Common use of TITLE TO RECEIPTS Clause in Contracts

TITLE TO RECEIPTS. It is a condition of this Receipt, and every successive Owner hereof by accepting or holding this Receipt 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, shall be 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 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 any distribution of dividends or other distributions in respect of the Deposited Securities or to any notice provided for in the Deposit Agreement, and for all other purposes.

TITLE TO RECEIPTS. It is a condition of this Receipt, and every successive Owner hereof Holder of this Receipt by accepting or holding this Receipt the same consents and agrees, that title to this Receipt (and to the American Depositary Shares each ADS evidenced hereby), when properly endorsed or accompanied by proper instruments of transfer, shall be 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 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 all purposes, and neither the purpose of determining Depositary nor the person entitled Company shall have the obligations or be subject to any distribution liability hereunder or under the Deposit Agreement to any holder of dividends or other distributions in respect a Receipt unless such holder is the Holder (that is, the person) registered on the books of the Deposited Securities or to any notice provided for in the Deposit Agreement, and for all other purposesDepositary.

TITLE TO RECEIPTS. It is a condition of this Receipt, Receipt and every successive Owner hereof by accepting or holding this Receipt consents and agrees, that title to Beneficial Owner of this Receipt (and to the American Depositary Shares evidenced hereby)) by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, shall be 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 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 as the absolute owner hereof for the purpose of determining the person entitled to any distribution of dividends or other distributions in respect of the Deposited Securities or to any notice provided for in the Deposit Agreement, Agreement and for all other purposes. 10.

TITLE TO RECEIPTS. It is a condition of this Receipt, the Receipts and every successive Owner hereof of the Receipts by accepting or holding this Receipt a certificate for Receipts consents and agrees, that title to this Receipt such certificate (and to the American Depositary Shares Receipts evidenced hereby)thereby) , when properly endorsed or accompanied by proper instruments of transfer, shall be 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 Company and the DepositaryTrustee, -------- ------- notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is Receipts are registered on the books of the Depositary Trustee as the absolute owner hereof thereof for the purpose of determining the person entitled to any distribution of or dividends or other distributions in respect of the Deposited Securities or to any notice provided for in the Deposit Agreement, Depositary Trust Agreement and for all other purposes.

TITLE TO RECEIPTS. It is a condition of this Receipt, and every successive Owner hereof Holder of this Receipt by accepting or holding this Receipt the same consents and agrees, that title to this Receipt (and to the American Depositary Shares each ADS evidenced hereby), when properly endorsed or accompanied by proper instruments of transfer, shall be 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 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 all purposes, and neither the purpose Depositary nor the Company shall have any obligations or be subject to any liability hereunder or under the Deposit Agreement to any holder of determining a Receipt unless such holder is the Holder (that is, the person entitled to any distribution of dividends or other distributions in respect registered on the books of the Deposited Securities or to any notice provided for in the Deposit Agreement, and for all other purposesDepositary).

TITLE TO RECEIPTS. It is a condition of this Receipt, Receipt and every successive Owner hereof by accepting or holding this Receipt consents and agrees, that title to Beneficial Owner of this Receipt (and to the American Depositary Shares evidenced hereby)) by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, shall be 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 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 as the absolute owner hereof for the purpose of determining the person entitled to any distribution of dividends or other distributions in respect of the Deposited Securities or to any notice provided for in the Deposit Agreement, Agreement and for all other purposes.

TITLE TO RECEIPTS. It is a condition of this Receipt, Receipt and every successive Owner hereof and Beneficial Owner of this Receipt by accepting or holding this Receipt 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, shall be 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 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 any distribution of dividends or other distributions in respect of the Deposited Securities or to any notice provided for in the Deposit Agreement, and Agreement or for all other purposes.

TITLE TO RECEIPTS. It is a condition of this Receipt, Receipt and every successive Owner hereof and Beneficial Owner of this Receipt by accepting or holding this Receipt the same consents and agrees, that title to this Receipt (and to the American Depositary Shares evidenced hereby), when properly endorsed pendorsed or accompanied by proper instruments of transfer, shall be 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 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 any distribution of dividends or other distributions in respect of the Deposited Securities or to any notice provided for in the Deposit Agreement, and Agreement or for all other purposes.

TITLE TO RECEIPTS. It is a condition of this Receipt, Receipt and every successive holder and Owner hereof of this Receipt by accepting or holding this Receipt the same consents and agrees, that title to this Receipt (and to the American Depositary Shares evidenced hereby), when properly prop­erly endorsed or accompanied by proper instruments of transfer, shall be 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 Company and the DepositaryDeposi­tary, 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 any distribution of dividends or other distributions in respect of the Deposited Securities or to any notice provided for in the Deposit Agreement, Agreement and for all other purposes.

TITLE TO RECEIPTS. It is a condition of this Receipt, and every successive Owner holder hereof by accepting or holding this Receipt the same consents and agrees, that title to this Receipt (and to the Deposited Securities represented by the American Depositary Shares evidenced hereby), when properly endorsed or accompanied by proper instruments of transfer, shall be is transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New Yorkinstrument; provided, however, provided that 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 register maintained by the Depositary as the absolute owner hereof for the purpose of determining the person entitled to any distribution of dividends or other distributions in respect of the Deposited Securities or to any notice provided for in the Deposit Agreement, and for all other purposes.

TITLE TO RECEIPTS. It is a condition of this Receipt, and every successive Owner Holder hereof by accepting or holding this Receipt the same consents and agrees, that title to this Receipt (and to the American Depositary Shares ADSs evidenced hereby), when properly endorsed or accompanied by proper instruments of transfer, shall be 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 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 as the absolute owner hereof for the purpose of determining the person entitled to any distribution of dividends or other distributions in respect of the Deposited Securities or to any notice provided for in the Deposit Agreement, Agreement and for all other purposes.