixed in such notice for such termination. If (i) ninety (90) days shall have expired after the Depositary shall have
delivered to the Company a written notice of its election to resign, or (ii) one hundred twenty (120) days shall have expired after
the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and, in either case, a successor
depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the
Depositary may terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding
at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of the
Deposit Agreement in any termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the “Termination
Date”. Until the Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit
Agreement, and the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement.

 

If any ADSs shall remain outstanding after
the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any
further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions
of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell
Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends
or other distributions received with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange
for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of,
and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required
under applicable law in connection with its role as Depositary under the Deposit Agreement.

 

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At any time after the Termination
Date, the Depositary may sell the Deposited Property then held under the Deposit Agreement and shall after such sale hold
un-invested the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an
un-segregated account and without liability for interest, for the pro rata benefit of the Holders whose ADSs have not
theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the
Deposit Agreement except (i) to account for such net proceeds and other cash (after deducting, or charging, as the case may
be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental
charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the
Deposit Agreement), and (ii) as may be required at law in connection with the termination of the Deposit Agreement. After the
Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement, except for its
obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement. The obligations under the terms of
the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination Date shall survive the
Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for
cancellation under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement).

 

ARTICLE VII

MISCELLANEOUS

 

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

 

Section 7.2          
No Third-Party Beneficiaries/Acknowledgments. The Deposit Agreement is for the exclusive benefit of the parties
hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other
person, except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be deemed
to give rise to a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among the parties.
The parties hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have multiple banking relationships
with the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (ii) Citibank and its Affiliates may own
and deal in any class of securities of the Company and its Affiliates and in ADSs, and may be engaged at any time in transactions
in which parties adverse to the Company, the Holders, the Beneficial Owners or their respective Affiliates may have interests,
(iii) the Depositary and its Affiliates may from time to time have in their possession non-public information about the Company,
the Holders, the Beneficial Owners, and their respective Affiliates, (iv) nothing contained in the Deposit Agreement shall
(a) preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships,
or (b) obligate Citibank or any of its Affiliates to disclose such information, transactions or relationships, or to account for
any profit made or payment received in such transactions or relationships, (v) the Depositary shall not be deemed to have knowledge
of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders, the Beneficial
Owners, or any of their respective Affiliates, and (vi) the Company, the Depositary, the Custodian and their respective agents
and controlling persons may be subject to the laws and regulations of jurisdictions other than the U.S. and Sweden, and the authority
of courts and regulatory authorities of such other jurisdictions, and, consequently, the requirements and the limitations of such
other laws and regulations, and the decisions and orders of such other courts and regulatory authorities, may affect the rights
and obligations of the parties to the Deposit Agreement.

 

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

 

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Section 7.4          
Holders and Beneficial Owners as Parties; Binding Effect. The Holders and Beneficial Owners from time to time
of ADSs issued hereunder shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof
and of any ADR evidencing their ADSs by acceptance thereof or any beneficial interest therein.

 

Section 7.5          
Notices. Any and all notices to be given to the Company shall be deemed to have been duly given if personally
delivered or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent
by mail or air courier, addressed to Calliditas Therapeutics AB, Kungsbron 1, C8, SE-111 22 Stockholm, Sweden, Attention:
Renee Aguiar-Lucander, or to any other address which the Company may specify in writing to the Depositary.

 

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

 

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

 

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

 

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

 

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

 

Except as set forth in the following paragraph
of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have jurisdiction
to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection
with the Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The
Company hereby irrevocably designates, appoints and empowers Calliditas Therapeutics Inc. (the “Agent”) now
at 251 Little Falls Drive, Wilmington, Delaware 19808-1674 as its authorized agent to receive and accept for and on its behalf,
and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents
that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in
the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Agent shall cease to be available to
act as such, the Company agrees to designate a new agent in New York on the terms and for the purposes of this Section 7.6 reasonably
satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal
process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof
upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be ineffective or such Agent shall fail
to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid,
to its address provided in Section 7.5. The Company agrees that the failure of the Agent to give any notice of such service to
it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based
thereon.

 

    43

     

    

 

 

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

 

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

 

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

 

EACH OF THE PARTIES
TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY
ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT,
TORT, COMMON LAW OR OTHERWISE). 

 

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

 

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

 

    44

     

    

 

Section 7.8          Compliance with, and No Disclaimer under, U.S. Securities Laws.

 

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

 

(b)              Each
of the parties to the Deposit Agreement (including, without limitation, each Holder and Beneficial Owner) acknowledges and agrees
that no provision of the Deposit Agreement or any ADR shall, or shall be deemed to, disclaim any liability under the Securities
Act or the Exchange Act, in each case to the extent established under applicable U.S. laws.

 

Section 7.9          
Swedish Law References. Any summary of Swedish laws and regulations and of the terms of the Articles of Association
set forth in the Deposit Agreement have been provided by the Company solely for the convenience of Holders, Beneficial Owners and
the Depositary. While such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, (i) they
are summaries and as such may not include all aspects of the materials summarized applicable to a Holder or Beneficial Owner, and
(ii) these laws and regulations and the Articles of Association may change after the date of the Deposit Agreement. Neither the
Depositary nor the Company has any obligation under the terms of the Deposit Agreement to update any such summaries.

 

Section 7.10        
Titles and References.

 

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

 

    45

     

    

 

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

 

    46

     

    

 

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

 

	 	CALLIDITAS THERAPEUTICS AB
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	CITIBANK, N.A.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    47

     

    

 

EXHIBIT A

 

[FORM OF ADR]

 

	Number	CUSIP NUMBER: _______

_____________

 

American Depositary Shares (each American Depositary
Share representing the right to receive two (2) fully paid common shares)

 

AMERICAN DEPOSITARY RECEIPT

 

for

 

AMERICAN DEPOSITARY SHARES

 

representing

 

DEPOSITED COMMON SHARES

 

of

 

CALLIDITAS
THERAPEUTICS AB

 

(Incorporated under the laws of Sweden)

 

CITIBANK, N.A., a national banking association
organized and existing under the laws of the United States of America, as depositary (the “Depositary”), hereby certifies
that _____________is the owner of ______________ American Depositary Shares (hereinafter “ADS”) representing deposited
shares, including evidence of rights to receive such common shares (the “Shares”), of Calliditas Therapeutics AB, a
corporation incorporated under the laws of Sweden (the “Company”). As of the date of issuance of this ADR, each ADS
represents the right to receive two (2) Shares deposited under the Deposit Agreement (as hereinafter defined) with the Custodian,
which at the date of issuance of this ADR is Citibank Europe plc (the “Custodian”). The ADS(s)-to-Share(s) ratio is
subject to amendment as provided in Articles IV and VI of the Deposit Agreement. The Depositary’s Principal Office is located
at 388 Greenwich Street, New York, New York 10013, U.S.A.

 

(1)             The
Deposit Agreement. This American Depositary Receipt is one of an issue of American Depositary Receipts (“ADRs”),
all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [•], 2020 (as
amended and supplemented from time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and
all Holders and Beneficial Owners from time to time of ADSs issued thereunder.

 

    A-1

     

    

 

The Deposit Agreement sets forth the rights and obligations
of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited thereunder
and any and all other Deposited Property (as defined in the Deposit Agreement) from time to time received and held on deposit in
respect of the ADSs. Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and with the Custodian.
Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms
and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit
Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate,
to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt
any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion
may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such
actions to be the conclusive determinant of the necessity and appropriateness thereof. The manner in which a Beneficial Owner holds
ADSs (e.g., in a brokerage account vs. as registered holder) may affect the rights and obligations of, the manner in which, and
the extent to which, services are made available to, Beneficial Owners pursuant to the terms of the Deposit Agreement.

 

The statements made on the face and reverse
of this ADR are summaries of certain provisions of the Deposit Agreement and the Articles of Association (as in effect on the date
of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement and
the Articles of Association, to which reference is hereby made.

 

All capitalized terms not defined herein
shall have the meanings ascribed thereto in the Deposit Agreement.

 

The Depositary makes no representation or
warranty as to the validity or worth of the Deposited Property. The Depositary has made arrangements for the acceptance of the
ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise
and be entitled to any rights attributable to such ADSs. The Depositary may issue Uncertificated ADSs subject, however, to the
terms and conditions of Section 2.13 of the Deposit Agreement.

 

    A-2

     

    

 

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

 

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

 

The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number
of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs
so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes withheld) to the person surrendering the ADSs.

 

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

 

    A-3

     

    

 

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

 

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

 

(4)             
Pre-Conditions to Registration, Transfer, Etc. As a condition precedent to the execution and Delivery, the registration
of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal
of any Deposited Property, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of
ADSs or of this ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment
of any applicable fees and charges of the Depositary as provided in Section 5.9 of, and Exhibit B to, the Deposit Agreement
and in this ADR, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other
matter contemplated by Section 3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or governmental regulations
relating to the execution and Delivery of this ADR or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable
regulations as the Depositary and the Company may establish consistent with the provisions of this ADR, if applicable, the Deposit
Agreement and applicable law.

 

    A-4

     

    

 

The issuance of ADSs against deposits of
Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused,
or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally
may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar
are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time
or from time to time because of any requirement of law or regulation, any government or governmental body or commission or any
securities exchange on which the ADSs or Shares are listed, or under any provision of the Deposit Agreement or this ADR, if applicable,
or under any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for
any other reason, subject, in all cases to Section 7.8(a) of the Deposit Agreement and paragraph (25) of this ADR. Notwithstanding
any provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw
the Deposited Securities associated therewith at any time subject only to (i) temporary delays caused by closing the transfer
books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the
payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental
regulations relating to the ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically
contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time
to time).

 

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

 

(6)              Ownership
Restrictions. Notwithstanding any other provision contained in this ADR or of the Deposit Agreement to the contrary,
the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits
imposed by applicable law or the Articles of Association. The Company may also restrict, in such manner as it deems
appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned
by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to
applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial
Owner in excess of the limits set forth in the preceding sentence, including but not limited to, the imposition of
restrictions on the transfer of ADSs, the removal or limitation of voting rights or the mandatory sale or disposition on
behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner in
excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Articles of
Association. Nothing herein or in the Deposit Agreement shall be interpreted as obligating the Depositary or the Company to
ensure compliance with the ownership restrictions described herein or in Section 3.5 of the Deposit Agreement.

 

    A-5

     

    

 

(7)             
Reporting Obligations and Regulatory Approvals. Applicable laws and regulations may require holders and beneficial
owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory
approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying
with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such
determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws and regulations
as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates
shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting
requirements or obtain such regulatory approvals under applicable laws and regulations.

 

(8)             
Liability for Taxes and Other Charges. Any tax or other governmental charge payable by the Custodian or by the
Depositary with respect to any Deposited Property, ADSs or this ADR shall be payable by the Holders and Beneficial Owners to the
Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited
Property held on behalf of such Holder and/or Beneficial Owner, and may sell for the account of a Holder and/or Beneficial Owner
any or all of such Deposited Property and apply such distributions and sale proceeds in payment of, any taxes (including applicable
interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited
Property and this ADR, the Holder and the Beneficial Owner hereof remaining liable for any deficiency. The Custodian may refuse
the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the
split-up or combination of ADRs and (subject to paragraph (25) of this ADR and Section 7.8(a) of the Deposit Agreement) the withdrawal
of Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner
agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for,
and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon)
arising from (i) any ADSs held by such Holder and/or owned by such Beneficial Owner, (ii) the Deposited Property represented by
the ADSs, and (iii) any transaction entered into by such Holder and/or Beneficial Owner in respect of the ADSs and/or the Deposited
Property represented thereby. Notwithstanding anything to the contrary contained in the Deposit Agreement or any ADR, the obligations
of Holders and Beneficial Owners under Section 3.2 of the Deposit Agreement shall survive any transfer of ADSs, any cancellation
of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement.

 

    A-6

     

    

 

 

(9)               Representations
and Warranties on Deposit of Shares. Each person depositing Shares under the Deposit Agreement shall be deemed
thereby to represent and warrant that (i) such Shares are duly authorized, validly issued, fully paid, non-assessable and
legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been
validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented
for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares
presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as
contemplated in Section 2.14 of the Deposit Agreement), and (vi) the Shares presented for deposit have not been stripped
of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the
issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties
are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing
Shares, to take any and all actions necessary to correct the consequences thereof.

 

(10)            
Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial
Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian
such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange
control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws, the terms of the
Deposit Agreement or this ADR evidencing the ADSs and the provisions of, or governing, the Deposited Property, to execute such
certifications and to make such representations and warranties, and to provide such other information and documentation (or, in
the case of Shares in registered form presented for deposit, such information relating to the registration on the books of the
Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably
require by written request to the Depositary consistent with its obligations under the Deposit Agreement and this ADR. The Depositary
and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution
or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by paragraph (25) and
Section 7.8(a) of the Deposit Agreement, the delivery of any Deposited Property until such proof or other information is filed
or such certifications are executed, or such representations and warranties are made or such other documentation or information
provided, in each case to the Depositary’s, the Registrar’s and the Company’s reasonable satisfaction.

 

(11)            
ADS Fees and Charges. The following ADS fees are payable under the terms of the Deposit Agreement:

 

		(i)	ADS Issuance Fee: by any person for whom ADSs are issued (e.g., an issuance upon a deposit of Shares, upon a
change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in
paragraph (iv) below, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) issued under the terms of the Deposit
Agreement; 

 

		(ii)	ADS Cancellation Fee: by any person for whom ADSs are being cancelled (e.g., a cancellation of ADSs for Delivery
of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), a fee not in excess of U.S. $5.00
per 100 ADSs (or fraction thereof) cancelled;

 

    A-7

     

    

 

		(iii)	Cash Distribution Fee: by any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held
for the distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements);

 

		(iv)	Stock Distribution /Rights Exercise Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held for the distribution of ADSs pursuant to (a) stock dividends or other free stock distributions, or
(b) an exercise of rights to purchase additional ADSs;

 

		(v)	Other Distribution Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
held for the distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares);

 

		(vi)	Depositary Services Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
held on the applicable record date(s) established by the Depositary;

 

		(vii)	Registration of ADS Transfer Fee: by any Holder of ADS(s) being transferred or by any person to whom ADSs are transferred,
a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) transferred (e.g., upon a registration of the transfer of
registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any other reason); and

 

		(viii)	ADS Conversion Fee: by any Holder of ADS(s) being converted or by any person to whom the converted ADSs are delivered,
a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) converted from one ADS series to another ADS series (e.g.,
upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs into freely transferrable
ADSs, and vice versa).

 

The Company, Holders, Beneficial Owners, persons
depositing Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations, and persons for whom
ADSs are issued or cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement:

 

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

 

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

 

    A-8

     

    

 

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

 

		(d)	in connection with the conversion of Foreign Currency, the fees, expenses, spreads, taxes and other charges of the Depositary
and/or conversion service providers (which may be a division, branch or Affiliate of the Depositary). Such fees, expenses, spreads,
taxes and other charges shall be deducted from the Foreign Currency;

 

		(e)	any reasonable and customary out-of-pocket expenses incurred in such conversion and/or on behalf of the Holders and Beneficial
Owners in complying with currency exchange control or other governmental requirements; and

 

		(f)	the fees, charges, costs and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the ADR
program.

 

All ADS fees and charges may, at any time
and from time to time, be changed by agreement between the Depositary and Company but, in the case of ADS fees and charges payable
by Holders and Beneficial Owners, only in the manner contemplated by paragraph (23) of this ADR and as contemplated in Section
6.1 of the Deposit Agreement. The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon
request.

 

ADS fees and charges for (i) the
issuance of ADSs and (ii) the cancellation of ADSs will be payable by the person for whom the ADSs are so issued by the
Depositary (in the case of ADS issuances) and by the person for whom ADSs are being cancelled (in the case of ADS
cancellations). In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS
issuance and cancellation fees and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary
or the DTC Participant(s) holding the ADSs being cancelled, as the case may be, on behalf of the Beneficial Owner(s) and will
be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the
procedures and practices of the DTC Participant(s) as in effect at the time. ADS fees and charges in respect of distributions
and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the
case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds being
distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, the applicable Holders as of the
ADS Record Date established by the Depositary will be invoiced for the amount of the ADS fees and charges and such ADS fees
may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees and charges for distributions
other than cash and the ADS service fee may be deducted from distributions made through DTC, and may be charged to the DTC
Participants in accordance with the procedures and practices prescribed by DTC from time to time and the DTC Participants in
turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs. In the case of (i)
registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose ADSs are being transferred or by
the person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series for ADSs of another series, the
ADS conversion fee will be payable by the Holder whose ADSs are converted or by the person to whom the converted ADSs are
delivered.

 

    A-9

     

    

 

The Depositary may reimburse the Company
for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company
and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary
for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such
fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once every three months.
The charges and expenses of the Custodian are for the sole account of the Depositary.

 

The obligations of Holders and Beneficial
Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation
or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, the right to collect ADS fees and charges shall
extend for those ADS fees and charges incurred prior to the effectiveness of such resignation or removal.

 

(12)            
Title to ADRs. Subject to the limitations contained in the Deposit Agreement and in this ADR, it is a condition
of this ADR, and every successive Holder of this ADR by accepting or holding the same consents and agrees, that title to this ADR
(and to each Certificated ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under the
laws of the State of New York, provided that, in the case of Certificated ADSs, this ADR has been properly endorsed or is accompanied
by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat
the Holder of this ADR (that is, the person in whose name this ADR is registered on the books of the Depositary) as the absolute
owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability
under the Deposit Agreement or this ADR to any holder of this ADR or any Beneficial Owner unless, in the case of a holder of ADSs,
such holder is the Holder of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial
Owner, or the Beneficial Owner’s representative, is the Holder registered on the books of the Depositary.

 

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

 

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(14)           
Available Information; Reports; Inspection of Transfer Books. 

 

The Company is subject to the periodic reporting
requirements of the Exchange Act and, accordingly, is required to file or furnish certain reports with the Commission. These reports
can be retrieved from the Commission’s website (www.sec.gov) and can be inspected and copied at the public reference
facilities maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C.
20549. The Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including
any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the
nominee of either of them as the holder of the Deposited Property and (b) made generally available to the holders of such Deposited
Property by the Company.

 

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

 

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

 

	CITIBANK, N.A.

Transfer Agent and Registrar	 	CITIBANK, N.A.

as Depositary
	 	 	 
	By:	 	 	By:	 
	 	Authorized Signatory	 	 	Authorized Signatory

 

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

 

    A-11

     

    

 

[FORM OF REVERSE
OF ADR]

 

SUMMARY OF CERTAIN ADDITIONAL
PROVISIONS

 

OF THE DEPOSIT AGREEMENT

 

(15)            
Dividends and Distributions in Cash, Shares, etc. (a) Cash Distributions: Upon the timely receipt
by the Depositary of a notice from the Company that it intends to make a distribution of a cash dividend or other cash distribution,
the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon confirmation
of the receipt of (x) any cash dividend or other cash distribution on any Deposited Securities, or (y) proceeds from the sale of
any Deposited Property held in respect of the ADSs under the terms of the Deposit Agreement, the Depositary will (i) if any amounts
are received in a Foreign Currency, promptly convert or cause to be converted such cash dividend, distribution or proceeds into
Dollars (subject to the terms and conditions of Section 4.8 of the Deposit Agreement), (ii) if applicable and unless previously
established, establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement, and (iii) distribute
promptly the amount thus received (net of (a) the applicable fees and charges described in the Fee Schedule attached as Exhibit
B to the Deposit Agreement and (b) applicable taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion
to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed
without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without
liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution
to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required
to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities, or from
any cash proceeds from the sales of Deposited Property, an amount on account of taxes, duties or other governmental charges, the
amount distributed to Holders on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company,
the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded
by the Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest
bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution can be effected
or the funds that the Depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states
of the United States. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails
to give the Depositary timely notice of the proposed distribution provided for in Section 4.1 of the Deposit Agreement, the Depositary
agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.1 of the Deposit Agreement, and
the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s
failure to perform the actions contemplated in Section 4.1 of the Deposit Agreement where such notice has not been so timely given,
other than its failure to use commercially reasonable efforts, as provided herein.

 

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(b) Share Distributions: Upon
the timely receipt by the Depositary of a notice from the Company that it intends to make a distribution that consists of a dividend
in, or free distribution of Shares, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9
of the Deposit Agreement. Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company,
the Depositary shall either (i) subject to Section 5.9 of the Deposit Agreement, distribute to the Holders as of the ADS Record
Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the
number of Shares received as such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including,
without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes),
or (ii) if additional ADSs are not so distributed, take all actions necessary so that each ADS issued and outstanding after the
ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional integral
number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of,
and expenses incurred by, the Depositary, and (b) applicable taxes). In lieu of delivering fractional ADSs, the Depositary shall
sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds
upon the terms described in Section 4.1 of the Deposit Agreement. In the event that the Depositary determines that any distribution
in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold,
or, if the Company in the fulfillment of its obligations under Section 5.7 of the Deposit Agreement, has furnished an opinion of
U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders
(and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as
the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction
of (a) applicable taxes and (b) fees and charges of, and the expenses incurred by, the Depositary) to Holders entitled thereto
upon the terms of Section 4.1 of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such
property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement
to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for
in Section 4.1 of the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated
in Section 4.2 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary
shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.2 of the Deposit Agreement
where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

 

    A-13

     

    

 

(c) Elective Distributions in Cash
or Shares: Upon the timely receipt of a notice indicating that the Company wishes an elective distribution in cash or
Shares to be made available to Holders of ADSs upon the terms described in the Deposit Agreement, the Company and the
Depositary shall determine in accordance with the Deposit Agreement whether such distribution is lawful and reasonably
practicable. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have
timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that
such distribution is reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within
the terms of Section 5.7 of the Deposit Agreement. If the above conditions are satisfied, the Depositary shall, subject to
the terms and conditions of the Deposit Agreement, establish the ADS Record Date according to paragraph (17) and Section 4.9
of the Deposit Agreement and establish procedures to enable the Holder hereof to elect to receive the proposed distribution
in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the distribution shall be made as in
the case of a distribution in cash. If the Holder hereof elects to receive the distribution in additional ADSs, the
distribution shall be made as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If
such elective distribution is not reasonably practicable or if the Depositary did not receive satisfactory documentation set
forth in the Deposit Agreement, the Depositary shall establish an ADS Record Date upon the terms of Section 4.9 of the
Deposit Agreement and, to the extent permitted by law, distribute to Holders, on the basis of the same determination as is
made in Sweden in respect of the Shares for which no election is made, either (x) cash, upon the terms described in Section
4.1 of the Deposit Agreement or (y) additional ADSs representing such additional Shares, in each case, upon the terms
described in Section 4.2 of the Deposit Agreement. Nothing herein or in the Deposit Agreement shall obligate the Depositary
to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can
be no assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and
conditions as the holders of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the
event the Company fails to give the Depositary timely notice of the proposed distribution provided for in Section 4.3 of the
Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in
Section 4.3 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary
shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.3 of the Deposit
Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as
provided herein.

 

(d) Distribution of Rights to
Purchase Additional ADSs: Upon the timely receipt by the Depositary of a notice indicating that the Company wishes
rights to subscribe for additional Shares to be made available to Holders of ADSs, the Depositary upon consultation with the
Company, shall determine, whether it is lawful and reasonably practicable to make such rights available to the Holders. The
Depositary shall make such rights available to any Holders only if (i) the Company shall have timely requested that such
rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of
Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of rights is
reasonably practicable. If such conditions are not satisfied or if the Company requests that the rights not be made available
to Holders of ADSs, the Depositary shall sell the rights as described below. In the event all conditions set forth above are
satisfied, the Depositary shall establish the ADS Record Date (upon the terms described in Section 4.9 of the Deposit
Agreement) and establish procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or otherwise),
(y) enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and
charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) deliver ADSs upon the valid exercise of such
rights. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to
exercise rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary to make
the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to
receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement or determines it is not
reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and
appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such
rights, in a riskless principal capacity, at such place and upon such terms (including public and private sale) as it may
deem practicable. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a)
fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms hereof and of Section 4.1 of the
Deposit Agreement. If the Depositary is unable to make any rights available to Holders upon the terms described in Section
4.4(a) of the Deposit Agreement or to arrange for the sale of the rights upon the terms described in Section 4.4(b) of the
Deposit Agreement, the Depositary shall allow such rights to lapse. The Depositary shall not be liable for (i) any failure to
accurately determine whether it may be lawful or practicable to make such rights available to Holders in general or any
Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise, or (iii)
the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights
distribution.

 

    A-14

     

    

 

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

 

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

 

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

 

(e) Distributions other than Cash, Shares
or Rights to Purchase Shares: Upon receipt of a notice indicating that the Company wishes property other than cash, Shares
or rights to purchase additional Shares to be made to Holders of ADSs, the Depositary shall determine whether such distribution
to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have
requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation
contemplated in Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is
reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so received to the Holders
of record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively and in such manner as the Depositary
may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges
of, and expenses incurred by, the Depositary, and (ii) net of any applicable taxes withheld. The Depositary may dispose of all
or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale)
as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other
governmental charges applicable to the distribution.

 

If the conditions above are not satisfied,
the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such
terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute
the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by,
the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of Section 4.1 of the Deposit
Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the
Holders in any way it deems reasonably practicable under the circumstances.

 

Neither the Depositary nor the Company shall
be responsible for (i) any failure to determine whether it is lawful or practicable to make the property described in Section 4.5
of the Deposit Agreement available to Holders in general or any Holders in particular, nor (ii) any loss incurred in connection
with the sale or disposal of such property.

 

    A-15

     

    

 

 

(16)           Redemption.
Upon timely receipt of notice from the Company that it intends to exercise its right of redemption in respect of any of the
Deposited Securities, and satisfactory documentation, and only if the Depositary shall have determined that such proposed
redemption is practicable, the Depositary shall provide to each Holder a notice setting forth the Company’s intention
to exercise the redemption rights and any other particulars set forth in the Company’s notice to the Depositary. The
Depositary shall instruct the Custodian to present to the Company the Deposited Securities in respect of which redemption
rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the
Custodian that the redemption has taken place and that funds representing the redemption price have been received, the
Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses
incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by
Holders thereof and the terms set forth in Sections 4.1 and 6.2 of the Deposit Agreement. If less than all outstanding
Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be
determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by
the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented
by ADSs (subject to the terms of Section 4.8 of the Deposit Agreement and the applicable fees and charges of, and expenses
incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented by each ADS
redeemed.

 

Notwithstanding anything contained in the
Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed redemption
provided for in Section 4.7 of the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the
actions contemplated in Section 4.7 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge
that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.7
of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable
efforts, as provided herein.

 

(17)          
Fixing of ADS Record Date. Whenever (a) the Depositary shall receive notice of the fixing of a record date by
the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares,
rights or other distribution), (b) for any reason the Depositary causes a change in the number of Shares that are represented by
each ADS, (c) the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, or (d) the
Depositary shall find it necessary or convenient in connection with the giving of any notice or any other matter, the Depositary
shall fix the record date (the “ADS Record Date”) for the determination of the Holders of ADS(s) who shall be entitled
to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to receive such notice
or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by
each ADS. Subject to applicable law, the terms and conditions of this ADR and Sections 4.1 through 4.8 of the Deposit Agreement,
only the Holders of ADSs at the close of business in New York on such ADS Record Date shall be entitled to receive such distribution,
to give such voting instructions, or otherwise take action.

 

    A-16

     

    

 

(18)           Voting
of Deposited Securities. As soon as practicable after receipt of notice of any meeting at which the holders of
Deposited Securities are entitled to vote, the Depositary shall fix the ADS Record Date in respect of such meeting in
accordance with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a
timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by
the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company’s expense and
provided no U.S. legal prohibitions exist, distribute as soon as practicable after receipt thereof to Holders as of the ADS
Record Date: (a) such notice of meeting, (b) a statement that the Holders at the close of business on the ADS Record Date and
who continue to hold their ADSs as of the local Swedish record date established for such meeting will be entitled, subject to
any applicable law, the provisions of the Deposit Agreement, the Articles of Association of the Company and the provisions of
or governing the Deposited Securities, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining
to the Deposited Securities represented by such Holder’s ADSs, (c) a brief statement as to the manner in which such
voting instructions may be given to the Depositary, and (d) a statement that by instructing the Depositary as to the exercise
of voting rights with respect to the Deposited Securities such Holder will be deemed to (i) authorize the Depositary to cause
the number of Deposited Securities evidenced by the number of American Depositary Shares held by such Holder to be registered
in the name of the Depositary or the Custodian (or their respective nominees) for the benefit of such Holder or the
applicable Beneficial Owner(s) in a temporary shareholder voting account on the Company’s register of shareholders (Sw. rösträttsregistrering)
prior to and as per the Swedish record date applicable to such meeting and immediately after such Swedish record date and
meeting to register such Deposited Securities in the name of the Depositary or the Custodian (or their respective nominees)
for the benefit of all Holders and Beneficial Owners of ADSs, (ii) authorize the Company and the Depositary to make such
other arrangements as they may deem necessary or advisable consistent with Swedish law, the Articles of Association of the
Company and the terms of the Deposited Securities to permit the Depositary to carry out such voting instructions, and (iii)
agree and acknowledge that any transfer, surrender or other disposition of such Holder’s ADSs representing such
Deposited Securities prior to the Swedish record date and vote shall invalidate such Holder’s voting instructions.

 

Notwithstanding anything contained in the
Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of
the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection
with any meeting of holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise
publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (e.g., by reference
to a website containing the materials for retrieval or a contact for requesting copies of the materials).

 

Voting instructions may be given only
in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt of voting
instructions from a Holder of ADSs as of the ADS Record Date and who continues to hold the ADSs as of the applicable Swedish
record date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted
under applicable law, the provisions of the Deposit Agreement, Articles of Association of the Company and the provisions of
the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy)
represented by such Holder’s ADSs in accordance with such voting instructions. Notwithstanding the terms of the Deposit
Agreement or any ADR, it will be a condition that the Holders of ADSs providing voting instructions to the Depositary also
provide the Depositary and the Company, as the case may be, with such information about, and documents pertaining to, the
applicable Holders and/or Beneficial Owners of the ADSs being voted as the Company and the Depositary may request, and any
voting instructions provided to the Depositary without the requisite information and documentation, in each case reasonably
satisfactory to the Company and the Depositary, will be disregarded.

 

    A-17

     

    

 

Deposited Securities represented by ADSs
for which no timely and valid voting instructions are received by the Depositary from the Holder shall not be voted (except as
otherwise contemplated herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion
as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make
use of, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely
received from Holders or as otherwise contemplated herein. If the Depositary timely receives valid voting instructions from a Holder
which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s
ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed
the Depositary to vote in favor of the items set forth in such voting instructions.

 

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

 

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

 

    A-18

     

    

 

(19)           Changes
Affecting Deposited Securities. Upon any change in quota value, split up, cancellation, consolidation or any other
reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of
assets affecting the Company or to which it is a party, any property which shall be received by the Depositary or the
Custodian in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities
shall, to the extent permitted by law, be treated as new Deposited Property under the Deposit Agreement, and this ADR shall,
subject to the provisions of the Deposit Agreement, this ADR evidencing such ADSs and applicable law, represent the right to
receive such additional or replacement Deposited Property. In giving effect to such change, split-up, cancellation,
consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or
sale of assets, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to
the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses
incurred by, the Depositary, and (b) taxes) and receipt of an opinion of counsel to the Company reasonably satisfactory to
the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and deliver additional
ADSs as in the case of a stock dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend
the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv) call for the
surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the
transaction with respect to the ADSs. Notwithstanding the foregoing, in the event that any Deposited Property so received may
not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the
Company requests, subject to receipt of an opinion of Company’s counsel reasonably satisfactory to the Depositary that
such action is not in violation of any applicable laws or regulations, sell such Deposited Property at public or private
sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net
of (a) fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes) for the account of the Holders
otherwise entitled to such Deposited Property upon an averaged or other practicable basis without regard to any distinctions
among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution
received in cash pursuant to Section 4.1 of the Deposit Agreement. The Depositary shall not be responsible for (i) any
failure to determine that it may be lawful or practicable to make such Deposited Property available to Holders in general or
to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any
liability to the purchaser of such Deposited Property.

 

(20)           Exoneration.
Notwithstanding anything contained in the Deposit Agreement or this ADR, neither the Depositary nor the Company shall be
obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any liability
(to the extent not limited by paragraph (25) hereof and Section 7.8(b) of the Deposit Agreement) (i) if the Depositary, the
Custodian, the Company or their respective agents shall be prevented or forbidden from, or delayed in, doing or performing
any act or thing required or contemplated by the terms of the Deposit Agreement and this ADR, by reason of any provision of
any present or future law or regulation of the United States, Sweden or any other country, or of any other governmental
authority or regulatory authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or
by reason of any provision, present or future, of the Articles of Association or any provision of or governing any Deposited
Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation,
nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions,
rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion
provided for in the Deposit Agreement or in the Articles of Association or provisions of or governing Deposited Securities,
(iii) for any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person
presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person
believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or
Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of
Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, (v) for any
action or inaction of any clearing or settlement system (and any participant thereof) for the Deposited Property or the ADSs,
or (vi) for any consequential or punitive damages (including lost profits) for any breach of the terms of the Deposit
Agreement. The Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling persons and
its agents may rely and shall be protected in acting upon any written notice, request or other document believed by it to be
genuine and to have been signed or presented by the proper party or parties.

 

    A-19

     

    

 

(21)          
Standard of Care. The Company and the Depositary assume no obligation and shall not be subject to any liability
under the Deposit Agreement or this ADR to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree
to perform their respective obligations specifically set forth in the Deposit Agreement or this ADR without negligence or bad faith.
Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons,
or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any
Deposited Property or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory
to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required
(and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian
being solely to the Depositary).

 

The Depositary and its agents shall not
be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any
vote is cast or the effect of any vote, provided that any such action or omission is in good faith and without negligence and in
accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to accurately
determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted
to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk
associated with acquiring an interest in the Deposited Property, for the validity or worth of the Deposited Property, for the value
of any Deposited Property or any distribution thereon, for any interest on Deposited Property, for any tax consequences that may
result from the ownership of ADSs, Shares or other Deposited Property, for the credit worthiness of any third party, for allowing
any rights to lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for
any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant.

 

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 liable for
any acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in
connection with any matter arising wholly prior to the appointment of the Depositary or 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.

 

    A-20

     

    

 

(22)          
Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time
resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to
be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled
to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) the appointment by the Company of a successor
depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed
by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery
thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit
Agreement), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as provided
in the Deposit Agreement. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use
its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan,
the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and
to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any
further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations
of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement). The predecessor depositary, upon
payment of all sums due it and on the written request of the Company shall (i) execute and deliver an instrument transferring to
such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 of the Deposit
Agreement), (ii) duly assign, transfer and deliver all of the Depositary’s right, title and interest to the Deposited Property
to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information
relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide
notice of its appointment to such Holders. Any entity 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.

 

(23)           Amendment/Supplement.
Subject to the terms and conditions of this paragraph (23), and Section 6.1 of the Deposit Agreement and applicable law, this
ADR and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written
agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the prior
written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or
charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental
charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of
Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30)
days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any
amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated
thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided,
however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to
retrieve or receive the text of such amendment (e.g., upon retrieval from the Commission’s, the Depositary’s or
the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements
which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered
on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in
either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice
any substantial existing rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment
or supplement so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment
or supplement and to be bound by the Deposit Agreement and this ADR, if applicable, as amended or supplemented thereby. In no
event shall any amendment or supplement impair the right of the Holder to surrender such ADS and receive therefor the
Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.
Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an
amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may
amend or supplement the Deposit Agreement and this ADR at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement and this ADR in such circumstances may become effective
before a notice of such amendment or supplement is given to Holders or within any other period of time as required for
compliance with such laws, rules or regulations.

 

    A-21

     

    

 

(24)           Termination.
The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by distributing
notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in
such notice for such termination. If (i) ninety (90) days shall have expired after the Depositary shall have delivered to the
Company a written notice of its election to resign, or (ii) one hundred twenty (120) days shall have expired after the
Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and, in either case, a
successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit
Agreement, the Depositary may terminate the Deposit Agreement by distributing notice of such termination to the Holders of
all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. The date so
fixed for termination of the Deposit Agreement in any termination notice so distributed by the Depositary to the Holders of
ADSs is referred to as the “Termination Date”. Until the Termination Date, the Depositary shall continue to
perform all of its obligations under the Deposit Agreement, and the Holders and Beneficial Owners will be entitled to all of
their rights under the Deposit Agreement. If any ADSs shall remain outstanding after the Termination Date, the Registrar and
the Depositary shall not, after the Termination Date, have any obligation to perform any further acts under the Deposit
Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement,
continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell Deposited Property
received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange for
ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of,
and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and
Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions
as may be required under applicable law in connection with its role as Depositary under the Deposit Agreement. At any time
after the Termination Date, the Depositary may sell the Deposited Property then held under the Deposit Agreement and shall
after such sale hold un-invested the net proceeds of such sale, together with any other cash then held by it under the
Deposit Agreement, in an un-segregated account and without liability for interest, for the pro rata benefit of the Holders
whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all
obligations under the Deposit Agreement except (i) to account for such net proceeds and other cash (after deducting, or
charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all
applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms
set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection with the termination of
the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations under the Deposit
Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement. The
obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the
Termination Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by
their Holders to the Depositary for cancellation under the terms of the Deposit Agreement (except as specifically provided in
the Deposit Agreement).

 

    A-22

     

    

 

(25)          
Compliance with, and No Disclaimer under, U.S. Securities Laws. (a) Notwithstanding any provisions in this ADR
or the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company
or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to the Form F-6 Registration
Statement, as amended from time to time, under the Securities Act.

 

(b)       Each
of the parties to the Deposit Agreement (including, without limitation, each Holder and Beneficial Owner) acknowledges and agrees
that no provision of the Deposit Agreement or any ADR shall, or shall be deemed to, disclaim any liability under the Securities
Act or the Exchange Act, in each case to the extent established under applicable U.S. laws.

 

(26)           No
Third Party Beneficiaries/Acknowledgements. The Deposit Agreement is for the exclusive benefit of the parties hereto
(and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other
person, except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be
deemed to give rise to a partnership or joint venture among the parties nor establish a fiduciary or similar relationship
among the parties. The parties hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have
multiple banking relationships with the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (ii)
Citibank and its Affiliates may own and deal in any class of securities of the Company and its Affiliates and in ADSs, and
may be engaged at any time in transactions in which parties adverse to the Company, the Holders, the Beneficial Owners or
their respective Affiliates may have interests, (iii) the Depositary and its Affiliates may from time to time have in their
possession non-public information about the Company, the Holders, the Beneficial Owners, and their respective Affiliates,
(iv) nothing contained in the Deposit Agreement shall (a) preclude Citibank or any of its Affiliates from engaging in such
transactions or establishing or maintaining such relationships, or (b) obligate Citibank or any of its Affiliates to disclose
such information, transactions or relationships, or to account for any profit made or payment received in such transactions
or relationships, (v) the Depositary shall not be deemed to have knowledge of any information any other division of Citibank
or any of its Affiliates may have about the Company, the Holders, the Beneficial Owners, or any of their respective
Affiliates, and (vi) the Company, the Depositary, the Custodian and their respective agents and controlling persons may be
subject to the laws and regulations of jurisdictions other than the U.S. and Sweden, and the authority of courts and
regulatory authorities of such other jurisdictions, and, consequently, the requirements and the limitations of such other
laws and regulations, and the decisions and orders of such other courts and regulatory authorities, may affect the rights and
obligations of the parties to the Deposit Agreement.

 

    A-23

     

    

 

(27)          
Governing Law / Waiver of Jury Trial. The Deposit Agreement, the ADRs and the ADSs shall be interpreted in accordance
with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of
New York without reference to the principles of choice of law thereof. Notwithstanding anything contained in the Deposit Agreement
to the contrary, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares
and of any other Deposited Securities and the obligations and duties of the Company in respect of the holders of Shares and other
Deposited Securities, as such, shall be governed by the laws of Sweden (or, if applicable, such other laws as may govern the Deposited
Securities).

 

EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT
(INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING
TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE).

 

    A-24

     

    

 

(ASSIGNMENT AND TRANSFER
SIGNATURE LINES)

 

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

 

	Dated:	Name:                                                    

 

By:

 

Title:

 

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

 

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

 

                                                    

 

SIGNATURE GUARANTEED

 

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

 

Legends

 

[The ADRs issued in respect
of Partial Entitlement American Depositary Shares shall bear the following legend on the face of the ADR: “This ADR
evidences ADSs representing ‘partial entitlement’ Shares of the Company and as such do not entitle the holders
thereof to the same per-share entitlement as other Shares (which are ‘full entitlement’ Shares) issued and
outstanding at such time. The ADSs represented by this ADR shall entitle holders to distributions and entitlements identical
to other ADSs when the Shares represented by such ADSs become ‘full entitlement’ Shares.”]

 

    A-25

     

    

 

EXHIBIT B

 

FEE SCHEDULE

 

ADS FEES AND RELATED CHARGES

 

All capitalized terms used but not otherwise defined herein
shall have the meaning given to such terms in the Deposit Agreement. Except as otherwise specified herein, any reference to ADSs
herein includes Partial Entitlement ADSs, Full Entitlement ADSs, Certificated ADSs, Uncertificated ADSs, and Restricted ADSs.

 

I.       ADS Fees

 

The following ADS fees are payable under the terms of the Deposit
Agreement:

 

	Service	Rate	By Whom Paid
	(1)     Issuance of ADSs (e.g., an issuance upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (4) below.	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.	Person for whom ADSs are issued.
	(2)     Cancellation of ADSs  (e.g., a cancellation of ADSs for Delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason).	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) cancelled.	Person for whom ADSs are being cancelled.
	(3)     Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements).	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	Person to whom the distribution is made.
	(4)     Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) an exercise of rights to purchase additional ADSs.	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	Person to whom the distribution is made.
	(5)     Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares).	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	Person to whom the distribution is made.
	(6)     ADS Services.	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.	Person holding ADSs on the applicable record date(s) established by the Depositary.
	(7)     Registration of ADS Transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any other reason).	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) transferred.	Person for whom or to whom ADSs are transferred.
	(8)     Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs into freely transferable ADSs, and vice versa).	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) converted.	Person for whom ADSs are converted or to whom the converted ADSs are delivered.

 

    B-1

     

    

 

		II.	Charges

 

The Company, Holders, Beneficial Owners, persons depositing
Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations, and persons for whom ADSs are issued
or cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement:

 

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

 

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

 

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

 

		(iv)	in connection with the conversion of Foreign Currency, the fees, expenses, spreads, taxes and other charges of the Depositary
and/or conversion service providers (which may be a division, branch or Affiliate of the Depositary). Such fees, expenses, spreads,
taxes, and other charges shall be deducted from the Foreign Currency;

 

		(v)	any reasonable and customary out-of-pocket expenses incurred in such conversion and/or on behalf of the Holders and Beneficial
Owners in complying with currency exchange control or other governmental requirements; and

 

		(vi)	the fees, charges, costs and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the ADR
program.

 

The above fees and charges may at any time
and from time to time be changed by agreement between the Company and the Depositary.

 

    B-2EX-4.1

 Exhibit 4.1 

KELLOGG COMPANY 

OFFICERS’ CERTIFICATE 

The undersigned, Joel A. Vander Kooi, Vice President – Treasurer, and Gary H. Pilnick, Vice Chairman, Corporate Development and Chief
Legal Officer, Senior Vice President and Secretary of Kellogg Company, a Delaware corporation (the “Company”), do hereby certify that pursuant to the authority granted in a resolution (the “Resolution”) adopted by the Board of
Directors of the Company on April 24, 2020; and pursuant to Section 2.3 of the Indenture, dated as of May 21, 2009 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Trustee”), there is established a series of securities under the Indenture with the following terms: 

1.    The securities are entitled (i) the “2.100% Senior Notes due 2030” (“the Notes”). 

2.    The Notes are limited in aggregate principal amount to $500,000,000 (except for Notes authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.8, 2.9, 2.11 or 12.3 of the Indenture); provided the Company may, without the consent of holders of the Notes, issue additional Notes having the
same ranking and the same interest rate, maturity and other terms as the Notes, which additional Notes will constitute as single series of debt securities under the Indenture. 

3.    The price to public of the Notes was 99.731% of the principal amount, plus accrued interest, if any, from
June 1, 2020. 
 4.    The principal amount of the Notes will mature on June 1, 2030, subject to the
provisions of the Indenture relating to acceleration. 
 5.    The Notes will bear interest from June 1, 2020 at
the rate of 2.100% per annum payable on each June 1 and December 1, commencing December 1, 2020, to the holders of record of the 2030 Notes on the May 15 or November 15, as the case may be, immediately preceding such
June 1 and December 1. Interest will be computed on the basis of a 360 day year of twelve 30-day months. 

6.    The words “execution,” “signed,” “signature,” and words of like import in the
Indenture shall include images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including
without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall
be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without
limitation to the foregoing, and anything in the Indenture to the 

 
contrary notwithstanding, (a) any Officers’ Certificate, Company Order, opinion of counsel, Security, certificate of authentication appearing on or attached to any of the Notes, or
other certificate, opinion of counsel, instrument, agreement or other document delivered pursuant to the Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats, (b) all references in
Section 2.5, Section 2.6 or elsewhere in the Indenture to the execution, attestation or authentication of any Notes or any certificate of authentication appearing on or attached to any Notes by means of a manual or facsimile signature
shall be deemed to include signatures that are made or transmitted by any of the foregoing electronic means or formats, and (c) any requirement in Section 2.5, Section 2.6 or elsewhere in the Indenture that any signature be made under
a corporate seal (or facsimile thereof) shall not be applicable to the Notes. 
 7.    The principal of and interest on
the Notes will be payable at the office or agency of the Company maintained for that purpose, pursuant to the Indenture, in the City of New York, which shall be initially the corporate trust office of the Trustee; provided, however, that at the
option of the Company, such payment of interest may be made by check delivered to the person entitled thereto as provided in the Indenture. The principal of and interest on the Notes will be payable in the coin or currency of the United States of
America. 
 8.    The Notes will be redeemable by the Company prior to maturity as described in Section 2 of the
form of Notes attached hereto as Exhibit A. 
 9.    If a Change of Control Repurchase Event (as defined in the
form of Notes attached hereto as Exhibit A shall have occurred, holders of the Notes (unless the Company has exercised its right to redeem the Notes) may require the Company to repurchase all or any part of the Notes in the manner provided
and subject to the limitations set forth in the form of Notes attached as Exhibit A. 
 10.    The Notes will not
have the benefit of any sinking fund. 
 11.    The Notes initially will be represented by securities registered in the
name of the nominee of The Depository Trust Company. The Notes will be issued only in fully registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

12.    The Notes will initially be issued in the form of one or more global securities, substantially in the form attached
hereto as Exhibit A. The Depository Trust Company shall serve as the depository (the “Depository”) for such global securities. While the Notes are evidenced by one or more global securities, the Depository or its nominee, as the
case may be, will be the sole holder thereof for all purposes under the Indenture. Neither the Company nor the Trustee shall have any responsibility or obligation to the Depository’s participants or the beneficial owners for whom they act with
respect to their receipt from the Depository of payments on the Notes or notices given under the Indenture. 
 All capitalized terms used
herein and not otherwise defined shall have the meanings given such terms in the Indenture. 

 IN WITNESS WHEREOF, we have set our hands as of this 1st day of June, 2020. 
  

			
	KELLOGG COMPANY
		
	By:	 	 /s/ Joel A. Vander Kooi

	Name:	 	Joel A. Vander Kooi
	Title:	 	Vice President – Treasurer
		
	By:	 	 /s/ Gary H. Pilnick

	Name:	 	Gary H. Pilnick
	Title:	 	Vice Chairman,
		 	 Corporate Development and
 Chief Legal
Officer, Senior

		 	Vice President and Secretary

  
 [Signature Page to
Officers’ Certificate to Terms of Note] 

 FORM OF NOTE 

(SPECIMEN) 
 KELLOGG
COMPANY 
 2.100% Senior Notes due 2030 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC” and the
“Depository”), to the Company (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	REGISTERED	  	REGISTERED
		
	 No. R-1
	  	U.S. $500,000,000
		  	CUSIP No.: 487836 BX5

 Kellogg Company, a corporation duly organized and existing under the laws of Delaware (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum set forth above or such other
principal sum on the Schedule of Exchanges attached hereto (which shall not exceed U.S.$500,000,000) on June 1, 2030, and to pay interest thereon from June 1, 2020, or from the most recent interest payment date to which interest has been
paid or duly provided for, semiannually on June 1 and December 1 in each year, commencing December 1, 2020, at the rate of 2.100% per annum, until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture, be paid to
the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the regular record date for such interest, which shall be the May 15 or November 15 (whether or not a Business Day),
as the case may be, immediately preceding such interest payment date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Securityholder on such regular record date and may either be paid to the
Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to
Securityholders of this Series not less than 10 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this Series may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

  
 D-1 

 Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Company payment of interest may be made by check delivered to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire
transfer to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have given the Trustee written wire instructions at least five Business Days prior to the applicable Interest
Payment Date. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

* * * * 

  
 D-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: June 1, 2020 
  

			
	KELLOGG COMPANY
		
	By:	 	  

	Name:	 	Joel A. Vander Kooi
	Title:	 	Vice President – Treasurer
		
	By:	 	  

	Name:	 	Gary H. Pilnick
	Title:	 	Vice Chairman,
		 	Corporate Development and Chief Legal Officer, Senior Vice President and Secretary

  
 D-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

Dated: June 1, 2020 
  

			
	 THE BANK OF NEW YORK MELLON TRUST

COMPANY, N.A.,
as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

  
 D-4 

 [FORM OF REVERSE SIDE OF SECURITY] 

2.100% Senior Notes due 2030 

Section 1. Indenture 

The Company issued the Securities under an Indenture, dated as of May 21, 2009, between the Company and the Trustee (the
“Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date of the Indenture. The Securities are subject to all terms
and provisions of the Indenture, and Securityholders are referred to the Indenture and the Trust Indenture Act for a statement of such terms and provisions. 

The series of Securities are senior unsecured obligations of the Company initially limited to $500,000,000 aggregate principal amount at any
one time outstanding. This Security is one of a Series designated as 2.100% Senior Notes due 2030 of the Company. 
 Section 2.
Optional Redemption 
 Prior to March 1, 2030 (the “Par Call Date”), the Securities may be redeemed at the
Company’s option, at any time in whole or from time to time in part. The redemption price for the Securities to be redeemed on any redemption date will be equal to the greater of the following amounts: 

(a)    100% of the principal amount of the Securities being redeemed on the redemption date; or 

(b)    the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being
redeemed that would be due if such Securities matured on the Par Call Date (not including any portion of any payments of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis at the Treasury Rate (as
defined below), as determined by the Reference Treasury Dealer (as defined below), plus 25 basis points; 
 plus, in each case, accrued and
unpaid interest on the Securities to the redemption date. Notwithstanding the foregoing, installments of interest on the Securities that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the
interest payment date to the registered Securityholders as of the close of business on the relevant record date according to the Securities and the Indenture. The redemption price will be calculated by the Company on the basis of a 360-day year consisting of twelve 30-day months. 
 On or after
the Par Call Date, the Securities will be redeemable, at the Company’s option, at any time in whole, or from time to time in part, at a redemption price equal to 100% of the principal amount of the Securities plus accrued and unpaid interest,
to, but excluding, the redemption date. Notwithstanding the foregoing, installments of interest on the Securities that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment
date to the Securityholders as of the close of business on the relevant record date according to the Securities and the Indenture. 

  
 D-5 

 The Company will deliver notice of any redemption at least 15 days but not more than
60 days before the redemption date to each Securityholder of the Securities to be redeemed. Once notice of redemption is delivered, the Securities called for redemption will become due and payable on the redemption date and at the applicable
redemption price, plus accrued and unpaid interest to the redemption date. 
 “Treasury Rate” means, with respect to any
redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security selected
by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the Securities to be redeemed (assuming for this purpose that the Securities matured on the Par Call Date) that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities. 

“Comparable Treasury Price” means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Quotations,
or (C) if only one Reference Treasury Dealer Quotation is received, such Quotation. 
 “Reference Treasury Dealer”
means each of (A) Barclays Capital Inc., BofA Securities, Inc. and Morgan Stanley & Co. LLC (or their respective affiliates which are Primary Treasury Dealers), and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer; and (B) any other Primary Treasury
Dealer selected by the Company. 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury
Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such
Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third business day preceding such redemption date. 
 On and after
the redemption date, interest will cease to accrue on the Securities or any portion of the Securities called for redemption (unless the Company defaults in the payment of the redemption price and accrued interest). On or before the redemption date,
the Company will deposit with a Paying Agent or the Trustee money sufficient to pay the redemption price of and accrued interest on the Securities to be redeemed on that date. If less than all of the Securities are to be redeemed, the Securities to
be redeemed shall be selected by lot or in accordance with applicable DTC procedures. The Securities will not be entitled to the benefit of any mandatory redemption or sinking fund. 

  
 D-6 

 Section 3. Repurchase at Option of Holders Upon Change of Control Repurchase
Event 
 If a Change of Control Repurchase Event (as defined below) occurs, unless the Company has exercised its right to redeem the
Securities as described in Section 2, the Company will make an offer to each Securityholder to repurchase all or any part (equal to $2,000 and integral multiples of $1,000 in excess thereof) of that holder’s Securities at a repurchase
price in cash equal to 101% of the aggregate principal amount of Securities repurchased plus any accrued and unpaid interest on the Securities repurchased to the date of repurchase. Within 30 days following any Change of Control Repurchase
Event or, at the Company’s option, prior to any Change of Control (as defined below), but after the public announcement of an impending Change of Control, the Company will deliver a notice to each Securityholder, with a copy to the Trustee,
describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Securities on the payment date specified in the notice, which date will be no earlier than 30 days
and no later than 60 days from the date such notice is delivered. The notice shall, if delivered prior to the date of consummation of the Change of Control, state that the offer to repurchase is conditioned on the Change of Control Repurchase
Event occurring on or prior to the payment date specified in the notice. 
 The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable
in connection with the repurchase of the Securities as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control repurchase event provisions of the
Securities, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Repurchase Event provisions of the Securities by virtue of such conflict.

 On the Change of Control Repurchase Event payment date, the Company will, to the extent lawful: 

 

	 	(a)	 accept for payment all Securities or portions of Securities properly tendered pursuant to the Company’s
offer; 

  

	 	(b)	 deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Securities or
portions of Securities properly tendered; and 

  

	 	(c)	 deliver or cause to be delivered to the Trustee the Securities properly accepted, together with an
Officers’ Certificate stating the aggregate principal amount of Securities being purchased by the Company. 

 The
Paying Agent will promptly remit to each Securityholder of properly tendered Securities the purchase price for the Securities, and the Trustee will promptly authenticate and deliver (or cause to be transferred by book-entry) to each Securityholder a
new Security equal in principal amount to any unpurchased portion of any Securities surrendered; provided, that each new Security will be in a principal amount of $2,000 and integral multiples of $1,000 in excess thereof. 

  
 D-7 

 The Company will not be required to make an offer to repurchase the Securities upon a Change
of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities properly tendered and not
withdrawn under its offer. An offer to repurchase the Securities upon a Change of Control Repurchase Event may be made in advance of a Change of Control Repurchase Event, if a definitive agreement is in place for a Change of Control at the time of
the making of such an offer. 
 “Below Investment Grade Rating Event” occurs if both the rating on the Securities is
lowered by each of the Rating Agencies and the Securities are rated below Investment Grade by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities is under publicly announced consideration for possible downgrade
by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus
shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if any of the Rating Agencies making the reduction in rating to which this definition would otherwise apply
does not announce or publicly confirm or inform the trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable
Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of our properties or assets and those of our subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the
Company or one of its Subsidiaries; 
 (2) the adoption of a plan relating to the Company’s liquidation or dissolution; 

(3) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; or 

(4) the consummation of any transaction or series of related transactions (including, without limitation, any merger or consolidation)
the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or one of its wholly-owned Subsidiaries, becomes the beneficial owner, directly or indirectly, of more
than 50% of the then outstanding shares of the Company’s Voting Stock, measured by voting power rather than number of shares. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 

  
 D-8 

 “Continuing Directors” means, as of any date of determination, any member
of the Company’s Board of Directors who (1) was a member of such Board of Directors on the date of the issuance of the Securities; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority
of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of our proxy statement in which such member was named as a nominee for election as a
director). 
 “Fitch” means Fitch Ratings. 

“Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under
any successor rating categories of Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and a rating of BBB- or better by S&P (or its equivalent
under any successor rating categories of S&P) or the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service Inc. 

“Rating Agency” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P
ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the
Exchange Act, selected by the Company as a replacement agency for Fitch, Moody’s or S&P, as the case may be. 

“S&P” means S&P Global Ratings, a division of S&P Global, Inc. 

“Voting Stock” means, with respect to any person, capital stock of any class or kind the holders of which are ordinarily, in
the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such person, even if the right so to vote has been suspended by the happening of such a contingency. 

Section 4. Sinking Fund 

The Securities are not subject to any sinking fund. 

Section 5. Denominations; Transfer; Exchange 

The Securities are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A
Securityholder may transfer or exchange Securities in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Securityholder, among other things, to furnish appropriate endorsements or transfer
documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption or to transfer or exchange any Securities for a period of 15 days prior
to the delivering of a notice of redemption of Securities to be redeemed. 

  
 D-9 

 A global Security deposited with the Depository or the Trustee shall be transferred to the
beneficial owner thereof in the form of definitive Securities only if (a) the Company notifies the Trustee in writing that the Depository, Euroclear Bank, SA/NV, or Clearstream Banking, S.A., Luxembourg is no longer willing or able to act as a
depository or clearing system for the Securities or the Depository ceases to be registered as a clearing agency under the Exchange Act, and a successor depository or clearing system is not appointed within 90 days of this notice or cessation,
(b) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Securities in definitive form under the Indenture or (c) upon the occurrence and continuation of an Event of Default under the
Indenture with respect to the Securities. Upon surrender by the Depository of the global Securities, certificated Securities will be issued to each Person that the Depository identifies as the beneficial owner of the Securities represented by the
global Security. Upon any such issuance, the Trustee is required to register the certificated Securities in the name of the Person or Persons or the nominee of any of these Persons and cause the same to be delivered to these Persons. Neither the
Company nor the Trustee shall be liable for any delay by the Depository or any participant or indirect participant in identifying the beneficial owners of the related Securities and each such Person may conclusively rely on, and shall be protected
in relying on, instructions from the Depository for all purposes, including with respect to the registration and delivery, and respective principal amounts, of the Securities to be issued. 

Section 6. Events of Default 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Section 7. Persons Deemed Owners

 The registered Securityholder may be treated as the owner of it for all purposes. 

Section 8. Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the
Company at its written request unless an abandoned property law designates another Person. After any such payment, Securityholders entitled to the money must look only to the Company and not to the Trustee for payment. 

Section 9. Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture if
the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity, as the case may be. 

Section 10. Trustee Dealings with the Company 

Subject to certain limitations imposed by the Trust Indenture Act, the Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not
Trustee. 

  
 D-10 

 Section 11. No Recourse Against Others 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the
Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities. 
 Section 12. Authentication 

This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Security. 
 Section 13. Notices 

Notices to Securityholders will be published in authorized daily newspapers in the City of New York. It is expected that publication will be
made in the City of New York in The Wall Street Journal. Any notice given pursuant to these provisions shall be deemed to have been given on the date of publication or, if published more than once, on the date first published. 

Section 14. Governing Law 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 15. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

Section 16. Defined Terms 

All terms used in this Security which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in
the Indenture. 
 The Company will furnish to any Securityholder upon written request and without charge to the Securityholder a copy of the
Indenture which has in it the text of this Security. 

  
 D-11 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE 

OR REGISTRATION OF TRANSFER OF SECURITIES 

This Certificate relates to $500,000,000 principal amount of Securities held in (check applicable space)
         book-entry or          definitive form by
                     (the “Transferor”). 

The Transferor (check one box below): 
 has
requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Security or Securities in definitive, registered form of authorized denominations in an aggregate principal
amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); or 
 has requested the Trustee by
written order to exchange or register the transfer of a Security or Securities. 
  

							
		 		 	                                   
                                         
                          
		 		 	[INSERT NAME OF TRANSFEROR]
			
	Dated:                	 		 	By:                                   
                                         
                    

  
 D-12 

 SCHEDULE OF EXCHANGES 

The following exchanges of a part of this Book-Entry Security have been made: 

 

									
	Date of Exchange	 	 Amount of decrease in

Principal Amount of
 this Book-Entry Security
	 	 Amount of increase in

Principal Amount of
 this
Book-Entry
 Security
	 	 Principal Amount of this

Book-Entry Security
 following such
decrease
 (or increase)
	 	 Signature of

authorized signatory
 of Trustee
or
 Security Custodian

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

  
 D-13 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we assign
and transfer this Security to 
  

			
	  
	  	
	(Print or type assignee’s name, address and zip code)	  	
	  
	  	
	(Insert assignee’s soc. sec. or tax I.D. No.)	  	

 and irrevocably appoint
                                         
                agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

Date:
                                         
        Your Signature:
                                         
                        
  

 
 Sign exactly as your name appears on
the other side of this Security. 

  
 D-14

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