Common use of TITLE TO RECEIPTS Clause in Contracts

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, and in so doing the Company and Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner of a Receipt unless such Beneficial Owner is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title Title to this Receipt (and to the American Depositary Shares evidenced hereby), when properly endorsed or accompanied by a proper instrument or instruments of transfertransfer and transferred in accordance with the terms of the Deposit Agreement, including, without limitation, Sections 2.04 and 2.06 of the Deposit Agreement, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company Issuer and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary Owner hereof as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes and in so doing neither the Company and Depositary nor the Issuer shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner holder of a Receipt this Receipt, unless such Beneficial Owner holder is also the Owner thereofhereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder Beneficial Owner and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; , provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, purposes and in so doing neither the Company and nor the Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner of a this Receipt unless such Beneficial Owner is also the Owner thereofhereof.

TITLE TO RECEIPTS. It is a condition of this Receipt Receipt, and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company Depositary and the DepositaryCompany, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes and in so doing neither the Company and nor the Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner of a Receipt unless such Beneficial Owner is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; , provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and in so doing . Neither the Depositary nor the Company and Depositary shall not will have any obligation or be subject to any liability under the this Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes and in so doing the Company and Depositary shall have no obligation and shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof. 10.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by a proper instrument or instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; , provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, purposes and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt Receipt, and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company Depositary and the DepositaryCompany, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes and in so doing neither the Company and nor the Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner of a Receipt unless such Beneficial Owner owner is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt Receipt, and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company Depositary and the DepositaryCompany, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes and in so doing neither the Company and nor the Depositary shall not have any obligation or be subject to any liability under the Deposit Table of Contents Agreement to any Beneficial Owner of a Receipt unless such Beneficial Owner owner is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrumentinstrument under the laws of New York; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes and in so doing neither the Depositary nor the Company and Depositary shall not will have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof. 10.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; , provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, purposes and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement or to any Beneficial Owner holder of a this Receipt unless such Beneficial Owner holder is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; , provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, purposes and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner the holder of a this Receipt unless such Beneficial Owner holder is also the Owner thereofhereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation obligations or be subject to any liability under the Deposit Agreement to any Beneficial Owner holder of a this Receipt unless such Beneficial Owner holder is also the Owner thereofhereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and in so doing . Neither the Depositary nor the Company and Depositary shall not will have any obligation or be subject to any liability under the this Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereofthereof 10.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the Company and the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner Owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and in so doing neither the Company and nor the Depositary shall not will have any obligation or be subject liability to any liability under the Deposit Agreement other owner or person claiming to any Beneficial Owner of a Receipt unless such Beneficial Owner is also the Owner thereofhave an ownership interest therein.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and in so doing . Neither the Company and Depositary shall not nor the Issuer will have any obligation or be subject to any liability under the this Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by a proper instrument or instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; , provided, however, that the Company Issuer and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, purposes and in so doing neither the Company and Depositary nor the Issuer shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof. 10.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining voting rights, the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation or be subject to any liability under the this Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the registered Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, purposes and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation or be subject to any liability under the this Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Company Depositary and the DepositaryCompany, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or and for all other purposes, and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation or be subject to any liability under the this Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof.

TITLE TO RECEIPTS. It is a condition of this Receipt and every successive holder Owner and Beneficial Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; , provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes, and in so doing neither the Depositary nor the Company and Depositary shall not have any obligation or be subject to any liability under the Deposit Agreement to any Beneficial Owner holder of a Receipt unless such Beneficial Owner holder is also the Owner thereof.