Common use of The Custodian Clause in Contracts

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentcustodian. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. The Depositary shall use reasonable commercial efforts to ensure that at all times there is a Custodian hereunder. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon Promptly after any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the Company. The Depositary shall use its reasonable efforts to obtain from the substitute custodian an acceptance of such appointment satisfactory in form and substance to the Depositary. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong the Principal Office of Banco Itaú S.A. as Custodian and agent of the Depositary for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder successor shall be subject at all times and in all respects to the direction directions of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any The Custodian resigns or is may resign and be discharged from its duties hereunder with respect by written notice of such resignation delivered to any Deposited Securities and the Depositary at least 60 days prior to the date on which such resignation is to become effective. If upon such resignation there shall be no other Custodian has previously been appointed acting hereunder, the Depositary shall promptlyshall, and after consultation Consultation with the CompanyIssuer, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of promptly after receiving such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by itnotice, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be the Custodian hereunder with respect hereunder. The Depositary may discharge the Custodian any time upon notice to the Deposited SecuritiesCustodian being discharged. Immediately upon any such changeWhenever the Depositary in its discretion determines that it is in the best interest of the Owners to do so, it may, after Consultation with the Issuer, appoint a substitute custodian, which shall thereafter be the Custodian hereunder. Upon demand of the Depositary, the Custodian shall deliver such of the Deposited Securities or evidence of ownership and title of the Deposited Securities held by it as are requested of it to the substitute custodian. The substitute custodian shall deliver to the Depositary, forthwith upon its appointment, an acceptance of such appointment satisfactory in form and substance to the Depositary. The Depositary agrees with the Issuer that at no time shall give notice thereof there be more than one Custodian acting in writing to all Holders of ADRs, each other Custodian and the Companyconnection with this Deposit Agreement. Upon the appointment of any successor depositarydepositary hereunder, any the Custodian then acting hereunder shallshall forthwith become, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall be subject to in no way impair the direction authority of the successor depositary. The Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request of any the Custodian, execute and deliver to such the Custodian all such instruments as may be proper to give to such the Custodian full and complete power and authority to act as agent hereunder of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Banco Itau as Custodian and agent for the purpose of this the Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any the Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentBrazil. The Depositary shall shall, upon prior written notice to the Company, require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect may, upon prior written notice to any Deposited Securitiesthe Company, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any the Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 the 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., N.A. - Hong Kong branch as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlyshall, and after in consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Korea Securities Depository as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentKorea. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Skandinaviska Enskilda Banken as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlypromptly , and after consultation with the CompanyCompany to the extent reasonably practicable, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentSweden. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may may, after consultation with the Company to the extent reasonably practicable, appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Banco Itau S.A as Custodian and agent for the purpose of this the Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentBrazil. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian substitute custodian designated by the Depositary. Whenever the Depositary determines, in its discretion and after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)Company, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed CitibankCitibank AG, N.A., Hong Kong Frankfurt as Custodian and agent for the purpose of this the Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlyshall, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentGermany. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong State Street Bank as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentUnited Kingdom. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong as agreed with the Custodian that the Custodian will receive and agent hold (or appoint agents approved by the Depositary to receive and hold) all Deposited Property for the purpose account and to the order of this the Depositary in accordance with the applicable terms of the Deposit AgreementAgreement which include a requirement to segregate the Deposited Property from the other property of, or held by, the Custodian PROVIDED THAT the Custodian shall not be obliged to segregate cash comprised of the Deposited Property from cash otherwise held by the Custodian. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlyPROVIDED THAT, if and after consultation with the Company, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities so long as the Depositary may requestand the Custodian are the same legal entity, references to them separately in these Conditions and the Deposit Agreement are for convenience only and that legal entity shall be responsible for discharging both functions directly to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the Company. Upon the appointment removal of any successor depositaryor receiving notice of the resignation of the Custodian (where upon the effectiveness of that resignation or removal there would be no Custodian acting under the Deposit Agreement), the Depositary shall as promptly as practicable appoint a substitute Custodian or Custodians, which shall thereafter, become the Custodian under the Deposit Agreement. The Depositary shall require any Custodian then acting hereunder that resigns or is removed to deliver all Deposited Property held by such Custodian to another Custodian. The Depositary in its discretion may appoint a substitute or additional custodian or custodians, which shall, unless otherwise instructed by the Depositaryupon acceptance of such appointment, continue to be become the Custodian under the Deposit Agreement. The Depositary shall notify Holders of such change in accordance with Condition 22. Notwithstanding the foregoing, the Depositary may temporarily deposit the Deposited Property in a manner or a place other than as therein specified; PROVIDED THAT, in the case of such temporary deposit in another place, the Company shall have consented to such deposit, and such consent of the Company shall have been delivered to the Custodian. In the case of transportation of the Deposited Securities Property under this Condition, the Depositary shall obtain appropriate insurance at the expense of the Company if and agent to the extent that the obtaining of such successor depositary without any further act or writing, insurance is reasonably practicable and shall be subject to the direction premiums payable are 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 as agent hereunder of such successor depositarya reasonable amount.

The Custodian. The Depositary has initially appointed ------------- Citibank, N.A., Hong Kong N.A. - Mumbai Branch as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation the Republic of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentIndia. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may may, upon notice to the Company, appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder of such successor depositary.Deposited

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Banco Bradesco as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentBrazil. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its reasonable discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Citigroup Global Markets Deutschland AG & Co. KGaA as Custodian and agent for the purpose of this the Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlyshall, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentGermany. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., N.A. - Hong Kong Branch, as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, appoint a substitute custodian that is organized licensed to operate as custodian under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder of such successor depositary.

The Custodian. The Depositary has initially appointed CitibankDeutsche Bank, N.A., Hong Kong Global Securities Services as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentcustodian. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsReceipts, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, 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 as agent hereunder on the direction of such successor depositary.

The Custodian. (a) The Depositary has initially appointed CitibankBank hereby appoints the Custodian as agent and bailee for the Bank on the terms and conditions of this Revenue Bond Pledge Agreement, N.A.and the Custodian hereby accepts such appointment and agrees with the Bank to act as agent without compensation separate from that provided to the Custodian, Hong Kong in its capacity as Tender Agent, pursuant to the Indenture. (b) The duties of the Custodian as agent under this Revenue Bond Pledge Agreement shall be limited to those duties expressly set forth herein and the following: (i) the Custodian shall hold (either directly or as a direct participant of DTC) in trust for the Bank all Company Bonds purchased by the Custodian, in its capacity as Tender Agent, with drawings under the Letter of Credit pursuant to Section 2.02(a) of the Indenture, all proceeds thereof and all other amounts held by the Custodian and agent for payable to the purpose Bank by the Tender Agent pursuant to the Indenture; (ii) upon the remarketing of Company Bonds, the Custodian shall deliver or cause to be delivered to the Bank the proceeds of such remarketing and all other amounts received by the Custodian and payable to the Bank by the Tender Agent pursuant to the Indenture; and (iii) the Custodian shall comply with any notice, request or instruction of the Bank with respect to the Company Bonds, subject to paragraph 5 hereof, without the further consent of the Pledgor such that the Bank shall be deemed to have “control” of the Company Bonds as “security entitlements” within the meaning of UCC Article 8. (c) The Custodian shall not pledge, hypothecate, transfer or release all or any part of the Collateral to any other Person or in any manner not in accordance with this Revenue Bond Pledge Agreement without the prior written consent of the Bank. (d) The Custodian shall transfer the benefits or obligations of this Deposit Agreement. The Custodian Revenue Bond Pledge Agreement or its successors in acting hereunder shall be subject at all times and in all respects to the direction Indenture only with the prior written consent of the Depositary for Bank and only if any such transferee shall have agreed in writing to be bound by the Shares for terms and conditions of this Revenue Bond Pledge Agreement and the Indenture. Notwithstanding the preceding sentence, any corporation, association or other entity into which the Custodian acts as custodian may be converted or merged, or with which it may be consolidated, or to which it may sell or otherwise transfer all or substantially all of its corporate trust assets and business or any corporation, association or other entity resulting from any such conversion, sale, merger, consolidation or other transfer to which it is a party, ipso facto, shall be responsible solely to it. If and become successor Custodian hereunder, vested with all other matters as was its predecessor, without the execution or filing of any instrument or consent or any further act on the part of the parties hereto. (e) The Custodian resigns may execute any of the trusts or is powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, custodians or nominees. (f) The Custodian may resign and be discharged from its duties hereunder with respect at any time by giving thirty (30) calendar days’ prior written notice of such resignation to the Pledgor and the Bank. The Pledgor and the Bank, acting jointly, may remove the Custodian at any Deposited Securities time by giving thirty (30) calendar days’ prior written notice to the Custodian. Upon such notice, a successor Custodian shall be jointly appointed by the Pledgor and no other the Bank who shall provide written notice of such to the resigning Custodian. Such successor Custodian has previously been appointed hereundershall become the Custodian hereunder upon the resignation or removal date specified in such notice. If the Pledgor and the Bank are unable to agree upon a successor Custodian within thirty (30) days after such notice, the Depositary shall promptlyCustodian may, and after consultation with the Companyin its sole discretion, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of deliver any Collateral then held by the Custodian shall take effect upon to the Bank at the address provided herein or may apply to a court of competent jurisdiction for the appointment of a successor custodian and its acceptance of such appointmentCustodian or for other appropriate relief. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion Upon receipt of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, and shall be subject to the direction identity of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute the Custodian shall deliver the Collateral then held hereunder to the successor Custodian. Upon its resignation and deliver delivery of the Collateral as set forth in this subsection (f), the Custodian shall be discharged of and from any and all further obligations arising in connection with the Collateral or this Revenue Bond Pledge Agreement. Notwithstanding the foregoing provisions of this subsection (f), the Custodian may resign or be removed only in conjunction with the resignation or removal of the Tender Agent pursuant to such the Indenture, and any successor Tender Agent appointed pursuant to the Indenture shall be appointed as Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act as agent hereunder of such successor depositaryhereunder.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Citibank N.A. Tokyo as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares and other Deposited Securities and other 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 Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation Japan and obtain the approval of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance Company of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may may, with the approval of the Company, appoint an additional custodian with respect to any Deposited Securities, or or, with the approval of the Company, discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsReceipts, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary, after consultation with the Company, shall from time to time appoint one or more agents to act for it as Custodian hereunder. The Depositary has initially appointed Citibank, N.A., Hong Kong Manila, as Custodian custodian and agent of the Depositary for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any The Custodian resigns or is may resign and be discharged from its duties hereunder with respect by 30 days' prior notice of its election to any Deposited Securities do so delivered to the Depositary; such resignation to become effective upon appointment of a successor Custodian and its acceptance of such appointment as hereinafter provided. If upon such notice of resignation there shall be no other Custodian has previously been appointed acting hereunder, the Depositary shall promptlyshall, and promptly after consultation with the Companyreceiving such notice, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Philippines which shall thereafter be the Custodian hereunder. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged and appoint a substitute or an additional custodian, who shall take effect thereafter be a Custodian hereunder. Forthwith upon its appointment, each such substitute or additional custodian shall deliver to the appointment of a successor custodian and its Depositary an acceptance of such appointmentappointment satisfactory in form and substance to the Depositary. The Depositary Upon demand of the Depositary, any Custodian shall require deliver such resigning or discharged Custodian to deliver of the Deposited Securities held by it, as are requested of it to any other Custodian together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the The Depositary shall give notice thereof in writing to all Holders of ADRsthe name, each other Custodian location and the Companyappointment of any Custodian not named in the ADRs. Upon the appointment of any successor depositarydepositary hereunder, any Custodian then acting hereunder shallshall forthwith become, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall be subject to in no way impair the direction authority of any Custodian hereunder; but 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 the Custodian full and complete power and authority to act as agent hereunder of such successor depositary.

The Custodian. The Depositary has initially appointed CitibankDepositary, N.A.upon the written request or with the written approval of the Company, Hong Kong may from time to time appoint one or more agents to act for it as Custodian hereunder. Each Custodian so appointed (other than Deutsche Bank AG, Amsterdam Branch) shall give notice in writing to the Company and agent for the purpose of this Deposit AgreementDepositary accepting such appointment and agreeing to be bound by the applicable terms hereof. The Any Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction directions of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Any Custodian resigns or is discharged may resign from its duties hereunder with respect by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to become effective. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged. Any Custodian ceasing to act hereunder as Custodian shall deliver all Deposited Securities and no other held by it to a Custodian has previously been appointed hereunder, continuing to act upon the Depositary shall promptly, and after consultation with the Company, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation instruction of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentDepositary. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other the name and location of the appointment of any Custodian and not named in the CompanyReceipts. Upon the appointment of any successor depositarydepositary hereunder, any Custodian then acting hereunder shallshall forthwith become, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall be subject to in no way impair the direction authority of any Custodian hereunder; but 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 the Custodian full and complete power and authority to act as agent hereunder of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., N.A. – Hong Kong branch as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentcustodian. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary, after consultation with the Company, shall from time to time appoint one or more agents to act for it as Custodian hereunder. The Depositary has initially appointed Citibank, N.A., Hong Kong Manila, as Custodian custodian and agent of the Depositary for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any The Custodian resigns or is may resign and be discharged from its duties hereunder with respect by 30 days' prior notice of its election to any Deposited Securities do so delivered to the Depositary;, such resignation to become effective upon appointment of a successor Custodian and its acceptance of such appointment as hereinafter provided. If upon such notice of resignation there shall be no other Custodian has previously been appointed acting hereunder, the Depositary shall promptlyshall, and promptly after consultation with the Companyreceiving such notice, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Philippines which shall thereafter be the Custodian hereunder. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged and appoint a substitute or an additional custodian, who shall take effect thereafter be a Custodian hereunder. Forthwith upon its appointment, each such substitute or additional custodian shall deliver to the appointment of a successor custodian and its Depositary an acceptance of such appointmentappointment satisfactory in form and substance to the Depositary. The Depositary Upon demand of the Depositary, any Custodian shall require deliver such resigning or discharged Custodian to deliver of the Deposited Securities held by it, as are requested of it to any other Custodian together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the The Depositary shall give notice thereof in writing to all Holders of ADRsthe name, each other Custodian location and the Companyappointment of any Custodian not named in the GDRs. Upon the appointment of any successor depositarydepositary hereunder, any Custodian then acting hereunder shallshall forthwith become, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall be subject to in no way impair the direction authority of any Custodian hereunder;, but 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 the Custodian full and complete power and authority to act as agent hereunder of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Citibank Nominees Singapore Pte Ltd as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Shares, for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlyDepositary, and after consultation with the prior written consent of the Company, shall promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentSingapore. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion prior approval of the Depositary)Company, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give prompt notice thereof in writing to all Holders of ADRsReceipts, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed CitibankBanco Itau S.A., N.A., Hong Kong as Custodian and agent custodian of the Depositary for the purpose of this Rule 144A Deposit Agreement. The Depositary may appoint one or more additional or substitute Custodians hereunder. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any the Custodian resigns or is discharged from its duties hereunder with respect to any Rule 144A Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized authorized to act as custodian under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentBrazil. The Depositary shall require such resigning or discharged Custodian to deliver the all Rule 144A Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Rule 144A Deposited Securities as the Depositary may request, to the Custodian substitute custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Rule 144A Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Rule 144A Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsRule 144A GDRs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Rule 144A Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary, after consultation with the Company, may from time to time appoint one or more agents to act for it as custodian hereunder. The Depositary has initially appointed Citibank, N.A., Hong Kong BNP Paribas Securities Services as Custodian and agent of the Depositary for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for and the American Depositary Shares and Receipts with respect to which the Custodian acts as custodian and shall be responsible solely to it. If any Any Custodian resigns or is may resign and be discharged from its duties hereunder with respect to any Deposited Securities and duties. If, upon the effectiveness of such resignation, there should be no other Custodian has previously been appointed custodian acting hereunder, the Depositary shall promptlyshall, and promptly after consultation with the Companyreceiving such notice, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointment. The Depositary shall require such resigning or discharged Custodian Portugal with respect to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to which the Custodian designated by has so resigned which shall thereafter be the DepositaryCustodian hereunder. Whenever the Depositary determines, after consultation in its discretion and with the Company (if such consultation is practicable in the opinion consent of the Depositary)Company, that it is appropriate in the best interest of the Holders to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Forthwith, upon its appointment, each such substitute or additional custodian shall deliver to the Depositary and the Company an acceptance of such appointment satisfactory in form and substance to the Depositary and the Company. Upon demand of the Depositary, any Custodian shall deliver such of the Deposited Securities held by it together with all records maintained by it as Custodian with respect to such Deposited Securities as are requested of it to any other Custodian or such substitute or additional custodian or custodians. Immediately upon any such change, the Depositary shall give given notice thereof in writing to all Holders of ADRsReceipts with respect to which such appointment has been made, each other Custodian and the Company. Upon the appointment of any successor depositarydepositary with respect to any Deposited Securities and the corresponding American Depositary Shares and Receipts hereunder, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue with respect to be the Custodian of the such Deposited Securities and agent of such successor depositary shall forthwith become, without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall be subject to in no way impair the direction authority of each Custodian hereunder; but 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 as agent hereunder of such successor depositary.

The Custodian. The Depositary has initially appointed CitibankBanco Bradesco S.A., N.A., Hong Kong as Custodian and agent for the purpose of this the Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any the Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation Brazil or appoint Citibank, N.A. as the Custodian of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentDeposited Securities hereunder. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the substitute custodian which shall assume its duties as Custodian designated by hereunder as of the Depositaryeffective date of the resignation of the resigning or discharged Custodian. Whenever the Depositary determinesDepositary, after consultation with the Company (if such consultation is practicable in Company, to the opinion of the Depositary)extent reasonably practicable, reasonably determines that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian ADSs and the Company. The Depositary agrees that at no time shall there be more than one (1) Custodian acting in connection with the Deposit Agreement unless permitted by Brazilian law. Upon the appointment of any successor depositary, any the Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 the Custodian, execute and deliver to such the Custodian all such instruments as may be proper to give to such the Custodian full and complete power and authority to act as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., N.A. - Hong Kong branch as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentcustodian. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed CitibankDepositary, N.A.upon the written request or with the written approval of the Company, Hong Kong may from time to time appoint one or more agents to act for it as Custodian hereunder. Each Custodian so appointed (other than Deutsche Bank Trust Company Americas) shall give notice in writing to the Company and agent for the purpose of this Deposit AgreementDepositary accepting such appointment and agreeing to be bound by the applicable terms hereof. The Any Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction directions of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Any Custodian resigns or is discharged may resign from its duties hereunder with respect by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to become effective. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged. Any Custodian ceasing to act hereunder as Custodian shall deliver all Deposited Securities and no other held by it to a Custodian has previously been appointed hereunder, continuing to act upon the Depositary shall promptly, and after consultation with the Company, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation instruction of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentDepositary. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other the name and location of the appointment of any Custodian and not named in the CompanyReceipts. Upon the appointment of any successor depositarydepositary hereunder, any Custodian then acting hereunder shallshall forthwith become, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall be subject to in no way impair the direction authority of any Custodian hereunder; but 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 the Custodian full and complete power and authority to act as agent hereunder of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Citibank Nominees Singapore Pte Ltd as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Shares, for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlyDepositary, and after consultation with the prior written consent of the Company, shall promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentSingapore. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion prior approval of the Depositary)Company, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian 52 57 hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give prompt notice thereof in writing to all Holders of ADRsReceipts, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A.N.A. - Amsterdam, Hong Kong as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlyshall, and after consultation with the CompanyCompany (if reasonably practicable), promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentThe Netherlands. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may may, after consultation with the Company (if reasonably practicable), appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Citibank N.A. Tokyo as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares and other Deposited Securities and other 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 Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation Japan and obtain the approval of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance Company of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it by.it as Custodian with respect to such Deposited Securities as the Depositary ▇▇▇▇sitary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may may, with the approval of the Company, appoint an additional custodian with respect to any Deposited Securities, or or, with the approval of the Company, discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsReceipts, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Branch as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, appoint a substitute custodian that is organized licensed to operate as custodian under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder of such successor depositary.

The Custodian. The Depositary may appoint one or more agents to act as its Custodian hereunder. The Depositary has initially appointed CitibankDeutsche Bank AG, N.A., Hong Kong Mumbai Branch as Custodian and agent of the Depositary for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the India and which shall thereafter be a Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmenthereunder. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon After any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the CompanyHolders. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong as agreed with the Custodian that the Custodian will receive and agent hold (or appoint agents approved by the Depositary to receive and hold) all Deposited Property for the purpose account and to the order of this the Depositary in accordance with the applicable terms of the Deposit AgreementAgreement which include a requirement to segregate the Deposited Property from the other property of, or held by, the Custodian PROVIDED THAT the Custodian shall not be obliged to segregate cash comprised in the Deposited Property from cash otherwise held by the Custodian. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlyPROVIDED THAT, if and after consultation with the Company, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities so long as the Depositary may requestand the Custodian are the same legal entity, references to them separately in these Conditions and the Deposit Agreement are for convenience only and that legal entity shall be responsible for discharging both functions directly to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the Company. Upon the appointment removal of any successor depositaryor receiving notice of the resignation of the Custodian (where upon the effectiveness of that resignation or removal there would be no Custodian acting under the Deposit Agreement), the Depositary shall as promptly as practicable appoint a substitute Custodian or Custodians, which shall thereafter, become the Custodian under the Deposit Agreement. The Depositary shall require any Custodian then acting hereunder that resigns or is removed to deliver all Deposited Property held by such Custodian to another Custodian. The Depositary in its discretion may appoint a substitute or additional custodian or custodians, which shall, unless otherwise instructed by the Depositaryupon acceptance of such appointment, continue to be become the Custodian under the Deposit Agreement. The Depositary shall notify Holders of such change in accordance with Condition 23. Notwithstanding the foregoing, the Depositary may temporarily deposit the Deposited Property in a manner or a place other than as therein specified; PROVIDED THAT, in the case of such temporary deposit in another place, the Company shall have consented to such deposit, and such consent of the Company shall have been delivered to the Custodian. In case of transportation of the Deposited Securities Property under this Condition, the Depositary shall obtain appropriate insurance at the expense of the Company if and agent to the extent that the obtaining of such successor depositary without any further act or writing, insurance is reasonably practicable and shall be subject to the direction premiums payable are 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 as agent hereunder of such successor depositarya reasonable amount.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized authorized to act as custodian under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentBrazil. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. The Depositary shall use reasonable commercial efforts to ensure that at all times there is a Custodian hereunder. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon After any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the CompanyHolders. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong as agreed with the Custodian that the Custodian will receive and agent hold (or appoint agents approved by the Depositary to receive and hold) all Deposited Property for the purpose account and to the order of this the Depositary in accordance with the applicable terms of the Deposit AgreementAgreement which include a requirement to segregate the Deposited Property from the other property of, or held by, the Custodian PROVIDED THAT the Custodian shall not be obliged to segregate cash comprised in the Deposited Property from cash otherwise held by the Custodian. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to itthe Depositary PROVIDED THAT, if and so long as the Depositary and the Custodian are the same legal entity, references to them separately in these Conditions and the Deposit Agreement are for convenience only and that legal entity shall be responsible for discharging both functions directly to the Holders and the Company. If any The Custodian resigns may resign or be removed by the Depositary by giving prior notice, except that if a replacement Custodian is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunderwhich is a branch or affiliate of the Depositary, the Custodian’s resignation or discharge may take effect immediately on the appointment of such replacement Custodian. Upon the removal of or receiving notice of the resignation of the Custodian, the Depositary shall promptly, and after consultation with promptly appoint a successor Custodian (approved (i) by the Company, appoint a substitute custodian that is organized under such approval not to be unreasonably withheld or delayed and (ii) by the laws of Hong Kong. Such resignation of the Custodian shall take effect relevant authority in Russia, if any), which shall, upon the appointment of a successor custodian and its acceptance of such appointment, and the expiry of any applicable notice period, become the Custodian. The Depositary in its discretion (and with the approval (i) by the Company, such approval not to be unreasonably withheld or delayed and (ii) by the relevant authority in Russia, if any) may appoint a substitute or additional custodian or custodians which shall, upon acceptance of such appointment, become the Custodian under the Deposit Agreement. The Depositary shall require notify Holders, immediately upon such resigning or discharged Custodian to deliver change taking effect, of such change in accordance with Condition 22. Notwithstanding the Deposited Securities held by itforegoing, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may requesttemporarily deposit the Deposited Property in a manner or a place other than as therein specified; PROVIDED THAT, in the case of such temporary deposit in another place, the Company shall have consented to such deposit, and such consent of the Company shall have been delivered to the Custodian designated by the DepositaryCustodian. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion In case of transportation of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such changeProperty under this Condition, the Depositary shall give notice thereof in writing obtain appropriate insurance at the expense of the Company if and to all Holders the extent that the obtaining of ADRs, each other Custodian such insurance is reasonably practicable and the Company. Upon the appointment premiums payable are of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder of such successor depositarya reasonable amount.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong M▇▇▇▇▇ Bank Limited as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentFinland. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsReceipts, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed CitibankDeutsche Bank Ltd., N.A., Hong Kong as Custodian and agent custodian of the Depositary for the purpose of this Rule 144A Deposit Agreement. The Depositary may appoint one or more additional or substitute Custodians hereunder. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any the Custodian resigns or is discharged from its duties hereunder with respect to any Rule 144A Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized authorized to act as custodian under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentRussia. The Depositary shall require such resigning or discharged Custodian to deliver the all Rule 144A Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Rule 144A Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Rule 144A Deposited Securities, or discharge the Custodian with respect to any Rule 144A Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Rule 144A Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsRule 144A GDR Certificates, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Rule 144A Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Banco Itaú as Custodian and agent for the purpose of this the Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any the Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentBrazil. The Depositary shall shall, upon prior written notice to the Company, require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect may, upon prior written notice to any Deposited Securitiesthe Company, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any the Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 the 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlyshall, and after following consultation with the Company, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentcustodian. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. The Depositary shall use reasonable commercial efforts to ensure that at all times there is a Custodian hereunder. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon Promptly after any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong Citibank N.A. as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation upon the request or with the Company, prior approval of the Company (a) promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation the Republic of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentItaly. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever The Depositary may upon the Depositary determines, after consultation request or with the Company (if such consultation is practicable in the opinion prior approval of the Depositary), that it is appropriate to do so, it may Company appoint an additional custodian with respect to any Deposited Securities, or (b) discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, Receipts and each other Custodian and the CompanyCustodian. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and after consultation with the Company, promptly appoint a substitute custodian that is organized authorized to act as custodian under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointmentRussia. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon As soon as practicable after any such change, the Depositary shall give notice thereof in writing to all Holders of ADRs, each other Custodian and the CompanyHolders. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong as agreed with the Custodian that the Custodian will receive and agent hold (or appoint agents approved by the Depositary to receive and hold) all Deposited Property for the purpose account and to the order of this the Depositary in accordance with the applicable terms of the Deposit AgreementAgreement which include a requirement to segregate the Deposited Property from the other property of, or held by, the Custodian PROVIDED THAT the Custodian shall not be obliged to segregate cash comprised in the Deposited Property from cash otherwise held by the Custodian. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to itthe Depositary PROVIDED THAT, if and so long as the Depositary and the Custodian are the same legal entity, references to them separately in these Conditions and the Deposit Agreement are for convenience only and that legal entity shall be responsible for discharging both functions directly to the Holders and the Company. If any The Custodian resigns may resign or be removed by the Depositary by giving prior notice, except that if a replacement Custodian is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunderwhich is a branch or affiliate of the Depositary, the Custodian’s resignation or discharge may take effect immediately on the appointment of such replacement Custodian. Upon the removal of or receiving notice of the resignation of the Custodian, the Depositary shall promptlypromptly appoint a successor Custodian (approved (i) by the Company, such approval not to be unreasonably withheld or delayed, and (ii) by the relevant authority in Russia, if any), which shall, upon acceptance of such appointment, and the expiry of any applicable notice period, become the Custodian. Whenever the Depositary in its discretion determines that it is in the best interests of the Holders to do so, it may, after prior consultation with the Company, appoint a substitute custodian that is organized under terminate the laws of Hong Kong. Such resignation appointment of the Custodian and, in the event of any such termination, the Depositary shall take effect upon the appointment of promptly appoint a successor custodian Custodian (approved (i) by the Company, such approval not to be unreasonably withheld or delayed, and its (ii) by the relevant authority in Russia, if any), which shall, upon acceptance of such appointment, become the Custodian under the Deposit Agreement on the effective date of such termination. The Depositary shall require notify Holders of such resigning or discharged Custodian to deliver change immediately upon such change taking effect in accordance with Condition 22. Notwithstanding the Deposited Securities held by itforegoing, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may requesttemporarily deposit the Deposited Property in a manner or a place other than as therein specified; PROVIDED THAT, in the case of such temporary deposit in another place, the Company shall have consented to such deposit, and such consent of the Company shall have been delivered to the Custodian designated by the DepositaryCustodian. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion In case of transportation of the Depositary), that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such changeProperty under this Condition, the Depositary shall give notice thereof in writing obtain appropriate insurance at the expense of the Company if and to all Holders the extent that the obtaining of ADRs, each other Custodian such insurance is reasonably practicable and the Company. Upon the appointment premiums payable are of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder of such successor depositarya reasonable amount.

The Custodian. The Depositary has initially appointed Citibank, N.A., Hong Kong branch, as Custodian and agent for the purpose of this the Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptlyshall, and after upon consultation with the CompanyCompany to the extent reasonably practicable, promptly appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.

The Custodian. The Depositary, after consultation with the Company, shall from time to time appoint one or more agents to act for it as Custodian hereunder. The Depositary has initially appointed Citibank, N.A., Hong Kong Korea Securities Depository ("KSD") as Custodian and agent custodian of the Depositary for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any the Depositary receives a notice of the resignation of the Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and upon effectiveness of such resignation there would be no other Custodian has previously been appointed hereunder, the Depositary shall promptlyshall, promptly after receiving such notice and after consultation with the Company, appoint a substitute custodian that is organized under which shall thereafter be the laws of Hong KongCustodian hereunder. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)Company, when it determines that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute or an additional custodian, which shall thereafter be a Custodian hereunder with respect to the Deposited Securitieshereunder. Immediately upon any such changechange of Custodian or appointment of additional Custodians, the Depositary shall at its own expense give notice thereof in writing to all Holders of ADRs, each other Custodian and the CompanyHolders. Upon the appointment of any successor depositarydepositary hereunder, any Custodian then acting hereunder shallshall forthwith become, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall be subject to in no way impair the direction authority of each Custodian hereunder; but 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 as agent hereunder of such successor depositary.

The Custodian. The Depositary has initially appointed Citibank, N.A., N. A. Hong Kong as Custodian and agent for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly, and promptly appoint a substitute custodian after consultation with the Company, appoint a substitute custodian that is organized under the laws of Hong Kong. Such resignation of the Custodian shall take effect upon the appointment of a successor custodian and its acceptance of such appointment. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, after consultation with the Company (if such consultation is practicable in the opinion of the Depositary)its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADRsReceipts, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities and agent of such successor depositary 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 as agent hereunder on the direction of such successor depositary.