DEPOSIT AGREEMENTDeposit Agreement • June 2nd, 2010 • Deutsche Bank Trust Co Americas/ ADR Group • New York
DEPOSIT AGREEMENT, dated as of , 2010, by and among (i) IPSEN SA, a société anonyme organized under the laws of France, and its successors (the "Company"), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary, and any successor depositary hereunder (the "Depositary"), and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined).
