Common use of Pre-Release of American Depositary Shares Clause in Contracts

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom Shares or American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release Releases will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems reasonably appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, and unless requested otherwise instructed in writing by the Company in writing to cease doing soCompany, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested by the Company in writing to cease doing so, the Depositary may may, notwithstanding Section 2.3, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation and agreement from the person to whom American Depositary Shares or Shares are to be delivered, delivered (the “Pre-Releasee”) that such personthe Pre-Releasee, or its customer, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be (ii) assigns all beneficial rights, title and interest in such Shares or American Depositary Shares, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with respect to such Shares or American Depositary Shares, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or American Depositary Shares, as the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with cash cash, U.S. government securities or such other collateral as the Depositary deems appropriatedetermines, in good faith, will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares not deposited but represented by American Depositary Shares outstanding at any time as a result of Pre-Release Releases will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems reasonably appropriate, and may, with the prior written consent of the Company, change such limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver American Depositary Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by 2.3 of the Company in writing to cease doing soDeposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.3 of the Deposit Agreement, unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03 hereof, and unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriateappropriate and may, with the Company’s prior written consent, change such limit for purposes of general application. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems determines, in good faith, to be appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems reasonably appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it reasonably deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing going so, the Depositary may may, notwithstanding Section 2.03, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested by the Company in writing to cease doing so, notwithstanding Section 2.03 hereof, the Depositary may may, to the extent not prohibited by applicable law, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in such Shares or American Depositary Shares, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners and (iii) will not take any action with respect to such Shares or American Depositary Shares, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of Shares or American Depositary Shares, as the case may be, other than in satisfaction of such Pre-Release), (b) at all times fully collateralized with cash cash, U.S. government securities or such other collateral as the Depositary deems appropriatedetermines, in good faith, will provide similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems reasonably appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems reasonably appropriate, and may, with the prior written consent of the Company, change such limit for purposes of general application.. The collateral referred to in clause (b) above shall be held by the Depositary for the benefit of the Owners as security for the performance of the obligations to deliver American Depositary Shares or Shares, as the case may be, in satisfaction of a Pre-Release transaction (but shall not, for the avoidance of doubt, constitute Deposited Securities). The Depositary may retain for its own account any compensation received by it in connection with the foregoing. The Company shall have no liability to any Owner in connection with any Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.3 of the Deposit Agreement, unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03 hereof, unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriateappropriate and may, with the prior written consent of the Company, change that limit for purposes of general application. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, notwithstanding Section 2.3, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time and may, with the prior written consent of the Company, change that limit for purposes of general application as it reasonably deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with a Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares Shares, and unless requested in writing by the Company to cease doing so, pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it reasonably deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03 hereof, unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, and unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by 2.3 of the Company in writing to cease doing soDeposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash cash, U.S. government securities or such other collateral as the Depositary deems appropriatedetermines, in good faith, will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, notwithstanding Section 2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems reasonably appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.3 of the Deposit Agreement, unless requested in writing by the Company in writing not to cease doing do so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.3 of the Deposit Agreement, and unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it reasonably deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03 hereof, unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested in writing by the Company in writing not to cease doing do so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by 2.3 of the Company in writing to cease doing soDeposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with any Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, the Depositary may, unless requested by the Company in writing to cease doing sothe contrary, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.3 of the Deposit Agreement, the Depositary may, unless requested by the Company in writing to cease doing sothe contrary, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03 hereof, unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate, and may, with the prior written consent of the Company, change such limit for purposes of general application. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03 hereof, and unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of all Pre-Release Releases will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate, and may with the prior writing consent of the Company, change such limit for purpose of general application. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, notwithstanding Section 2.3, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it reasonably deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.3 of the Deposit Agreement, and unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03 hereof, and unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender the cancellation of such American Depositary Shares is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03, unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it reasonably deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, notwithstanding Section 2.3, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it reasonably deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with a Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that such surrender is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivereddelivered (a “Pre-Releasee”), that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems reasonably appropriate. The Depositary will also set U.S. dollar limits with respect to Pre-Release transactions to be entered into under this Deposit Agreement with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under this Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities). The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary reasonably deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it reasonably deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, and unless requested otherwise instructed in writing by the Company in writing to cease doing soCompany, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash cash, U.S. government securities or such other collateral as the Depositary deems appropriatedetermines, in good faith, will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, customer (i) beneficially owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in those American Depositary Shares or Shares, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners and (iii) will not take any action with respect to those American Depositary Shares or Shares, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of those American Depositary Shares or Shares, as the case may be), other than in satisfaction of the Pre-Release, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems reasonably appropriate. The Depositary may retain for its own account any compensation received by it in connection with a Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested by the Company in writing to cease doing so, and notwithstanding Section 2.3, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary reasonably deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary reasonably deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested by the Company in writing to cease doing so, and notwithstanding Section 2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.3 hereof, unless requested in writing by the Company in writing Issuer to cease doing so, the Depositary may execute and deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that which have been Pre-Released, whether or not that such surrender is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, delivered that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of American Depositary Shares which are outstanding at any time as a result of Pre-Release Releases will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriateappropriate and may, with the prior written consent of the Issuer, change such limit for purposes of general application. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriateappropriate and may, with the prior consent of the Company, change that limit for purposes of general application. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems determines, in good faith, to be appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems reasonably appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, 2.3 and unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in such Shares or American Depositary Shares to the Depositary in its capacity as such and for the benefit of the Owners and (iii) will not take any action with respect to such Shares or American Depositary Shares that is inconsistent with the transfer of beneficial ownership (including without the consent of the Depositary, disposing of such Shares or American Depositary Shares, other than in satisfaction of such Pre-Release), (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The collateral referred to in item (b) in the preceding paragraph shall be held by the Depositary as security for the performance of the Pre-Releasee's obligations in connection herewith, including the Pre-Releasee's obligation to deliver Shares or American Depositary Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities). The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”), to the extent permitted by applicable law. The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by 2.3 of the Company in writing to cease doing soDeposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it reasonably deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03 hereof, and unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03 hereof, and unless requested in writing by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of all Pre-Release ReleaseReleases will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate, and may with the prior writing consent of the Company, change such limit for purpose of general application. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may may, to the extent not prohibited by applicable law, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, the Depositary may may, notwithstanding Section 2.3, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriatedetermines, in good faith, will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of Shares not deposited but represented by American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems reasonably appropriate, and may, with the prior written consent of the Company, change such limit. For the avoidance of doubt, the collateral referred to in clause (b) above shall not constitute Deposited Securities hereunder. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-ReleaseRelease of American Depositary Shares”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems reasonably appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Unless requested in writing by the Company to cease doing so (in which case the Depositary shall promptly cease from doing so), the Depositary may, notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, the Depositary may may, notwithstanding Section 2.03, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems determines, in good faith, to be appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriatereasonably appropriate and may, with the Company's prior written request, change such limit for purposes of general application. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, notwithstanding Section 2.3, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or temporarily disregard that limit from time to time as it deems appropriateappropriate or to revise such limit in consultation with the Company. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by 2.3 of the Company in writing to cease doing soDeposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems reasonably appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested by the Company in writing to cease doing so, the Depositary may, notwithstanding Section 2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ Business Days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by 2.3 of the Company in writing to cease doing soDeposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to disregard or, with the prior written consent of the Company, to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, notwithstanding Section 2.3, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by 2.3 of the Company in writing to cease doing soDeposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”), to the extent permitted by applicable law. The Depositary may, pursuant to Section 2.52.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares CPOs pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares CPOs upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares CPOs in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares CPOs are to be delivered, that such person, or its customer, owns the Shares CPOs or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of CPOs represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstandingthe CPOs deposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.the foregoing. What's the reason to delete the "Maintenance of Records" ?

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested by the Company in writing to cease doing so, and notwithstanding Section 2.3, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash cash, U.S. government securities or such other collateral as the Depositary deems appropriatedetermines, in good faith, will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it reasonably deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless requested by the Company in writing to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender the cancellation of such American Depositary Shares is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, the Depositary may may, notwithstanding Section 2.3, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested by in the Company in writing to cease doing so, notwithstanding Section 2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.32.03 hereof, and unless requested by the Company in writing to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.52.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3, unless Unless requested in writing by the Company in writing to cease doing so, notwithstanding Section 2.3 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender such cancellation is prior to the termination of that such Pre-Release or the Depositary knows that those such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ days notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary the Shares outstandingdeposited hereunder; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems appropriate. The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.