Common use of TITLE TO RECEIPTS Clause in Contracts

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive Owner and holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute Owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, 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 this Receipt and every successive Owner and holder Beneficial Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute Owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, 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 this Receipt Receipt, and every successive Owner and holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt Receipt, when properly endorsed or accompanied by proper instruments a properly executed instrument of transfertransfer and transferred in accordance with the terms of the Deposit Agreement, 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 until a this Receipt shall have been is transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company Depositary and the DepositaryCompany, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary Owner hereof at such time as the absolute Owner owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this Receipt or the Deposit Agreement to any Beneficial Owner or holder of a Receipt unless such Beneficial Owner or holder is the Owner thereofhereof.

TITLE TO RECEIPTS. It Subject to the limitations set forth herein or in the Deposit Agreement, it is a condition of this Receipt Receipt, and every successive Owner and holder of this Receipt Holder hereof by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfertransfer (including signature guarantees in accordance with standard industry practice), title to this Receipt (and to each ADS evidenced hereby) 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; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may deem and treat the person in whose name Holder of this Receipt is registered on the books of the Depositary as the absolute Owner owner hereof for any purpose, including, without limitation, the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, 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 hereof unless such holder is the Owner thereofHolder hereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive Holder and Beneficial Owner and holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of such Receipt being a negotiable instrument certificated security under the laws of the State of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding . Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt is registered on the books of the Depositary Depositary) as the absolute Owner owner hereof for the purpose of determining the person entitled to distribution distributions of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and neither . Neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of a this Receipt unless such holder is the Owner thereofHolder of this Receipt registered on the books of the Depositary.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner and holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; instrument, provided, however, that until a Receipt receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 2.4 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute Owner owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, purposes 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 this Receipt and every successive Owner and holder Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and the American Depositary Shares evidenced hereby) when properly endorsed or accompanied by proper instruments of transfer, or in the case of uncertificated Receipts when issued through DRS/Profile, 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 until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary Owner hereof as the absolute Owner owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, and neither the Depositary nor the Company shall will have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt this Receipt, unless such holder is the Owner thereofhereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive Owner and holder Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to each American Depositary Share evidenced hereby) when such Receipt is properly endorsed or accompanied ac- companied by 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 law of the State of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person Person in whose name this Receipt is registered on the books of the Depositary as the absolute Owner hereof for the purpose of determining the person Person entitled to any distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder Holder of a Receipt unless such holder Holder is the Owner thereofhereof.

TITLE TO RECEIPTS. It is a condition of this Receipt Receipt, and every successive Owner and holder Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of such Receipt being a negotiable instrument certificated security under the laws of the State of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding . Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt is registered on the books of the Depositary Depositary) as the absolute Owner owner hereof for the purpose of determining the person entitled to distribution distributions of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and neither . Neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of a this Receipt unless such holder is the Owner thereofHolder of this Receipt registered on the books of the Depositary.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive Owner and holder Beneficial Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by a proper instrument or instruments of transfertransfer and transferred in accordance with the terms of the Deposit Agreement, including without limitation Sections 2.4 and 2.6 thereof, 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 until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute Owner owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes 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 or Beneficial Owner thereof. 10.

TITLE TO RECEIPTS. It is a condition of this Receipt Receipt, and every successive Holder and Beneficial Owner and holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of such Receipt being a negotiable instrument certificated security under the laws of the State of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding . Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt is registered on the books of the Depositary Depositary) as the absolute Owner owner hereof for the purpose of determining the person entitled to distribution distributions of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and neither . Neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of a this Receipt unless such holder is the Owner thereofHolder of this Receipt registered on the books of the Depositary.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive Owner and holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company Issuer and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute Owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, and neither the Depositary nor the Company 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 this Receipt and every successive Owner and holder Beneficial Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute Owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, 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.. 10

TITLE TO RECEIPTS. It Subject to the limitations set forth herein or in the Deposit Agreement, it is a condition of this Receipt Receipt, and every successive Owner and holder of this Receipt Holder hereof by accepting or holding the same consents and agrees, that title to this Receipt (and to the American Depositary Shares evidenced 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 the State of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may deem and treat the person in whose name this Receipt is registered on the books of the Depositary Holder hereof as the absolute Owner owner hereof for any purpose, including but not limited to the purpose of determining the person entitled to any distribution of dividends or other distributions distributions, or to any notice provided for in the Deposit Agreement or and for all other purposes, 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 thereofregistered Holder hereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive Owner and holder Beneficial Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute Owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, 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 this Receipt and every successive Owner and holder Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to each American Depositary Share evidenced hereby) when such Receipt is properly endorsed en- dorsed or accompanied by 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 law of the State of New York; provided, however, that until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person Person in whose name this Receipt is registered on the books of the Depositary as the absolute Owner hereof for the purpose of determining the person Person entitled to any distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder Holder of a Receipt unless such holder Holder is the Owner thereofhereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive Owner and holder Beneficial Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to the American Depositary Shares evidenced thereby), when properly endorsed or accompanied by proper instruments of transfertransfer and transferred in accordance with the terms of the Deposit Agreement, including without limitation Sections 2.04 and 2.06 thereof, 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 until a Receipt shall have been transferred on the books of the Depositary as provided in Section 2.04 of the Deposit Agreement, the Company and the DepositaryCompany, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute Owner owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, purposes 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 this Receipt unless such holder is the Owner thereofhereof.