<SEC-DOCUMENT>0001193805-18-001336.txt : 20181113
<SEC-HEADER>0001193805-18-001336.hdr.sgml : 20181113
<ACCEPTANCE-DATETIME>20181113162507
ACCESSION NUMBER:		0001193805-18-001336
CONFORMED SUBMISSION TYPE:	F-6
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20181113
DATE AS OF CHANGE:		20181113

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEVA PHARMACEUTICAL INDUSTRIES LTD
		CENTRAL INDEX KEY:			0000818686
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228351
		FILM NUMBER:		181178322

	BUSINESS ADDRESS:	
		STREET 1:		5 BAZEL ST
		STREET 2:		P O B 3190
		CITY:			PETACH TIKVA
		STATE:			L3
		ZIP:			49131
		BUSINESS PHONE:		9729267267

	MAIL ADDRESS:	
		STREET 1:		TEVA PHARMACEUTICAL INDUSTRIES LIMITED
		STREET 2:		5 BAZEL ST PO B 3190
		CITY:			PETACH TIKVA
		STATE:			L3
		ZIP:			49131

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Citibank,N.A./ADR
		CENTRAL INDEX KEY:			0001472033
		IRS NUMBER:				521568099
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6

	BUSINESS ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
		BUSINESS PHONE:		212-816-6647

	MAIL ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6
<SEQUENCE>1
<FILENAME>e618055_f6-teva.htm
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333&nbsp;&nbsp;-&nbsp;&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on November 13, 2018</B></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">FORM
F-6</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE SECURITIES ACT OF 1933 FOR AMERICAN
DEPOSITARY SHARES EVIDENCED BY</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">TEVA
PHARMACEUTICAL INDUSTRIES LIMITED</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of issuer of deposited securities
as specified in its charter)</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of issuer&rsquo;s name into
English)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization
of issuer<B>)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of depositary as specified in
its charter<B>)</B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(877) 248-4237</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of depositary&rsquo;s principal executive offices)</P>

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

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<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">Teva Pharmaceuticals USA, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">425 Privet Road, Horsham</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pennsylvania 1904454</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(215) 591-3000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of agent for service)</P>

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

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<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">Copies to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Joshua N. Korff, Esq. </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ross M. Leff, Esq. </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Kirkland &amp; Ellis LLP </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>601 Lexington Avenue </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10022-4675
</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 446-4800</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Herman H. Rasp&eacute;, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Patterson Belknap Webb &amp;
Tyler LLP</B><BR>
<B>1133 Avenue of the Americas</B><BR>
<B>New York, New York 10036</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 336-2301</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></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="white-space: nowrap; width: 55%; text-indent: 17.3pt">It is proposed that this filing become effective under Rule
    466:</TD>
    <TD STYLE="width: 5%; text-align: center">&#9744;</TD>
    <TD STYLE="width: 25%">immediately upon filing.</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD>
    <TD>on (Date) at (Time).</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt">If a separate registration statement has been filed
to register the deposited shares, check the following box:&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Title of Each Class of</FONT><BR>
<FONT STYLE="font-size: 10pt">Securities to be Registered</FONT></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Amount to be</FONT><BR>
<FONT STYLE="font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proposed Maximum&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aggregate Price Per</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Unit*</P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proposed Maximum&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aggregate Offering</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Price**</P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amount of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registration Fee</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">American
    Depositary Shares (&ldquo;ADS(s)&rdquo;), each ADS representing the right to receive one (1) ordinary share of Teva Pharmaceutical Industries
    Limited (the &ldquo;Company&rdquo;)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1,500,000,000 ADSs</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$5.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$75,000,000.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$9,090.00</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.3pt; text-align: left">*</TD><TD>Each unit represents 100 ADSs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.3pt; text-align: left">**</TD><TD>Estimated solely for the purpose of calculating the registration
fee. Pursuant to Rule 457(k), such estimate is computed on the basis of the maximum aggregate fees or charges to be imposed in
connection with the issuance of ADSs.</TD>
</TR></TABLE>

<P STYLE="margin: 0; border-bottom: Black 1pt solid">&nbsp;</P>

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

<P STYLE="margin: 0 0 0 17.3pt"><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary
to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until
this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to
said Section 8(a), may determine.</B></P>

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

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">This Registration Statement may be executed
in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute
one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 8pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 1.</FONT></TD><TD>DESCRIPTION
OF SECURITIES TO BE REGISTERED</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item Number and Caption</U></B></P>

</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Location in Form of American</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Depositary Receipt (&ldquo;<U>Receipt</U>&rdquo;)</B><BR>
<B><U>Filed Herewith as Prospectus&#9;</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.</TD>
    <TD COLSPAN="2">Name of Depositary and address of its principal executive office</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> - Introductory Article.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.</TD>
    <TD COLSPAN="2">Title of Receipts and identity of deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U>&nbsp;&nbsp;- Top Center.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="padding-left: 19.65pt; font-size: 10pt; text-indent: -19.65pt; text-align: left; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Terms of Deposit:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">The amount of deposited securities represented by one American Depositary Share (&quot;ADSs&quot;)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U>&nbsp;&nbsp;- Upper right corner.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">The procedure for voting, if any, the deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Reverse of Receipt</U>&nbsp;&nbsp;- Paragraphs (17) and (18).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iii)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">The collection and distribution of dividends</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Reverse of Receipt</U> - Paragraphs (15) and (17).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iv)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">The transmission of notices, reports and proxy soliciting material</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U>&nbsp;&nbsp;- Paragraph (14);<BR>
<U>Reverse of Receipt</U> - Paragraphs (17) and (18).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(v)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">The sale or exercise of rights</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt </U>&ndash; Paragraphs (15) and
(17).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vi)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">The deposit or sale of securities resulting from dividends, splits or plans of reorganization</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> - Paragraph (6);</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (15), (17) and
(19).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vii)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Amendment, extension or termination of the deposit agreement</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (23) and (24)
(no provision for extensions).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(viii)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Rights of holders of Receipts to inspect the transfer books of the Depositary and the list of holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> - Paragraph (14).</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 8pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: bottom"><B><U>Item Number and Caption</U></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Location in Form of American</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Depositary Receipt (&ldquo;<U>Receipt</U>&rdquo;)</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><B><U>Filed Herewith as Prospectus</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ix)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Restrictions upon the right to deposit or withdraw the underlying securities</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> &ndash; Paragraphs (2), (4),
(6), (7), (9) and (10).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(x)</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Limitation upon the liability of the Depositary</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> &ndash; Paragraphs (8) and (12);</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (15), (16),
(19), (20) and (21).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>3.</TD>
    <TD COLSPAN="2">Fees and charges which may be imposed directly or indirectly on holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> - Paragraphs (8) and (11).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 53.85pt; font-size: 10pt; text-indent: -53.85pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 2.</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-indent: 0in; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVAILABLE INFORMATION</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> - Paragraph (14).</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-indent: 0.5in">Teva Pharmaceutical Industries Limited
is subject to the periodic reporting requirements of the United States Securities Exchange Act of 1934, as amended, and, accordingly,
files certain reports with, and submits certain reports to, the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;).
These reports can be retrieved from the Commission&rsquo;s internet website (<U>www.sec.gov</U>), and can be inspected and copied
at the public reference facilities maintained by the Commission at 100 F Street, N.E., Washington D.C. 20549.</P>

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

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

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

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

<P STYLE="font: bold 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 1in">The Prospectus consists of the proposed form of American Depositary
Receipt included as Exhibit A to the Form of Deposit Agreement filed as Exhibit (a) to this Registration Statement on Form F-6
and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 8pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 3.</FONT></TD><TD>EXHIBITS</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Form of Second Amended and Restated Deposit Agreement, by and
among Teva Pharmaceutical Industries Limited, Citibank, N.A., as depositary, and all Holders and Beneficial Owners of American
Depositary Shares issued thereunder. &mdash; Filed herewith as Exhibit (a).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Any other agreement to which Citibank, N.A., as depositary,
is a party relating to the issuance of the American Depositary Shares registered hereunder or the custody of the deposited securities
represented thereby. &mdash; None.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Every material contract relating to the deposited securities
between Citibank, N.A., as depositary, and the issuer of the deposited securities in effect at any time within the last three
years. &mdash; None.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Opinion of counsel for Citibank, N.A., as depositary, as to
the legality of the securities to be registered. &mdash; Filed herewith as Exhibit (d).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>Certificate under Rule 466. &mdash; None.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>Powers of Attorney for certain officers and directors and the authorized representative of Teva Pharmaceutical Industries
                                                               Limited. &mdash; Set forth on the signature pages hereto.</TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 8pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 4.</FONT></TD><TD>UNDERTAKINGS</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Depositary undertakes to make available at the principal office of the Depositary in the United States, for inspection
by holders of ADSs, any reports and communications received from the issuer of the deposited securities which are both (1) received
by the Depositary as the holder of the deposited securities, and (2) made generally available to the holders of the underlying
securities by the issuer.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>If the amount of fees charged is not disclosed in the prospectus, the Depositary undertakes to prepare a separate document
stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly a copy of such
fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered holder of an ADS thirty
(30) days before any change in the fee schedule.</TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 8pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

<P STYLE="font: bold 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-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, Citibank, N.A., acting solely on behalf of the legal entity to be created by the Deposit Agreement, by
and among Teva Pharmaceutical Industries Limited, Citibank, N.A., as depositary, and all Holders and Beneficial Owners from time
to time of American Depositary Shares to be issued thereunder, certifies that it has reasonable grounds to believe that all the
requirements for filing on Form F-6 are met and has duly caused this Registration Statement on Form F-6 to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on the 13th day of November, 2018.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Legal entity to be created by the Deposit Agreement
under which the American Depositary Shares registered hereunder are to be issued, each American Depositary Share representing the
right to receive one (1) ordinary share of Teva Pharmaceutical Industries Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>CITIBANK, N.A.</B>, solely in its capacity as Depositary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; font-size: 10pt">/s/ Leslie A. DeLuca</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name: &nbsp;Leslie A. DeLuca</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: Attorney-in-Fact</P></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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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 8pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
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<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"><B><U>SIGNATURES</U></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-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, Teva Pharmaceutical Industries Limited certifies that it has reasonable grounds to believe that all the
requirements for filing on Form F-6 are met and has duly caused this Registration Statement on Form F-6 to be signed on its behalf
by the undersigned thereunto duly authorized, in Petach Tikva, State of Israel, on November 13, 2018.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>TEVA PHARMACEUTICAL INDUSTRIES LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Deborah A. Griffin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%">Name:&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 40%"> Deborah A. Griffin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Senior Vice President and Chief&nbsp;Accounting Officer</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>POWER OF ATTORNEY</U></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-indent: 0.5in"><B>KNOW ALL PERSONS BY THESE PRESENT</B>,
that each of the undersigned directors and/or officers of Teva Pharmaceutical Industries Limited, a corporation organized under
the laws of Israel, hereby constitutes and appoints K&aring;re Schultz, Michael McClellan, David Stark and Deborah A. Griffin,
and each of them singly, his or her true and lawful attorney-in-fact and agent, with full power of substitution, for him or her
and in his or her name, place and stead, in any and all such capacities, to sign, execute and deliver any and all amendments, including
pre-effective and post-effective amendments, and supplements to this Registration Statement, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the United States Securities and Exchange Commission, granting to each
said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement on Form F-6 has been signed by the following persons in the capacities and
on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 35%"><B><U>Name</U></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 43%; font-size: 10pt"><B><U>Title</U></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; font-size: 10pt"><B><U>Date</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ K&aring;re Schultz</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President, Chief Executive Officer and Director </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>K&aring;re Schultz</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal
Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Michael McClellan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President, Chief Financial Officer </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Michael McClellan</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal
Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Deborah A. Griffin</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Vice President and Chief Accounting Officer </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Deborah A. Griffin</TD>
    <TD>&nbsp;</TD>
    <TD>(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Dr. Sol J. Barer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman of the Board of Directors</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dr. Sol J. Barer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B><U>Name</U></B></TD>
    <TD>&nbsp;</TD>
    <TD><B><U>Title</U></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><B><U>Date</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 18%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Rosemary A. Crane</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Rosemary A. Crane</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Amir Elstein</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Amir Elstein</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Murray A. Goldberg</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Murray A. Goldberg</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Jean-Michel Halfon</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jean-Michel Halfon</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Gerald M. Lieberman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Gerald M. Lieberman</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Roberto A. Mignone</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Roberto A. Mignone</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Dr. Perry D. Nisen</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dr. Perry D. Nisen</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Nechemia (Chemi) J. Peres</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nechemia (Chemi) J. Peres</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Prof. Ronit Satchi-Fainaro</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Prof. Ronit Satchi-Fainaro</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Deborah A. Griffin</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Deborah A. Griffin</TD>
    <TD>&nbsp;</TD>
    <TD>Authorized U.S. Representative</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Index to Exhibits</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; font-size: 10pt"><B><U>Exhibit</U></B></TD>
    <TD STYLE="width: 40%; font-size: 10pt"><B><U>Document</U></B></TD>
    <TD STYLE="width: 29%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sequentially</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Numbered Page</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(a)</TD>
    <TD STYLE="font-size: 10pt">Form of Deposit Agreement</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <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">(d)</TD>
    <TD STYLE="font-size: 10pt">Opinion of counsel to the Depositary</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.(A)
<SEQUENCE>2
<FILENAME>e618055_ex99-a.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECOND AMENDED AND RESTATED DEPOSIT
AGREEMENT</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

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

<P STYLE="font: bold 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">by and among</P>

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

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

<P STYLE="font: bold 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">and</P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE HOLDERS AND BENEFICIAL OWNERS
OF</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: bold 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">Dated as of December [], 2018</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>

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<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">TABLE OF CONTENTS</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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 13%">ARTICLE I</TD>
    <TD STYLE="width: 80%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">DEFINITIONS</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.1</TD>
    <TD>&ldquo;ADS Record Date&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.2</TD>
    <TD>&ldquo;Affiliate&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.3</TD>
    <TD>&ldquo;American Depositary Receipt(s),&rdquo; &ldquo;ADR(s)&rdquo; and &ldquo;Receipt(s)&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.4</TD>
    <TD>&ldquo;American Depositary Share(s)&rdquo; and &ldquo;ADS(s)&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.5</TD>
    <TD>&ldquo;Articles of Association&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.6</TD>
    <TD>&ldquo;Beneficial Owner&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.7</TD>
    <TD>&ldquo;Certificated ADS(s)&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.8</TD>
    <TD>&ldquo;Citibank&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.9</TD>
    <TD>&ldquo;Commission&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.10</TD>
    <TD>&ldquo;Company&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.11</TD>
    <TD>&ldquo;Custodian&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.12</TD>
    <TD>&ldquo;Deliver&rdquo; and &ldquo;Delivery&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.13</TD>
    <TD>&ldquo;Deposit Agreement&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.14</TD>
    <TD>&ldquo;Depositary&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.15</TD>
    <TD>&ldquo;Deposited Property&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.16</TD>
    <TD>&ldquo;Deposited Securities&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.17</TD>
    <TD>&ldquo;Dollars&rdquo; and &ldquo;$&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.18</TD>
    <TD>&ldquo;DTC&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.19</TD>
    <TD>&ldquo;DTC Participant&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.20</TD>
    <TD>&ldquo;Exchange Act&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.21</TD>
    <TD>&ldquo;Foreign Currency&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.22</TD>
    <TD>&ldquo;Full Entitlement ADR(s),&rdquo; &ldquo;Full Entitlement ADS(s)&rdquo; and &ldquo;Full Entitlement Share(s)&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.23</TD>
    <TD>&ldquo;Holder(s)&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.24</TD>
    <TD>&ldquo;Losses&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.25</TD>
    <TD>&ldquo;Original Deposit Agreement&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.26</TD>
    <TD>&ldquo;Original Depositary&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.27</TD>
    <TD>&ldquo;Partial Entitlement ADR(s),&rdquo; &ldquo;Partial Entitlement ADS(s)&rdquo; and &ldquo;Partial Entitlement Share(s)&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.28</TD>
    <TD>&ldquo;Principal Office&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.29</TD>
    <TD>&ldquo;Registrar&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.30</TD>
    <TD>&ldquo;Restricted Securities&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.31</TD>
    <TD>&ldquo;Restricted ADR(s),&rdquo; &ldquo;Restricted ADS(s)&rdquo; and &ldquo;Restricted Shares&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.32</TD>
    <TD>&ldquo;Securities Act&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.33</TD>
    <TD>&ldquo;Share Registrar&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.34</TD>
    <TD>&ldquo;Shares&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.35</TD>
    <TD>&ldquo;Uncertificated ADS(s)&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 1.36</TD>
    <TD>&ldquo;United States&rdquo; and &ldquo;U.S.&rdquo;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 80%">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>ARTICLE II</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 2.1</TD>
    <TD>Appointment of Depositary.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 2.2</TD>
    <TD>Form and Transferability of ADSs.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 2.3</TD>
    <TD>Deposit of Shares.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 2.4</TD>
    <TD>Registration and Safekeeping of Deposited Securities.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 2.5</TD>
    <TD>Issuance of ADSs.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 2.6</TD>
    <TD>Transfer, Combination and Split-up of ADRs.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 2.7</TD>
    <TD>Surrender of ADSs and Withdrawal of Deposited Securities.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 2.8</TD>
    <TD>Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 2.9</TD>
    <TD>Lost ADRs, etc.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 2.10</TD>
    <TD>Cancellation and Destruction of Surrendered ADRs; Maintenance of Records.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 2.11</TD>
    <TD>Escheatment.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 2.12</TD>
    <TD>Partial Entitlement ADSs.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 2.13</TD>
    <TD>Certificated/Uncertificated ADSs.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 2.14</TD>
    <TD>Restricted ADSs.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>ARTICLE III</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 3.1</TD>
    <TD>Proofs, Certificates and Other Information.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 3.2</TD>
    <TD>Liability for Taxes and Other Charges.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 3.3</TD>
    <TD>Representations and Warranties on Deposit of Shares.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 3.4</TD>
    <TD>Compliance with Information Requests.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 3.5</TD>
    <TD>Ownership Restrictions.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 3.6</TD>
    <TD>Reporting Obligations and Regulatory Approvals.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>ARTICLE IV</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">THE DEPOSITED SECURITIES</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 4.1</TD>
    <TD>Cash Distributions.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 4.2</TD>
    <TD>Distribution in Shares.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 4.3</TD>
    <TD>Elective Distributions in Cash or Shares.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 4.4</TD>
    <TD>Distribution of Rights to Purchase Additional ADSs.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 4.5</TD>
    <TD>Distributions Other Than Cash, Shares or Rights to Purchase Shares.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 4.6</TD>
    <TD>Distributions with Respect to Deposited Securities in Bearer Form.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 4.7</TD>
    <TD>Redemption.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 4.8</TD>
    <TD>Conversion of Foreign Currency.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 4.9</TD>
    <TD>Fixing of ADS Record Date.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 4.10</TD>
    <TD>Voting of Deposited Securities.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 4.11</TD>
    <TD>Changes Affecting Deposited Securities.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Section 4.12</TD>
    <TD>Available Information.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">32</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 13%; text-align: left">Section 4.13</TD>
    <TD STYLE="width: 80%">Reports.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 5%">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 4.14</TD>
    <TD>List of Holders.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 4.15</TD>
    <TD>Taxation.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">ARTICLE V</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2">THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 5.1</TD>
    <TD>Maintenance of Office and Transfer Books by the Registrar.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 5.2</TD>
    <TD>Exoneration.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 5.3</TD>
    <TD>Standard of Care.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 5.4</TD>
    <TD>Resignation and Removal of the Depositary; Appointment of Successor Depositary.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 5.5</TD>
    <TD>The Custodian.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 5.6</TD>
    <TD>Notices and Reports.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 5.7</TD>
    <TD>Issuance of Additional Shares, ADSs etc.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 5.8</TD>
    <TD>Indemnification.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 5.9</TD>
    <TD>ADS Fees and Charges.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 5.10</TD>
    <TD>Restricted Securities Owners.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">ARTICLE VI</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2">AMENDMENT AND TERMINATION</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 6.1</TD>
    <TD>Amendment/Supplement.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 6.2</TD>
    <TD>Termination.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">44</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">ARTICLE VII</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">MISCELLANEOUS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.1</TD>
    <TD>Counterparts.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.2</TD>
    <TD>No Third Party Beneficiaries/Acknowledgments.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.3</TD>
    <TD>Severability.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.4</TD>
    <TD>Holders and Beneficial Owners as Parties; Binding Effect.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.5</TD>
    <TD>Notices.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.6</TD>
    <TD>Governing Law and Jurisdiction.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.7</TD>
    <TD>Assignment.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.8</TD>
    <TD>Compliance with, and No Disclaimer under, U.S. Securities Laws.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.9</TD>
    <TD>Israeli Law References.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.10</TD>
    <TD>Titles and References.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Section 7.11</TD>
    <TD>Amendment and Restatement.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">EXHIBITS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD>Form of ADR.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">A-1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD>Fee Schedule.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">B-1</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-indent: -73.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECOND AMENDED AND RESTATED DEPOSIT
AGREEMENT</P>

<P STYLE="font: bold 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-indent: 0.5in"><B>SECOND AMENDED AND RESTATED DEPOSIT AGREEMENT</B>,
dated as of December [], 2018, by and among (i)&nbsp;TEVA PHARMACEUTICAL INDUSTRIES LIMITED, a company incorporated under the laws
of the State of Israel, and its successors (the &ldquo;<U>Company</U>&rdquo;), (ii)&nbsp;CITIBANK, N.A., a national banking association
organized under the laws of the United States of America (&ldquo;<U>Citibank</U>&rdquo;) acting in its capacity as depositary,
and any successor depositary hereunder (Citibank in such capacity, the &ldquo;<U>Depositary</U>&rdquo;), and (iii)&nbsp;all Holders
and Beneficial Owners of American Depositary Shares issued hereunder (all such capitalized terms as hereinafter defined).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H&nbsp;&nbsp;&nbsp;T
H A T</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-indent: 0.5in"><B>WHEREAS</B>, the Company and The Bank
of New York entered into a deposit agreement dated as of February 8, 1982, as amended and amended and restated from time to time,
to provide for the deposit of Shares (as hereinafter defined) with the custodian named therein, for the creation of American depositary
shares representing the Shares so deposited and for the execution and delivery of American depositary receipts evidencing such
American depositary shares, which deposit agreement, as amended and amended and restated from time to time, was amended and restated
on November 5, 2012 to replace The Bank of New York as depositary thereunder with JPMorgan Chase Bank, N.A. (the &ldquo;Original
Depositary&rdquo;), who entered into such Amended and Restated Deposit Agreement, dated as of November 5, 2012, with the Company,
which Original Deposit Agreement was amended by that certain Amendment to Deposit Agreement, in the form filed with the Commission
(as hereinafter defined) on February 29, 2016 (such Amended and Restated Deposit Agreement, as amended by such Amendment to Deposit
Agreement, the &ldquo;Original Deposit Agreement&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company desires to amend
and restate the Original Deposit Agreement and to transfer to the Depositary the American depositary receipts facility currently
existing under the Original Deposit Agreement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company desires to amend
and restate the Original Deposit Agreement and establish with the Depositary an American depositary receipts facility to provide
<I>inter alia </I>for the deposit of the Shares and the creation of American Depositary Shares representing the Shares so deposited
and for the execution and Delivery (as hereinafter defined) of American Depositary Receipts (as hereinafter defined) evidencing
such American Depositary Shares; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Depositary is willing
to act as the Depositary for such American depositary receipts facility upon the terms set forth in the Deposit Agreement (as hereinafter
defined); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, any American Depositary
Receipts issued pursuant to the terms of the Deposit Agreement are to be substantially in the form of <U>Exhibit A</U> attached
hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in the Deposit Agreement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW, THEREFORE</B>, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All capitalized terms used, but not otherwise
defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>ADS Record Date</U>&rdquo;</B> shall have the meaning given to such term in Section&nbsp;4.9.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Affiliate</U>&rdquo;</B> shall have the meaning assigned to such term by the Commission under Regulation C promulgated
under the Securities Act (as hereinafter defined), or under any successor regulation thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>American Depositary Receipt(s)</U>,&rdquo; &ldquo;<U>ADR(s)</U>&rdquo; and &ldquo;<U>Receipt(s)</U>&rdquo;</B>
shall mean the certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of the
Deposit Agreement in the form of Certificated ADS(s) (as hereinafter defined), as such ADRs may be amended from time to time in
accordance with the provisions of the Deposit Agreement. An ADR may evidence any number of ADSs and may, in the case of ADSs held
through a central depository such as DTC, be in the form of a &ldquo;Balance Certificate.&rdquo; Notwithstanding anything else
contained herein or therein to the contrary, the American depositary receipts issued and outstanding under the terms of the Original
Deposit Agreement shall, from and after the date hereof, be treated as ADRs issued hereunder and shall, from and after the date
hereof, be subject to the terms hereof in all respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>American Depositary Share(s)</U>&rdquo; and &ldquo;<U>ADS(s)</U>&rdquo;</B> shall mean the rights and interests
in the Deposited Property (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms and conditions
of the Deposit Agreement and, if issued as Certificated ADS(s) (as hereinafter defined), the ADR(s) issued to evidence such ADSs.
ADS(s) may be issued under the terms of the Deposit Agreement in the form of (a)&nbsp;Certificated ADS(s) (as hereinafter defined),
in which case the ADS(s) are evidenced by ADR(s), or (b)&nbsp;Uncertificated ADS(s) (as hereinafter defined), in which case the
ADS(s) are not evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for such purposes
under the terms of Section 2.13. Unless otherwise specified in the Deposit Agreement or in any ADR, or unless the context otherwise
requires, any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated ADS(s), individually or collectively, as
the context may require. Each ADS shall represent the right to receive, and to exercise the beneficial ownership interests in,
the number of Shares specified in the form of ADR attached hereto as <U>Exhibit A</U> (as amended from time to time) that are on
deposit with the Depositary and/or the Custodian, subject, in each case, to the terms and conditions of the Deposit Agreement and
the applicable ADR (if issued as a Certificated ADS), until there shall occur a distribution upon Deposited Securities referred
to in Section 4.2 or a change in Deposited Securities referred to in Section 4.11 with respect to which additional ADSs are not
issued, and thereafter each ADS shall represent the right to receive, and to exercise the beneficial ownership interests in, the
applicable Deposited Property on deposit with the Depositary and the Custodian determined in accordance with the terms of such
Sections, subject, in each case, to the terms and conditions of the Deposit Agreement and the applicable ADR (if issued as a Certificated
ADS). In addition, the ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement
(which may give rise to Depositary fees). American depositary shares outstanding under the Original Deposit Agreement as of the
date hereof shall, from and after the date hereof, for all purposes be treated as American Depositary Shares issued and outstanding
hereunder and shall, from and after the date hereof, be subject to the terms and conditions of the Deposit Agreement in all respects,
except that any amendment of the Original Deposit Agreement effected under the terms of the Deposit Agreement which shall impose
or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile
transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right of
&ldquo;Owners&rdquo; (as defined in the Original Deposit Agreement) shall not become effective as to such &ldquo;Owners&rdquo;
as to outstanding American depositary shares until the expiration of thirty (30) days after notice of the amendments effected by
the Deposit Agreement shall have been given to such &ldquo;Owners&rdquo; of American depositary shares outstanding under the Original
Deposit Agreement as of the date hereof.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Articles of Association</U>&rdquo;</B> shall mean the memorandum and articles of association of the Company, and
any other constitutional documents of the Company, as amended or amended and restated and in effect from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Beneficial Owner</U>&rdquo;</B> shall mean, as to any ADS, any person or entity having a beneficial interest deriving
from the ownership of such ADS. Notwithstanding anything else contained in the Deposit Agreement, any ADR(s) or any other instruments
or agreements relating to the ADSs and the corresponding Deposited Property, the Depositary, the Custodian and their respective
nominees are intended to be, and shall at all times during the term of the Deposit Agreement be, the record holders only of the
Deposited Property represented by the ADSs for the benefit of the Holders and Beneficial Owners of the corresponding ADSs. The
Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial ownership
interest in the Deposited Property held on behalf of the Holders and Beneficial Owners of ADSs. The beneficial ownership interests
in the Deposited Property are intended to be, and shall at all times during the term of the Deposit Agreement continue to be, vested
in the Beneficial Owners of the ADSs representing the Deposited Property. The beneficial ownership interests in the Deposited Property
shall, unless otherwise agreed by the Depositary, be exercisable by the Beneficial Owners of the ADSs only through the Holders
of such ADSs, by the Holders of the ADSs (on behalf of the applicable Beneficial Owners) only through the Depositary, and by the
Depositary (on behalf of the Holders and Beneficial Owners of the corresponding ADSs) directly, or indirectly through the Custodian
or their respective nominees, in each case upon the terms of the Deposit Agreement and, if applicable, the terms of the ADR(s)
evidencing the ADSs. A Beneficial Owner of ADSs may or may not be the Holder of such ADSs. A Beneficial Owner shall be able to
exercise any right or receive any benefit hereunder solely through the person who is the Holder of the ADSs owned by such Beneficial
Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed to be the Beneficial Owner of all the ADSs registered
in his/her/its name. The manner in which a Beneficial Owner holds ADSs (e.g., in a brokerage account vs. as registered holder)
may affect the rights and obligations of, the manner in which, and the extent to which, services are made available to, Beneficial
Owners pursuant to the terms of the Deposit Agreement. Persons who own beneficial interests in the American depositary shares issued
under the terms of the Original Deposit Agreement and outstanding as of the date hereof shall, from and after the date hereof,
be treated as Beneficial Owners of ADS(s) under the terms hereof.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Certificated ADS(s)</U>&rdquo;</B> shall have the meaning set forth in Section 2.13.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Citibank</U>&rdquo;</B> shall mean Citibank, N.A., a national banking association organized under the laws of
the United States of America, and its successors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Commission</U>&rdquo;</B> shall mean the Securities and Exchange Commission of the United States or any successor
governmental agency thereto in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Company</U>&rdquo;</B> shall mean Teva Pharmaceutical Industries Limited, a company incorporated under the laws
of the State of Israel, and its successors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Custodian</U>&rdquo;</B> shall mean (i) as of the date hereof, Citibank Tel Aviv having its principal office at
HaArba'a Street, Platinum Building, Tel Aviv, Israel, as the custodian of Deposited Property for the purposes of the Deposit Agreement,
(ii) Citibank, N.A., acting as custodian of Deposited Property pursuant to the Deposit Agreement, and (iii) any other entity that
may be appointed by the Depositary pursuant to the terms of Section&nbsp;5.5 as successor, substitute or additional custodian hereunder.
The term &ldquo;Custodian&rdquo; shall mean any Custodian individually or all Custodians collectively, as the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Deliver</U>&rdquo; and &ldquo;<U>Delivery</U>&rdquo;</B> shall mean (x) <I>when used in respect of Shares and
other Deposited Securities</I>, either (i)&nbsp;the physical delivery of the certificate(s) representing such securities, or (ii)&nbsp;the
book-entry transfer and recordation of such securities on the books of the Share Registrar (as hereinafter defined) or in the applicable
book-entry settlement system, if available, and (y) <I>when used in respect of ADSs</I>, either (i) the physical delivery of ADR(s)
evidencing the ADSs, or (ii) the book-entry transfer and recordation of ADSs on the books of the Depositary or any book-entry settlement
system in which the ADSs are settlement-eligible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Deposit Agreement</U>&rdquo;</B> shall mean this Second Amended and Restated Deposit Agreement and all exhibits
hereto, as the same may from time to time be amended and supplemented from time to time in accordance with the terms of the Deposit
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Depositary</U>&rdquo;</B> shall mean Citibank, N.A., a national banking association organized under the laws of
the United States, in its capacity as depositary under the terms of the Deposit Agreement, and any successor depositary hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Deposited Property</U>&rdquo;</B> shall mean the Deposited Securities and any cash and other property held on
deposit by the Depositary and the Custodian in respect of the ADSs under the terms of the Deposit Agreement, subject, in the case
of cash, to the provisions of Section&nbsp;4.8. All Deposited Property shall be held by the Custodian, the Depositary and their
respective nominees for the benefit of the Holders and Beneficial Owners of the ADSs representing the Deposited Property. The Deposited
Property is not intended to, and shall not, constitute proprietary assets of the Depositary, the Custodian or their nominees. Beneficial
ownership in the Deposited Property is intended to be, and shall at all times during the term of the Deposit Agreement continue
to be, vested in the Beneficial Owners of the ADSs representing the Deposited Property. Notwithstanding anything else contained
herein, the securities, cash and other property delivered to the Custodian and the Depositary in respect of American depositary
shares outstanding as of the date hereof under the Original Deposit Agreement and defined as &ldquo;Deposited Securities&rdquo;
thereunder shall, for all purposes from and after the date hereof, be considered to be, and treated as, Deposited Property hereunder
in all respects.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Deposited Securities</U>&rdquo;</B> shall mean the Shares and any other securities held on deposit by the Custodian
from time to time in respect of the ADSs under the Deposit Agreement and constituting Deposited Property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Dollars</U>&rdquo; and &ldquo;<U>$</U>&rdquo;</B> shall refer to the lawful currency of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>DTC</U>&rdquo;</B> shall mean The Depository Trust Company, a national clearinghouse and the central book-entry
settlement system for securities traded in the United States and, as such, the custodian for the securities of DTC Participants
(as hereinafter defined) maintained in DTC, and any successor thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>DTC Participant</U>&rdquo;</B> shall mean any financial institution (or any nominee of such institution) having
one or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC. A DTC Participant
may or may not be a Beneficial Owner. If a DTC Participant is not the Beneficial Owner of the ADSs credited to its account at DTC,
or of the ADSs in respect of which the DTC Participant is otherwise acting, such DTC Participant shall be deemed, for all purposes
hereunder, to have all requisite authority to act on behalf of the Beneficial Owner(s) of the ADSs credited to its account at DTC
or in respect of which the DTC Participant is so acting. A DTC Participant, upon acceptance in any one of its DTC accounts of any
ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, or by continuing to
hold in any one of its DTC accounts, from and after the date hereof, any American depositary shares issued and outstanding under
the Original Deposit Agreement, shall (notwithstanding any explicit or implicit disclosure that it may be acting on behalf of another
party) be deemed for all purposes to be a party to, and bound by, the terms of the Deposit Agreement and the applicable ADR(s)
to the same extent as, and as if the DTC Participant were, the Holder of such ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Exchange Act</U>&rdquo;</B> shall mean the United States Securities Exchange Act of 1934, as amended from time
to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Foreign Currency</U>&rdquo;</B> shall mean any currency other than Dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Full Entitlement ADR(s)</U>,&rdquo; &ldquo;<U>Full Entitlement ADS(s)</U>&rdquo; and &ldquo;<U>Full Entitlement
Share(s)</U>&rdquo;</B> shall have the respective meanings set forth in Section&nbsp;2.12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.23<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Holder(s)</U>&rdquo;</B> shall mean the person(s) in whose name the ADSs are registered on the books of the Depositary
(or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder is not the Beneficial
Owner of the ADS(s) registered in its name, such person shall be deemed, for all purposes hereunder, to have all requisite authority
to act on behalf of the Beneficial Owners of the ADSs registered in its name. The manner in which a Holder holds ADSs (e.g., in
certificated vs. uncertificated form) may affect the rights and obligations of, and the manner in which, and the extent to which,
the services are made available to, Holders pursuant to the terms of the Deposit Agreement. The &ldquo;Owners&rdquo; (as defined
in the Original Deposit Agreement) of American depositary shares issued under the terms of the Original Deposit Agreement and outstanding
as of the date hereof shall from and after the date hereof, become Holders under the terms of the Deposit Agreement.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Losses</U>&rdquo;</B> shall have the meaning given to such term in Section 5.8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<U>Original Deposit Agreement</U>&rdquo;</B> shall have the meaning given to such term in the preambles to the Deposit
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.26<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Original Depositary</U>&rdquo;</B> shall have the meaning given to such term in the preambles to the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.27<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Partial Entitlement ADR(s)</U>,&rdquo; &ldquo;<U>Partial Entitlement ADS(s)</U>&rdquo; and &ldquo;<U>Partial Entitlement
Share(s)</U>&rdquo;</B> shall have the respective meanings set forth in Section 2.12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.28<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Principal Office</U>&rdquo;</B> shall mean, when used with respect to the Depositary, the principal office of
the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of the
Deposit Agreement, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.29<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Registrar</U>&rdquo;</B> shall mean the Depositary or any bank or trust company having an office in the Borough
of Manhattan, The City of New York, which shall be appointed by the Depositary to register issuances, transfers and cancellations
of ADSs as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other
than the Depositary) may be removed and substitutes appointed by the Depositary. Each Registrar (other than the Depositary) appointed
pursuant to the Deposit Agreement shall be required to 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.30<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Restricted Securities</U>&rdquo;</B> shall mean Shares, Deposited Securities or ADSs which (i)&nbsp;have been
acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving
any public offering and are subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii)&nbsp;are
held by an executive officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii)&nbsp;are
subject to other restrictions on sale or deposit under the laws of the United States, the State of Israel, or under a shareholder
agreement or the Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such
Shares, Deposited Securities or ADSs are being transferred or sold to persons other than an Affiliate of the Company in a transaction
(a)&nbsp;covered by an effective resale registration statement, or (b)&nbsp;exempt from the registration requirements of the Securities
Act (as hereinafter defined), and the Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.31<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Restricted ADR(s)</U>,&rdquo; &ldquo;<U>Restricted ADS(s)</U>&rdquo; and &ldquo;<U>Restricted Shares</U>&rdquo;</B>
shall have the respective meanings set forth in Section 2.14.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.32<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Securities Act</U>&rdquo;</B> shall mean the United States Securities Act of 1933, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.33<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Share Registrar</U>&rdquo;</B> shall mean the Company, which carries out the duties of registrar for the Shares,
or any other institution appointed by the Company from time to time to carry out the duties of registrar for the Shares, and any
successor thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.34<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Shares</U>&rdquo;</B> shall mean the Company&rsquo;s ordinary shares par value 0.10 NIS per share, validly issued
and outstanding and fully paid and may, if the Depositary so agrees after consultation with the Company, include evidence of the
right to receive Shares; <U>provided that</U> in no event shall Shares include evidence of the right to receive Shares with respect
to which the full purchase price has not been paid or Shares as to which preemptive rights have theretofore not been validly waived
or exercised; <U>provided further</U>, <U>however</U>, <U>that</U>, if there shall occur any change in par value, split-up, consolidation,
reclassification, exchange, conversion or any other event described in Section 4.11 in respect of the Shares of the Company, the
term &ldquo;Shares&rdquo; shall thereafter, to the maximum extent permitted by law, represent the successor securities resulting
from such event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.35<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Uncertificated ADS(s)</U>&rdquo;</B> shall have the meaning set forth in Section 2.13.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.36<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>United States</U>&rdquo; and &ldquo;<U>U.S.</U>&rdquo;</B> shall have the meaning assigned to it in Regulation&nbsp;S
as promulgated by the Commission under the Securities Act.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE II<BR>
<BR>
APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;<BR>
DEPOSIT OF SHARES; EXECUTION AND<BR>
DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of Depositary</U>.</B> The Company hereby appoints the Depositary as depositary for the Deposited Property
and hereby authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in the Deposit Agreement
and the applicable ADRs. 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, or by continuing to hold, from and after the date hereof any
American depositary shares issued and outstanding under the Original Deposit Agreement, shall be deemed for all purposes to (a)&nbsp;be
a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s) (subject to Section 7.11), and (b)&nbsp;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 accordance with the Deposit Agreement and in its 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-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form and Transferability of ADSs</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form</U>. </B>Certificated ADSs shall be evidenced by definitive ADRs which shall be engraved, printed, lithographed
or produced in such other manner as may be agreed upon by the Company and the Depositary. ADRs may be issued under the Deposit
Agreement in denominations of any whole number of ADSs. The ADRs shall be substantially in the form set forth in <U>Exhibit&nbsp;A</U>
to the Deposit Agreement, with any appropriate insertions, modifications and omissions, in each case as otherwise contemplated
in the Deposit Agreement or required by law. ADRs shall be (i)&nbsp;dated, (ii)&nbsp;signed by the manual or facsimile signature
of a duly authorized signatory of the Depositary, (iii)&nbsp;countersigned by the manual or facsimile signature of a duly authorized
signatory of the Registrar, and (iv)&nbsp;registered in the books maintained by the Registrar for the registration of issuances
and transfers of ADSs. No ADR and no Certificated ADS evidenced thereby shall be entitled to any benefits under the Deposit Agreement
or be valid or enforceable for any purpose against the Depositary or the Company, unless such ADR shall have been so dated, signed,
countersigned and registered (other than an American depositary receipt issued and outstanding as of the date hereof under the
terms of the Original Deposit Agreement which from and after the date hereof becomes subject to the terms of the Deposit Agreement
in all respects). ADRs 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.
The ADRs shall bear a CUSIP number that is different from any CUSIP number that was, is or may be assigned to any depositary receipts
previously or subsequently issued pursuant to any other arrangement between the Depositary (or any other depositary) and the Company
and which are not ADRs outstanding hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legends</U>. </B>The ADRs may, and shall, upon written request of the Company, be endorsed with, or have incorporated
in the text thereof, such legends or recitals not inconsistent with the provisions of the Deposit Agreement as may be (i) necessary
to enable the Depositary and the Company to perform their respective obligations hereunder, (ii)&nbsp;required to comply with any
applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded,
listed or quoted, or to conform with any usage with respect thereto, (iii)&nbsp;necessary to indicate any special limitations or
restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or
otherwise, or (iv) required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed,
for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders,
on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs
owned by such Beneficial Owners.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title</U>. </B>Subject to the limitations contained herein and in the ADR, title to an ADR (and to each Certificated
ADS evidenced thereby) 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 an ADS
(that is, the person in whose name an ADS 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
any ADR to any holder or any Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Book-Entry Systems</U>. </B>The Depositary shall make arrangements for the acceptance of the ADSs into DTC. All ADSs
held through DTC will be registered in the name of the nominee for DTC (currently &ldquo;Cede &amp; Co.&rdquo;). As such, the nominee
for DTC will be the only &ldquo;Holder&rdquo; of all ADSs held through DTC. Unless issued by the Depositary as Uncertificated ADSs,
the ADSs registered in the name of Cede &amp; Co. will be evidenced by one or more ADR(s) in the form of a &ldquo;Balance Certificate,&rdquo;
which will provide that it represents the aggregate number of ADSs from time to time indicated in the records of the Depositary
as being issued hereunder and that the aggregate number of ADSs represented thereby may from time to time be increased or decreased
by making adjustments on such records of the Depositary and of DTC or its nominee as hereinafter provided. Citibank, N.A. (or such
other entity as is appointed by DTC or its nominee) may hold the &ldquo;Balance Certificate&rdquo; as custodian for DTC. Each Beneficial
Owner of ADSs held through DTC must rely upon the procedures of DTC and the DTC Participants to exercise or be entitled to any
rights attributable to such ADSs. The DTC Participants shall for all purposes be deemed to have all requisite power and authority
to act on behalf of the Beneficial Owners of the ADSs held in the DTC Participants&rsquo; respective accounts in DTC and the Depositary
shall for all purposes be authorized to rely upon any instructions and information given to it by DTC Participants. So long as
ADSs are held through DTC or unless otherwise required by law, ownership of beneficial interests in the ADSs registered in the
name of the nominee for DTC will be shown on, and transfers of such ownership will be effected only through, records maintained
by (i) DTC or its nominee (with respect to the interests of DTC Participants), or (ii) DTC Participants or their nominees (with
respect to the interests of clients of DTC Participants). Any distributions made, and any notices given, by the Depositary to DTC
under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) satisfy the Depositary&rsquo;s obligations
under the Deposit Agreement to make such distributions, and give such notices, in respect of the ADSs held in DTC (including, for
avoidance of doubt, to the DTC Participants holding the ADSs in their DTC accounts and to the Beneficial Owners of such ADSs).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Shares</U>.</B> Subject to the terms and conditions of the Deposit Agreement and applicable law, Shares or
evidence of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary
in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7) at
any time, whether or not the transfer books of the Company or the Share Registrar, if any, are closed, by Delivery of the Shares
to the Custodian. Every deposit of Shares shall be accompanied by the following: (A)&nbsp;(i)&nbsp;<I>in the case of Shares represented
by certificates issued in registered form</I>, appropriate instruments of transfer or endorsement, in a form reasonably satisfactory
to the Custodian, (ii)&nbsp;<I>in the case of Shares represented by certificates in bearer form,</I> the requisite coupons and
talons pertaining thereto, and (iii)&nbsp;<I>in the case of Shares delivered by book-entry transfer and recordation</I>, confirmation
of such book-entry transfer and recordation in the books of the Share Registrar or of the applicable book-entry settlement system,
if available, as applicable, to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred
and recorded, (B)&nbsp;such certifications and payments (including, without limitation, the Depositary&rsquo;s fees and related
charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt)
as may be required by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement and applicable
law, (C)&nbsp;if the Depositary so requires, a written order directing the Depositary to issue and deliver to, or upon the written
order of, the person(s) stated in such order the number of ADSs representing the Shares so deposited, (D)&nbsp;evidence reasonably
satisfactory to the Depositary (which may be an opinion of counsel) that all necessary approvals have been granted by, or there
has been compliance with the rules and regulations of, any applicable governmental agency in the State of Israel and (E)&nbsp;if
the Depositary so requires, (i)&nbsp;an agreement, assignment or instrument reasonably satisfactory to the Depositary or the Custodian
which provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any
distribution, or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares
or, in lieu thereof, such indemnity or other agreement as shall be reasonably satisfactory to the Depositary or the Custodian and
(ii)&nbsp;if the Shares are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies
entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes until the Shares so deposited
are registered in the name of the Depositary, the Custodian or any nominee.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limiting any other provision of
the Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept for deposit
(a)&nbsp;any Restricted Securities (except as contemplated by Section 2.14) nor (b)&nbsp;any fractional Shares or fractional Deposited
Securities nor (c)&nbsp;a number of Shares or Deposited Securities which upon application of the ADS to Shares ratio would give
rise to fractional ADSs. No Shares shall be accepted for deposit unless accompanied by evidence, if any is required by the Depositary,
that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the
person depositing such Shares under the laws and regulations of the State of Israel and any necessary approval has been granted
by any applicable governmental body in the State of Israel if any. The Depositary may issue ADSs against evidence of rights to
receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other
entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall consist of written
blanket or specific guarantees of ownership of Shares furnished by the Company or any such custodian, registrar, transfer agent,
clearing agency or other entity involved in ownership or transaction records in respect of the Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under the Deposit Agreement (A)&nbsp;any Shares or other securities required
to be registered under the provisions of the Securities Act, unless (i)&nbsp;a registration statement is in effect as to such Shares
or other securities or (ii)&nbsp;the deposit is made upon terms contemplated in Section 2.14, or (B)&nbsp;any Shares or other securities
the deposit of which would violate any provisions of the Articles of Association. For purposes of the foregoing sentence, the Depositary
shall be entitled to rely upon representations and warranties made or deemed made pursuant to the Deposit Agreement and shall not
be required to make any further investigation. The Depositary will comply with written instructions of the Company (received by
the Depositary reasonably in advance) not to accept for deposit hereunder any Shares identified in such instructions at such times
and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's compliance
with the securities laws of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration and Safekeeping of Deposited Securities</U>.</B> The Depositary shall instruct the Custodian upon each Delivery
of registered Shares being deposited hereunder with the Custodian (or other Deposited Securities pursuant to Article IV hereof),
together with the other documents above specified, to present such Shares, together with the appropriate instrument(s) of transfer
or endorsement, duly stamped, to the Share Registrar for transfer and registration of the Shares (as soon as transfer and registration
can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian
or a nominee of either. Deposited Securities shall be held by the Depositary, or by a Custodian for the account and to the order
of the Depositary or a nominee of the Depositary, in each case, on behalf of the Holders and Beneficial Owners, at such place(s)
as the Depositary or the Custodian shall determine. Notwithstanding anything else contained in the Deposit Agreement, any ADR(s),
or any other instruments or agreements relating to the ADSs and the corresponding Deposited Property, the registration of the Deposited
Securities in the name of the Depositary, the Custodian or any of their respective nominees, shall, to the maximum extent permitted
by applicable law, vest in the Depositary, the Custodian or the applicable nominee the record ownership in the applicable Deposited
Securities with the beneficial ownership rights and interests in such Deposited Securities being at all times vested with the Beneficial
Owners of the ADSs representing the Deposited Securities. Notwithstanding the foregoing, the Depositary, the Custodian and the
applicable nominee shall at all times be entitled to exercise the beneficial ownership rights in all Deposited Property, in each
case only on behalf of the Holders and Beneficial Owners of the ADSs representing the Deposited Property, upon the terms set forth
in the Deposit Agreement and, if applicable, the ADR(s) representing the ADSs. The Depositary, the Custodian and their respective
nominees shall for all purposes be deemed to have all requisite power and authority to act in respect of Deposited Property on
behalf of the Holders and Beneficial Owners of ADSs representing the Deposited Property, and upon making payments to, or acting
upon instructions from, or information provided by, the Depositary, the Custodian or their respective nominees all persons shall
be authorized to rely upon such power and authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of ADSs</U>.</B> The Depositary has made arrangements with the Custodian for the Custodian to confirm to the
Depositary upon receipt of a deposit of Shares (i)&nbsp;that a deposit of Shares has been made pursuant to Section 2.3, (ii)&nbsp;that
such Deposited Securities have been recorded in the name of the Depositary, the Custodian or a nominee of either on the shareholders&rsquo;
register maintained by or on behalf of the Company by the Share Registrar on the books of the applicable book-entry settlement
system, if available, (iii)&nbsp;that all required documents have been received, and (iv)&nbsp;the person(s) to whom or upon whose
order ADSs are deliverable in respect thereof and the number of ADSs to be so delivered. Such notification may be made by letter,
cable, telex, SWIFT message or, at the risk and expense of the person making the deposit, by facsimile or other means of electronic
transmission. Upon receiving such notice from the Custodian, the Depositary, subject to the terms and conditions of the Deposit
Agreement and applicable law, shall issue the ADSs representing the Shares so deposited to or upon the order of the person(s) named
in the notice delivered to the Depositary and, if applicable, shall execute and deliver at its Principal Office Receipt(s) registered
in the name(s) requested by such person(s) and evidencing the aggregate number of ADSs to which such person(s) are entitled, but,
in each case, only upon payment to the Depositary of the charges of the Depositary for accepting a deposit of Shares and issuing
ADSs (as set forth in Section&nbsp;5.9 and <U>Exhibit&nbsp;B</U> hereto) and all taxes and governmental charges and fees payable
in connection with such deposit and the transfer of the Shares and the issuance of the ADS(s). The Depositary shall only issue
ADSs in whole numbers and deliver, if applicable, ADR(s) evidencing whole numbers of ADSs.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer, Combination and Split-up of ADRs</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer</U>. </B>The Registrar shall register the transfer of ADRs (and of the ADSs represented thereby) on the books
maintained for such purpose and the Depositary shall (x)&nbsp;cancel such ADRs and execute new ADRs evidencing the same aggregate
number of ADSs as those evidenced by the ADRs 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;the ADRs have 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;the surrendered ADRs have been
properly endorsed or are accompanied by proper instruments of transfer (including signature guarantees in accordance with standard
securities industry practice), (iii)&nbsp;the surrendered ADRs have 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&nbsp;5.9 and <U>Exhibit&nbsp;B</U> hereto) have been
paid, <I>subject, however, in each case, </I>to the terms and conditions of the applicable ADRs, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Combination &amp; Split-Up</U>. </B>The Registrar shall register the split-up or combination of ADRs (and of the ADSs
represented thereby) on the books maintained for such purpose and the Depositary shall (x)&nbsp;cancel such ADRs and execute new
ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by the ADRs 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;the ADRs have 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 thereof, and (ii)&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&nbsp;5.9 and <U>Exhibit B</U> hereto) have been paid,
<I>subject, however, in each case</I>, to the terms and conditions of the applicable ADRs, 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-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Surrender of ADSs and Withdrawal of Deposited Securities</U>.</B> The Holder of ADSs shall be entitled to Delivery (at
the Custodian&rsquo;s designated office) of the Deposited Securities at the time represented by the ADSs upon satisfaction of each
of the following conditions: (i)&nbsp;the Holder (or a duly-authorized attorney of the Holder) has duly Delivered ADSs to the Depositary
at its Principal Office (and if applicable, the ADRs evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities
represented thereby, (ii)&nbsp;if applicable and so required by the Depositary, the ADRs Delivered to the Depositary for such purpose
have been properly endorsed in blank or are accompanied by proper instruments of transfer in blank (including signature guarantees
in accordance with standard securities industry practice), (iii)&nbsp;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&nbsp;5.9
and <U>Exhibit B</U>) have been paid, <I>subject, however, in each case</I>, to the terms and conditions of the ADRs evidencing
the surrendered ADSs, of the Deposit Agreement, of the Articles of Association and of any applicable laws and the rules of the
applicable book-entry settlement system, if available, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon satisfaction of each of the conditions
specified above, the Depositary (i)&nbsp;shall cancel the ADSs Delivered to it (and, if applicable, the ADR(s) 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, <I>subject however, in each case,
</I>to the terms and conditions of the Deposit Agreement, of the ADRs evidencing the ADSs so canceled, of the Articles of Association,
of any applicable laws and of the rules of the applicable book-entry settlement system, if available, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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)&nbsp;sell or cause to be sold the fractional Share represented by
the ADSs so surrendered and remit the proceeds of such sale (net of (a)&nbsp;applicable fees and charges of, and expenses incurred
by, the Depositary and (b) applicable&nbsp;taxes required to be withheld or paid as a result of such sale) to the person surrendering
the ADSs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in any ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of Deposited Property
consisting of (i)&nbsp;any cash dividends or cash distributions, or (ii)&nbsp;any proceeds from the sale of any non-cash distributions,
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, and for the account of such Holder, the Depositary
shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other than Deposited Securities)
held by the Custodian in respect of 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Requirements</U>. </B>As a condition precedent to the execution and Delivery, the registration of issuance,
transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited
Property, the Depositary, the Company or the Custodian may require (i)&nbsp;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&nbsp;5.9 and <U>Exhibit B</U>, (ii)&nbsp;the production
of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1,
and (iii)&nbsp;compliance with (A)&nbsp;any laws or governmental regulations relating to the execution and Delivery of ADRs or
ADSs or to the withdrawal of Deposited Securities and (B)&nbsp;such reasonable regulations as the Depositary and the Company may
establish consistent with the provisions of the representative ADR, if applicable, the Deposit Agreement and applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Limitations</U>. </B>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 transfers 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 use commercially reasonable efforts to notify the Company promptly
following such closure or determination) 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 ADSs or Shares
are listed, or under any provision of the Deposit Agreement or the representative ADR(s), 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 Section 7.8(a).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulatory Restrictions</U>. </B>Notwithstanding any provision of the Deposit Agreement or any ADR(s) to the contrary,
Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated herewith 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)&nbsp;the payment of fees, taxes and
similar charges, (iii)&nbsp;compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lost ADRs, etc</U>.</B> In case any ADR shall be mutilated, destroyed, lost, or stolen, the Depositary shall execute
and deliver a new ADR of like tenor at the expense of the Holder (a)&nbsp;<I>in the case of a mutilated ADR, </I>in exchange of
and substitution for such mutilated ADR upon cancellation thereof, or (b)&nbsp;<I>in the case of a destroyed, lost or stolen ADR,</I>
in lieu of and in substitution for such destroyed, lost, or stolen ADR, after the Holder thereof (i)&nbsp;has submitted to the
Depositary a written request for such exchange and substitution before the Depositary has notice that the ADR has been acquired
by a bona fide purchaser, (ii)&nbsp;has provided such security or indemnity (including an indemnity bond) as may be required by
the Depositary to save it and any of its agents harmless, and (iii)&nbsp;has satisfied any other reasonable requirements imposed
by the Depositary, including, without limitation, evidence satisfactory to the Depositary of such destruction, loss or theft of
such ADR, the authenticity thereof and the Holder&rsquo;s ownership thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation and Destruction of Surrendered ADRs; Maintenance of Records</U>.</B> All ADRs surrendered to the Depositary
shall be canceled by the Depositary. Canceled ADRs shall not be entitled to any benefits under the Deposit Agreement or be valid
or enforceable against the Depositary or the Company for any purpose. The Depositary is authorized to destroy ADRs so canceled,
provided the Depositary maintains a record of all destroyed ADRs. Any ADSs held in book-entry form (<I>e.g.</I>, through accounts
at DTC) shall be deemed canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate to be reduced
by the number of ADSs surrendered (without the need to physically destroy the Balance Certificate). The Depositary agrees to maintain
records of all ADRs surrendered and the Shares withdrawn, substitute ADRs, delivered and canceled or destroyed ADRs as required
by the regulations governing the stock transfer industry. Upon the request of the Company, the Depositary shall, to the extent
reasonably practicable, provide a copy of such records to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Escheatment</U>.</B> In the event any unclaimed property relating to the ADSs, for any reason, is in the possession of
Depositary and has not been claimed by the Holder thereof or cannot be delivered to the Holder thereof through usual channels,
the Depositary shall, upon expiration of any applicable statutory period relating to abandoned property laws, escheat such unclaimed
property to the relevant authorities in accordance with the laws of each of the relevant States of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Partial Entitlement ADSs</U>.</B> In the event any Shares are deposited which (i)&nbsp;entitle the holders thereof to
receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit or (ii)&nbsp;are not
fully fungible (including, without limitation, as to settlement or trading) with the Shares then on deposit (the Shares then on
deposit collectively, &ldquo;<U>Full Entitlement Shares</U>&rdquo; and the Shares with different entitlement, &ldquo;<U>Partial
Entitlement Shares</U>&rdquo;), the Depositary shall (i)&nbsp;cause the Custodian to hold Partial Entitlement Shares separate and
distinct from Full Entitlement Shares, and (ii)&nbsp;subject to the terms of the Deposit Agreement, issue ADSs representing Partial
Entitlement Shares which are separate and distinct from the ADSs representing Full Entitlement Shares, by means of separate CUSIP
numbering and legending (if necessary) and, if applicable, by issuing ADRs evidencing such ADSs with applicable notations thereon
(&ldquo;<U>Partial Entitlement ADSs/ADRs</U>&rdquo; and &ldquo;<U>Full Entitlement ADSs/ADRs</U>&rdquo;, respectively). If and
when Partial Entitlement Shares become Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial
Entitlement ADSs and give Holders of Partial Entitlement ADRs the opportunity to exchange such Partial Entitlement ADRs for Full
Entitlement ADRs, (b)&nbsp;cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full Entitlement
Shares, and (c)&nbsp;take such actions as are necessary to remove the distinctions between (i)&nbsp;the Partial Entitlement ADRs
and ADSs, on the one hand, and (ii)&nbsp;the Full Entitlement ADRs and ADSs on the other. Holders and Beneficial Owners of Partial
Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders and Beneficial Owners of Full
Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares. All provisions and conditions of the Deposit
Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and ADSs, except as contemplated
by this Section&nbsp;2.12. The Depositary is authorized to take any and all other actions as may be necessary (including, without
limitation, making the necessary notations on ADRs) to give effect to the terms of this Section&nbsp;2.12. The Company agrees to
give timely written notice to the Depositary if any Shares issued or to be issued are Partial Entitlement Shares and shall assist
the Depositary with the establishment of procedures enabling the identification of Partial Entitlement Shares upon Delivery to
the Custodian.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certificated/Uncertificated ADSs</U>.</B> Notwithstanding any other provision of the Deposit Agreement, the Depositary
may, at any time and from time to time, issue ADSs that are not evidenced by ADRs (such ADSs, the &ldquo;<U>Uncertificated ADS(s)</U>&rdquo;
and the ADS(s) evidenced by ADR(s), the &ldquo;<U>Certificated ADS(s)</U>&rdquo;). When issuing and maintaining Uncertificated
ADS(s) under the Deposit Agreement, the Depositary shall at all times be subject to (i)&nbsp;the standards applicable to registrars
and transfer agents maintaining direct registration systems for equity securities in New York and issuing uncertificated securities
under New York law, and (ii)&nbsp;the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs
shall not be represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained for
such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims
of which the Depositary has notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated
ADS(s) of the same type and class, subject in each case to (x)&nbsp;applicable laws and any rules and regulations the Depositary
may have established in respect of the Uncertificated ADSs, and (y)&nbsp;the continued availability of Certificated ADSs in the
U.S. Holders of Certificated ADSs shall, if the Depositary maintains a direct registration system for the ADSs, have the right
to exchange the Certificated ADSs for Uncertificated ADSs upon (i) the due surrender of the Certificated ADS(s) to the Depositary
for such purpose and (ii) the presentation of a written request to that effect to the Depositary, subject in each case to (a) all
liens and restrictions noted on the ADR evidencing the Certificated ADS(s) and all adverse claims of which the Depositary then
has notice, (b) the terms of the Deposit Agreement and the rules and regulations that the Depositary may establish for such purposes
hereunder, (c)&nbsp;applicable law, and (d)&nbsp;payment of the Depositary fees and expenses applicable to such exchange of Certificated
ADS(s) for Uncertificated ADS(s). Uncertificated ADSs shall in all material respects be identical to Certificated ADS(s) of the
same type and class, except that (i)&nbsp;no ADR(s) shall be, or shall need to be, issued to evidence Uncertificated ADS(s), (ii)&nbsp;Uncertificated
ADS(s) shall, subject to the terms of the Deposit</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Agreement, be transferable upon the same terms and conditions as uncertificated
securities under New York law, (iii)&nbsp;the ownership of Uncertificated ADS(s) shall be recorded on the books of the Depositary
maintained for such purpose and evidence of such ownership shall be reflected in periodic statements provided by the Depositary
to the Holder(s) in accordance with applicable New York law, (iv)&nbsp;the Depositary may from time to time, upon notice to the
Holders of Uncertificated ADSs affected thereby, establish rules and regulations, and amend or supplement existing rules and regulations,
as may be deemed reasonably necessary to maintain Uncertificated ADS(s) on behalf of Holders, provided that (a)&nbsp;such rules
and regulations do not conflict with the terms of the Deposit Agreement and applicable law, and (b)&nbsp;the terms of such rules
and regulations are readily available to Holders upon request, (v)&nbsp;the Uncertificated ADS(s) 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 such
Uncertificated ADS(s) is/are registered on the books of the Depositary maintained for such purpose, (vi)&nbsp;the Depositary may,
in connection with any deposit of Shares resulting in the issuance of Uncertificated ADSs and with any transfer, pledge, release
and cancellation of Uncertificated ADSs, require the prior receipt of such documentation as the Depositary may deem reasonably
appropriate, and (vii)&nbsp;upon termination of the Deposit Agreement, the Depositary shall not require Holders of Uncertificated
ADSs to affirmatively instruct the Depositary before remitting proceeds from the sale of the Deposited Property represented by
such Holders' Uncertificated ADSs under the terms of Section 6.2. When issuing ADSs under the terms of the Deposit Agreement, including,
without limitation, issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary may in its discretion determine
to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise specifically instructed by the applicable Holder to
issue Certificated ADSs. All provisions and conditions of the Deposit Agreement shall apply to Uncertificated ADSs to the same
extent as to Certificated ADSs, except as contemplated by this Section 2.13. The Depositary is authorized and directed to take
any and all actions and establish any and all procedures deemed reasonably necessary to give effect to the terms of this Section
2.13. Any references in the Deposit Agreement or any ADR(s) to the terms &ldquo;American Depositary Share(s)&rdquo; or &ldquo;ADS(s)&rdquo;
shall, unless the context otherwise requires, include Certificated ADS(s) and Uncertificated ADS(s). Except as set forth in this
Section 2.13 and except as required by applicable law, the Uncertificated ADSs shall be treated as ADSs issued and outstanding
under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect
to any Uncertificated ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.13) and
(b) the terms of this Section 2.13, the terms and conditions set forth in this Section 2.13 shall be controlling and shall govern
the rights and obligations of the parties to the Deposit Agreement pertaining to the Uncertificated ADSs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted ADSs</U>.</B> The Depositary shall, at the request and expense of the Company, establish procedures enabling
the deposit hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to hold its ownership
interests in such Restricted Securities in the form of ADSs issued under the terms hereof (such Shares, &ldquo;<U>Restricted Shares</U>&rdquo;).
Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to
establish procedures permitting the deposit of such Restricted Shares and the issuance of ADSs representing the right to receive,
subject to the terms of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), such deposited Restricted
Shares (such ADSs, the &ldquo;<U>Restricted ADSs</U>,&rdquo; and the ADRs evidencing such Restricted ADSs, the &ldquo;<U>Restricted
ADRs</U>&rdquo;). Notwithstanding anything contained in this Section 2.14, the Depositary and the Company may, to the extent not
prohibited by law, agree to issue the Restricted ADSs in uncertificated form (&ldquo;<U>Uncertificated Restricted ADSs</U>&rdquo;)
upon such terms and conditions as the Company and the Depositary may deem necessary and appropriate. The Company shall assist the
Depositary in the establishment of such procedures and agrees that it shall take all steps reasonably necessary and satisfactory
to the Depositary to ensure that the establishment of such procedures does not violate the provisions of the Securities Act or
any other applicable laws. The depositors of such Restricted Shares and the Holders of the Restricted ADSs may be required prior
to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and Restricted ADSs or the withdrawal of the Restricted
Shares represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the Company may
require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the Restricted ADRs (if the Restricted
ADSs are to be issued as Certificated ADSs<B>)</B>, or to be included in the statements issued from time to time to Holders of
Uncertificated ADSs (if issued as Uncertificated Restricted ADSs), which legends shall (i) be in a form reasonably satisfactory
to the Depositary and (ii) contain the specific circumstances under which the Restricted ADSs, and, if applicable, the Restricted
ADRs evidencing the Restricted ADSs, may be transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the
deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited
shall, to the extent required by law, be held separate and distinct from the other Deposited Securities held hereunder. The Restricted
ADSs shall not be eligible for inclusion in any book-entry settlement system, including, without limitation, DTC, and shall not
in any way be fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADSs, and, if applicable,
the Restricted ADRs evidencing the Restricted ADSs, shall be transferable only by the Holder thereof upon delivery to the Depositary
of (i) all documentation otherwise contemplated by the Deposit Agreement and (ii) an opinion of counsel satisfactory to the Company
and the Depositary setting forth, <I>inter alia</I>, the conditions upon which the Restricted ADSs presented, and, if applicable,
the Restricted ADRs evidencing the Restricted ADSs, are transferable by the Holder thereof under applicable securities laws and
the transfer restrictions contained in the legend applicable to the Restricted ADSs presented for transfer. Except as set forth
in this Section 2.14 and except as required by applicable law, the Restricted ADSs and the Restricted ADRs evidencing Restricted
ADSs shall be treated as ADSs and ADRs issued and outstanding under the terms of the Deposit Agreement. In the event that, in determining
the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the terms of
the Deposit Agreement (other than this Section 2.14) and (b) the terms of (i) this Section 2.14 or (ii) the applicable Restricted
ADR, the terms and conditions set forth in this Section 2.14 and of the Restricted ADR shall be controlling and shall govern the
rights and obligations of the parties to the Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs
and Restricted ADRs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Restricted ADRs, the Restricted ADSs
and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt of (x) an opinion of counsel satisfactory
to the Company and the Depositary setting forth, <I>inter alia</I>, that the Restricted ADRs, the Restricted ADSs and the Restricted
Shares are not as of such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable
to the Restricted ADRs, the Restricted ADSs and the Restricted Shares, shall (i)&nbsp;eliminate the distinctions and separations
that may have been established between the applicable Restricted Shares held on deposit under this Section 2.14 and the other Shares
held on deposit under the terms of the Deposit Agreement that are not Restricted Shares, (ii)&nbsp;treat the newly unrestricted
ADRs and ADSs on the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of
the Deposit Agreement that are not Restricted ADRs or Restricted ADSs, and (iii)&nbsp;take all actions necessary to remove any
distinctions, limitations and restrictions previously existing under this Section 2.14 between the applicable Restricted ADRs and
Restricted ADSs, respectively, on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively,
on the other hand, including, without limitation, by making the newly-unrestricted ADSs eligible for inclusion in the applicable
book-entry settlement systems.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE III<BR>
<BR>
CERTAIN OBLIGATIONS OF HOLDERS<BR>
AND BENEFICIAL OWNERS OF ADSs</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 Property, 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 Property, 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 Share 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, and at the reasonable request of the Company, shall, to the extent practicable,
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 the terms of Section 7.8(a), the delivery of
any Deposited Property until such proof or other information is filed or such certifications are executed, or such representations
and warranties are made, or such other documentation or information 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; provided, that
the Depositary shall, at the Company&rsquo;s reasonable request, to the extent lawful and reasonably practicable, provide the Company
with information referred to in this Section 3.1 that is accessible from the records of the Depositary; provided further that the
Depositary shall not be required to verify or vouch for the accuracy of such information, or (ii) verify or vouch for the accuracy
of the information so provided by the Holders or Beneficial Owners.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability 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 Deposited Property, ADSs or ADRs shall be payable by the Holders and Beneficial Owners to the Depositary.
The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Property
held on behalf of such Holder and/or Beneficial Owner, and may sell for the account of a Holder and/or Beneficial Owner any or
all of such Deposited Property and apply such distributions and sale proceeds in payment of, any taxes (including applicable interest
and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property
and ADRs, the Holder and the Beneficial Owner 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 Section 7.8(a)) the withdrawal of Deposited Property until payment in full of such tax, charge, penalty
or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and
any of their agents, officers, directors, employees and Affiliates for, and to hold each of them harmless from, any claims (including,
without limitation, by any governmental authority or other person or entity) with respect to taxes (including applicable interest
and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. Notwithstanding anything
to the contrary contained in the Deposit Agreement or any ADR, the obligations of Holders and Beneficial Owners under this Section
3.2 shall survive any transfer of ADSs, any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of
the Deposit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties on Deposit of Shares</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) all preemptive (and similar) rights, if any, with
respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do,
(iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse
claim, (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), 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, the transfer of such ADSs and the termination of the Deposit Agreement. 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. By becoming a Holder or Beneficial Owner on
the deposit of Shares, each Holder and Beneficial Owner that received ADSs or to whom or upon whose order ADSs were issued on the
deposit of Shares agrees and understands that the Depositary, the Custodian and the Company shall be relying on the representations
set forth herein with respect to each such deposit and person(s) and, as a result thereof, each such Holder and Beneficial Owner
agrees to indemnify the Depositary, any Custodian, the Company and each of their respective directors, officers, employees, agents
and Affiliates against, and hold each of them harmless from, any Losses (as hereinafter defined) which any of them may incur or
which may be made against any of them as a result of or in connection with these representations and warranties.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Information Requests</U>.</B> Notwithstanding any other provision of the Deposit Agreement or any ADR(s),
each Holder and Beneficial Owner agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements
of the stock exchange on which the Shares or ADSs are, or will be, registered, traded or listed or the Articles of Association,
which are made to provide information, <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 assist the Company in obtaining such information, including 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,
as promptly as practicable, any such responses to such requests received by the Depositary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ownership Restrictions</U>.</B> Notwithstanding any other provision contained in the Deposit Agreement or any ADR(s)
to the contrary, 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. 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. Nothing herein shall be interpreted as obligating the Depositary
or the Company to ensure compliance with the ownership restrictions described in this Section 3.5.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reporting Obligations and Regulatory Approvals</U>.</B> 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 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 directors, officers,
employees, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE IV<BR>
<BR>
THE DEPOSITED SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cash Distributions</U>.</B> Whenever the Company intends to make a distribution of a cash dividend or other cash distribution
in respect of any Deposited Securities, the Company shall give notice thereof to the Depositary at least fifteen (15) days prior
to the proposed distribution (or such shorter period as the Company and the Depositary may mutually agree from time to time) specifying,
<I>inter alia</I>, the record date applicable for determining the holders of Deposited Securities entitled to receive such distribution.
Upon the timely receipt of such notice, the Depositary shall establish the ADS Record Date upon the terms described in Section
4.9. Upon receipt of confirmation of the receipt of (x)&nbsp;any cash dividend or other cash distribution on any Deposited Securities,
or (y)&nbsp;proceeds from the sale of any Deposited Property held in respect of the ADSs under the terms hereof, 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
(pursuant to Section 4.8), 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 (on the terms described in Section 4.8), (ii)&nbsp;if
applicable and unless previously established, establish the ADS Record Date upon the terms described in Section 4.9, and (iii)&nbsp;distribute
promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and
(b) applicable taxes required to be withheld or paid in connection with the distribution) 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, or from any cash proceeds from the sales of Deposited Property, an amount on account of taxes,
duties or other governmental charges, the amount distributed to Holders on the ADSs 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, the Custodian or the Depositary shall be forwarded by the Company, the Custodian or the Depositary,
as applicable, to the Depositary or the Company, as applicable, upon request. The Depositary will hold any cash amounts it is unable
to distribute in a non-interest bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the
distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed property in accordance with
the laws of the relevant states of the United States. No distribution to Holders pursuant to this Section 4.1 shall be unreasonably
delayed by any action of the Depositary or the Custodian. Notwithstanding anything contained in the Deposit Agreement to the contrary,
in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in this Section 4.1,
the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.1, and the Company,
the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure
to perform the actions contemplated in this Section 4.1 where such notice has not been so timely given, other than its failure
to use commercially reasonable efforts, as provided herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution in Shares</U>.</B> 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 fifteen (15) days prior to the proposed
distribution (or such shorter period as the Company and the Depositary may mutually agree from time to time), specifying, <I>inter
alia</I>, 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 the ADS Record Date upon the terms described in Section
4.9. 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, 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) applicable taxes required to be withheld or paid), 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 interests 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) applicable taxes required to be withheld or paid). In lieu of delivering fractional ADSs, the
Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute
the net proceeds upon the terms described in Section 4.1. 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 obligation under Section 5.7, 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, in consultation with the Company, and the Depositary shall distribute the net proceeds of any such sale (after
deduction of (a) applicable taxes required to be withheld or paid and (b) fees and charges of, and expenses incurred by, the Depositary)
to Holders entitled thereto upon the terms described in Section 4.1. The Depositary shall hold and/or distribute any unsold balance
of such property in accordance with the provisions of the Deposit Agreement. No distribution to Holders pursuant to this Section
4.2 shall be unreasonably delayed by any action of the Depositary or the Custodian. Notwithstanding anything contained in the Deposit
Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided
for in this Section 4.2, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this
Section 4.2, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for
the Depositary&rsquo;s failure to perform the actions contemplated in this Section 4.2 where such notice has not been so timely
given, other than its failure to use commercially reasonable efforts, as provided herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Elective Distributions in Cash or Shares</U>.</B> Whenever the Company intends to make a distribution payable at the
election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary
at least forty five (45) days prior to the proposed distribution (or such shorter period as the Company and the Depositary may
mutually agree from time to time), specifying, <I>inter alia</I>, the record date applicable to holders of Deposited Securities
entitled to receive such elective distribution and 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 determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders
of ADSs. 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, in consultation with
the Company, that such distribution is reasonably practicable and (iii) the Depositary shall have received reasonably satisfactory
documentation within the terms of Section 5.7. If the above conditions are not satisfied or if the Company requests such elective
distribution not to be made available to Holders of ADSs, the Depositary shall establish the ADS Record Date on the terms described
in Section 4.9 and, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made
in the State of Israel in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section
4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions
are satisfied, the Depositary shall establish an ADS Record Date on the terms described in Section 4.9 and establish, in consultation
with the Company, 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, or (Y)&nbsp;in ADSs,
the distribution shall be made upon the terms described in Section 4.2. Nothing herein 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 Holders generally,
or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as
the holders of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails
to give the Depositary timely notice of the proposed distribution provided for in this Section 4.3, the Depositary agrees to use
commercially reasonable efforts to perform the actions contemplated in this Section 4.3, and the Company, the Holders and the Beneficial
Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure to perform the actions contemplated
in this Section 4.3 where such notice has not been so timely given, other than its failure to use commercially reasonable efforts,
as provided herein.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution of Rights to Purchase Additional ADSs</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution to ADS Holders</U>. </B>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 forty five (45) days
prior to the proposed distribution (or such shorter period as the Company and the Depositary may mutually agree from time to time),
specifying, <I>inter alia</I>, 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 shall consult 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 Holders only if (i) the Company shall have
timely requested that such rights be made available to Holders, (ii) the Depositary shall have received reasonably satisfactory
documentation within the terms of Section 5.7, 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) below. In the event all conditions set forth above are satisfied, the Depositary shall establish the ADS Record
Date (upon the terms described in Section 4.9) and establish, in consultation with the Company, procedures to (x)&nbsp;distribute
rights to purchase additional ADSs (by means of warrants or otherwise), (y)&nbsp;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;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 shall obligate the Depositary to make available to the Holders a method
to exercise rights to subscribe for Shares (rather than ADSs).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sale of Rights</U>. </B>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) the Depositary fails to receive reasonably satisfactory documentation
within the terms of Section 5.7, or determines, in consultation with the Company, 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, in consultation with the Company, 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 or 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) fees and charges of, and expenses incurred by, the Depositary
and (b) applicable taxes required to be withheld or paid) upon the terms set forth in Section 4.1.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lapse of Rights</U>. </B>If the Depositary is unable to make any rights available to Holders upon the terms described
in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow
such rights to lapse.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Depositary nor the Company shall
be liable to Holders or Beneficial Owners for, and the Depositary shall not be liable for, (i) any failure to accurately determine
whether it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, or (ii)
any foreign exchange exposure or loss incurred in connection with such sale or exercise. The Depositary shall not be liable for
the content of any materials forwarded to the 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything to the contrary
in this Section 4.4, 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 for the Company in
any other applicable country in which rights would be distributed, in each case reasonably 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Company, the Depositary
or the Custodian shall be required to withhold and does withhold from any distribution of Deposited Property (including rights)
an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly.
In the event that the Depositary determines that any distribution of Deposited 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 Deposited 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-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions Other Than Cash, Shares or Rights to Purchase Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>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 to 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)&nbsp;the Depositary shall
have received reasonably satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined,
in consultation with the Company, that such distribution is reasonably practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Upon receipt of reasonably 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, in consultation with the Company, 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 applicable
taxes required to be withheld or paid. The Depositary, in consultation with the Company, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>If (i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not
to make such distribution to Holders, (ii) the Depositary does not receive reasonably satisfactory documentation within the terms
of Section 5.7, or (iii) the Depositary, in consultation with the Company, determines that all or a portion of such distribution
is not reasonably practicable, the Depositary shall, in consultation with the Company, 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) applicable taxes required to be withheld
or paid) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary is unable to sell such property,
the Depositary, in consultation with the Company, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Neither the Depositary nor the Company shall be liable for (i) any failure to accurately determine whether it is lawful
or practicable to make the property described in this Section 4.5 available to Holders in general or any Holders in particular,
nor (ii) any loss incurred in connection with the sale or disposal of such property.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions with Respect to Deposited Securities in Bearer Form</U>.</B> Subject to the terms of this Article IV, distributions
in respect of Deposited Securities that are held by the Depositary or the Custodian in bearer form shall be made to the Depositary
for the account of the respective Holders of ADS(s) with respect to which any such distribution is made upon due presentation by
the Depositary or the Custodian to the Company of any relevant coupons, talons, or certificates. The Company shall promptly notify
the Depositary of such distributions. The Depositary or the Custodian shall promptly present such coupons, talons or certificates,
as the case may be, in connection with any such distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 forty five (45) days prior to the intended date of redemption
(or such shorter period as the Company and the Depositary may mutually agree from time to time), which notice shall set forth the
particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii)&nbsp;reasonably satisfactory documentation
given by the Company to the Depositary within the terms of Section 5.7, and only if the Depositary, in consultation with the Company,
shall have determined that such proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting
forth the intended exercise by the Company of 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, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred
by, the Depositary, and (b) applicable taxes required to be withheld or paid), retire ADSs and cancel ADRs, if applicable, upon
delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2. 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,
in consultation with the Company. 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 and the applicable 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the
Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed redemption
provided for in this Section 4.7, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated
in this Section 4.7, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability
for the Depositary&rsquo;s failure to perform the actions contemplated in this Section 4.7 where such notice has not been so timely
given, other than its failure to use commercially reasonable efforts, as provided herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion of Foreign Currency</U>.</B> Whenever the Depositary or the Custodian shall receive Foreign Currency, by way
of dividends or other distributions or the net proceeds from the sale of Deposited Property, which in the judgment of the Depositary
can at such time be converted on a practicable basis, by sale or in any other manner that it may determine in accordance with applicable
law, into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert
or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute
such Dollars (net of any applicable fees, any reasonable and customary expenses incurred in such conversion and any expenses incurred
on behalf of the Holders in complying with currency exchange control or other governmental requirements) in accordance with the
terms of the applicable sections of the Deposit Agreement. If the Depositary shall have distributed warrants or other instruments
that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants
and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution
may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of any application
of exchange restrictions or otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If such conversion or distribution generally
or with regard to a particular Holder can be effected only with the approval or license of any government or agency thereof, the
Depositary shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event,
however, shall the Depositary be obligated to make such a filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If at any time the Depositary shall determine
that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received
by the Depositary is not reasonably practicable or lawful, or if any approval or license of any governmental authority or agency
thereof that is required for such conversion, transfer and distribution is denied or, in the opinion of the Depositary, in consultation
with the Company, not obtainable at a reasonable cost or within a reasonable period, the Depositary may, in consultation with the
Company, notify the Holders to that effect and may, in its discretion, in consultation with the Company, (i) make such conversion
and distribution in Dollars to the Holders for whom such conversion, transfer and distribution is lawful and practicable, (ii)&nbsp;distribute
the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom this
is lawful and practicable, or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without liability for interest
thereon) for the respective accounts of the Holders entitled to receive the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing of ADS Record Date</U>.</B> Whenever (a) 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), (b) for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, (c) the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares
or other Deposited Securities, or (d) 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, in consultation with the Company, shall fix the record
date (the &ldquo;<U>ADS Record Date</U>&rdquo;) for the determination of the Holders of ADS(s) 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 practicable to the applicable record date for the Deposited Securities (if any) set by the Company in the State of Israel and
shall not announce the establishment of any ADS Record Date prior to the relevant corporate action having been made public by the
Company (if such corporate action affects the Deposited Securities). Subject to applicable law and the provisions of Section 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 distribution, to give such voting instructions, to receive such
notice or solicitation, or otherwise take action.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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. 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 (or such shorter period
as the Company and the Depositary may mutually agree from time to time), 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 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the
Deposit Agreement or any ADR, with the Company&rsquo;s prior written consent, 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 publicizes to Holders, instructions
on how to retrieve such materials or receive such materials upon request (e.g., 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 and reasonably acceptable to the Company,
the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement,
the Articles of Association 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 in accordance with such voting instructions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deposited Securities represented by ADSs
for which no timely voting instructions are received by the Depositary from the Holder shall not be voted (except as otherwise
contemplated herein). 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. Notwithstanding
anything else contained herein, 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. Unless otherwise reasonably requested by the Company,
on the business day following the date fixed by the Depositary as the last date for delivery of voting instructions, the Depositary
shall give notice to the Company of the voting instructions received by the Depositary from the Holders; provided, that if such
voting instructions include (or are required to include) any information or determination other than a vote of Shares for or against
the applicable resolutions, the Depositary shall be obligated only to provide such notice as promptly as practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 and as permitted by the laws of the United States and the State
of Israel 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. or Israeli counsel addressing any actions reasonably requested to be taken if so requested
by the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, or otherwise take action, in a timely manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 property 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 Property under the Deposit Agreement, and the ADSs shall, subject to the provisions
of the Deposit Agreement, any ADR(s) evidencing such ADSs and applicable law, represent the right to receive such additional or
replacement Deposited Property. 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 (including,
without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b) applicable taxes
required to be withheld or paid) and receipt of an opinion of counsel to the Company reasonably 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)&nbsp;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)&nbsp;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 Deposited
Property 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 reasonably satisfactory to the
Depositary that such action is not in violation of any applicable laws or regulations, sell such Deposited Property 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) fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes required to be withheld or paid)
for the account of the Holders otherwise entitled to such Deposited Property 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. Neither the Depositary nor the Company shall be responsible to
Holders or Beneficial Owners for, and the Depositary shall not be responsible for, (i) any failure to determine that it may be
lawful or practicable to make such Deposited Property available to Holders in general or to 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 Deposited
Property.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Available Information</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company is subject to the periodic reporting requirements
of the Exchange Act and, accordingly, is required to file or furnish certain reports with the Commission. These reports can be
retrieved from the Commission'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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports</U>.</B> The Depositary shall make available for inspection by Holders at its Principal Office, as promptly as
reasonably practicable after receipt thereof, 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 Property and (b) made generally available to the holders of such Deposited Property 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>List of Holders</U>.</B> Promptly upon written request by the Company, the Depositary shall furnish to it a list, as
of a recent date, of the names, addresses and holdings of ADSs of all Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxation</U>.</B> The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such
information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax
reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may file such reports
as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Property
under applicable tax treaties or laws for the Holders and Beneficial Owners. In accordance with instructions from the Company and
to the extent practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced
withholding of tax at source on dividends and other benefits under applicable tax treaties or laws with respect to dividends and
other distributions on the Deposited Property. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs
may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership
(as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information
or documents, as the Company, the Depositary or the Custodian may deem necessary or proper to fulfill the Company&rsquo;s, the
Depositary&rsquo;s or the Custodian&rsquo;s obligations under applicable law. The Depositary and the Company shall have no obligation
or liability to any person if any Holder or Beneficial Owner fails to provide such information or if such information does not
reach the relevant tax authorities in time for any Holder or Beneficial Owner to obtain the benefits of any tax treatment. The
Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors,
officers, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority
with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding
at source or other tax benefit obtained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company (or any of its agents) withholds
from any distribution any amount on account of taxes or governmental charges, or pays any other tax in respect of such distribution
(<I>e.g.</I>, stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit to the
Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt (or other
proof of payment to the applicable governmental authority) therefor, in each case, in a form reasonably satisfactory to the Depositary.
The Depositary shall, to the extent required by U.S. law, report to Holders any taxes withheld by it or the Custodian, and, if
such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the Custodian shall not
be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or
of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary or the Custodian,
as applicable. None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or Beneficial
Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder&rsquo;s or Beneficial Owner&rsquo;s
income tax liability.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary is under no obligation to
provide the Holders and Beneficial Owners with any information about the tax status of the Company except, with respect to Holders,
to the extent that the Company provides such information to the Depositary expressly for distribution to the Holders, at the Company&rsquo;s
expense. Neither the Depositary nor the Company shall incur any liability for any tax consequences that may be incurred by Holders
and Beneficial Owners on account of their ownership of the ADSs, including without limitation, tax consequences resulting from
the Company (or any of its subsidiaries) being treated as a &ldquo;Passive Foreign Investment Company&rdquo; (in each case as defined
in the U.S. Internal Revenue Code and the regulations issued thereunder) or otherwise.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.85pt; text-align: center; text-indent: 0in">ARTICLE
V<BR>
<BR>
THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.85pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Office and Transfer Books by the Registrar</U>.</B> Until termination of the Deposit Agreement in accordance
with its terms, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the
issuance and delivery of ADSs, the acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the
registration of issuances, cancellations, transfers, combinations and split-ups of ADS(s) and, if applicable, to countersign ADRs
evidencing the ADSs so issued, transferred, combined or split-up, in each case in accordance with the provisions of the Deposit
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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. The Company shall have the right to examine and copy the transfer and registration records of the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 Section
7.8(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any ADSs are listed on one or more stock
exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or, with written notice given
as promptly as practicable to the Company, appoint a Registrar or one or more co-registrars for registration of issuances, cancellations,
transfers, combinations and split-ups of ADSs and, if applicable, to countersign ADRs evidencing the ADSs so issued, transferred,
combined or split-up<B>, </B>in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars
may be removed and a substitute or substitutes appointed by the Depositary, with written notice given as promptly as practicable
to the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exoneration</U>.</B> Notwithstanding anything contained in the Deposit Agreement or any ADR, neither the Depositary nor
the Company nor any of their respective directors, officers, employees and agents shall be obligated to do or perform any act which
is inconsistent with the provisions of the Deposit Agreement or incur any liability (to the extent not limited by Section 7.8(b))
(i) if the Depositary, the Custodian, the Company or their respective controlling persons or agents shall be prevented or forbidden
from, or delayed in, doing or performing any act or thing required or contemplated by the terms of the Deposit Agreement, by reason
of any provision of any present or future law or regulation of the United States, the State of Israel or any other country, or
of any other governmental authority or regulatory authority or stock exchange, or on account of potential criminal or civil penalties
or restraint, or by reason of any provision, present or future, of the Articles of Association 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 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, (v) for any action or inaction of any clearing or settlement system (and any participant thereof)
for the Deposited Property or the ADSs, or (vi) for any consequential or punitive damages (including, but not limited to, lost
profits) for any breach of the terms of the Deposit Agreement or otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 any ADRs to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree
to perform their respective obligations specifically set forth in the Deposit Agreement or the applicable ADRs without negligence
or bad faith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limitation of the foregoing, neither
the Depositary, nor the Company, nor any of their respective directors, officers, controlling persons, employees or agents, shall
be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Property
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).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Depositary and its agents nor
the Company and its directors, officers, controlling persons, employees or agents shall 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. Neither the
Depositary nor the Company shall incur any liability for any failure to accurately determine that any distribution or action may
be lawful or reasonably practicable, for any investment risk associated with acquiring an interest in the Deposited Property, for
the validity or worth of the Deposited Property, for the value of any Deposited Property or any distribution thereon, for any interest
on Deposited Property, for any tax consequences that may result from the ownership of ADSs, Shares or other Deposited Property,
for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement, or for
any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant, or for any action
or non-action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Holder or any other person believed in good faith to be competent to give such advice or information. The
Depositary shall not incur any liability 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 or for the failure or timeliness of any notice from the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in
connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with
the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith
while it acted as Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal of the Depositary; Appointment of Successor Depositary</U>.</B> The Depositary may at any time
resign as Depositary hereunder 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), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment
as hereinafter provided.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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) the 90th day after delivery
thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii)&nbsp;upon
the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use its reasonable 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&nbsp;5.8 and 5.9). The predecessor depositary, upon payment of all sums due it and on the written request of the Company,
shall, (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder
(other than as contemplated in Sections 5.8 and 5.9), (ii)&nbsp;duly assign, transfer and deliver all of the Depositary&rsquo;s
right, title and interest to the Deposited Property 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. If the Company shall have used
its reasonable efforts to appoint a successor depositary, it shall have no liability to Holders for any failure to appoint such
a successor.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Custodian</U>.</B> The Depositary has initially appointed Citibank Tel Aviv as Custodian for the purpose of the Deposit
Agreement. The Custodian or its successors in acting hereunder shall be authorized to act as custodian in the State of Israel and
shall be subject at all times and in all respects to the direction of the Depositary for the Deposited Property for which the Custodian
acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with
respect to any Deposited Property and no other Custodian has previously been appointed hereunder, the Depositary shall, with notice
to the Company, promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged Custodian to
Deliver, or cause the Delivery of, the Deposited Property held by it, together with all such records maintained by it as Custodian
with respect to such Deposited Property as the Depositary may request, to the Custodian designated by the Depositary. Whenever
the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect
to any Deposited Property, or discharge the Custodian with respect to any Deposited Property and appoint a substitute custodian,
which shall thereafter be Custodian hereunder with respect to the Deposited Property. Immediately upon any such change, the Depositary
shall give notice thereof in writing to all Holders of ADSs, each other Custodian and the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Citibank may at any time act as Custodian
of the Deposited Property pursuant to the Deposit Agreement, in which case any reference to Custodian shall mean Citibank solely
in its capacity as Custodian pursuant to the Deposit Agreement and the Depositary shall promptly give notice thereof to the Company.
Notwithstanding anything contained in the Deposit Agreement or any ADR to the contrary, the Depositary shall not be obligated to
give notice to any Holders of ADSs or any other Custodian of its acting as Custodian pursuant to the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the appointment of any successor depositary,
any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited
Property without any further act or writing, and shall be subject to the direction of the successor depositary. The successor depositary
so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments
as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices and Reports</U>.</B> On or before the first date on which the Company gives notice, by publication or otherwise,
of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking
of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions
or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary a copy of the notice
thereof in the English language but otherwise in the form given or to be given to holders of Shares or other Deposited Securities.
The Company shall also furnish to the Depositary a summary, in English, of any applicable provisions or proposed provisions of
the Articles of Association that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat, if not
otherwise in English.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will also transmit to the Depositary
(a) an English language version of the other notices, reports and communications which are made generally available by the Company
to holders of its Shares or other Deposited Securities and (b) the English-language versions of the Company&rsquo;s annual and
semi-annual reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at
the request of the Company and at the Company&rsquo;s expense, to provide copies thereof to all Holders or make such notices, reports
and other communications available to all Holders on a basis similar to that for holders of Shares or other Deposited Securities
or on such other basis as the Company may advise the Depositary or as may be required by any applicable law, regulation or stock
exchange requirement. The Company&rsquo;s obligations in this paragraph to transmit or provide annual and semi-annual reports or
other notices, reports and communications to the Depositary, the Custodian or the Holders shall be deemed satisfied to the extent
such information is freely available on the Commission&rsquo;s website (or any successor thereto); provided, for the avoidance
of doubt, that making any such information so freely available shall not constitute notice to the Depositary or the Custodian for
the purposes of any other provision of this Agreement providing for notice from the Company to the Depositary or the Custodian
and shall not constitute delivery of an amendment to the Articles of Association, as provided in this paragraph, to the extent
such amendment affects the manner in which the Depositary is to vote Shares pursuant to Section 4.10. The Company has delivered
to the Depositary a copy of the Articles of Association along with the provisions of or governing the Shares and any other Deposited
Securities issued by the Company in connection with such Shares, and promptly upon any amendment thereto or change therein, the
Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein. The Depositary may
rely upon such copy for all purposes of the Deposit Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary will, at the expense of the
Company, make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary
for inspection by the Holders of the ADSs at the Depositary&rsquo;s Principal Office.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of Additional Shares, ADSs etc</U>.</B> The Company agrees that in the event it or any of its Affiliates proposes
(i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited
Securities, (iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe
for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited
Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification
of securities, merger or consolidation or transfer of assets, (viii) any assumption, reclassification, recapitalization, reorganization,
merger, consolidation or sale of assets which affects the Deposited Securities, or (ix) a distribution of securities other than
Shares, it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction
to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or any other applicable laws
(including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the
states of the U.S.). In support of the foregoing, the Company will furnish to the Depositary (a) a written opinion of U.S. counsel
(reasonably satisfactory to the Depositary) stating whether such transaction (1)&nbsp;requires a registration statement under the
Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and (b) an opinion of
the State of Israel counsel stating that (1) making the transaction available to Holders and Beneficial Owners does not violate
the laws or regulations of the State of Israel and (2) all requisite regulatory consents and approvals have been obtained in the
State of Israel; provided that no such opinion shall be required where any such issuance, sale, offering or distribution is to
be made solely in connection with an issuance of Shares pursuant to (i) a bonus or share split, (ii) compensation of the Company's
directors, officers or employees or (iii) any Company employee benefit program, share purchase program or share option/award plan,
so long as, in respect of any Shares so issued, sold, offered or distributed under clauses (i), (ii) or (iii) above, the Depositary
receives, if requested, documentation reasonably satisfactory to it that (x) a registration statement under the Securities Act,
if applicable, is in effect, (y) the Commission has issued no stop orders in respect of any such registration statement and (z)
all such Shares at the time of delivery to the relevant employee, director or officer are duly authorized, validly issued, fully
paid, non-assessable, free of any transfer or voting restrictions, and free of any pre-emptive rights, all requisite permissions,
consents, approvals, authorizations and orders (if any) have been obtained and all requisite filings (if any) have been made in
the State of Israel in respect of such Shares, and the Shares rank pari passu in all respects with the Shares at such time deposited
with the Custodian under the Deposit Agreement. If the filing of a registration statement is required, the Depositary shall not
have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such
registration statement has been declared effective. If, being advised by counsel, the Company determines that a transaction is
required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary,
(ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary
to take specific measures, in each case as contemplated in the Deposit Agreement, to prevent such transaction from violating the
registration requirements of the Securities Act. The Company agrees with the Depositary that neither the Company nor any of its
Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale
of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue
additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe
for such securities or distribute securities other than Shares, unless such transaction and the securities issuable in such transaction
do not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation,
the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of the U.S.).</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement, nothing in the Deposit Agreement shall be deemed to obligate the Company to file any registration statement
in respect of any proposed transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>.</B> The Depositary agrees to indemnify the Company and its directors, officers, employees, agents
and Affiliates against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever
(including, but not limited to, the reasonable fees and expenses of counsel) (collectively referred to as &ldquo;Losses&rdquo;)
which may arise out of acts performed or omitted by the Depositary, the Custodian (so long as the Custodian is a branch or wholly
owned subsidiary of the Depositary) or the Depositary&rsquo;s or such Custodian&rsquo;s respective directors, officers or employees
under the terms hereof due to the negligence, bad faith or willful misconduct of the Depositary, the Custodian (so long as the
Custodian is a branch or wholly owned subsidiary of the Depositary) or the Depositary&rsquo;s or such Custodian&rsquo;s respective
directors, officers or employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company agrees to indemnify the Depositary,
the Custodian and any of their respective directors, officers, employees, agents and Affiliates against, and hold each of them
harmless from, any direct Losses that may arise (a) out of, or in connection with, any offer, issuance, sale, resale, transfer,
deposit or withdrawal of ADRs, ADSs, the Shares, or other Deposited Securities, as the case may be, (b) out of, or as a result
of, any offering documents in respect thereof or (c) out of acts performed or omitted, including, but not limited to, any delivery
by the Depositary on behalf of the Company of information regarding the Company, in connection with the Deposit Agreement, any
ancillary or supplemental agreement entered into between the Company and the Depositary, the ADRs, the ADSs, the Shares, or any
Deposited Property, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees,
agents and Affiliates, except to the extent such Losses are due to the negligence, bad faith or willful misconduct of any of them,
or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates&#894; provided, however, that the Company
shall not be required to indemnify the Depositary for any unpaid fees payable to the Depositary by Holders or Beneficial Owners
under this Deposit Agreement; provided further, that the Company shall not indemnify the Depositary, the Custodian or any of their
respective directors, officers, employees, agents or Affiliates from any Loss arising out of information relating to the Depositary
or, to the extent such Custodian is a branch or wholly owned subsidiary of the Depositary, the Custodian, as the case may be, furnished
by the Depositary in a writing to the Company expressly for use in any offering document relating to any of the ADRs, ADSs, the
Shares, or other Deposited Securities. Except for the express limitations on the Company&rsquo;s indemnification obligations provided
in this Section 5.8, no provision of the Deposit Agreement limiting or purporting to limit the Company&rsquo;s liability or responsibility
shall act to limit the Company&rsquo;s obligation to indemnify the Depositary, the Custodian or any of their respective directors,
officers, employees, agents or Affiliates as provided in this Section 5.8.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations set forth in this Section
shall survive the termination of the Deposit Agreement and the succession or substitution of any party hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any person seeking indemnification hereunder
(an &ldquo;indemnified person&rdquo;) shall notify the person from whom it is seeking indemnification (the &ldquo;indemnifying
person&rdquo;) of the commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of
such commencement (provided that the failure to make such notification shall not affect such indemnified person&rsquo;s rights
to seek indemnification except to the extent the indemnifying person is materially prejudiced by such failure) and shall consult
in good faith with the indemnifying person as to the conduct of the defense of such action or claim that may give rise to an indemnity
hereunder, which defense shall be reasonable in the circumstances. No indemnified person shall compromise or settle any action
or claim that may give rise to an indemnity hereunder without the prior written consent of the indemnifying person, which consent
shall not be unreasonably withheld or delayed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ADS Fees and Charges</U>.</B> The Company, the Holders, the Beneficial Owners, persons depositing Shares or withdrawing
Deposited Securities (or for whom Shares are being deposited or Deposited Securities are being withdrawn) in connection with the
issuance and cancellation of ADSs, and persons receiving ADSs upon issuance or whose ADSs are being cancelled shall be required
to pay the ADS fees and charges identified as payable by them respectively in the ADS fee schedule attached hereto as <U>Exhibit
B</U>. All ADS fees and charges so payable may be deducted from distributions or must be remitted to the Depositary, or its designee,
and may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of
ADS fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1. The Depositary shall
provide, without charge, a copy of its latest ADS fee schedule to anyone upon request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ADS fees and charges for (i) the issuance
of ADSs and (ii)&nbsp;the cancellation of ADSs will be payable by the person for whom the ADSs are so issued by the Depositary
(in the case of ADS issuances) and by the person for whom ADSs are being cancelled (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 and charges
will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being
cancelled, 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, provided, in the case of ADSs issued by the Depositary into DTC, that issuance fees and charges may be payable by the
person for whom ADSs are being issued. ADS fees and charges in respect of distributions and the ADS service fee are payable 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 ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions other than cash
and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for
the amount of the ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through
DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made
through DTC, and may be charged 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 ADS fees and charges to the Beneficial Owners for whom
they hold ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company
and the Depositary may agree in writing 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 fees, 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 fees, charges and reimbursements 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of Holders and Beneficial
Owners to pay ADS fees and charges 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, the right to collect ADS fees and charges shall extend for those ADS
fees and charges incurred prior to the effectiveness of such resignation or removal.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Securities Owners</U>.</B> The Company agrees to advise in writing each of the persons or entities who, to
the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder
(except under the circumstances contemplated in Section 2.14) and, to the extent practicable, shall require each of such persons
to represent in writing that such person will not deposit Restricted Securities hereunder (except under the circumstances contemplated
in Section 2.14).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE VI<BR>
<BR>
AMENDMENT AND TERMINATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment/Supplement</U>.</B> Subject to the terms and conditions of this Section 6.1 and applicable law, the ADRs outstanding
at any time, the provisions of the Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof
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, <U>provided</U>, <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>e.g.</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 existing 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 the 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 any ADRs at any time
in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and any ADRs
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-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 (i) ninety (90) days shall have expired after 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time after the 90th day following
the Termination Date, the Depositary may sell the Deposited Property 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 (except as specifically provided in
the Deposit Agreement).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>.</B> The Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed
an original and all of such counterparts together shall constitute one and the same agreement. Copies of the Deposit Agreement
shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Third-Party Beneficiaries/Acknowledgments</U>.</B> The Deposit Agreement is for the exclusive benefit of the parties
hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other
person, except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be deemed
to give rise to a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among the parties.
The parties hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have multiple banking relationships
with the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (ii) Citibank and its Affiliates may own
and deal in any class of securities of the Company and its Affiliates and in ADSs, and may be engaged at any time in transactions
in which parties adverse to the Company, the Holders, the Beneficial Owners or their respective Affiliates may have interests,
(iii)&nbsp;the Depositary and its Affiliates may from time to time have in their possession non-public information about the Company,
the Holders, the Beneficial Owners, and their respective Affiliates, (iv)&nbsp;nothing contained in the Deposit Agreement shall
(a) preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships,
or (b) obligate Citibank or any of its Affiliates to disclose such information, transactions or relationships, or to account for
any profit made or payment received in such transactions or relationships, (v) the Depositary shall not be deemed to have knowledge
of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders, the Beneficial
Owners, or any of their respective Affiliates, and (vi)&nbsp;the Company, the Depositary, the Custodian and their respective agents
and controlling persons may be subject to the laws and regulations of jurisdictions other than the U.S. and the State of Israel
and the authority of courts and regulatory authorities of such other jurisdictions, and, consequently, the requirements and the
limitations of such other laws and regulations, and the decisions and orders of such other courts and regulatory authorities, may
affect the rights and obligations of the parties to the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may execute transactions
contemplated herein (e.g., foreign currency conversions, and sales of Deposited Property) through one or more divisions of Citibank
or through one or more Citibank Affiliates, and any such entity may act as principal for its own account and not as agent, advisor,
broker or fiduciary on behalf of any other person and may earn and retain revenue from such transactions, including, without limitation,
transaction spreads, commissions and other fees and compensation. The Depositary does not guarantee or represent that the price
or rate obtained in any such transaction, or the method for obtaining such price or rate, will be the most favorable that could
be obtained at that time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>.</B> In case any one or more of the provisions contained in the Deposit Agreement or in the ADRs should
be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Holders and Beneficial Owners as Parties; Binding Effect</U>.</B> The Holders and Beneficial Owners from time to time
of ADSs issued hereunder shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof
and of any ADR evidencing their ADSs by acceptance thereof or any beneficial interest therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>.</B> Any and all notices to be given to the Company shall be deemed to have been duly given if personally
delivered or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent
by mail or air courier, addressed to Teva Pharmaceutical Industries Limited, 5 Basel Street, P.O. Box 3190, Petach Tikva 4951033
Israel, <U>Attention</U>: Company Secretary, or to any other address which the Company may specify in writing to the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any and all notices to be given to the Depositary
shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex or facsimile transmission,
confirmed by letter personally delivered or sent by mail or air courier, addressed to Citibank, N.A., 388 Greenwich Street, New
York, New York 10013, U.S.A., <U>Attention</U>: Depositary Receipts Department, or to any other address which the Depositary may
specify in writing to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any and all notices to be given to any Holder
shall be deemed to have been duly given (a)&nbsp;if personally delivered or sent by mail or cable, telex or facsimile transmission,
confirmed by letter, addressed to such Holder at the address of such Holder as it appears on the books of the Depositary or, if
such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed to some other address,
at the address specified in such request, or (b)&nbsp;if a Holder shall have designated such means of notification as an acceptable
means of notification under the terms of the Deposit Agreement, by means of electronic messaging addressed for delivery to the
e-mail address designated by the Holder for such purpose. Notice to Holders shall be deemed to be notice to Beneficial Owners for
all purposes of the Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect
the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs held by such other Holders. Any notices given
to DTC under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) constitute notice to the DTC
Participants who hold the ADSs in their DTC accounts and to the Beneficial Owners of such ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Delivery of a notice sent by mail, air courier
or cable, telex or facsimile transmission shall be deemed to be effective at the time when a duly addressed letter containing the
same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office
letter box or delivered to an air courier service, without regard for the actual receipt or time of actual receipt thereof by a
Holder. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it from any
Holder, the Custodian, the Depositary, or the Company, notwithstanding that such cable, telex or facsimile transmission shall not
be subsequently confirmed by letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Delivery of a notice by means of electronic
messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender&rsquo;s
records), notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or
fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate a substitute
e-mail address or for any other reason.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law and Jurisdiction</U>.</B> The Deposit Agreement, the ADRs and the ADSs shall be interpreted in accordance
with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of
New York applicable to contracts made and to be wholly performed in that State. Notwithstanding anything contained in the Deposit
Agreement to the contrary, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders
of Shares and of any other Deposited Securities and the obligations and duties of the Company in respect of the holders of Shares
and other Deposited Securities, as such, shall be governed by the laws of the State of Israel (or, if applicable, such other laws
as may govern the Deposited Securities).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as set forth in the following paragraph
of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have jurisdiction
to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection
with the Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The
Company hereby irrevocably designates, appoints and empowers Corporation Service Company (the &ldquo;<U>Agent</U>&rdquo;), now
at 1180 Avenue of the Americas, Suite 210, New York, NY 10036-8401, as its authorized agent to receive and accept for and on its
behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and
documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described
in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Agent shall cease to be available
to act as such, the Company agrees to designate a new agent in New York on the terms and for the purposes of this Section 7.6 reasonably
satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal
process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof
upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be ineffective or such Agent shall fail
to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid,
to its address provided in Section 7.5. The Company agrees that the failure of the Agent to give any notice of such service to
it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based
thereon.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, the Depositary
and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding against
(a) the Company, (b) the Depositary in its capacity as Depositary under the Deposit Agreement or (c) against both the Company and
the Depositary, in any such case, in any state or federal court of the United States, and the Depositary or the Company have any
claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding,
then the Company and the Depositary may pursue such claim against each other in the state or federal court in the United States
in which such suit, action, or proceeding is pending and, for such purposes, the Company and the Depositary irrevocably submit
to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Agent in the manner set forth
in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as described
in this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions,
suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of the Company and the Depositary irrevocably
and unconditionally waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of immunity from
legal action, suit or proceeding, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from
attachment upon or prior to judgment, from attachment in aid of execution or judgment, from execution of judgment, or from any
other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, and consents to such relief
and enforcement against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter arising out
of, or in connection with, the Deposit Agreement, any ADR or the Deposited Property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders and Beneficial Owners understand,
and each irrevocably agrees, by holding an ADS or an interest therein, that any legal suit, action or proceeding against or involving
the Company or the Depositary, arising out of or based upon the Deposit Agreement, ADSs, ADRs or the transactions contemplated
hereby or thereby or by virtue of ownership thereof or having any interest therein, may be instituted in a state or federal court
in the City of New York, and by holding an ADS or an interest therein each irrevocably waives any objection which it may now or
hereafter have to the laying of venue of any such suit, action or proceeding in, and irrevocably submits to the exclusive jurisdiction
of, such courts in any such suit, action or proceeding. Holders and Beneficial Owners irrevocably agree, by holding an ADS or an
interest therein, that any such suit, action or proceeding may be instituted by or on behalf of a Holder or Beneficial Owner only
in such courts, unless the Depositary or the Company, as applicable, otherwise consents in writing. Holders and Beneficial Owners
agree that the provisions of this paragraph shall survive such Holders&rsquo; and Beneficial Owners&rsquo; ownership of ADSs or
interests therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>EACH OF THE PARTIES
TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY
ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR, ANY TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN, THE SHARES OR
OTHER DEPOSITED SECURITIES OR ANY ADS (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE). </B></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-indent: 0.5in">The provisions of this Section 7.6 shall
survive any termination of the Deposit Agreement, in whole or in part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment</U>.</B> Subject to the provisions of Section 5.4, the Deposit Agreement may not be assigned by either the
Company or the Depositary.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with, and No Disclaimer under, U.S. Securities Laws</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Notwithstanding anything in 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 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Each of the parties to the Deposit Agreement (including, without limitation, each Holder and Beneficial Owner) acknowledges
and agrees that no provision of the Deposit Agreement or any ADR shall, or shall be deemed to, disclaim any liability under the
Securities Act or the Exchange Act, in each case to the extent established under applicable U.S. laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Israeli Law References</U>.</B> Any summary of Israeli laws and regulations and of the terms of the Articles of Association
set forth in the Deposit Agreement have been provided by the Company solely for the convenience of Holders, Beneficial Owners and
the Depositary. While such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, (i)&nbsp;they
are summaries and as such may not include all aspects of the materials summarized applicable to a Holder or Beneficial Owner, and
(ii) these laws and regulations and the Articles of Association may change after the date of the Deposit Agreement. Neither the
Depositary nor the Company has any obligation under the terms of the Deposit Agreement to update any such summaries.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Titles and References</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit Agreement</U>.</B> All references in the Deposit Agreement to exhibits, articles, sections, subsections, and
other subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions of the Deposit Agreement unless
expressly provided otherwise. The words &ldquo;the Deposit Agreement&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereby&rdquo;,
&ldquo;hereunder&rdquo;, and words of similar import refer to the Deposit Agreement as a whole as in effect at the relevant time
between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless
expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words
in the singular form shall be construed to include the plural and <I>vice versa</I> unless the context otherwise requires. Titles
to sections of the Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained
in the Deposit Agreement. References to &ldquo;applicable laws and regulations&rdquo; shall refer to laws and regulations applicable
to ADRs, ADSs or Deposited Property as in effect at the relevant time of determination, unless otherwise required by law or regulation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ADRs</U>.</B> All references in any ADR(s) to paragraphs, exhibits, articles, sections, subsections, and other subdivisions
refer to the paragraphs, exhibits, articles, sections, subsections and other subdivisions of the ADR(s) in question unless expressly
provided otherwise. The words &ldquo;the Receipt&rdquo;, &ldquo;the ADR&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereby&rdquo;,
&ldquo;hereunder&rdquo;, and words of similar import used in any ADR refer to the ADR as a whole and as in effect at the relevant
time, and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender in any
ADR shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and
<I>vice versa</I> unless the context otherwise requires. Titles to paragraphs of any ADR are included for convenience only and
shall be disregarded in construing the language contained in the ADR. References to &ldquo;applicable laws and regulations&rdquo;
shall refer to laws and regulations applicable to the Company, the Depositary, the Custodian, their agents and controlling persons,
the ADRs, the ADSs and the Deposited Property as in effect at the relevant time of determination, unless otherwise required by
law or regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment and Restatement</U>.</B> The Depositary shall arrange to have new ADRs printed that reflect the form of ADR
attached to the Deposit Agreement. All ADRs issued hereunder after the date hereof, whether upon the deposit of Shares or other
Deposited Securities or upon the transfer, combination or split-up of existing ADRs, shall be substantially in the form of the
specimen ADR attached as <U>Exhibit A</U> hereto. However, American depositary receipts issued prior to the date hereof under the
terms of the Original Deposit Agreement and outstanding as of the date hereof, which do not reflect the form of ADR attached hereto
as <U>Exhibit A</U>, do not need to be called in for exchange and may remain outstanding until such time as the Holders thereof
choose to surrender them for any reason under the Deposit Agreement. The Depositary is authorized and directed to take any and
all actions deemed necessary to effect the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby instructs the Depositary
to (i) promptly send notice of the execution of the Deposit Agreement to all holders of American depositary shares outstanding
under the Original Deposit Agreement as of the date hereof and (ii) inform holders of American depositary shares issued as &ldquo;certificated
American depositary shares&rdquo; and outstanding under the Original Deposit Agreement as of the date hereof that they have the
opportunity, but are not required, to exchange their American depositary receipts for one or more ADR(s) issued pursuant to the
Deposit Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders and Beneficial Owners of American
depositary shares issued pursuant to the Original Deposit Agreement and outstanding as of the date hereof, shall, from and after
the date hereof, be deemed Holders and Beneficial Owners of ADSs issued pursuant to, and shall be subject to all of the terms and
conditions of, the Deposit Agreement in all respects, provided, however, that any term of the Deposit Agreement that amends the
Original Deposit Agreement to impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice
any substantial existing right of &ldquo;Owners&rdquo; (as defined in the Original Deposit Agreement) shall not become effective
as to such &ldquo;Owners&rdquo; as to outstanding American depositary shares until the expiration of thirty (30) days after notice
of the amendments effected by the Deposit Agreement shall have been given to such &ldquo;Owners&rdquo; of American depositary shares
outstanding under the Original Deposit Agreement as of the date hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, TEVA PHARMACEUTICAL
INDUSTRIES LIMITED and CITIBANK, N.A. have duly executed this Second Amended and Restated Deposit Agreement as of the day and year
first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of ADSs issued
in accordance with the terms hereof, or upon acquisition of any beneficial interest therein.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">TEVA PHARMACEUTICAL INDUSTRIES LIMITED</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:&nbsp;&nbsp;_______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:&nbsp;&nbsp;_______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">CITIBANK, N.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By: &nbsp;_______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font-size: 10pt">Number</TD>
    <TD STYLE="width: 35%; font-size: 10pt; text-align: right">CUSIP NUMBER:&nbsp;&nbsp;_______</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">_____________</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">American Depositary Shares (each American Depositary Share representing the right to receive one (1) fully paid ordinary share)</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"><FONT STYLE="font-weight: normal">TEVA PHARMACEUTICAL
INDUSTRIES LIMITED</FONT></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 State
of Israel)</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-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, par value 0.10 NIS per share (the &ldquo;Shares&rdquo;),
of TEVA PHARMACEUTICAL INDUSTRIES LIMITED, a company incorporated under the laws of the State of Israel (the &ldquo;Company&rdquo;).
As of the date of issuance of this ADR, each ADS represents the right to receive one (1) Share deposited under the Deposit Agreement
(as hereinafter defined) with the Custodian, which at the date of issuance of this ADR is Citibank Tel Aviv (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-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Deposit Agreement</U>.</B> This American Depositary Receipt is one of an issue of American Depositary Receipts (&ldquo;ADRs&rdquo;),
all issued and to be issued upon the terms and conditions set forth in the Second Amended and Restated Deposit Agreement, dated
as of December<B>___</B>, 2018 (as 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 Deposited Property (as defined in the Deposit Agreement) from time to
time received and held on deposit in respect of the ADSs. 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, or by continuing to hold, from and after the date
hereof any American depositary shares issued and outstanding under the Original Deposit Agreement, shall be deemed for all purposes
to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s) (subject to Section 7.11 of the
Deposit Agreement), 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 accordance with the Deposit Agreement and in its 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. The manner in which a Beneficial Owner holds
ADSs (e.g., in a brokerage account vs. as registered holder) may affect the rights and obligations of, the manner in which, and
the extent to which, services are made available to, Beneficial Owners pursuant to the terms of the Deposit Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All capitalized terms not defined herein
shall have the meanings ascribed thereto in the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary makes no representation or
warranty as to the validity or worth of the Deposited Property. 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-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Surrender of ADSs and 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 evidencing such ADSs) 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 <U>Exhibit B</U> to, the Deposit Agreement)
have been paid, <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 Articles of Association and of any applicable laws and the rules of the applicable book-entry
settlement system, if available, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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, this ADR(s) 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, <I>subject however, in each case</I>,
to the terms and conditions of the Deposit Agreement, of this ADR evidencing the ADS so canceled, of the Articles of Association,
of any applicable laws and of the rules of the applicable book-entry settlement system, if available, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 and remit the proceeds of such sale (net of (a)&nbsp;applicable fees and charges of, and expenses incurred by, the
Depositary and (b) applicable taxes required to be withheld or paid as a result of such sale) to the person surrendering the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in this ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of Deposited Property
consisting of (i)&nbsp;any cash dividends or cash distributions, or (ii)&nbsp;any proceeds from the sale of any non-cash distributions,
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 Deposited Property (other
than Deposited Securities) held by the Custodian in respect of 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-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 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 <U>Exhibit B</U>
to, the Deposit Agreement) have been paid, <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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 governmental charges (as are set forth in Section 5.9 of, and <U>Exhibit B</U>
to, the Deposit Agreement) have been paid, <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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pre-Conditions to Registration, Transfer, Etc</U>.</B> As a condition precedent to the execution and Delivery, the registration
of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal
of any Deposited Property, the Depositary, the Company or the Custodian may require (i) payment from the depositor of Shares or
presenter of ADSs or of this 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 <U>Exhibit B</U> 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 matter contemplated by Section 3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or governmental
regulations relating to the execution and Delivery of this ADR 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-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 use commercially
reasonable efforts to notify the Company promptly following such closure or determination) 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 ADSs or Shares 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 Section 7.8(a) of the Deposit Agreement and paragraph (25) of this ADR. 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 to 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 stock exchange on which the Shares or ADSs are, or will be, registered, traded or listed,
or the Articles of Association, which are made to provide information, <I>inter alia</I>, as to the capacity in which such Holder
or Beneficial Owner owns ADSs (and the Shares represented by such ADSs, 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 assist the Company in obtaining
such information, including 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, as promptly as practicable, any such responses to such requests received
by the Depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ownership Restrictions</U>.</B> Notwithstanding any other provision contained in this ADR or of the Deposit Agreement
to the contrary, 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. 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. 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reporting Obligations and Regulatory Approvals</U>.</B> 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 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 directors, officers,
employees, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability 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 Deposited Property, ADSs or this ADR shall be payable by the Holders and Beneficial Owners to the
Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited
Property held on behalf of such Holder and/or Beneficial Owner, and may sell for the account of a Holder and/or Beneficial Owner
any or all of such Deposited Property and apply such distributions and sale proceeds in payment of, any taxes (including applicable
interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited
Property and this ADR, 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 (25) of this ADR and Section 7.8(a) of the Deposit Agreement) the withdrawal
of Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner
agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, directors, employees and Affiliates
for, and to hold each of them harmless from, any claims (including, without limitation, by any governmental authority or other
person or entity) with respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained
for such Holder and/or Beneficial Owner. Notwithstanding anything to the contrary contained in the Deposit Agreement or any ADR,
the obligations of Holders and Beneficial Owners under Section 3.2 of the Deposit Agreement shall survive any transfer of ADSs,
any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties on Deposit of Shares</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, (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, the transfer of such ADSs and the termination of the Deposit
Agreement. 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.
By becoming a Holder or Beneficial Owner on the deposit of Shares, each Holder and Beneficial Owner that received ADSs or to whom
or upon whose order ADSs were issued on the deposit of Shares agrees and understands that the Depositary, the Custodian and the
Company shall be relying on the representations set forth herein with respect to each such deposit and person(s) and, as a result
thereof, each such Holder and Beneficial Owner agrees to indemnify the Depositary, any Custodian, the Company and each of their
respective directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any Losses (as hereinafter
defined) which any of them may incur or which may be made against any of them as a result of or in connection with these representations
and warranties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 Property, compliance with applicable laws, the terms of the
Deposit Agreement or this ADR evidencing the ADSs and the provisions of, or governing, the Deposited Property, 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 Share 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 this ADR. The Depositary
and the Registrar, as applicable, may, and at the reasonable request of the Company, shall, to the extent practicable, 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 (25) and Section 7.8(a) of the Deposit Agreement,
the delivery of any Deposited Property until such proof or other information is filed or such certifications are executed, or such
representations and warranties are made, or such other documentation or information 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; provided, that the Depositary shall, at the Company&rsquo;s reasonable request, to the extent lawful and reasonably practicable,
provide the Company with information referred to in Section 3.1 of the Deposit Agreement that is accessible from the records of
the Depositary; provided further that the Depositary shall not be required to verify or vouch for the accuracy of such information,
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-indent: 0.5in">&nbsp;&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ADS Fees and Charges</U>. </B>The following ADS fees are payable under the terms of the Deposit Agreement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(i)</B></TD><TD><U>ADS Issuance Fee</U>: by any person for whom ADSs are issued (<I>e.g.</I>, an issuance upon a deposit of Shares, upon a
change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in
paragraph (iv) below, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) issued under the terms of the Deposit
Agreement;&nbsp;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(ii)</B></TD><TD><U>ADS Cancellation Fee</U>: by any person for whom ADSs are being cancelled (<I>e.g.</I>, a cancellation of ADSs for Delivery
of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), a fee not in excess of U.S. $5.00
per 100 ADSs (or fraction thereof) cancelled;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(iii)</B></TD><TD><U>Cash Distribution Fee</U>: by any Holder of ADSs, 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>e.g.</I>, upon a sale of rights and other entitlements);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(iv)</B></TD><TD><U>Stock Distribution /Rights Exercise Fee</U>: by 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 ADSs pursuant to (a)&nbsp;stock dividends or other free stock distributions, or
(b)&nbsp;an exercise of rights to purchase additional ADSs;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(v)</B></TD><TD><U>Other Distribution Fee</U>: by 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 (<I>e.g.</I>, spin-off shares); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(vi)</B></TD><TD><U>Depositary Services Fee</U>: by 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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company, Holders, Beneficial Owners,
persons depositing Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations, and persons for
whom ADSs are issued or cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD>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: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD>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 Shares or withdrawing Deposited Property or of the Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD>the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD>such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and
other regulatory requirements applicable to Deposited Property, ADSs and ADRs; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD>the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the servicing or delivery
of Deposited Property.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All ADS fees and charges so payable may
be deducted from distributions or must be remitted to the Depositary, or its designee, and may, at any time and from time to time,
be changed by agreement between the Depositary and the Company but, in the case of ADS fees and charges payable by Holders and
Beneficial Owners, only in the manner contemplated by paragraph (23) of this ADR and as contemplated in Section 6.1 of the Deposit
Agreement. The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon request.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ADS fees and charges for (i) the issuance
of ADSs and (ii)&nbsp;the cancellation of ADSs will be payable by the person for whom the ADSs are so issued by the Depositary
(in the case of ADS issuances) and by the person for whom ADSs are being cancelled (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 and charges
will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being
cancelled, 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 provided, in the case of ADSs issued by the Depositary into DTC, that issuance fees and charges may be payable by the
person for whom ADSs are being issued. ADS fees and charges in respect of distributions and the ADS service fee are payable 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 ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions other than cash
and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for
the amount of the ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through
DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made
through DTC, and may be charged 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 ADS fees and charges to the Beneficial Owners for whom
they hold ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company
and the Depositary may agree in writing 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 fees, 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 fees, charges and reimbursements 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of Holders and Beneficial
Owners to pay ADS fees and charges 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, the right to collect ADS fees and charges shall
extend for those ADS fees and charges incurred prior to the effectiveness of such resignation or removal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to ADRs</U>.</B> Subject to the limitations contained in the Deposit Agreement and in this ADR, 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 Certificated 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, this 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-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 furnish certain reports with the Commission. These reports
can be retrieved from the Commission'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, as promptly as reasonably practicable after
receipt thereof, 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 Property and
(b) made generally available to the holders of such Deposited Property 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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. The Company shall have the right to examine and copy the transfer and registration records of the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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
(25) and Section 7.8(a) of the Deposit Agreement.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in">CITIBANK, N.A.<BR>
Transfer Agent and Registrar</TD>
    <TD STYLE="width: 50%; text-indent: 0in">CITIBANK, N.A.<BR>
as Depositary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">By:&#9;__________________________________&#9;</TD>
    <TD STYLE="text-indent: 0in">By:&#9;__________________________________&#9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory</TD>
    <TD STYLE="padding-left: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory</TD></TR>
</TABLE>
<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">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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF REVERSE OF ADR]</P>

<P STYLE="font: bold 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">SUMMARY OF CERTAIN ADDITIONAL PROVISIONS</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 THE DEPOSIT AGREEMENT</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-indent: 0.5in"><B>(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends and Distributions in Cash, Shares, etc</U>.</B> (a) <B><I>Cash Distributions</I></B>: Upon the timely receipt
by the Depositary of a notice from the Company that it intends to make a distribution of a cash dividend or other cash distribution,
the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt
of confirmation of the receipt of (x)&nbsp;any cash dividend or other cash distribution on any Deposited Securities, or (y)&nbsp;proceeds
from the sale of any Deposited Property held in respect of the ADSs 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 (pursuant
to 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 (on the terms described in 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) the
applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes required to be withheld or paid
in connection with the distribution) 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, or from any cash proceeds
from the sales of Deposited Property, an amount on account of taxes, duties or other governmental charges, the amount distributed
to Holders on the ADSs 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, the Custodian or the Depositary
shall be forwarded by the Company, the Custodian or the Depositary, as applicable, to the Depositary or the Company, as applicable,
upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit
of the applicable Holders and Beneficial Owners of ADSs until the distribution can be effected or the funds that the Depositary
holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United States. No distribution
to Holders pursuant to Section 4.1 of the Deposit Agreement shall be unreasonably delayed by any action of the Depositary or the
Custodian. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give
the Depositary timely notice of the proposed distribution provided for above, the Depositary agrees to use commercially reasonable
efforts to perform the actions contemplated in Section 4.1 of the Deposit Agreement, and the Company, the Holders and the Beneficial
Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure to perform the actions contemplated
in Section 4.1 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially
reasonable efforts, as provided herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) <B><I>Share Distributions</I></B>: Upon
the timely receipt by the Depositary of a notice from the Company that it intends to make a distribution that consists of a dividend
in, or free distribution of Shares, the Depositary shall establish the 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) applicable taxes required
to be withheld or paid), 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 interests
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) applicable taxes required to be withheld or paid). In lieu
of delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate
of such fractions and distribute the net proceeds upon the terms described in Section 4.1 of the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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, in consultation with the Company, and the Depositary
shall distribute the net proceeds of any such sale (after deduction of (a) applicable taxes required to be withheld or paid and
(b)&nbsp;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. No distribution to Holders pursuant to Section 4.2 of the Deposit Agreement shall be unreasonably
delayed by any action of the Depositary or the Custodian. Notwithstanding anything contained in the Deposit Agreement to the contrary,
in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for above, the Depositary
agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.2 of the Deposit Agreement, and
the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s
failure to perform the actions contemplated in Section 4.2 of the Deposit Agreement where such notice has not been so timely given,
other than its failure to use commercially reasonable efforts, as provided herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) <B><I>Elective Distributions in Cash
or Shares</I></B>: Upon the timely receipt of a notice indicating that the Company wishes an elective distribution in cash or Shares
to be made available to Holders of ADSs upon the terms described in the Deposit Agreement, the Company and the Depositary shall
determine in accordance with the Deposit Agreement whether such distribution is lawful and reasonably practicable. 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, in consultation with the Company, that
such distribution is reasonably practicable and (iii) the Depositary shall have received reasonably satisfactory documentation
within the terms of Section 5.7 of the Deposit Agreement. If the above conditions are satisfied, the Depositary shall, subject
to the terms and conditions of the Deposit Agreement, establish the ADS Record Date according to paragraph (17) and establish procedures
to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If the above conditions
are not satisfied or if the Company requests such elective distribution not to be made available to Holders of ADSs, the Depositary
shall establish an ADS Record Date upon the terms of Section 4.9 of the Deposit Agreement and, to the extent permitted by law,
distribute to Holders, on the basis of the same determination as is made in the State of Israel in respect of the Shares for which
no election is made, either (x)&nbsp;cash upon the terms described in Section 4.1 of the Deposit Agreement or (y)&nbsp;additional
ADSs representing such additional Shares, in each case, upon the terms described in Section 4.2 of the Deposit Agreement. 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 the Holder hereof
a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that Holders generally, or
any Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the holders
of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give
the Depositary timely notice of the proposed distribution provided for above, the Depositary agrees to use commercially reasonable
efforts to perform the actions contemplated in Section 4.3 of the Deposit Agreement, and the Company, the Holders and the Beneficial
Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure to perform the actions contemplated
in Section 4.3 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially
reasonable efforts, as provided herein.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) <B><I>Distribution of Rights to Purchase
Additional ADSs</I></B>: Upon the timely receipt by the Depositary of a notice indicating that the Company wishes rights to subscribe
for additional Shares to be made available to Holders of ADSs, the Depositary upon consultation with the Company, shall determine,
whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights
available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the
Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement,
and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable. If such conditions 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 described below. In the event all conditions set forth above are satisfied, the Depositary shall
establish the ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement) and establish, in consultation
with the Company, procedures to (x)&nbsp;distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y)&nbsp;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;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 reasonably satisfactory documentation within the terms
of Section 5.7 of the Deposit Agreement or determines, in consultation with the Company, 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, in consultation with the Company, 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 or 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;applicable taxes required to be withheld or paid) 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. Neither the Depositary nor the Company shall be liable to Holders or Beneficial
Owners for, and the Depositary shall not be liable for, (i) any failure to accurately determine whether it may be lawful or practicable
to make such rights available to Holders in general or any Holders in particular, or (ii) any foreign exchange exposure or loss
incurred in connection with such sale or exercise. The Depositary shall not be liable for the content of any materials forwarded
to the Holders on behalf of the Company in connection with the rights distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything herein or in the
Deposit Agreement to the contrary, if registration (under the Securities Act or any other applicable law) of the rights or the
securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders
and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (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 for the Company in
any other applicable country in which rights would be distributed, in each case reasonably 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 the rights may not exist, and this
may adversely affect (1)&nbsp;the ability of the Depositary to dispose of such rights or (2)&nbsp;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 Deposited Property (including rights) an amount on account of taxes or other governmental
charges, the amount distributed to the Holders of ADSs shall be reduced accordingly. In the event that the Depositary determines
that any distribution of Deposited 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 Deposited
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-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) <B><I>Distributions other than Cash,
Shares or Rights to Purchase Shares</I></B>: 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 to 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)&nbsp;the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7
of the Deposit Agreement, and (iii) the Depositary shall have determined, in consultation with the Company, that such distribution
is reasonably practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon receipt of reasonably 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, in consultation with
the Company, 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 applicable taxes required to be withheld or paid.
The Depositary, in consultation with the Company, 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If (i) the Company does not request the
Depositary to make such distribution to Holders or requests the Depositary not to make such distribution to Holders, (ii) the Depositary
does not receive reasonably satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or (iii) the Depositary,
in consultation with the Company, determines that all or a portion of such distribution is not reasonably practicable, the Depositary
shall, in consultation with the Company, 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) applicable taxes required to be withheld or paid) 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,
in consultation with the Company, 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Depositary nor the Company shall
be liable for (i) any failure to accurately determine whether it is lawful or practicable to make the property described in Section
4.5 of the Deposit Agreement available to Holders in general or any Holders in particular, nor (ii) any loss incurred in connection
with the sale or disposal of such property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption</U>.</B> Upon timely receipt of notice from the Company that it intends to exercise its right of redemption
in respect of any of the Deposited Securities, and reasonably satisfactory documentation as provided in the Deposit Agreement,
and upon determining that such proposed redemption is practicable, the Depositary shall (to the extent practicable) 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, and distribute the proceeds (net of applicable (a) fees and charges
of, and the expenses incurred by, the Depositary, and (b) applicable taxes required to be withheld or paid), retire ADSs and cancel
ADRs, if applicable, upon delivery of such ADSs by Holders thereof and 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, in consultation with the Company. 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 fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited
Securities represented by each ADS redeemed. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the
event the Company fails to give the Depositary timely notice of the proposed redemption provided for above, the Depositary agrees
to use commercially reasonable efforts to perform the actions contemplated in Section 4.7 of the Deposit Agreement, and the Company,
the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure
to perform the actions contemplated in Section 4.7 of the Deposit Agreement where such notice has not been so timely given, other
than its failure to use commercially reasonable efforts, as provided herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing of ADS Record Date</U>.</B> Whenever (a)&nbsp;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), (b)&nbsp;for any reason the Depositary causes a change in the number of Shares that are
represented by each ADS, (c)&nbsp;the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies
of, holders of Shares or other Deposited Securities, or (d)&nbsp;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, in consultation with the Company,
shall fix the record date (the &ldquo;ADS Record Date&rdquo;) for the determination of the Holders of ADS(s) 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 practicable to the applicable record date for the Deposited Securities (if any) set by the Company in the State
of Israel and shall not announce the establishment of any ADS Record Date prior to the relevant corporate action having been made
public by the Company (if such corporate action affects the Deposited Securities). Subject to applicable law, the terms and conditions
of this ADR and the provisions of Sections 4.1 through 4.8 of, and 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 distribution,
to give such voting instructions, to receive such notice or solicitation, or otherwise take action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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
(or such shorter period as the Company and the Depositary may mutually agree from time to time), 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 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.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the
Deposit Agreement or any ADR, with the Company&rsquo;s prior written consent, 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 publicizes to Holders, instructions
on how to retrieve such materials or receive such materials upon request (<I>e.g.</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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 and reasonably acceptable to the Company,
the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement,
the Articles of Association 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 in accordance with such voting instructions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deposited Securities represented by ADSs
for which no timely voting instructions are received by the Depositary from the Holder shall not be voted (except as otherwise
contemplated herein). 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 in the Deposit Agreement or 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
herein, 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. Unless otherwise reasonably requested by the Company, on the business day
following the date fixed by the Depositary as the last date for delivery of voting instructions, the Depositary shall give notice
to the Company of the voting instructions received by the Depositary from the Holders; provided, that if such voting instructions
include (or are required to include) any information or determination other than a vote of Shares for or against the applicable
resolutions, the Depositary shall be obligated only to provide such notice as promptly as practicable.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement or this 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 and as permitted by the laws of the United States and the State
of Israel 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. or Israeli counsel addressing any actions reasonably 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, or otherwise take action, in a
timely manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 property 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 Property under the Deposit Agreement, and this ADR shall, subject to the provisions
of the Deposit Agreement, this ADR evidencing such ADSs and applicable law, represent the right to receive such additional or replacement
Deposited Property. 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 (including, without limitation,
(a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b) applicable taxes required to be withheld
or paid) and receipt of an opinion of counsel to the Company reasonably 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 Deposited Property 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 reasonably satisfactory to the Depositary that such action
is not in violation of any applicable laws or regulations, sell such Deposited Property 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) fees and charges
of, and expenses incurred by, the Depositary and (b) applicable taxes required to be withheld or paid) for the account of the Holders
otherwise entitled to such Deposited Property 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. Neither the Depositary nor the Company shall be responsible to Holders or
Beneficial Owners for, and the Depositary shall not be responsible for, (i) any failure to determine that it may be lawful or practicable
to make such Deposited Property available to Holders in general or to 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 Deposited Property.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exoneration</U>.</B> Notwithstanding anything contained in the Deposit Agreement or any ADR, neither the Depositary nor
the Company nor any of their respective directors, officers, employees and agents shall be obligated to do or perform any act which
is inconsistent with the provisions of the Deposit Agreement or incur any liability (to the extent not limited by paragraph (25)
hereof and Section 7.8(b) of the Deposit Agreement) (i) if the Depositary, the Custodian, the Company or their respective controlling
persons or agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required or contemplated
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 State of Israel or any other country, or of any other governmental authority or regulatory authority or stock
exchange, or on account of potential criminal or civil penalties or restraint, or by reason of any provision, present or future,
of the Articles of Association 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
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, (v) for any action
or inaction of any clearing or settlement system (and any participant thereof) for the Deposited Property or the ADSs, or (vi)
for any consequential or punitive damages (including, but not limited to, lost profits) for any breach of the terms of the Deposit
Agreement or otherwise. 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 the Depositary agree
to perform their respective obligations specifically set forth in the Deposit Agreement or this ADR without negligence or bad faith.
Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective directors, officers,
controlling persons, employees or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Property 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).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Depositary and its agents nor
the Company and its directors, officers, controlling persons, employees or agents shall 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. Neither the
Depositary nor the Company shall incur any liability for any failure to accurately determine that any distribution or action may
be lawful or reasonably practicable, for any investment risk associated with acquiring an interest in the Deposited Property, for
the validity or worth of the Deposited Property, for the value of any Deposited Property or any distribution thereon, for any interest
on Deposited Property, for any tax consequences that may result from the ownership of ADSs, Shares or other Deposited Property,
for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement, or for
any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant, or for any action
or non-action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Holder or any other person believed in good faith to be competent to give such advice or information. The
Depositary shall not incur any liability 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 or for the failure or timeliness of any notice from the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in
connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with
the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith
while it acted as Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(22)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 reasonable 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 of the Depositary&rsquo;s right,
title and interest to the Deposited Property 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. If the Company shall have used its reasonable
efforts to appoint a successor depositary, it shall have no liability to Holders for any failure to appoint such a successor. Any
entity 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(23)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment/Supplement</U>.</B> Subject to the terms and conditions of this paragraph 23, 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, <U>provided</U>, <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>e.g.</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 existing 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(24)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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 (i) ninety (90) days shall have expired after 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
Deposited 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 other Deposited 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 90th day following
the Termination Date, the Depositary may sell the Deposited Property 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 (except as specifically provided in
the Deposit Agreement).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(25)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with, and No Disclaimer under, U.S. Securities Laws</U>.</B> (a) 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 Form F-6 Registration Statement,
as amended from time to time, under the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties to the Deposit Agreement (including, without limitation, each Holder and Beneficial Owner) acknowledges and agrees
that no provision of the Deposit Agreement or any ADR shall, or shall be deemed to, disclaim any liability under the Securities
Act or the Exchange Act, in each case to the extent established under applicable U.S. laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(26)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Third Party Beneficiaries/Acknowledgments</U></B><U>.</U> The Deposit Agreement is for the exclusive benefit of the
parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever
to any other person, except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall
be deemed to give rise to a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among
the parties. The parties hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have multiple banking
relationships with the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (ii) Citibank and its Affiliates
may own and deal in any class of securities of the Company and its Affiliates and in ADSs, and may be engaged at any time in transactions
in which parties adverse to the Company, the Holders, the Beneficial Owners or their respective Affiliates may have interests,
(iii) the Depositary and its Affiliates may from time to time have in their possession non-public information about the Company,
the Holders, the Beneficial Owners, and their respective Affiliates, (iv) nothing contained in the Deposit Agreement shall (a)
preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships,
or (b) obligate Citibank or any of its Affiliates to disclose such information, transactions or relationships, or to account for
any profit made or payment received in such transactions or relationships, (v) the Depositary shall not be deemed to have knowledge
of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders, the Beneficial
Owners, or any of their respective Affiliates, and (vi) the Company, the Depositary, the Custodian and their respective agents
and controlling persons may be subject to the laws and regulations of jurisdictions other than the U.S. and the State of Israel,
and the authority of courts and regulatory authorities of such other jurisdictions, and, consequently, the requirements and the
limitations of such other laws and regulations, and the decisions and orders of such other courts and regulatory authorities, may
affect the rights and obligations of the parties to the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may execute transactions
contemplated herein (e.g., foreign currency conversions, and sales of Deposited Property) through one or more divisions of Citibank
or through one or more Citibank Affiliates, and any such entity may act as principal for its own account and not as agent, advisor,
broker or fiduciary on behalf of any other person and may earn and retain revenue from such transactions, including, without limitation,
transaction spreads, commissions and other fees and compensation. The Depositary does not guarantee or represent that the price
or rate obtained in any such transaction, or the method for obtaining such price or rate, will be the most favorable that could
be obtained at that time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(27)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law / Waiver of Jury Trial</U></B>. The Deposit Agreement, the ADRs and the ADSs shall be interpreted in accordance
with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of
New York applicable to contracts made and to be wholly performed in that State. Notwithstanding anything contained in the Deposit
Agreement to the contrary, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders
of Shares and of any other Deposited Securities and the obligations and duties of the Company in respect of the holders of Shares
and other Deposited Securities, as such, shall be governed by the laws of the State of Israel (or, if applicable, such other laws
as may govern the Deposited Securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>EACH OF THE PARTIES
TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY
ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR, ANY TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN, THE SHARES OR
OTHER DEPOSITED SECURITIES OR ANY ADS (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE). </B></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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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(ASSIGNMENT AND TRANSFER SIGNATURE
LINES)</P>

<P STYLE="font: bold 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">FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s)
and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address
including postal zip code is ________________, the within ADR and all rights thereunder, hereby irrevocably constituting and appointing
________________________ attorney-in-fact to transfer said ADR on the books of the Depositary with full power of substitution in
the premises.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Dated:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%">Name:&nbsp;&nbsp;________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>__________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SIGNATURE GUARANTEED</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc.</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Legends<BR>
[The ADRs issued in respect of Partial Entitlement American Depositary Shares shall bear the following legend on the face of the
ADR: &ldquo;This ADR evidences ADSs representing &lsquo;partial entitlement' Shares of the Company and as such do not entitle the
holders thereof to the same per-share entitlement as other Shares (which are &lsquo;full entitlement&rsquo; Shares) issued and
outstanding at such time. The ADSs represented by this ADR shall entitle holders to distributions and entitlements identical to
other ADSs when the Shares represented by such ADSs become &lsquo;full entitlement&rsquo; Shares.&rdquo;]</P>

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADS FEES AND RELATED CHARGES</P>

<P STYLE="font: bold 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">All capitalized terms used but not otherwise defined herein
shall have the meaning given to such terms in the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ADS Fees</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following ADS fees are payable under the terms of the Deposit
Agreement:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border: black 1pt solid"><B>Service</B></TD>
    <TD STYLE="width: 30%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>Rate</B></TD>
    <TD STYLE="width: 30%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>By Whom Paid</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(1)&#9;Issuance of ADSs (<I>e.g.</I>, an issuance upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (4) below.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person for whom ADSs are issued.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(2)&#9;Cancellation of ADSs&nbsp;&nbsp;(<I>e.g.</I>, &nbsp;a cancellation of ADSs for Delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason).</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) cancelled.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person for whom ADSs are being cancelled.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(3)&#9;Distribution of cash dividends or other cash distributions (<I>e.g.</I>, upon a sale of rights and other entitlements).</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person to whom the distribution is made.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(4)&#9;Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii)&nbsp;an exercise of rights to purchase additional ADSs.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person to whom the distribution is made.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(5)&#9;Distribution of securities other than ADSs or rights to purchase additional ADSs (<I>e.g.</I>, spin-off shares).</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person to whom the distribution is made.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">6)&#9;ADS Services.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person holding ADSs on the applicable record date(s) established by the Depositary.</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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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">II.</TD><TD><U>Charges</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company, Holders, Beneficial Owners, persons depositing
Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations, and persons for whom ADSs are issued
or cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>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: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>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 Shares or withdrawing Deposited Property or of the Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and
other regulatory requirements applicable to Deposited Property, ADSs and ADRs; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the servicing or delivery
of Deposited Property.</TD></TR></TABLE>

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

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

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

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)
<SEQUENCE>3
<FILENAME>e618055_ex99-d.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;<BR></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November 13, 2018</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">Citibank, N.A. &ndash; ADR Department<BR>
388 Greenwich Street<BR>
New York, New York 10013</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We refer to the Registration Statement on
Form F-6 (the &ldquo;<U>Registration Statement</U>&rdquo;) to be filed with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;)
by the legal entity to be created by the Deposit Agreement (as hereinafter defined) for the purpose of registering under the United
States Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), 1,500,000,000 American Depositary Shares (the
&ldquo;<U>ADSs</U>&rdquo;) to be issued under the Second Amended Restated Deposit Agreement, by and among Citibank, N.A., as Depositary,
Teva Pharmaceutical Industries Limited, a company incorporated under the laws of the State of Israel (the &ldquo;<U>Company</U>&rdquo;),
and all Holders and Beneficial Owners (each as defined in the Deposit Agreement and hereinafter used as so defined) of ADSs issued
thereunder, a draft copy of which is being filed as Exhibit (a) to the Registration Statement (the &ldquo;<U>Deposit Agreement</U>&rdquo;).
Each ADS will represent, subject to the terms and conditions of the Deposit Agreement and, if applicable, the American Depositary
Receipt(s) (&ldquo;<U>ADR(s)</U>&rdquo;) evidencing such ADSs, the right to receive one (1) ordinary share, with a par value of
0.10 NIS per share, of the Company (the &ldquo;<U>Shares</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Nothing contained herein or in any document
referred to herein is intended by this firm to be used, and the addressees hereof cannot use anything contained herein or in any
document referred to herein, as &ldquo;tax advice&rdquo; (within the meaning given to such term by the United States Internal Revenue
Service (&ldquo;<U>IRS</U>&rdquo;) in IRS Circular 230 and any related interpretative advice issued by the IRS in respect of IRS
Circular 230 prior to the date hereof, and hereinafter used within such meaning and interpretative advice). Without admitting that
anything contained herein or in any document referred to herein constitutes &ldquo;tax advice&rdquo; for any purpose, notice is
hereby given that, to the extent anything contained herein or in any document referred to herein constitutes, or is or may be interpreted
by any court, by the IRS or by any other administrative body to constitute, &ldquo;tax advice,&rdquo; such &ldquo;tax advice&rdquo;
is not intended or written to be used, and cannot be used, for the purpose of (i)&nbsp;avoiding penalties under the United States
Internal Revenue Code of 1986, as amended, or (ii)&nbsp;promoting, marketing or recommending to any party any transaction or matter
addressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Assuming that, at the time of their issuance,
the Registration Statement will have been declared effective by the SEC, the Deposit Agreement will have been duly executed and
delivered, and the Shares will have been legally issued, we are of the opinion that the ADSs, when issued in accordance with the
terms of the Deposit Agreement and the Registration Statement, will be legally issued and will entitle the Holders to the rights
specified in the Deposit Agreement and, if applicable, the ADR(s) evidencing the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is limited to the laws of the
State of New York and the Federal laws of the United States. Without admitting that we are within the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act, we hereby consent to the use of this opinion as Exhibit (d) to
the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></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>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PATTERSON BELKNAP WEBB &amp; TYLER <FONT STYLE="font-size: 10pt">LLP</FONT></B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Herman H. Rasp&eacute;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>A Member of the Firm</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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