Common use of TITLE TO RECEIPTS Clause in Contracts

TITLE TO RECEIPTS. It is a condition of the Receipts, and every successive Owner of the Receipts by accepting or holding a certificate for Receipts consents and agrees, that title to such certificate (and the Receipts evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that the Trustee, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are registered on the books of the Trustee as the absolute Owner thereof for the purpose of determining the person entitled to distribution or dividends or other distributions or to any notice provided for in the Depositary Trust Agreement and for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive Owner and Beneficial Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby)this Receipt, when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however, that the TrusteeIssuer and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive holder and Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by a proper instrument or instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; York State, provided, however, that the TrusteeIssuer and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposespurposes and neither the Depositary nor the Issuer shall have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt unless such holder is the Owner thereof.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive Owner and Beneficial Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however, that the TrusteeDepositary, notwithstanding any notice to the -------- ------- contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, Receipts and every successive Owner of the Receipts by accepting or holding a certificate for Receipts consents and agrees, that title to such certificate (and the Receipts evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that the Trustee, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are registered on the books of the Trustee as the absolute Owner owner thereof for the purpose of determining the person entitled to distribution or dividends or other distributions or to any notice provided for in the Depositary Trust Agreement and for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive holder and Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed (in the case of Receipts in certificated form) or accompanied by upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; instrument, provided, however, that the TrusteeDepositary, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive Owner or Beneficial Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; , provided, however, that the TrusteeDepositary and the Company, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposespurposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt, unless such holder is the Owner thereof.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive holder and Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by a proper instrument or instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; York State, provided, however, that the TrusteeCompany and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposespurposes and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt unless such holder is the Owner thereof.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive Owner and Beneficial Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however, that the TrusteeCompany and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposes, and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of this Receipt unless that holder is the Owner hereof.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive Owner and Beneficial Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that the TrusteeDepositary, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary maintained for such purpose as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive Owner and Beneficial Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; , provided, however, that the TrusteeDepositary and the Company, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposespurposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of this Receipt, unless such holder is the Owner hereof.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive holder and Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; instrument, provided, however, that the TrusteeDepositary, notwithstanding any notice to the contrary, and except where provided otherwise in this Receipt and in the Deposit Agreement, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive Owner and Beneficial Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however, that the Trusteethat, notwithstanding any notice to the contrary, the Depositary and the Company may each treat the person Person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person Person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive Owner and Beneficial Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument certificated security under the laws of the State of New York, United States of America; provided, however, that the TrusteeCompany and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Agreement and or for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive Owner and Beneficial Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that the TrusteeDepositary, the Custodian and the Company notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposespurposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt, unless such holder is the Owner thereof.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive holder and Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate this Receipt (and to the Receipts American Depositary Shares evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; instrument, provided, however, that the TrusteeCompany and Depositary, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive Owner or Beneficial Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; , provided, however, that the TrusteeDepositary and the Company, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and or for all other purposespurposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt, unless such holder is the Owner thereof.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive holder and Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate this Receipt (and to the Receipts evidenced thereby), American Depositary Shares represented hereby) when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New Yorkinstrument; provided, however, that the TrusteeDepositary, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and for all other purposes.

TITLE TO RECEIPTS. It is a condition of the Receipts, this Receipt and every successive holder and Owner of the Receipts this Receipt by accepting or holding a certificate for Receipts the same consents and agrees, that title to such certificate (and the Receipts evidenced thereby), this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument instrument; under the laws of the State of New York; provided, however, that the TrusteeCompany and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name Receipts are this Receipt is registered on the books of the Trustee Depositary as the absolute Owner thereof owner hereof for the purpose of determining the person entitled to distribution or of dividends or other distributions or to any notice provided for in the Depositary Trust Deposit Agreement and for all other purposes. Neither the Company nor the Depositary shall have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt unless such holder is the Owner thereof.