<SEC-DOCUMENT>0001193805-21-000944.txt : 20210629
<SEC-HEADER>0001193805-21-000944.hdr.sgml : 20210629
<ACCEPTANCE-DATETIME>20210629060204
ACCESSION NUMBER:		0001193805-21-000944
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210629
DATE AS OF CHANGE:		20210629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Huazhu Group Ltd
		CENTRAL INDEX KEY:			0001483994
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-225171
		FILM NUMBER:		211055441

	BUSINESS ADDRESS:	
		STREET 1:		NO. 699 WUZHONG ROAD
		STREET 2:		MINHANG DISTRICT
		CITY:			SHANGHAI 201103
		STATE:			F4
		ZIP:			-
		BUSINESS PHONE:		(86) 21 6195-2011

	MAIL ADDRESS:	
		STREET 1:		NO. 699 WUZHONG ROAD
		STREET 2:		MINHANG DISTRICT
		CITY:			SHANGHAI 201103
		STATE:			F4
		ZIP:			-

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	China Lodging Group, Ltd
		DATE OF NAME CHANGE:	20100212
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>e620757_424b3-huazhu.htm
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"> <B>Filed pursuant to Rule 424(b)(3)</B> </P>

<P STYLE="margin: 0pt; text-align: right"> <B>Registration Statement on Form F-6</B> </P>

<P STYLE="margin: 0pt; text-align: right"> <B>Registration No. 333-225171</B> </P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">EXHIBIT A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[FORM OF ADR]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%">Number:</TD>
  <TD STYLE="width: 40%">CUSIP Number:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD> American Depositary Shares (each American Depositary Share representing the right to receive ten (10) ordinary shares of Huazhu
  Group Limited) </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY RECEIPT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">representing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEPOSITED ORDINARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">HUAZHU GROUP LIMITED&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Incorporated under the laws of the Cayman Islands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> CITIBANK, N.A., a national
banking association organized and existing under the laws of the United States of America, as depositary (the &ldquo;Depositary&rdquo;),
hereby certifies that _____________is the owner of ______________ American Depositary Shares (hereinafter &ldquo;ADS&rdquo;), representing
deposited ordinary shares, including evidence of rights to receive such ordinary shares (the &ldquo;Shares&rdquo;), of Huazhu Group Limited,
a company incorporated under the laws of the Cayman Islands and previously known as &ldquo;China Lodging Group, Limited&rdquo; (the &ldquo;Company&rdquo;).
As of the date of the Deposit Agreement (as hereinafter defined), each ADS represents the right to receive ten (10) Shares deposited
under the Deposit Agreement with the Custodian, which at the date of execution of the Deposit Agreement is Citibank, N.A. &ndash; Hong
Kong (the &ldquo;Custodian&rdquo;). The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit
Agreement. The Depositary&rsquo;s Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(1)&#9;<U>The Deposit Agreement</U>.</B>
This American Depositary Receipt is one of an issue of American Depositary Receipts (herein called the &ldquo;ADRs&rdquo;), all issued
and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of March 25, 2010, as amended by Amendment
No. 1 to Deposit Agreement, dated as of May 12, 2021 (as so amended and as further amended and supplemented from time to time, the &ldquo;Deposit
Agreement&rdquo;), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder.
The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of ADSs 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 &ldquo;Deposited Securities&rdquo;).
Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and with the Custodian. Each Holder and each Beneficial
Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement,
shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint
the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in
the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such
action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and
the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The statements made on the
face and reverse of this ADR 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. The Depositary may issue Uncertificated ADSs subject, however, to the terms and conditions
of Section 2.13 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(2)&#9;<U>Withdrawal of
Deposited Securities</U>.</B> The Holder of this ADR (and of the ADSs evidenced hereby) shall be entitled to Delivery (at the Custodian&rsquo;s
designated office) of the Deposited Securities at the time represented by the ADSs 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 ADR) for the purpose of withdrawal of the Deposited Securities represented thereby,
(ii) if applicable and so required by the Depositary, this ADR Delivered to the Depositary for such purpose 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 expenses incurred by, the Depositary and all applicable taxes
and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid,&nbsp;<I>subject,
however, in each case</I>, to the terms and conditions of this ADR evidencing the surrendered ADSs, of the Deposit Agreement, of the Company&rsquo;s
Articles of Association, of any applicable laws and the rules of the applicable book-entry settlement entity, and to any provisions of
or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon satisfaction of each
of the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the ADRs evidencing the
ADSs so Delivered), (ii)&nbsp;shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for
such purpose, and (iii)&nbsp;shall direct the Custodian to Deliver, or cause the Delivery of, in each case, without unreasonable delay,
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,&nbsp;<I>subject however, in each case</I>, to the terms and conditions
of the Deposit Agreement, of this ADR evidencing the ADS so cancelled, of the Articles of Association of the Company, of any applicable
laws and of the rules of the applicable book-entry settlement entity, and to the terms and conditions of or governing the Deposited Securities,
in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary shall not accept
for surrender ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number 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)&nbsp;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 ADSs so surrendered
in a riskless capacity, in a public sale or if no public sale market is available, in a private sale, and remit the proceeds of such sale
(net of (a)&nbsp;applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the person surrendering
the ADSs. Notwithstanding anything else contained in this ADR or the Deposit Agreement, the Depositary may make delivery at the Principal
Office of the Depositary of (i)&nbsp;any cash dividends or cash distributions, or (ii)&nbsp;any proceeds from the sale of any distributions
of shares or rights, which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered
for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(3)&#9;<U>Transfer, Combination
and Split-Up of ADRs</U>.</B> The Registrar shall register the transfer of this ADR (and of the ADSs represented hereby) on the books
maintained for such purpose and the Depositary shall (x)&nbsp;cancel this ADR and execute new ADRs evidencing the same aggregate number
of ADSs as those evidenced by this ADR when canceled by the Depositary, (y)&nbsp;cause the Registrar to countersign such new ADRs, and
(z)&nbsp;Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following conditions has been satisfied:
(i)&nbsp;this ADR 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)&nbsp;this surrendered ADR has been properly endorsed or is accompanied by
proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice), (iii) this surrendered
ADR has been duly stamped (if required by the laws of the State of New York or of the United States), and (iv)&nbsp;all applicable fees
and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section
5.9 of, and&nbsp;<U>Exhibit B</U>&nbsp;to, the Deposit Agreement) have been paid,&nbsp;<I>subject, however, in each case,</I>&nbsp;to
the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrar shall register
the split-up or combination of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary
shall (x)&nbsp;cancel this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of
ADSs evidenced by this ADR canceled by the Depositary, (y)&nbsp;cause the Registrar to countersign such new ADRs, and (z)&nbsp;Deliver
such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i)&nbsp;this ADR 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)&nbsp;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 of, and&nbsp;<U>Exhibit B</U>&nbsp;to, the Deposit Agreement)
have been paid,&nbsp;<I>subject, however, in each case</I>, to the terms and conditions of this ADR, of the Deposit Agreement and of applicable
law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary may appoint
one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of ADRs at designated transfer offices
on behalf of the Depositary and the Depositary shall notify the Company in writing upon such appointment. In carrying out its functions,
a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons
entitled to such ADRs and will be entitled to protection and indemnity to the same extent as the Depositary. Such co-transfer agents may
be removed and substitutes appointed by the Depositary and the Depositary shall notify the Company at any such removal or substitution.
Each co-transfer agent appointed under Section 2.6 of the Deposit Agreement (other than the Depositary) shall give notice in writing to
the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(4)&#9; <U>Pre-Conditions
to Registration, Transfer, Etc</U>.</B> As a condition precedent to the execution and delivery, registration of issuance, transfer, split-up,
combination or surrender, of any ADS, the delivery of any distribution thereon, or the 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 an ADR 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 Section 5.9 and&nbsp;<U>Exhibit B</U>&nbsp;to the Deposit Agreement and in this ADR, (ii) the production of proof satisfactory
to it as to the identity and genuineness of any signature or any other matters contemplated in Section 3.1 of the Deposit Agreement, and
(iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of ADRs or ADSs or to the withdrawal
of Deposited Securities and (B) such reasonable regulations as the Depositary and the Company may establish consistent with the provisions
of this ADR, if applicable, the Deposit Agreement and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The issuance of ADSs against
deposits of Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused,
or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally may
be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed
or if any such action is deemed necessary or advisable by the Depositary (whereupon the Depositary shall notify the Company) or the Company,
in good faith, at any time or from time to time because of any requirement of law or regulation, any government or governmental body or
commission or any securities exchange on which the Shares or ADSs are listed, or under any provision of the Deposit Agreement or this
ADR, if applicable, 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 paragraph (24) and Section 7.8 of the Deposit Agreement. Notwithstanding any
provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited
Securities associated therewith at any time subject only to (i)&nbsp;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&rsquo; 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
ADSs or the withdrawal of the Deposited Securities, and (iv)&nbsp;other circumstances specifically contemplated by Instruction I.A.(l)
of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(5)&#9;<U>Compliance
With Information Requests</U>.</B> Notwithstanding any other provision of the Deposit Agreement or this ADR, each Holder and Beneficial
Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements
of the Nasdaq Global Market, and 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,&nbsp;<I>inter alia</I>, 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 person(s) 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. The Depositary agrees to use its reasonable efforts to forward, upon the request of the Company and at the Company&rsquo;s expense,
any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(6)&#9; <U>Ownership Restrictions</U>.</B>
Notwithstanding any provision of this ADR or of the Deposit Agreement, the Company may restrict transfers of the Shares where such transfer
might result in ownership of Shares exceeding limits imposed by applicable law or the Articles of Association of the Company. The Company
may also restrict, in such manner as it deems appropriate, transfers of the 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 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. Nothing herein or in the Deposit Agreement
shall be interpreted as obligating the Depositary or the Company to ensure compliance with the ownership restrictions described herein
or in Section 3.5 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Applicable laws and regulations
may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements
and obtain regulatory approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining
and complying with such reporting requirements, and for obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees
to make such determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws and
regulations as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates
shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements
or obtain such regulatory approvals under applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(7)&#9;<U>Liability of
Holder for Taxes and Other Charges</U>.</B> Any tax or other governmental charge payable by the Custodian or by the Depositary with respect
to any ADR or any Deposited Securities or ADSs 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 Deposited Securities and may sell in a riskless
principal capacity in a public sale or if no public market is available, in a private sale, for the account of a Holder and/or Beneficial
Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of any taxes (including applicable
interest and penalties) or charges that are payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Securities and ADRs,
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 ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and
(subject to paragraph (24) hereof and Section 7.8 of the Deposit Agreement) 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 respective agents, officers, directors, employees and Affiliates for, and hold each of them 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(8)&#9;<U>Representations
and Warranties of Depositors</U>.</B> 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)&nbsp;all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or
exercised, (iii)&nbsp;the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear
of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and (v) the Shares presented for deposit are not, and
the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in Section 2.14 of the Deposit Agreement),
and (vi)&nbsp;the Shares 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 the 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(9)&#9;<U>Proofs, Certificates
and Other Information</U>.</B> Any person presenting Shares for deposit, 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, the terms of the Deposit Agreement or the ADR(s) evidencing the ADSs
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 and documentation (or, in the case of Shares in registered form presented for deposit, such information
relating to the registration on the books of the Company or 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 and the applicable ADR(s). The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration
of transfer of any ADR or ADS or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof or, to
the extent not limited by paragraph (24) and Section 7.8 of the Deposit Agreement, the delivery of any Deposited Securities until such
proof or other information is filed or such certifications are executed, or such representations are made or such other information or
documentation are provided, in each case to the Depositary&rsquo;s, the Registrar&rsquo;s and the Company&rsquo;s satisfaction. The Depositary
shall provide the Company, in a timely manner, with copies or originals if necessary and appropriate of (i) any such proofs of citizenship
or residence, taxpayer status, or exchange control approval or copies of written representations and warranties which it receives from
Holders and Beneficial Owners, and (ii) any other information or documents which the Company may reasonably request and which the Depositary
shall request and receive from any Holder or Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer
or withdrawal. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders
or Beneficial Owners, or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(10)&#9;<U>Charges of Depositary</U>.</B>
The Depositary shall charge the following fees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(i)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><U>Issuance Fee</U>: to any person depositing Shares or to whom ADSs are issued upon the deposit of Shares, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit Agreement (excluding issuances as a result of distributions described in paragraph (iv) below);</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(ii)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><U>Cancellation Fee</U>: 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 fraction thereof) surrendered;&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(iii)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><U>Cash Distribution Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the distribution of cash dividends or other cash distributions (<I>i.e.</I>, sale of rights and other entitlements); and</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(iv)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><U>Stock Distribution/Rights Exercise Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for (i) stock dividends or other free stock distributions or (ii)&nbsp;exercise of rights to purchase additional ADSs;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(v)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><U>Other Distribution Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the distribution of securities other than ADSs or rights to purchase additional ADSs; and</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(vi)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><U>Depositary Services Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders, Beneficial Owners,
persons depositing Shares and persons surrendering ADSs for cancellation and for the purpose of withdrawing Deposited Securities shall
be responsible for the following charges:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(i)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left">taxes (including applicable interest and penalties) and other governmental charges;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(ii)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">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;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(iii)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">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;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(iv)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(v)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">such fees and 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</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><B>(vi)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the delivery or servicing of Deposited Securities.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Holders,
the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall
be required to pay to the Depositary the Depositary&rsquo;s fees and all related charges identified as payable by them respectively in
the Fee Schedule attached as&nbsp;<U>Exhibit B</U>&nbsp;to the Deposit Agreement. 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 paragraph (22) of this ADR and as contemplated in Section 6.1 of the Deposit Agreement. The
Depositary will provide, without charge, a copy of its latest fee schedule to anyone upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Depositary Fees payable upon
(i) deposit of Shares against issuance of ADSs and (ii)&nbsp;surrender of ADSs for cancellation and withdrawal of Deposited Securities
will be charged by the Depositary to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the person
who delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations). In the case of ADSs issued by the Depositary
into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees will be payable to the Depositary by the DTC Participant(s)
receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary for cancellation, as the case
may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial
Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in effect at the time. Depositary fees in respect
of distributions and the Depositary services fee are payable to the Depositary by Holders as of the applicable ADS Record Date established
by the Depositary. In the case of distributions of cash, the amount of the applicable Depositary fees is deducted by the Depositary from
the funds being distributed. In the case of distributions other than cash and the Depositary service fee, the Depositary will invoice
the applicable Holders as of the ADS Record Date established by the Depositary. For ADSs held through DTC, the Depositary fees for distributions
other than cash and the Depositary service fee are charged by the Depositary to the DTC Participants in accordance with the procedures
and practices prescribed by DTC from time to time and the DTC Participants in turn charge the amount of such fees to the Beneficial Owners
for whom they hold ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary may reimburse
the Company for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement,
by making available a portion of the Depositary fees charged in respect of the ADR program or otherwise, upon such terms and conditions
as the Company and the Depositary may agree from time to time. The Company shall pay to the Depositary such fees and charges and reimburse
the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree from time to time. Responsibility for payment
of such charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every three months. The charges
and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The right of the Depositary
to receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to any Depositary,
upon the resignation or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, such right shall extend for those
fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(11)&#9;<U>Title to ADRs</U>.</B>
It is a condition of this ADR, and every successive Holder of this ADR by accepting or holding the same consents and agrees, that title
to this ADR (and to each ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under the laws of
the State of New York, provided that, in the case of Certificated ADSs, such ADR has been properly endorsed or is accompanied by proper
instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of this
ADR (that is, the person in whose name this ADR is registered on the books of the Depositary) as the absolute owner thereof for all purposes.
Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or this ADR
to any holder of this ADR or any Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder of this ADR registered
on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner&rsquo;s representative
is the Holder registered on the books of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(12)&#9;<U>Validity of
ADR</U></B>. The Holder(s) of this ADR (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 ADR 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 ADRs. An ADR bearing the 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 ADR by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(13)&#9;<U>Available
Information; Reports; Inspection of Transfer Books</U></B>. The Company is subject to the periodic reporting requirements of the Exchange
Act and, accordingly, is required to file or submit certain reports with the Commission. These reports can be retrieved from the Commission&rsquo;s
website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission located (as of
the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. 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 Depositary shall also provide or make available
to Holders copies of such reports when furnished by the Company pursuant to Section 5.6 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrar shall keep books
for the registration of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs,
provided that such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating with Holders of such
ADSs 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 ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrar may close the
transfer books with respect to the ADSs, 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 paragraph
(24) and Section 7.8 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; font-size: 10pt">CITIBANK, N.A.<BR>
Transfer Agent and Registrar</TD>
    <TD STYLE="width: 46%; font-size: 10pt">CITIBANK, N.A.<BR>
as Depositary</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By: <U>&nbsp;</U>___________________</TD>
    <TD STYLE="font-size: 10pt">By: __________________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-indent: 12.5pt">&nbsp;&nbsp;Authorized Signatory</TD>
    <TD STYLE="font-size: 10pt; text-indent: 12.5pt">&nbsp;&nbsp;Authorized Signatory</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">The address of the Principal
Office of the Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>[FORM OF REVERSE OF ADR]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SUMMARY OF CERTAIN ADDITIONAL PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>OF THE DEPOSIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(14)&#9;<U>Dividends and
Distributions in Cash, Shares, etc</U>.</B> Whenever the Company intends to make a distribution of a cash dividend or other cash distribution,
the Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution specifying, inter
alia, the record date applicable for determining the holders of Deposited Securities entitled to receive such distribution. Upon timely
receipt of such notice, the Depositary shall establish an ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement.
Upon receipt of confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities,
or upon receipt of proceeds from the sale of any Deposited Securities or of any entitlements held in respect of Deposited Securities under
the terms of the Deposit Agreement, the Depositary will (i)&nbsp;if at the time of receipt thereof any amounts received in a Foreign Currency
can in the judgment of the Depositary (upon the terms of Section 4.8 of the Deposit Agreement), be converted on a practicable basis into
Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into
Dollars (upon the terms of Section 4.8 of the Deposit Agreement), (ii)&nbsp;if applicable and unless previously established, establish
the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement, and (iii)&nbsp;distribute promptly the amount thus
received (net of (a) applicable fees and charges of, and 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 ADSs 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 outstanding at the time of the next distribution. 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, the Custodian or the
Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the
Depositary upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever the Company intends
to make a distribution that consists of a dividend in, or free distribution of Shares, the Company shall give notice thereof to the Depositary
at least twenty (20) days prior to the proposed distribution, specifying,&nbsp;<U>inter alia</U>, the record date applicable to holders
of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such notice from the Company, the Depositary
shall establish an ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt of confirmation from
the Custodian of the receipt of the Shares so distributed by the Company, the Depositary shall either (i) subject to Section 5.9 of the
Deposit Agreement, 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 the aggregate the number of Shares received as such dividend, or free distribution, subject to the
other terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by,
the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, take all actions necessary so that 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 of (a) the applicable fees and charges of,
and 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, in a riskless principal capacity in a public sale
or if no public market is available, in a private sale, and distribute the net proceeds upon the terms set forth in Section 4.1 of the
Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 Section 5.7 of 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
(b)&nbsp;reasonable fees and charges of, and the expenses incurred by, the Depositary) to Holders entitled thereto upon the terms of Section
4.1 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever the Company intends
to make a distribution payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice
thereof to the Depositary at least sixty (60) days prior to the proposed distribution specifying,&nbsp;<U>inter alia</U>, the record date
applicable to holders of Deposited Securities entitled to receive such elective distribution whether or not it wishes such elective distribution
to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such elective distribution
to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the
Depositary in its determinations, whether it is lawful and reasonably practicable to make such elective distribution available to the
Holders of ADS. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested
that the elective distribution be made available to Holders, (ii)&nbsp;the Depositary shall have determined that such distribution is
reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 of the
Deposit Agreement. If the above conditions are not satisfied, the Depositary shall establish an ADS Record Date on the terms described
in Section 4.9 of the Deposit Agreement and, to the extent permitted by law, distribute to the Holders, on the basis of the same determination
as is made in the Cayman Islands in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section
4.1 of the Deposit Agreement or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2 of the
Deposit Agreement. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date on the terms described in
Section 4.9 of the Deposit Agreement and establish procedures to enable Holders to elect the receipt of the proposed distribution in cash
or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If a Holder elects
to receive the proposed distribution (X) in cash, the distribution shall be made upon the terms described in Section 4.1 of the Deposit
Agreement, or (Y)&nbsp;in ADSs, the distribution shall be made upon the terms described in Section 4.2 of the Deposit Agreement. Nothing
herein or in the Deposit Agreement shall obligate the Depositary to make available to Holders 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever the Company intends
to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof
to the Depositary at least sixty (60) days prior to the proposed distribution specifying&nbsp;<U>inter alia</U>, the record date applicable
to holders of Deposited Securities entitled to receive such distribution and whether or not it wishes such rights to be made available
to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders
of ADSs, the Depositary upon consultation with the Company to determine, and the Company shall assist the Depositary in its determination
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 timely requested that such rights be made available to Holders, (ii) the Depositary
shall have received satisfactory documentation contemplated in Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have
determined that such distribution of rights is reasonably practicable. In the event any of the conditions set forth above are not satisfied
or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall proceed with the sale of the
rights as contemplated in Section 4.4(b) of the Deposit Agreement. In the event all conditions set forth above are satisfied, the Depositary
shall establish an ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement) and establish procedures (x)&nbsp;to
distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y)&nbsp;to enable the Holders to exercise such rights
(upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b)
taxes), and (z)&nbsp;to deliver ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary
in establishing such procedures. 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 timely request the Depositary to make
the rights available to Holders or requests that the rights not be made available to Holders, (ii)&nbsp;the Depositary fails to receive
satisfactory documentation within the terms of Section 5,7 of the Deposit Agreement or determines it is not reasonably 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 determine whether it is lawful and reasonably 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 deem practicable. The Company shall assist the Depositary to the extent
necessary to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such
sale (net of applicable (a)&nbsp;fees and charges of, and expenses incurred by, the Depositary and (b)&nbsp;taxes) upon the terms hereof
and of Section 4.1 of the Deposit Agreement. If the Depositary is unable to make any rights available to Holders upon the terms described
in Section 4.4(a) of the Deposit Agreement or to arrange for the sale of the rights upon the terms described in Section 4.4(b) of the
Deposit Agreement, 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 practicable 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 forwarded to the ADS
Holders on behalf of the Company in connection with the rights distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything herein
or in Section 4.4 of 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 (i)&nbsp;unless
and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii)&nbsp;unless
the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other
applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering
and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of
the Securities Act or any other applicable laws. 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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance
that Holders generally, or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and
conditions as the holders of Shares or be able 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever the Company intends
to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company
shall give timely notice thereof to the Depositary and shall indicate whether or not it wishes such distribution to be made to Holders
of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall
consult with the Company, and the Company shall assist the Depositary, to 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 satisfactory documentation within the terms of Section 5.7
of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon receipt of satisfactory
documentation and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations set
forth in (a) above, the Depositary shall 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 deem practicable for accomplishing such distribution
(i) upon receipt of payment or net of the applicable fees and charges of, and 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 deem practicable or necessary to satisfy any taxes (including applicable
interest and penalties) or other governmental charges applicable to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If (i) the Company does not
request the Depositary to make such distribution to Holders or requests not to make such distribution to Holders, (ii) the Depositary
does not receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or (iii) the Depositary determines
that all or a portion of such distribution is not reasonably practicable, 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 deem practicable and shall (i) cause the proceeds of
such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion received by the Depositary (net of
applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon
the terms of Section 4.1 of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such
property for the account of the Holders in any way it deems reasonably practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(15)&#9;<U>Redemption</U>.</B>
If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give notice
thereof to the Depositary at least sixty (60) days prior to the intended date of redemption which notice shall set forth the particulars
of the proposed redemption. Upon timely receipt of (i) such notice and (ii) satisfactory documentation given by the Company to the Depositary
within the terms of Section 5.7 of the Deposit Agreement, and only if the Depositary shall have determined that such proposed redemption
is practicable, the Depositary shall provide to each Holder a notice setting forth the Company&rsquo;s intention to exercise the redemption
rights and any other particulars set forth in the Company&rsquo;s notice to the Depositary. The Depositary shall instruct the Custodian
to present to the Company the Deposited Securities in respect of which redemption rights are being exercised against payment of the applicable
redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds representing the
redemption price have been received, the Depositary shall convert, transfer, distribute the proceeds (net of applicable (a) fees and charges
of, and expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by
Holders thereof upon the terms set forth in Sections 4.1 and 6.2 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 determined by the Depositary. The redemption
price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s)
ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit Agreement
and the applicable reasonable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited
Securities represented by each ADS redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(16)&#9;<U>Fixing of ADS
Record Date</U>.</B> 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, solicitation of any consent or any other
matter, the Depositary shall fix a record date (&ldquo;<U>ADS Record Date</U>&rdquo;) for the determination of the Holders of ADSs who
shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or
withhold such consent, 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. The Depositary shall make reasonable efforts to establish the ADS Record Date
as closely as possible to the applicable record date for the Deposited Securities (if any) set by the Company in the Cayman Islands. Subject
to applicable law and the terms and conditions of this ADR and Sections 4.1 through 4.8 and to the other terms and conditions of the Deposit
Agreement, only the Holders of ADSs 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(17)&#9;<U>Voting of Deposited
Securities</U>.</B> As soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled
to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date
in respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9 of the Deposit Agreement. 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 thirty (30) days prior to the date of such vote or meeting), at the Company&rsquo;s
expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date: (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 the 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 by the Company), to instruct the Depositary
as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder&rsquo;s ADSs, and (c)
a brief statement as to the manner in which such voting instructions may be given to the Depositary or in which voting instructions may
be deemed to have been given in accordance with Section 4.10 of the Depositary if no instructions are received prior to the deadline set
for such purposes to the Depositary to give a discretionary proxy to a person designated by the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything contained
in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of
the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with
any meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that
provides Holders with, or otherwise publicize to Holders, instructions on how to retrieve such materials or receive such materials upon
request (<I>i.e.</I>, by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary has been advised
by the Company that under the Articles of Association of the Company in effect as of the date of the Deposit Agreement (i) voting at any
meeting of shareholders is by a poll, (ii) at an in person shareholders meeting, the chairman of the meeting may in good faith, allow
a resolution which relates purely to a procedural or administrative matter (as defined in the Articles of Association) to be voted on
by a show of hands in which case every shareholder present in person (or being a corporation, is present by a duly authorized representative)
or by proxy shall have one vote, and (iii) shareholders may, subject to certain conditions defined in the Articles of Association, demand
a poll for the vote of procedural or administrative matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.05pt">Voting instructions may
be given only in respect of a number of ADSs representing an integral number of 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 the Deposit Agreement, Articles of Association of the Company and
the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy)
represented by such Holder&rsquo;s ADSs as follows: In the event voting takes place at a shareholders&rsquo; meeting by show of hands,
the Depositary will instruct the Custodian to vote all Deposited Securities in accordance with the voting instructions received from a
majority of Holders of ADSs who provided voting instructions. In the event voting takes place at a shareholders&rsquo; meeting by poll,
the Depositary will instruct the Custodian to vote the Deposited Securities in accordance with the voting instructions received from the
Holders of ADSs. If voting is by poll and the Depositary does not receive instructions from a Holder as of the ADS Record Date on or before
the date established by the Depositary for such purpose, such Holder shall be deemed, and the Depositary shall deem such Holder, to have
instructed the Depositary to give a discretionary proxy to a person designated by the Company to vote the Deposited Securities; provided,
however, that no such discretionary proxy shall be given by the Depositary with respect to any matter to be voted upon as to which the
Company informs the Depositary that (i) the Company does not wish such proxy to be given, (ii) substantial opposition exists, or (iii)
the rights of holders of Deposited Securities may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 Deposited Securities
represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated
herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is
to vote the Deposited Securities represented by such Holder&rsquo;s ADSs, the Depositary will deem such Holder (unless otherwise specified
in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions.
Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall
not be voted (except (i) in the case voting is by show of hands, in which case the Depositary will instruct the Custodian to vote all
Deposited Securities in accordance with the voting instructions received from a majority of Holders of ADSs who provided voting instructions
and (ii) as contemplated in Section 4.10 of the Deposit Agreement). Notwithstanding anything else contained herein or in the Deposit Agreement,
the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions
have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing
quorum at a meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything else
contained in the Deposit Agreement or any ADR, 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 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 Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing any actions requested to be taken if
so 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(18)&#9;<U>Changes Affecting
Deposited Securities</U>.</B> 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, 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 ADRs shall, subject to the provisions of the Deposit Agreement and applicable law, evidence
ADSs representing the right to receive such additional securities. In giving effect to such change, split-up, cancellation, consolidation
or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary
may, with the Company&rsquo;s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and
receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in violation of any applicable
laws or regulations, (i)&nbsp;issue and deliver additional ADSs as in the case of a stock dividend on the Shares, (ii)&nbsp;amend the
Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission
in respect of the ADSs, (iv)&nbsp;call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions
as are appropriate to reflect the transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary, amend the
Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of ADRs. 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&rsquo;s
approval, and shall, if the Company requests, subject to receipt of an opinion of Company&rsquo;s counsel satisfactory to the Depositary
that such action is not in violation of any applicable laws or regulations, sell such securities at public or private sale, at such place
or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) reasonable fees and charges
of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such securities upon
an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated
to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 of the Deposit Agreement. The Depositary
shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such securities available to Holders
in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any
liability to the purchaser of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(19)&#9;<U>Exoneration</U>.</B>
Neither the Depositary nor the Company 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 delayed in, doing or performing
any act or thing required by the terms of the Deposit Agreement and this ADR, by reason of any provision of any present or future law
or regulation of the United States, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority
or stock exchange, or on account of the possible criminal or civil penalties or restraint, 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, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of
any exercise of, or failure to exercise, any discretion provided for in the 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 the 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 the Deposit Agreement, made available to Holders of ADSs or (v) for any consequential
or punitive damages for any breach of the terms of the 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 ADR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(20)&#9;<U>Standard of
Care</U>.</B> The Company and the Depositary assume no obligation and shall not be subject to any liability under the Deposit Agreement
or this ADR to any Holder(s) or Beneficial Owner(s), except that the Company and Depositary agree to perform their respective obligations
specifically set forth in the Deposit Agreement and this ADR without negligence or bad faith. Without limitation of the foregoing, neither
the Depositary, nor the Company, nor any of their respective controlling persons, or agents, shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the ADSs, which in its
opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements
of counsel) and liability be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect
to such proceedings, the responsibility of the Custodian being solely to the Depositary). 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 the 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 the Deposit Agreement, for the failure
or timeliness of any notice from the Company, or for any action or failure to act by, or any information provided or not provided by,
DTC or any DTC participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(21)&#9;<U>Resignation
and Removal of the Depositary; Appointment of Successor Depositary</U>.</B> 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 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions contemplated in Section
6.2 of the Deposit Agreement), or (ii)&nbsp;the appointment by the Company 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
removal shall be effective on the later of (i)&nbsp;the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall
be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) upon the appointment by the Company 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 be required
by the Company to 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 (except as required by applicable law), shall become fully vested
with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit
Agreement). The predecessor depositary, upon payment of all sums due it and on the written request of the Company shall, (i)&nbsp;execute
and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated
in Sections 5.8 and 5.9 of 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 ADSs and such other information
relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(22)&#9;<U>Amendment/Supplement</U>.</B>
Subject to the terms and conditions of this paragraph 22 and Section 6.1 of the Deposit Agreement, and applicable law, this ADR 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 charges in connection
with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall
otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as
to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the
Holders of outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific
amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid,&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the
text of such amendment (<I>i.e.</I>, upon retrieval from the Commission&rsquo;s, the Depositary&rsquo;s or the Company&rsquo;s website
or upon request from the Depositary). 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 settled 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 ADSs, to consent and agree
to such amendment or supplement and to be bound by the Deposit Agreement and this ADR, if applicable, as amended or supplemented thereby.
In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS 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 an amendment of, or supplement to, the Deposit
Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and this ADR at
any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and this ADR
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, rules or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(23)&#9;<U>Termination</U>.</B>
The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by distributing notice of such
termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination.
If ninety (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 Section 5.4 of the Deposit Agreement,
the Depositary may terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding
at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of the Deposit
Agreement in any termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the &ldquo;<U>Termination
Date</U>&rdquo;. Until the Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit Agreement,
and the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. If any ADSs shall remain outstanding
after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any
further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the
Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell securities
and other property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of any securities or other property, in exchange for ADSs
surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred
by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case
upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable law
in connection with its role as Depositary under the Deposit Agreement. At any time after the Termination Date, the Depositary may sell
the Deposited Securities then held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds of such sale,
together with any other cash then held by it under the Deposit Agreement, in an un-segregated account and without liability for interest,
for the pro - rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall
be discharged from all obligations under the Deposit Agreement except (i) to account for such net proceeds and other cash (after deducting,
or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes
or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of
the Deposit Agreement), and (ii) as may be required at law in connection with the termination of the Deposit Agreement. After the Termination
Date, the Company shall be discharged from all obligations under the Deposit Agreement, except for its obligations to the Depositary under
Sections 5.8, 5.9 and 7.6 of the Deposit Agreement. The obligations under the terms of the Deposit Agreement of Holders and Beneficial
Owners of ADSs outstanding as of the Termination Date shall survive the Termination Date and shall be discharged only when the applicable
ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(24)&#9;<U>Compliance with
U.S. Securities Laws</U>.</B> Notwithstanding any provisions in this ADR 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 Instruction I.A.(1) of
the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(25)&#9;<U>Certain
Rights of the Depositary</U>.</B> Subject to the further terms and provisions of this paragraph (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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">24</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
