SUPPLEMENTAL AGREEMENT NO. 2 TO DEPOSIT AGREEMENT
SUPPLEMENTAL
AGREEMENT NO. 2 TO DEPOSIT AGREEMENT
SUPPLEMENTAL
AGREEMENT NO. 2 dated
as
of September 27, 2007 (the "Amendment") to the Amended and Restated Deposit
Agreement dated as of October 15, 1999, as amended by Supplemental Agreement
No.
1 dated as of October 18, 2004 (as so amended, the "Deposit Agreement"), among
Xxxx Xxxxx XX (the "Company"), incorporated under the laws of The Netherlands,
Deutsche Bank Trust Company Americas, as depositary (the "Depositary"), and
all
Holders and Beneficial Owners from time to time of American Depositary Receipts
("ADRs") issued thereunder.
W I T N E
S S E T H:
WHEREAS,
the Company and the Depositary executed the Deposit Agreement for the purposes
set forth therein; and
WHEREAS,
the Company has or intends to file a Form 15F with the Securities and Exchange
Commission in order to deregister and terminate its reporting obligations with
respect to its ordinary shares and ADRs under the Securities Exchange Act of
1934, as amended.
WHEREAS,
pursuant to Section 6.1 of the Deposit Agreement, the Company and the Depositary
desire to amend the terms of the Deposit Agreement and ADRs to reflect the
Rule
12g3-2(b) exempt status of the Company.
NOW,
THEREFORE, for
good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Depositary hereby agree to amend the Deposit
Agreement as follows:
ARTICLE
I
DEFINITIONS
SECTION
1.01. Definitions.
Unless
otherwise defined in this Amendment, all capitalized terms used, but not
otherwise defined, herein shall have the meaning given to such terms in the
Deposit Agreement.
1
ARTICLE
II
AMENDMENTS
TO DEPOSIT AGREEMENT AND FORM OF ADR
SECTION
2.01. All
references in the Deposit Agreement to the term "Deposit Agreement" shall,
as of
the date hereof, refer to the Deposit Agreement, as amended by this
Amendment.
SECTION
2.02. Each
of
(i) Section 4.12 of the Deposit Agreement and (ii) the first two sentences
of
Article (13) of the form of Receipt are amended to read as follows:
The
Company shall publish on its web site (xxx.xxxxxxxxx.xxx) on an ongoing basis,
or otherwise furnishes the United States Securities and Exchange Commission
(the
"Commission") with, certain public reports and documents required by foreign
law
or otherwise under Rule 12g3-2(b) under the Exchange Act. To the extent
furnished to the Commission, such reports and documents may be inspected and
copied at the public reference facilities maintained by the Commission located
at 000 X Xxxxxx, XX, Xxxxxxxxxx, XX 00000.
SECTION
2.03. Article
(10)(iii) of the form of Receipt is amended to read as follows:
(iii)
to
any Holder of ADRs, a fee not in excess of (a) U.S. $ 2.00 per 100 ADSs (or
portion thereof) held for the distribution of cash proceeds (i.e., upon the
sale
of rights and other entitlements) and (b) U.S. $1.00 per 100 ADSs (or portion
thereof) for each cash distribution arising after the payment of a dividend
by
the Company;
SECTION
2.04. The
"Rate" column of item (3) of Exhibit B to the Deposit Agreement
is amended to read as follows:
U.S.
$1.00 per 100 ADSs (or portion thereof) for each cash distribution arising
after
the payment of a dividend by the Company
SECTION
2.05. The
"By
Whom Paid" column of item (3) of Exhibit B to the Deposit
Agreement is amended to read as follows:
"Person
to whom distribution is made".
2
ARTICLE
III
REPRESENTATIONS
AND WARRANTIES
SECTION
3.01. Representations
and Warranties.
The
Company represents and warrants to, and agrees with, the Depositary and the
Holders, that:
(a)
This
Amendment, when executed and delivered by the Company, and the Deposit Agreement
and the Form F-6Pos as executed and delivered by the Company in connection
herewith, will be and have been, respectively, duly and validly authorized,
executed and delivered by the Company, and constitute the legal, valid and
binding obligations of the Company, enforceable against the Company in
accordance with their respective terms, subject to applicable bankruptcy,
insolvency, fraudulent transfer, moratorium and similar laws of general
applicability relating to or affecting creditors' rights and to general equity
principles; and
(b)
In
order to ensure the legality, validity, enforceability or admissibility into
evidence of this Amendment or the Deposit Agreement as amended hereby, and
any
other document furnished hereunder or thereunder in the Netherlands, neither
of
such agreements need to be filed or recorded with any court or other authority
in the Netherlands, nor does any stamp or similar tax need to be paid in the
Netherlands on or in respect of such agreements; and
(c)
All
of the information provided to the Depositary by the Company in connection
with
this Amendment is true, accurate and correct.
ARTICLE
IV
MISCELLANEOUS
SECTION
4.01. Effective
Date.
This
Amendment shall be effective of the date first set forth above and, with respect
to the changes adopted in Section 2.03 hereof, which shall be effective thirty
days after notice thereof is first provided to Holders.
SECTION
4.02. Indemnification.
The
parties hereto shall remain subject to the indemnification provisions of Section
5.8 of the Deposit Agreement, as amended hereby in connection with any and
all
liability it or they may incur as a result of the terms of this Amendment and
the transactions contemplated herein.
SECTION
4.03. Governing
Law; Jurisdiction. The
Deposit Agreement, the Amendment and the ADRs as amended hereby shall be
governed by and construed in accordance with the laws of the State of New York.
Any dispute, legal suit, action or proceeding arising out of or based upon
the
Deposit Agreement (as amended by the Amendment) or the transactions contemplated
thereby shall be submitted to the exclusive jurisdiction of the Courts of New
York, New York.
3
SECTION
4.04. Outstanding
ADRs.
ADRs
issued prior or subsequent to the date hereof, which do not reflect the changes
to the form of ADR effected hereby, do not need to be called in for exchange
and
may remain outstanding until such time as the Holders thereof choose to
surrender them for any reason under the Deposit Agreement. The Depositary is
authorized and directed to take any and all actions deemed necessary to effect
the foregoing.
4
IN
WITNESS WHEREOF,
the
Company and the Depositary have caused this Amendment to be executed by
representatives thereunto duly authorized as of the date set forth above and
all
Holders shall become parties hereto by holding ADSs as of the date
hereof.
XXXX
XXXXX XX
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By:__________________________
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Name:
Xxxx Xxxxxx
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Title:
Chairman of the Board of Management/CEO
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By:__________________________
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Name:
Xxx Xxxxx
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Title:
Member of the Board of Management/CFO
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DEUTSCHE
BANK TRUST COMPANY AMERICAS
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By:
__________________________
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Name:
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Title:
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By:
__________________________
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Name:
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Title:
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5
EXHIBIT
A
FORM
OF FACE OF AMERICAN DEPOSITARY RECEIPT
Number
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CUSIP
NUMBER: [_______]
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American
Depositary Shares (each American Depositary Share representing one
(1)
fully paid Ordinary Share, nominal value EUR 2.00 per
Share
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AMERICAN
DEPOSITARY RECEIPT
FOR
AMERICAN
DEPOSITARY SHARES
representing
DEPOSITED
ORDINARY SHARES
of
XXXX
XXXXX X.X.
(Incorporated
under the laws of The Netherlands)
DEUTSCHE
BANK TRUST COMPANY AMERICAS, a New York banking corporation and an indirect
wholly owned subsidiary of Deutsche Bank AG, as depositary (the "Depositary"),
hereby certifies that _____________is the owner of ______________ American
Depositary Shares (hereinafter "ADS"), representing deposited ordinary shares,
nominal value EUR 2.00 per share, including evidence of rights to receive such
ordinary shares (the "Shares") of Xxxx Xxxxx X.X., a corporation incorporated
under the laws of The Netherlands (the "Company"). As of the date of the Deposit
Agreement (as hereinafter defined), each ADS represents one (1) Share deposited
under the Deposit Agreement with the Custodian, which at the date of execution
of the Deposit Agreement is Deutsche Bank AG Amsterdam Branch (the "Custodian").
The ratio of ADSs to Shares is subject to amendment as provided in Article
IV of
the Deposit Agreement. The Depositary's Principal Office is located at 00 Xxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, X.X.X.
1
(1)
The
Deposit Agreement.
This
American Depositary Receipt is one of an issue of American Depositary Receipts
("Receipts"), all issued and to be issued upon the terms and conditions set
forth in the Amended and Restated Deposit Agreement, dated as of October 15,
1999 (as amended from time to time, the "Deposit Agreement"), by and among
the
Company, the Depositary, and all Holders and Beneficial Owners from time to
time
of American Depositary Shares ("ADSs") evidenced by Receipts issued thereunder,
each of whom by accepting an ADS (or an interest therein) agrees to become
a
party thereto and becomes bound by all the terms and conditions thereof. The
Deposit Agreement sets forth the rights and obligations of Holders and
Beneficial Owners of Receipts and the rights and duties of the Depositary in
respect of the Shares deposited thereunder and any and all other securities,
property and cash from time to time received in respect of such Shares and
held
thereunder (such Shares, securities, property and cash are herein called
"Deposited Securities"). Copies of the Deposit Agreement are on file at the
Principal Office of the Depositary and with the Custodian.
The
statements made on the face and reverse of this Receipt are summaries of certain
provisions of the Deposit Agreement and the Articles of Association of the
Company (as in effect on the date of the signing of the Deposit Agreement)
and
are qualified by and subject to the detailed provisions of the Deposit Agreement
and the Articles of Association, to which reference is hereby made. All
capitalized terms used herein which are not otherwise defined herein shall
have
the meanings ascribed thereto in the Deposit Agreement. The Depositary makes
no
representation or warranty as to the validity or worth of the Deposited
Securities. The Depositary has made arrangements for the acceptance of the
ADSs
into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the
procedures of DTC and the DTC Participants to exercise and be entitled to any
rights attributable to such ADSs.
(2)
Surrender
of Receipts and Withdrawal of Deposited Securities.
The
Holder of this Receipt (and of the ADSs evidenced hereby) shall be entitled
to
Delivery as promptly as practicable (at the Custodian's designated office)
of
the Deposited Securities at the time represented by the ADS(s) evidenced hereby
upon satisfaction of each of the following conditions: (i) the Holder (or a
duly
authorized attorney of the Holder) has duly Delivered to the Depositary at
its
Principal Office the ADSs evidenced hereby (and, if applicable, this Receipt)
for the purpose of withdrawal of the Deposited Securities represented thereby,
(ii) if so required by the Depositary, this Receipt has been properly endorsed
in blank or is accompanied by proper instruments of transfer in blank (including
signature guarantees in accordance with standard securities industry practice),
(iii) if so required by the Depositary, the Holder of the ADSs has executed
and
delivered to the Depositary a written order directing the Depositary to cause
the Deposited Securities being withdrawn to be Delivered to or upon the written
order of the person(s) designated in such order, and (iv) all applicable fees
and charges of, and reasonable expenses incurred by, the Depositary and all
applicable taxes and governmental charges (as are set forth in Section 5.9
and
Exhibit B hereof) have been paid, subject, however, in each case, to the terms
and conditions of this Receipt, of the Deposit Agreement, of the Company's
Articles of Association, of any applicable laws and the rules of Euroclear
Nederland, and to any provisions of or governing the Deposited Securities,
in
each case as in effect at the time thereof.
2
Upon
satisfaction of each of the conditions specified above, the Depositary (i)
shall
cancel the ADSs Delivered to it (and, if applicable, the Receipt evidencing
the
ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation
of the ADSs so Delivered on the books maintained for such purpose, and (iii)
shall direct the Custodian to Deliver as promptly as practicable at the
Custodian's designated office the Deposited Securities represented by the ADSs
so canceled together with any certificate or other document of title for the
Deposited Securities, or evidence of the electronic transfer thereof (if
available), as the case may be, to or upon the written order of the person(s)
designated in the order delivered to the Depositary for such purpose, subject
however, in each case, to the terms and conditions of the Deposit Agreement,
of
this Receipt, of the Articles of Association of the Company, of applicable
laws
and of the rules of Euroclear Nederland, and to the terms and conditions of
or
governing the Deposited Securities, in each case as in effect at the time
thereof.
The
Depositary shall not accept for surrender ADSs representing less than one Share.
In the case of surrender of ADSs representing other than a whole number of
Shares, the Depositary shall cause ownership of the appropriate whole number
of
Shares to be Delivered in accordance with the terms hereof, and shall, at the
discretion of the Depositary, either (i) return to the person surrendering
such
ADSs the number of ADSs representing any remaining fractional Share, or (ii)
sell or cause to be sold the fractional Share represented by the ADS(s) so
surrendered and remit the proceeds of such sale (net of (a) applicable fees
and
charges of, and reasonable expenses incurred by, the Depositary and (b) taxes
withheld) to the person surrendering the ADSs. Notwithstanding anything else
contained in this Receipt or the Deposit Agreement, the Depositary may make
delivery at the Principal Office of (i) any cash dividends or cash
distributions, or (ii) any proceeds from the sale of any distributions of stock
or rights, which may at the time be held by the Depositary in respect of the
Deposited Securities represented by the ADSs evidenced by this Receipt. At
the
request, risk and expense of any Holder surrendering ADSs represented by this
Receipt, and for the account of such Holder, the Depositary shall direct the
Custodian to forward (to the extent permitted by law) any cash or other property
(other than securities) held by the Custodian in respect of the Deposited
Securities represented by such ADSs to the Depositary for delivery at the
Principal Office of the Depositary. Such direction shall be given by letter
or,
at the request, risk and expense of such Holder, by cable, telex or facsimile
transmission.
(3)
Transfer,
Combination and Split-Up of Receipts.
The
Registrar shall register the transfer of this Receipt (and of the ADSs
represented thereby) on the books maintained for such purpose and the Depositary
shall cancel this Receipt and execute new Receipts evidencing the same aggregate
number of ADSs as those evidenced by this Receipt when canceled, shall cause
the
Registrar to countersign such new Receipts, and shall Deliver such new Receipts
to or upon the order of the person entitled thereto, if each of the following
conditions has been satisfied: (i) this Receipt has been duly Delivered by
the
Holder (or by a duly authorized attorney of the Holder) to the Depositary at
its
Principal Office for the purpose of effecting a transfer thereof, (ii) this
Receipt has been properly endorsed or is accompanied by proper instruments
of
transfer (including signature guarantees in accordance with standard securities
industry practice), (iii) this Receipt has been duly stamped (if required by
the
laws of the State of New York or of the United States), and (iv) all applicable
fees and charges of, and reasonable expenses incurred by, the Depositary and
all
applicable taxes and governmental charges (as are set forth in Section 5.9
and
Exhibit B to the Deposit Agreement) have been paid, in each case, however,
subject to the terms and conditions of this Receipt, of the Deposit Agreement
and of applicable law, in each case as in effect at the time
thereof.
3
The
Registrar shall register the split-up or combination of this Receipt (and of
the
ADSs represented hereby) on the books maintained for such purpose and the
Depositary shall cancel this Receipt and execute new Receipts for the number
of
ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced
by this Receipt (when canceled), shall cause the Registrar to countersign such
new Receipts, and shall Deliver such new Receipts to or upon the order of the
Holder thereof, if each of the following conditions has been satisfied: (i)
this
Receipt has been duly Delivered by the Holder (or by a duly authorized attorney
of the Holder) to the Depositary at its Principal Office for the purpose of
effecting a split-up or combination hereof, and (ii) all applicable fees and
charges of, and expenses incurred by, the Depositary and all applicable taxes
and government charges (as are set forth in Section 5.9 and Exhibit B to the
Deposit Agreement) have been paid, subject, however, in each case, to the terms
and conditions of this Receipt, of the Deposit Agreement and of applicable
law,
in each case, as in effect at the time thereof.
(4)
Pre-Conditions
to Registration, Transfer, Etc.
As a
condition precedent to the execution and delivery, registration of transfer,
split-up, combination or surrender of any Receipt or withdrawal of any Deposited
Securities, the Depositary or the Custodian may require (i) payment from the
depositor of Shares or presenter of ADSs or of a Receipt of a sum sufficient
to
reimburse it for any tax or other governmental charge and any stock transfer
or
registration fee with respect thereto (including any such tax or charge and
fee
with respect to Shares being deposited or withdrawn) and payment of any
applicable fees and charges of the Depositary as provided in the Deposit
Agreement and in this Receipt, (ii) the production of proof satisfactory to
it
as to the identity and genuineness of any signature or any other matters and
(iii) compliance with (A) any laws or governmental regulations relating to
the
execution and delivery of Receipts and ADSs or to the withdrawal of Deposited
Securities and (B) such reasonable regulations of the Depositary or the Company
consistent with the Deposit Agreement and applicable law.
The
issuance of ADSs against deposits of Shares generally or against deposits of
particular Shares may be suspended, or the delivery of ADSs against the deposit
of particular Shares may be withheld, or the registration of transfer of
Receipts in particular instances may be refused, or the registration of transfer
of outstanding Receipts generally may be suspended, during any period when
the
transfer books of the Company, Depositary, a Registrar or the Share Registrar
are closed or if any such action is deemed necessary or advisable by the
Depositary or the Company, in good faith, at any time or from time to time
because of any requirement of the Company's Articles of Association or of any
applicable law, any government or governmental body or commission or any
securities exchange upon which the Receipts or Share are listed, or under any
provision of the Deposit Agreement or this Receipt, or under any provision
of,
or governing, the Deposited Securities, or because of a meeting of shareholders
of the Company or for any other reason, subject in all cases to Article (24)
hereof. Notwithstanding any provision of the Deposit Agreement or this Receipt
to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw
the Deposited Securities at any time subject only to (i) temporary delays caused
by closing the transfer books of the Depositary or the Company or the deposit
of
Shares in connection with voting at a shareholders' meeting or the payment
of
dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance
with any U.S. or foreign laws or governmental regulations relating to the
Receipts or to the withdrawal of the Deposited Securities, and (iv) other
circumstances specifically contemplated by Section I.A.(l) of the General
Instructions to Form F-6 (as such General Instructions may be amended from
time
to time).
4
(5)
Compliance
With Information Requests.
Notwithstanding any other provision of the Deposit Agreement or this Receipt,
each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply
with requests from the Company pursuant to the law of The Netherlands, the
rules
and requirements of any stock exchange on which Shares or ADSs are or will
be
registered, traded or listed, or the Articles of Association of the Company,
which are made to provide information as to the capacity in which such Holder
or
Beneficial Owner owns ADSs (and Shares, as the case may be) and regarding the
identity of any other persons then or previously interested in such ADSs and
the
nature of such interest and various other matters, whether or not they are
Holders and/or Beneficial Owners at the time of such request.
(6)
Ownership
Restrictions.
Notwithstanding any provision of this Receipt or of the Deposit Agreement,
the
Company may restrict transfers of the Shares where such transfer might result
in
ownership of Shares exceeding limits under applicable law or the Articles of
Association of the Company. The Company may also restrict, in such manner as
it
deems appropriate, transfers of ADSs where such transfer may result in the
total
number of Shares represented by the ADSs owned by a single Holder or Beneficial
Owner to exceed any such limits. The Company may, in its sole discretion but
subject to applicable law, instruct the Depositary to take action with respect
to the ownership interest of any Holder or Beneficial Owner in excess of the
limits set forth in the preceding sentence, including but not limited to the
imposition of restrictions on the transfer of ADSs, the removal or limitation
of
voting rights or a mandatory sale or disposition on behalf of a Holder or
Beneficial Owner of the Shares represented by the ADSs held by such Holder
or
Beneficial Owner in excess of such limitations, if and to the extent such
disposition is permitted by applicable law and the Articles of Association
of
the Company. Holders and Beneficial Owners acknowledge that, under The
Netherlands Act on the Disclosure of Holdings in Listing Companies, as in effect
as of the date hereof, shareholders (including Holders and Beneficial Owners
of
ADSs) must promptly notify the Company and The Netherlands Securities Investment
Board if their holding reaches, exceeds or falls below 5%, 10%, 25%, 50% or
66-2/3% of the capital interest and/or voting rights in the Company and agree
to
comply with such notification requirements.
5
(7)
Liability
of Holder for Taxes and Other Charges.
If any
tax or other governmental charge shall become payable with respect to any
Receipt or any Deposited Securities or ADSs, such tax, or other governmental
charge shall be payable by the Holders and Beneficial Owners to the Depositary.
The Company, the Custodian and/or Depositary may withhold or deduct from any
distributions made in respect of such Deposited Securities and may sell for
the
account of the Holder and/or Beneficial Owner any or all of the Deposited
Securities and apply such distributions and sale proceeds in payment of such
taxes (including applicable interest and penalties) or charges, the Holder
and
the Beneficial Owner hereof remaining liable for any deficiency. The Custodian
may refuse the deposit of Shares and the Depositary may refuse to issue ADSs,
to
deliver Receipts, register the transfer, split-up or combination of ADRs and
(subject to Article (24) hereof) the withdrawal of Deposited Securities until
payment in full of such tax, charge, penalty or interest is received. Every
Holder and Beneficial Owner agrees to indemnify the Depositary, the Company,
the
Custodian and any of their agents, employees and Affiliates for, and hold each
of then harmless from, any claims with respect to taxes (including applicable
interest and penalties thereon) arising from any tax benefit obtained for such
Holder and/or Beneficial Owner.
(8)
Representations
and Warranties of Depositors.
Each
person depositing Shares under the Deposit Agreement shall be deemed thereby
to
represent and warrant that (i) such Shares (and the certificates therefor)
are
duly authorized, validly issued, fully paid, non-assessable and legally obtained
by such person, (ii) all preemptive (and similar) rights, if any, with respect
to such Shares have been validly waived or exercised, (iii) the person making
such deposit is duly authorized so to do and (iv) the Shares presented for
deposit are free and clear of any lien, encumbrance, security interest, charge,
mortgage or adverse claim, and (except as contemplated in Section 2.12 of the
Deposit Agreement) are not, and the ADSs issuable upon such deposit will not
be,
Restricted Securities and the Share presented for deposit have not been stripped
of any rights or entitlements. Such representations and warranties shall survive
the deposit and withdrawal of Shares, the issuance and cancellation of ADSs
in
respect thereof and the transfer of such ADSs. If any such representations
or
warranties are false in any way, the Company and Depositary shall be authorized,
at the cost and expense of the person depositing Shares, to take any and all
actions necessary to correct the consequences thereof.
(9)
Filing
Proofs,
Certificates and Other Information. Any person presenting Shares for deposit
and
any Holder and any Beneficial Owner may be required, and every Holder and
Beneficial Owner agrees, from time to time to provide to the Depositary and
the
Custodian such proof of citizenship or residence, taxpayer status, payment
of
all applicable taxes or other governmental charges, exchange control approval,
legal or beneficial ownership of ADSs and Deposited Securities, compliance
with
applicable laws and the terms of the Deposit Agreement and the provisions of,
or
governing, the Deposited Securities, to execute such certifications and to
make
such representations and warranties and to provide such other information or
documentation (or, in the case of Shares in registered form presented for
deposit, such information relating to the registration of Shares on the books
of
the Shares Registrar) as the Depositary or the Custodian may deem necessary
or
proper or as the Company may reasonably require by written request to the
Depositary consistent with its obligations under the Deposit Agreement. Subject
to Article (24) hereof and the terms of the Deposit Agreement, the Depositary
and the Registrar, as applicable, may withhold the delivery or registration
of
transfer of any Receipt or the distribution or sale of any dividend or other
distribution of rights or of the proceeds thereof or the delivery of any
Deposited Securities until such proof or other information is filed or such
certificates are executed, or such representations are made or such information
and documentation are provided, in each case to the Depositary's, the
Registrar's and the Company's satisfaction.
6
(10)
Charges
of Depositary.
The
Depositary shall charge the following fees for the services performed under
the
terms of the Deposit Agreement:
(i)
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to
any person to whom ADSs are issued upon the deposit of Shares, a
fee not
in excess of U.S. $ 5.00 per 100 ADSs (or portion thereof) so issued
under
the terms of the Deposit Agreement (excluding issuances pursuant
to
paragraph (iv) below);
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(ii)
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to
any person surrendering ADSs for cancellation and withdrawal of Deposited
Securities, a fee not in excess of U.S. $ 5.00 per 100 ADSs (or portion
thereof) so surrendered;
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(iii)
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to
any Holder of ADRs, a fee not in excess of (a) U.S. $ 2.00 per 100
ADSs
(or portion thereof) held for the distribution of cash proceeds (i.e.,
upon the sale of rights and other entitlements) and (b) U.S. $1.00
per 100
ADSs (or portion thereof) for each cash distribution arising after
the
payment of a dividend by the
Company.
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(iv)
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to
any Holder of ADRs, a fee not in excess of $5.00 per 100 ADSs (or
portion
thereof) issued pursuant to stock dividends or other free stock
distributions or upon the exercise of rights. No fee shall be payable
for
the distribution of ADSs pursuant to stock dividends or other free
distributions of shares if such fees are prohibited by the exchange
upon
which ADSs are listed.
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(v)
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to
any person presenting an ADR Certificate for transfer, a fee not
in excess
of $1.50 per ADR Certificate presented for
transfer.
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In
addition, Holders, Beneficial Owners, persons depositing Shares for deposit
and
persons surrendering ADSs for cancellation and withdrawal of Deposited
Securities will be required to pay the following charges:
(i)
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taxes
(including applicable interest and penalties) and other governmental
charges;
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(ii)
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such
registration fees as may from time to time be in effect for the
registration of Shares or other Deposited Securities on the share
register
and applicable to transfers of Shares or other Deposited Securities
to or
from the name of the Custodian, the Depositary or any nominees upon
the
making of deposits and withdrawals,
respectively;
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7
(iii)
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such
cable, telex and facsimile transmission and delivery expenses as
are
expressly provided in the Deposit Agreement to be at the expense
of the
person depositing or withdrawing Shares or Holders and Beneficial
Owners
of ADSs;
|
(iv)
|
the
expenses and charges incurred by the Depositary in the conversion
of
foreign currency;
|
(v)
|
such
fees and reasonable expenses as are incurred by the Depositary in
connection with compliance with exchange control regulations and
other
regulatory requirements applicable to Shares, Deposited Securities,
ADSs
and ADRs; and
|
(vi)
|
the
fees and reasonable expenses incurred by the Depositary in connection
with
the delivery of Deposited
Securities.
|
Any
other
charges and expenses of the Depositary under the Deposit Agreement will be
paid
by the Company upon agreement between the Depositary and the Company. All fees
and charges may, at any time and from time to time, be changed by agreement
between the Depositary and Company but, in the case of fees and charges payable
by Holders or Beneficial Owners, only in the manner contemplated by Article
(22)
of this Receipt. The Depositary will provide, without charge, a copy of its
latest fee schedule to anyone upon request. The charges and expenses of the
Custodian are for the sole account of the Depositary.
(11)
Title
to Receipts.
It is a
condition of this Receipt, and every successive Holder of this Receipt by
accepting or holding the same consents and agrees, that title to this Receipt
(and to each ADS evidenced hereby) shall be transferable on the same terms
as a
certificated security under the laws of the State of New York, provided that
the
Receipt has been properly endorsed or is accompanied by proper instruments
of
transfer. 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) as the absolute owner
thereof for all purposes. The Depositary shall have no obligation nor be subject
to any liability under the Deposit Agreement or this Receipt to any holder
of
this Receipt or any Beneficial Owner unless such holder is the Holder of this
Receipt registered on the books of the Depositary or, in the case of a
Beneficial Owner, such Beneficial Owner or the Beneficial Owner's representative
is the Holder registered on the books of the Depositary.
(12)
Validity
of Receipt.
This
Receipt (and the ADSs represented hereby) shall not be entitled to any benefits
under the Deposit Agreement or be valid or enforceable for any purpose against
the Depositary or the Company unless this Receipt has been (i) dated, (ii)
signed by the manual or facsimile signature of a duly authorized signatory
of
the Depositary, (iii) countersigned by the manual or facsimile signature of
a
duly authorized signatory of the Registrar, and (iv) registered in the books
maintained by the Registrar for the registration of issuances and transfers
of
Receipts. Receipts bearing the manual or facsimile signature of a
duly-authorized signatory of the Depositary or the Registrar, who at the time
of
signature was a duly authorized signatory of the Depositary or the Registrar,
as
the case may be, shall bind the Depositary, notwithstanding the fact that such
signatory has ceased to be so authorized prior to the delivery of such Receipt
by the Depositary.
8
(13)
Available
Information; Reports; Inspection of Transfer Books.
The
Company shall publish on its web site (xxx.xxxxxxxxx.xxx) on an ongoing basis,
or otherwise furnishes the United States Securities and Exchange Commission
(the
"Commission") with, certain public reports and documents required by foreign
law
or otherwise under Rule 12g3-2(b) under the Exchange Act. To the extent
furnished to the Commission, such reports and documents may be inspected and
copied at the public reference facilities maintained by the Commission located
at 000 X Xxxxxx, XX, Xxxxxxxxxx, XX 00000. The Depositary shall make available
for inspection by Holders at its Principal Office any reports and
communications, including any proxy soliciting materials, received from the
Company which are both (a) received by the Depositary, the Custodian, or the
nominee of either of them as the holder of the Deposited Securities and (b)
made
generally available to the holders of such Deposited Securities by the
Company.
The
Registrar shall keep books for the registration of issuances and transfers
of
Receipts which at all reasonable times shall be open for inspection by the
Company and by the Holders of such Receipts, provided that such inspection
shall
not be, to the Registrar's knowledge, for the purpose of communicating with
Holders of such Receipts in the interest of a business or object other than
the
business of the Company or other than a matter related to the Deposit Agreement
or the Receipts.
The
Registrar may close the transfer books with respect to the Receipts, at any
time
or from time to time, when deemed necessary or advisable by it in good faith
in
connection with the performance of its duties hereunder, or at the reasonable
written request of the Company subject, in all cases, to Article (24)
hereof.
Dated:
DEUTSCHE
BANK TRUST COMPANY AMERICAS
|
|
Transfer
Agent and Registrar
|
|
By:
___________________________________
|
|
Authorized Signatory
|
9
DEUTSCHE
BANK TRUST COMPANY AMERICAS
|
|
as
Depositary
|
|
By:
___________________________________
|
|
Authorized Signatory
|
|
The
address of the Principal Office of the Depositary is 00 Xxxx Xxxxxx, Xxx Xxxx,
Xxx Xxxx 00000, X.X.X.
10
[FORM
OF
REVERSE OF RECEIPT]
SUMMARY
OF CERTAIN ADDITIONAL PROVISIONS
OF
THE
DEPOSIT AGREEMENT
(14)
Dividends
and Distributions in Cash, Shares, etc.
Whenever the Depositary receives confirmation from the Custodian of receipt
of
any cash dividend or other cash distribution on any Deposited Securities, or
receives proceeds from the sale of any Shares, rights securities or other
entitlements under the Deposit Agreement, the Depositary will (i) promptly
convert or cause to be converted such dividend, distribution or proceeds into
Dollars (upon the terms of the Deposit Agreement), (ii) establish the ADS Record
Date upon the terms described in Section 4.9, and (iii) will distribute promptly
the amount thus received (net of (a) applicable fees and charges of, and
reasonable expenses incurred by, the Depositary and (b) taxes withheld) to
the
Holders entitled thereto as of the ADS Record Date in proportion to the number
of ADS held as of the ADS Record Date. The Depositary shall distribute only
such
amount, however, as can be distributed without attributing to any Holder a
fraction of one cent, and any balance not so distributed shall be held by the
Depositary (without liability for interest thereon) and shall be added to and
become part of the next sum received by the Depositary for distribution to
Holders of ADSs then outstanding. If the Company, the Custodian or the
Depositary is required to withhold and does withhold from any cash dividend
or
other cash distribution in respect of any Deposited Securities an amount on
account of taxes, duties or other governmental charges, the amount distributed
to Holders on the ADSs representing such Deposited Securities shall be reduced
accordingly. Such withheld amounts shall be forwarded by the Company to the
relevant governmental authority.
If
any
distribution upon any Deposited Securities consists of a dividend in, or free
distribution of, Shares, the Company shall or cause such Shares to be deposited
with the Custodian and registered, as the case may be, in the name of the
Depositary, the Custodian or their nominees. Upon receipt of confirmation of
such deposit from the Custodian, the Depositary shall, subject to and in
accordance with the Deposit Agreement, establish the ADS Record Date and either
(i) the Depositary shall, as promptly as practicable, distribute to the Holders
as of the ADS Record Date in proportion to the number of ADSs held as of the
ADS
Record Date, additional ADSs, which represent in aggregate the number of Shares
received as such dividend, or free distribution, subject to the terms of the
Deposit Agreement (including, without limitation, (a) the applicable fees and
charges of, and reasonable expenses incurred by, the Depositary and (b) taxes),
or (ii) if additional ADSs are not so distributed, each ADS issued and
outstanding after the ADS Record Date shall, to the extent permissible by law,
thenceforth also represent rights and interest in the additional integral number
of Shares distributed upon the Deposited Securities represented thereby (net
(a)
of the applicable fees and charges of, and the expenses incurred by, the
Depositary, and (b) taxes). In lieu of delivering fractional ADSs, the
Depositary shall sell the number of Shares or ADSs, as the case may be,
represented by the aggregate of such fractions and distribute the net proceeds
upon the terms set forth in the Deposit Agreement.
11
In
the
event that the Depositary determines that any distribution in property
(including Shares) is subject to any tax or other governmental charges which
the
Depositary is obligated to withhold, or, if the Company, in the fulfillment
of
its obligations under the Deposit Agreement, has furnished an opinion of U.S.
counsel determining that Shares must be registered under the Securities Act
or
other laws in order to be distributed to Holders (and no such registration
statement has been declared effective), the Depositary may dispose of all or
a
portion of such property (including Shares and rights to subscribe therefor)
in
such amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable and the Depositary shall distribute
the net proceeds of any such sale (after deduction of (a) taxes and fees and
(b)
charges of, and reasonable expenses incurred by, the Depositary) to Holders
entitled thereto upon the terms of the Deposit Agreement. The Depositary shall
hold and/or distribute any unsold balance of such property in accordance with
the provisions of the Deposit Agreement.
Upon
timely receipt of a notice indicating that the Company wishes an elective
distribution to be made available to Holders upon the terms described in the
Deposit Agreement, the Company and the Depositary shall determine whether such
distribution is lawful and reasonably practicable. If so, the Depositary shall,
to the extent permitted by law and subject to the terms and conditions of the
Deposit Agreement, distribute either (x) cash as in the case of a cash
distribution or (y) additional ADSs representing such additional Shares as
in
the case of a distribution of Shares. In either case, the Depositary shall,
subject to the terms and conditions of the Deposit Agreement, establish and
ADS
record date according to paragraph (16) and establish procedures to enable
the
Holder hereof to elect to receive the proposed distribution in cash or in
additional ADSs. If a Holder elects to receive the distribution in cash, the
dividend shall be distributed as in the case of a distribution in cash. If
the
Holder hereof elects to receive the distribution in additional ADSs, the
distribution shall be distributed as in the case of a distribution in Shares.
Nothing herein or in the Deposit Agreement shall obligate the Depositary to
make
available to the Holder hereof a method to receive the elective distribution
in
Shares (rather than ADSs). There can be no assurance that the Holder hereof
will
be given the opportunity to receive elective distributions on the same terms
and
conditions as the holders of Shares.
Upon
timely receipt by the Depositary of a notice indicating that the Company wishes
rights to subscribe for additional Shares to be made available to Holders of
ADSs, the Depositary upon consultation with the Company, shall determine,
whether it is lawful and reasonably practicable to make such rights available
to
the Holders. The Depositary shall make such rights available to any Holders
only
if (i) the Company shall have requested that such rights be made available
to
Holders, (ii) the Depositary shall have received the documentation contemplated
in the Deposit Agreement, and (iii) the Depositary shall have determined that
such distribution of rights is reasonably practicable. If such conditions are
not satisfied, the Depositary shall sell the rights as described below. In
the
event all conditions set forth above are satisfied, the Depositary shall
establish an ADS Record Date (upon the terms described in the Deposit Agreement)
and, after consultation with the Company, establish procedures to distribute
rights to purchase additional ADSs (by means of warrants or otherwise) and
to
enable the Holders to exercise the rights (upon payment of the subscription
price and of the applicable (a) fees and charges of, and reasonable expenses
incurred by, the Depositary and (b) taxes). Nothing herein or in the Deposit
Agreement shall obligate the Depositary to make available to the Holders a
method to exercise rights to subscribe for Shares (rather than ADSs). If (i)
the
Company does not request the Depositary to make the rights available to Holders
or if the Company requests that the rights not be made available to Holders,
(ii) the Depositary fails to receive the documentation required by the Deposit
Agreement or reasonably determines it is not practicable to make the rights
available to Holders, or (iii) any rights made available are not exercised
and
appear to be about to lapse, the Depositary shall reasonably determine whether
it is lawful and practicable to sell such rights, in a riskless principal
capacity, at such place and upon such terms (including public and private sale)
as it may reasonably deem practicable. The Depositary shall, upon such sale,
convert and distribute as promptly as practicable the proceeds of such sale
(net
of applicable fees and charges of, and reasonable expenses incurred by, the
Depositary and taxes) upon the terms hereof and of the Deposit Agreement. If
the
Depositary is unable to make any rights available to Holders or to arrange
for
the sale of the rights upon the terms described above, the Depositary shall
allow such rights to lapse. The Depositary shall not be responsible for (i)
any
failure to determine that it may be lawful or feasible to make such rights
available to Holders in general or any Holders in particular, (ii) any foreign
exchange exposure or loss incurred in connection with such sale or exercise,
or
(iii) the content of any materials provided by the Company and forwarded to
the
ADR Holders on behalf of the Company in connection with the rights
distribution.
12
Notwithstanding
anything herein or in the Deposit Agreement to the contrary, if registration
(under the Securities Act or any other applicable law) of the rights or the
securities to which any rights relate may be required in order for the Company
to offer such rights or such securities to Holders and to sell the securities
represented by such rights, the Depositary will not distribute such rights
to
the Holders unless and until a registration statement under the Securities
Act
(or other applicable law) covering such offering is in effect. In the event
that
the Company, the Depositary or the Custodian shall be required to withhold
and
does withhold from any distribution of property (including rights) an amount
on
account of taxes or other governmental charges, the amount distributed to the
Holders of ADSs representing such Deposited Securities shall be reduced
accordingly. In the event that the Depositary determines that any distribution
in property (including Shares and rights to subscribe therefor) is subject
to
any tax or other governmental charges which the Depositary is obligated to
withhold, the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in
such
manner, including by public or private sale, as the Depositary deems necessary
and practicable to pay any such taxes or charges. Because the law of The
Netherlands presently does not contemplate the issuance of rights in negotiable
form and the possibility of such issuance is unlikely, a liquid market for
rights may not exist, and this may adversely affect (1) the ability of the
Depositary to dispose of such rights or (2) the amount the Depositary would
realize upon disposal of rights.
13
There
can
be no assurance that Holders generally, or any Holder in particular, will be
given the opportunity to exercise rights on the same terms and conditions as
the
holders of Shares or to exercise such rights. Nothing herein or in the Deposit
Agreement shall obligate the Company to file any registration statement in
respect of any rights or Shares or other securities to be acquired upon the
exercise of such rights or to endeavor to have any such registration statement
declared effective.
Upon
receipt of a notice indicating that the Company wishes property other than
cash,
Shares or rights to purchase additional Shares, to be made to Holders of ADSs,
the Depositary shall determine whether such distribution to Holders is lawful
and reasonably practicable. The Depositary shall not make such distribution
unless (i) the Company shall have requested the Depositary to make such
distribution to Holders, (ii) the Depositary shall have received the
documentation contemplated in the Deposit Agreement, and (iii) the Depositary
shall have determined that such distribution is reasonably practicable. Upon
satisfaction of such conditions, the Depositary shall, as promptly as
practicable, distribute the property so received to the Holders of record,
as of
the ADS Record Date, in proportion to the number of ADSs held by them
respectively and in such manner as the Depositary may reasonably deem
practicable for accomplishing such distribution (i) upon receipt of payment
or
net of the applicable fees and charges of, and reasonable expenses incurred
by,
the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose
of all or a portion of the property so distributed and deposited, in such
amounts and in such manner (including public or private sale) as the Depositary
may reasonably deem practicable or necessary to satisfy any taxes (including
applicable interest and penalties) or other governmental charges applicable
to
the distribution.
If
the
conditions above are not satisfied, the Depositary shall sell or cause such
property to be sold in a public or private sale, at such place or places and
upon such terms as it may reasonably deem practicable and shall (i) cause the
proceeds of such sale, if any, to be converted into Dollars and (ii) distribute,
as promptly as practicable, the proceeds of such conversion received by the
Depositary (net of (a) applicable fees and charges of, and reasonable expenses
incurred by, the Depositary and (b) taxes) to the Holders upon the terms hereof
and of the Deposit Agreement. If the Depositary is unable to sell such property,
the Depositary may dispose of such property in any way it deems reasonably
practicable under the circumstances.
(15)
Redemption.
Upon
timely receipt of notice from the Company that it intends to exercise its right
of redemption in respect of any of the Deposited Securities, and a satisfactory
opinion of counsel, and upon its reasonable determination that such proposed
redemption is practicable, the Depositary shall mail by first class airmail
postage prepaid to each Holder a notice setting forth the Company's intention
to
exercise the redemption rights and any other particulars set forth in the
Company's notice to the Depositary. Upon receipt of confirmation that the
redemption has taken place and that funds representing the redemption price
have
been received, the Depositary shall, as promptly as practicable, convert,
transfer, distribute the proceeds (net of applicable (a) fees and charges of,
and reasonable expenses incurred by, the Depositary, and (b) taxes), retire
ADSs
and cancel ADRs upon delivery of such ADSs by Holders thereof upon the terms
of
the Deposit Agreement. If less than all outstanding Deposited Securities are
redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis,
as may be reasonably determined by the Depositary. The redemption price per
ADS
shall be the dollar equivalent of per share amount received by the Depositary
upon the redemption of the Deposited Securities represented by American
Depositary Shares (subject to the terms of the Deposit Agreement and the
applicable fees and charges of, and expenses incurred by, the Depositary, and
taxes) multiplied by the number of Units or Deposited Securities represented
by
each ADS redeemed.
14
(16)
Fixing
of ADS Record Date.
Whenever the Depositary shall receive notice of the fixing of a record date
by
the Company for the determination of holders of Deposited Securities entitled
to
receive any distribution (whether in cash, Shares, rights or other
distribution), or whenever for any reason the Depositary causes a change in
the
number of Shares that are represented by each ADS, or whenever the Depositary
shall receive notice of any meeting of, or solicitation of consents or proxies
of, holders of Shares or other Deposited Securities, or whenever the Depositary
shall find it necessary or convenient in connection with the giving of any
notice, or any other matter, the Depositary shall fix a record date ("ADS Record
Date") for the determination of the Holders of Receipts who shall be entitled
to
receive such distribution, to give instructions for the exercise of voting
rights at any such meeting, or to give or withhold such consent, or to receive
such notice or solicitation or to otherwise take action, or to exercise the
rights of Holders with respect to such changed number of Shares represented
by
each ADS. Subject to applicable law and the terms and conditions of this Receipt
and the Deposit Agreement, only the Holders of Receipts at the close of business
in New York on such ADS Record Date shall be entitled to receive such
distributions, to give such instructions, to receive such notice or
solicitation, or otherwise take action.
(17)
Voting
of Deposited Securities.
As soon
as practicable after receipt of notice of any meeting at which the holders
of
Shares are entitled to vote, or of solicitation of consents or proxies from
holders of Shares or other Deposited Securities, the Depositary shall fix the
ADS Record Date in respect of such meeting or solicitation of consent or proxy.
The Depositary shall if requested by the Company in writing in a timely manner
(the Depositary having no obligation to take any further action if the request
shall not have been received by the Depositary at least 30 days prior to the
date of such vote or meeting), at the Company's expense and provided no U.S.
legal prohibitions exist, mail to Holders: (a) such notice of meeting or
solicitation of consent or proxy, (b) a statement that the Holders at the close
of business on the ADS Record Date will be entitled, subject to any applicable
law, the provisions of this Deposit Agreement, the Articles of Association
of
the Company and the provisions of or governing the Deposited Securities (which
provisions, if any, shall be summarized in pertinent part and provided to the
Depositary in English by the Company), to instruct the Depositary as to the
exercise of the voting rights, if any, pertaining to the Shares or other
Deposited Securities represented by such Holder's ADSs, and (c) a brief
statement as to the manner in which such instructions may be given. Voting
instructions may be given, only in respect of a number of ADSs representing
an
integral number of Shares or other Deposited Securities. Upon the timely receipt
from a Holder of ADSs as of the ADS Record Date of voting instructions in the
manner specified by the Depositary, the Depositary shall endeavor, insofar
as
practicable and permitted under applicable law, the provisions of this Deposit
Agreement, the Articles of Association of the Company and the provisions of
or
governing the Deposited Securities to vote or cause the Custodian to vote the
Shares and/or other Deposited Securities (in person or by proxy) represented
by
such Holder's ADSs in accordance with such instructions. Shares or other
Deposited Securities for which no specific voting instructions are received
by
the Depositary from the Holder shall not be voted.
15
Neither
the Depositary nor the Custodian shall, under any circumstances exercise any
discretion as to voting and neither the Depositary nor the Custodian shall
vote,
attempt to exercise the right to vote, or in any way make use of for purposes
of
establishing a quorum or otherwise, the Shares or other Deposited Securities
represented by ADSs except pursuant to and in accordance with such written
instructions or deemed instructions from Holders. If voting instructions are
received by the Depositary from any Holder on or before the date established
by
the Depositary for the receipt of such instructions, which are signed but
without further indication as to specific instructions, the Depositary will
deem
such Holder to have instructed the Depositary to vote in favor of the items
set
forth in such instructions. Shares or other Deposited Securities for which
no
specific voting instructions are received by the Depositary from the Holder
shall not be voted.
The
Depositary shall use its best efforts, if requested in writing by the Company
prior to the mailing to Holders of such meeting materials, to deliver, at least
two business days prior to the date of such meeting, to the Company, to the
attention of its Secretary, copies of all instructions received from Holders
in
accordance with which the Depositary will vote, or cause to be voted, the
Deposited Securities represented by the ADSs evidenced by such Receipts at
such
meeting. Delivery of instructions will be made at the expense of the Company
(unless otherwise agreed in writing by the Company and the
Depositary).
Notwithstanding
anything else contained in this Deposit Agreement, the Depositary shall not
have
any obligation to take any action with respect to any meeting, or solicitation
of consents or proxies, of holders of Shares or other Deposited Securities
if
the taking of such action would violate U.S. laws. The Company agrees to take
any and all actions reasonably necessary to enable Holders and Beneficial Owners
to exercise the voting rights accruing to the Shares or other Deposited
Securities and to deliver to the Depositary an opinion of the Company's U.S.
counsel addressing any actions requested to be taken if requested by the
Depositary.
There
can
be no assurance that Holders generally or any Holder in particular will receive
the notice described above with sufficient time to enable the Holder to return
voting instructions to the Depositary in a timely manner.
16
(18)
Changes
Affecting Deposited Securities.
Upon
any change in nominal or par value, split-up, cancellation, consolidation or
any
other reclassification of Deposited Securities, or upon any recapitalization,
reorganization, merger or consolidation or sale of assets affecting the Company
or to which it is a party, any securities which shall be received by the
Depositary or the Custodian in exchange for, or in conversion of or replacement
of or otherwise in respect of, such Deposited Securities shall, to the extent
permitted by law, be treated as new Deposited Securities under the Deposit
Agreement, and the Receipts shall, subject to the provisions of the Deposit
Agreement and applicable law, evidence ADSs representing the right to receive
such additional securities. The Depositary may, with the Company's approval,
and
shall, if the Company shall so request, subject to the terms of the Deposit
Agreement and receipt of satisfactory documentation contemplated by the Deposit
Agreement, execute and deliver additional Receipts as in the case of a stock
dividend on the Shares, or call for the surrender of outstanding Receipts to
be
exchanged for new Receipts, in either case, as well as in the event of newly
deposited Shares, with necessary modifications to the form of Receipt contained
in this Exhibit A to the Deposit Agreement, specifically describing such new
Deposited Securities or corporate change. Notwithstanding the foregoing, in
the
event that any security so received may not be lawfully distributed to some
or
all Holders, the Depositary may, with the Company's approval, and shall if
the
Company requests, subject to receipt of satisfactory legal documentation
contemplated in the Deposit Agreement, sell such securities at public or private
sale, at such place or places and upon such terms as it may reasonably deem
proper and may allocate the net proceeds of such sales (net of (a) fees and
charges of, and reasonable expenses incurred by, the Depositary and (b) taxes)
for the account of the Holders otherwise entitled to such securities and
distribute the net proceeds so allocated as promptly as practicable as in the
case of a distribution received in cash pursuant to the Deposit Agreement.
The
Depositary shall not have any obligation to make the determination of the
lawfulness or feasibility of making such distinction available to Holders in
general or to any Holder in particular, nor shall the Depositary have any
responsibility for any such determination made by any third party. The
Depositary shall not be responsible for (i) any foreign exchange exposure or
loss incurred in connection with such sale, or (ii) any liability to the
purchaser of such securities.
(19)
Exoneration.
Neither
the Depositary nor the Company nor any of their respective officers, directors,
employees, agents or affiliates shall be obligated to do or perform any act
which is inconsistent with the provisions of the Deposit Agreement or incur
any
liability (i) if the Depositary or the Company shall be prevented or forbidden
from, or subjected to any civil or criminal penalty or restraint on account
of,
or delayed in, doing or performing any act or thing required by the terms of
the
Deposit Agreement and this Receipt, by reason of any provision of any present
or
future law or regulation of the United States, The Netherlands or any other
country, or of any other governmental authority or regulatory authority or
stock
exchange, or by reason of any provision, present or future of the Articles
of
Association of the Company or any provision of or governing any Deposited
Securities, or by reason of any act of God or war or other circumstances beyond
its control (including, without limitation, nationalization, expropriation,
currency restrictions, work stoppage, strikes, civil unrest, revolutions,
rebellions, explosions and computer failure), (ii) by reason of any exercise
of,
or failure to exercise, any discretion provided for in this Deposit Agreement
or
in the Articles of Association of the Company or provisions of or governing
Deposited Securities, (iii) for any action or inaction in reliance upon the
advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Holder, any Beneficial Owner or authorized
representative thereof, or any other person believed by it in good faith to
be
competent to give such advice or information, (iv) for any inability by a Holder
or Beneficial Owner to benefit from any distribution, offering, right or other
benefit which is made available to holders of Deposited Securities but is not,
under the terms of this Deposit Agreement, made available to Holders of ADS
or
(v) for any consequential or punitive damages for any breach of the terms of
this Deposit Agreement. The Depositary, its controlling persons, its agents,
any
Custodian and the Company, its controlling persons and its agents may rely
and
shall be protected in acting upon any written notice, request or other document
believed by it to be genuine and to have been signed or presented by the proper
party or parties. No disclaimer of liability under the Securities Act is
intended by any provision of the Deposit Agreement or this
Receipt.
17
(20)
Standard
of Care.
The
Company and its agents assume no obligation and shall not be subject to any
liability under this Deposit Agreement or the Receipts to Holders or Beneficial
Owners or other persons, except that the Company and its agents agree to perform
their obligations specifically set forth in this Deposit Agreement without
negligence or bad faith. The Depositary and its agents assume no obligation
and
shall not be subject to any liability under this Deposit Agreement or the
Receipts to Holders or Beneficial Owners or other persons, except that the
Depositary and its agents agree to perform their obligations specifically set
forth in this Deposit Agreement without negligence or bad faith. The Depositary
and its agents shall not be liable for any failure to carry out any instructions
to vote any of the Deposited Securities, or for the manner in which any vote
is
cast or the effect of any vote, provided that any such action or omission is
in
good faith and in accordance with the terms of this Deposit Agreement. The
Depositary shall not incur any liability for any failure to determine that
any
distribution or action may be lawful or reasonably practicable, for the content
of any information submitted to it by the Company for distribution to the
Holders or for any inaccuracy of any translation thereof, for any investment
risk associated with acquiring an interest in the Deposited Securities, for
the
validity or worth of the Deposited Securities or for any tax consequences that
may result from the ownership of ADSs, Shares or Deposited Securities, for
the
credit-worthiness of any third party, for allowing any rights to lapse upon
the
terms of this Deposit Agreement or for the failure or timeliness of any notice
from the Company.
(21)
Resignation
and Removal of the Depositary; Appointment of Successor
Depositary.
The
Depositary may at any time resign as Depositary under the
Deposit Agreement by written notice of resignation delivered to the
Company, such
resignation to be effective on the earlier of (i) the 60th day after delivery
thereof to the Company, or (ii) upon the appointment of a successor depositary
and its acceptance of such appointment as provided in the Deposit Agreement.
The
Depositary may at any time be removed by the Company by written notice of such
removal which notice shall be effective on the earlier of (i) the 60th day
after
delivery thereof to the Depositary, or (ii) upon the appointment of a successor
depositary and its acceptance of such appointment as provided in the Deposit
Agreement. In case at any time the Depositary acting hereunder shall resign
or
be removed, the Company shall use its best efforts to appoint a successor
depositary which shall be a bank or trust company having an office in the
Borough of Manhattan, the City of New York. Every successor depositary shall
execute and deliver to its predecessor and to the Company an instrument in
writing accepting its appointment hereunder, and thereupon such successor
depositary, without any further act or deed, shall become fully vested with
all
the rights, powers, duties and obligations of its predecessor. The predecessor
depositary, upon payment of all sums due it and on the written request of the
Company, shall (i) execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor hereunder (other than as
contemplated in the Deposit Agreement), (ii) duly assign, transfer and deliver
all right, title and interest to the Deposited Securities to such successor,
and
(iii) deliver to such successor a list of the Holders of all outstanding
Receipts and such other information relating to Receipts and Holders thereof
as
the successor may reasonably request. Any such successor depositary shall
promptly mail notice of its appointment to such Holders. Any corporation into
or
with which the Depositary may be merged or consolidated shall be the successor
of the Depositary without the execution or filing of any document or any further
act.
18
(22)
Amendment/Supplement.
This
Receipt and any provisions of the Deposit Agreement may at any time and from
time to time be amended or supplemented by written agreement between the Company
and the Depositary in any respect which they may deem necessary or desirable
without the prior written consent of the Holders or Beneficial Owners. Any
amendment or supplement which shall impose or increase any fees or charges
(other than the charges in connection with foreign exchange control regulations,
and taxes and other governmental charges, delivery and other such expenses),
or
which shall otherwise prejudice any substantial existing right of Holders or
Beneficial Owners, shall not, however, become effective as to outstanding
Receipts until the expiration of 30 days after notice of such amendment or
supplement shall have been given to the Holders of outstanding Receipts. The
parties hereto agree that any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the
ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs
to be
traded solely in electronic book-entry form and (ii) do not in either such
case
impose or increase any fees or charges to be borne by Holders, shall be deemed
not to materially prejudice any substantial rights of Holders or Beneficial
Owners. Every Holder and Beneficial Owner at the time any amendment or
supplement so becomes effective shall be deemed, by continuing to hold such
ADS(s), to consent and agree to such amendment or supplement and to be bound
by
the Deposit Agreement as amended or supplemented thereby. In no event shall
any
amendment or supplement impair the right of the Holder to surrender such Receipt
and receive therefor the Deposited Securities represented thereby, except in
order to comply with mandatory provisions of applicable law. Notwithstanding
the
foregoing, if any governmental body should adopt new laws, rules or regulations
which would require amendment or supplement of the Deposit Agreement to ensure
compliance therewith, the Company and the Depositary may amend or supplement
the
Deposit Agreement and this Receipt at any time in accordance with such changed
laws, rules or regulations. Such amendment or supplement to the Deposit
Agreement in such circumstances may become effective before a notice of such
amendment or supplement is given to Holders or within any other period of time
as required for compliance with such laws, or rules or
regulations.
19
(23)
Termination.
The
Depositary shall, at any time at the written direction of the Company, terminate
the Deposit Agreement by mailing notice of such termination to the Holders
of
all Receipts then outstanding at least 30 days prior to the date fixed in such
notice for such termination. If 90 days shall have expired after (i) the
Depositary shall have delivered to the Company a written notice of its election
to resign, or (ii) the Company shall have delivered to the Depositary a written
notice of the removal of the Depositary, and in either case a successor
depositary shall not have been appointed and accepted its appointment as
provided in herein and in the Deposit Agreement, the Depositary may terminate
the Deposit Agreement by mailing notice of such termination to the Holders
of
all Receipts then outstanding at least 30 days prior to the date fixed for
such
termination. On and after the date of termination of the Deposit Agreement,
the
Holder will, upon surrender of such Holders' Receipt(s) at the Principal Office
of the Depositary, upon the payment of the charges of the Depositary for the
surrender of ADSs referred to in Article (2) hereof and in the Deposit Agreement
and subject to the conditions and restrictions therein set forth, and upon
payment of any applicable taxes or governmental charges, be entitled to
delivery, to him or upon his order, of the amount of Deposited Securities
represented by such Receipt. If any Receipts shall remain outstanding after
the
date of termination of the Deposit Agreement, the Registrar thereafter shall
discontinue the registration of transfers of Receipts, and the Depositary shall
suspend the distribution of dividends to the Holders thereof, and shall not
give
any further notices or perform any further acts under the Deposit Agreement,
except that the Depositary shall continue to collect dividends and other
distributions pertaining to Deposited Securities, shall sell rights as provided
in the Deposit Agreement, and shall continue to deliver Deposited Securities,
subject to the conditions and restrictions set forth in the Deposit Agreement,
together with any dividends or other distributions received with respect thereto
and the net proceeds of the sale of any rights or other property, in exchange
for Receipts surrendered to the Depositary (after deducting, or charging, as
the
case may be, in each case the charges of the Depositary for the surrender of
a
Receipt, any expenses for the account of the Holder in accordance with the
terms
and conditions of the Deposit Agreement and any applicable taxes or governmental
charges or assessments). At any time after the expiration of six months from
the
date of termination of the Deposit Agreement, the Depositary may sell the
Deposited Securities then held hereunder and may thereafter hold uninvested
the
net proceeds of any such sale, together with any other cash then held by it
hereunder, in an unsegregated account, without liability for interest for the
pro rata benefit of the Holders whose Receipts have not theretofore been
surrendered. After making such sale, the Depositary shall be discharged from
all
obligations under the Deposit Agreement with respect to the Receipts and the
Shares, the Deposited Securities and the ADSs, except to account for such net
proceeds and other cash (after deducting, or charging, as the case may be,
in
each case the charges of the Depositary for the surrender of a Receipt, any
expenses for the account of the Holder in accordance with the terms and
conditions of the Deposit Agreement and any applicable taxes or governmental
charges or assessments). Upon the termination of the Deposit Agreement, the
Company shall be discharged from all obligations under the Deposit Agreement
except as set forth in the Deposit Agreement.
20
(24)
Compliance
with U.S. Securities Laws.
Notwithstanding any provisions in this Receipt or the Deposit Agreement to
the
contrary, the withdrawal or delivery of Deposited Securities will not be
suspended by the Company or the Depositary except as would be permitted by
Section I.A.(1) of the General Instructions to the Form F-6 Registration
Statement, as amended from time to time, under the Securities Act of
1933.
(25)
Certain Rights of the Depositary; Limitations.
Subject
to the further terms and provisions of this Article (25), the Depositary, its
Affiliates and their agents, on their own behalf, may own and deal in any class
of securities of the Company and its Affiliates and in ADSs. The Depositary
may
issue ADSs against evidence of rights to receive Shares from the Company, any
agent of the Company or any custodian, registrar, transfer agent, clearing
agency or other entity involved in ownership or transaction records in respect
of the Shares. Such evidence of rights shall consist of written blanket or
specific guarantees of ownership of Shares. In its capacity as Depositary,
the
Depositary shall not lend Shares or ADSs; provided, however, that the Depositary
may (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 of
the
Deposit Agreement and (ii) deliver Shares prior to the receipt of ADSs for
withdrawal of Deposited Securities pursuant to Section 2.7 of the Deposit
Agreement, including ADSs which were issued under (i) above but for which Shares
may not have been received (each such transaction a "Pre-Release Transaction").
The Depositary may receive ADSs in lieu of Shares under (i) above and receive
Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction
will
be (a) accompanied by or subject to a written agreement whereby the person
or
entity (the "Applicant") to whom ADSs or Shares are to be delivered (w)
represents that at the time of the Pre-Release Transaction the Applicant or
its
customer owns the Shares or ADSs that are to be delivered by the Applicant
under
such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner
of
such Shares or ADSs in its records and to hold such Shares or ADSs in trust
for
the Depositary until such Shares or ADSs are delivered to the Depositary or
the
Custodian, (y) unconditionally guarantees to deliver to the Depositary or the
Custodian, as applicable, such Shares or ADSs and (z) agrees to any additional
restrictions or requirements that the Depositary deems appropriate, (b) at
all
times fully collateralized with cash, U.S. government securities or such other
collateral as the Depositary deems appropriate, in light of the security and
liquidity of the collateral, (c) terminable by the Depositary on not more than
five (5) business days notice and (d) subject to such further indemnities and
credit regulations as the Depositary deems appropriate. The Depositary will
normally limit the number of ADSs and Shares involved in such Pre-Release
Transactions at any one time to thirty percent (30%) of the ADSs outstanding
(without giving effect to ADSs outstanding under (i) above), provided, however,
that the Depositary reserves the right to change or disregard such limit from
time to time as it deems appropriate. The Depositary may also set limits with
respect to the number of ADSs and Shares involved in Pre-Release Transactions
with any one person on a case by case basis as it deems reasonably appropriate.
The Depositary may retain for its own account any compensation received by
it in
conjunction with the foregoing. Collateral provided pursuant to (b) above,
but
not earnings thereon, shall be held for the benefit of the Holders (other than
the Applicant) as security for the performance of the Applicant's obligations
for the Depositary in connection with a Pre-Release Transaction, including
the
Applicant's obligation to deliver Shares or ADSs upon termination of a
Pre-Release Transaction (and shall not, for the avoidance of doubt, constitute
Deposited Securities under the Deposit Agreement).
21
(ASSIGNMENT
AND TRANSFER SIGNATURE LINES)
FOR
VALUE
RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s)
unto
______________________________ whose taxpayer identification number is
_______________________ and whose address including postal zip code is
________________, the within Receipt and all rights thereunder, hereby
irrevocably constituting and appointing ________________________
attorney-in-fact to transfer said Receipt on the books of the Depositary with
full power of substitution in the premises.
Dated:
Name:
__________________________
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By:
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Title:
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NOTICE:
The signature of the Holder to this assignment must correspond with
the
name as written upon the face of the within instrument in every
particular, without alteration or enlargement or any change
whatsoever.
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If
the endorsement be executed by an attorney, executor, administrator,
trustee or guardian, the person executing the endorsement must give
his/her full title in such capacity and proper evidence of authority
to
act in such capacity, if not on file with the Depositary, must be
forwarded with this Receipt.
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All
endorsements or assignments of Receipts must be guaranteed by a member
of
a Medallion Signature Program approved by the Securities Transfer
Association, Inc.
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22