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

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless requested in writing by the Company 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 2.5 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, execute and deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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’ 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 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 Shares or American Depositary Receipts 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 may 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 may deem 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 Shares or Receipts 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 of the Deposit Agreementhereof, 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 2.5 of the Deposit Agreement2.5, 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, beneficially 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 of the Deposit Agreement, and unless requested in writing by the Company 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 2.5 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, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be, (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 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 Shares 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 number of Shares outstandingdeposited under this Deposit Agreement; 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 outstanding; provideddeposited hereunder, however, except that the Depositary reserves the right to change or may disregard that limit from time to time as it deems reasonably 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 Receipts or Shares are to be delivereddelivered (the “Pre-Releasee”), that such person, or its customer, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) transfers 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 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 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 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 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 Receipts 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 American Depositary Shares have been Pre-ReleasedRelease. 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 person, or its 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 such 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 such 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 such 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 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 reasonably deems reasonably appropriate and may, with the prior written consent of the Company, change that limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. The collateral referred to in item (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations in connection the related Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of that 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 the foregoing. The Company shall have no liability to any Owner or Holder in connection with any Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 delivereddelivered (a “Pre-Releasee”), that such person, or its customer, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) transfers 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 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 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 reasonably appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, notwithstanding Section 2.03, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 delivereddelivered (a “Pre-Releasee”), 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 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 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. 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 of the Deposit Agreement2.3, unless requested in writing by the Company 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 2.5 of the Deposit Agreement2.5, 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 of the Deposit Agreement, unless Unless requested in writing 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 and agreement 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 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 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 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 Shares or American Depositary 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 Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement2.03 hereof, and unless requested in writing by the Company 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 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 of the Deposit Agreement2.3, and unless requested in writing by the Company 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 2.5 of the Deposit Agreement2.5, 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 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 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 Shares 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 number of Shares outstandingdeposited under this Deposit Agreement; 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 of the Deposit Agreement, unless requested in writing by the Company 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 2.5 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 delivereddelivered (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’ 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 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, 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 Shares or 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-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless Unless requested in writing 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 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 Shares or American Depositary 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 Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless Unless requested in writing 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 Shares or American Depositary 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 Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement2.03 hereof, unless requested in writing by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares CPOs pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 are to be delivered, that such person, or its customer, (i) owns the Shares CPOs or American Depositary Shares to be remitted, as the case may be (ii) transfers all beneficial right, title and interest in such CPOs 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 CPOs or American Depositary Shares, as the case may be, that is inconsistent with the transfer of ownership (including, without the consent of the Depositary, disposing of CPOs 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 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 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 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 The Depositary and its Affiliates, subject to Section 2.3 2.09 of the Deposit Agreement, unless may own and deal in any class of securities of the Company and its Affiliates and in American Depositary Shares. Unless requested in writing by the Company to cease doing so, the Depositary may may, (i) notwithstanding Section 2.03 of the Agreement, issue and deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, ) and (ii) pursuant to Section 2.5 2.05 of the Deposit Agreement, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that which 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 under (i) above in satisfaction of a Pre-ReleaseRelease and may receive Shares in lieu of American Depositary Shares under (ii) above. Each Pre-Release must will be (a) preceded or accompanied by a written representation and agreement from the person to whom the Shares or 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, (ii) agrees to indicate the Depositary as owner of such Shares or Receipts in its records and to hold such Shares or Receipts in trust for the case Depositary until such Shares or Receipts are delivered to the Depositary or the Custodian, (iii) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or Receipts, and (iv) agrees to any additional restrictions or requirements that the Depositary may bedeem reasonably necessary or proper, (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 such further indemnities and credit regulations that as the Depositary reasonably 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 the American Depositary Shares outstandingoutstanding (without giving effect to American Depositary Shares outstanding under (i) above); 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 may also set 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 reasonably appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Agreement, the collateral referred to in clause (b) above shall be held by the Depositary, in its capacity as such and for the benefit of Owners, 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 Receipts 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, execute and deliver American Depositary Shares Receipts prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that Receipts which 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 American Depositary Shares have such Receipt has been Pre-Released. The Depositary may receive American Depositary Shares Receipts 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 Receipts or Shares are to be delivereddelivered (the “Pre-Releasee”), that such person, the Pre-Releasee or its customer, (i) owns the Shares or American Depositary Shares Receipts to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in such Shares or Receipts, 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 Receipts, 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 Receipts, as the case may be, other than in satisfaction of such Pre-Release) (b) at all times fully collateralized with cash or U.S. government securities (but such other collateral as the Depositary deems appropriateshall not constitute Deposited Securities), (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 and may, with the prior written consent of the Company, change such limit for purposes of general application. The Depositary will also set U.S. 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 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 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so (in which case the Depositary shall promptly 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 reasonably 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 Shares or 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 of the Deposit Agreement2.03 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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) 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 such 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 such 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 such 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’ 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 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 Shares or American Depositary 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 Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 Section 2.3 The Depositary may issue Receipts against delivery by the Company (or any agent of the Deposit Agreement, unless Company recording Share ownership) of rights to receive Shares from the Company (or any such agent of the Company). No such issue of Receipts will be deemed a “Pre-Release” that is subject to the restrictions of the following paragraph. Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, execute and deliver American Depositary Shares Receipts prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that Receipts which 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 American Depositary Shares have such Receipt has been Pre-Released. The Depositary may receive American Depositary Shares Receipts 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 Receipts are to be delivered, delivered (the “Pre-Releasee”) that such personthe Pre-Releasee, or its customer, (i) owns the Shares or American Depositary Shares Receipts to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in such Shares or Receipts, 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 Share or Receipts, 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 Receipts, as the case may be, other than in satisfaction of such Pre-Release), (b) at all times time 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 Shares or Receipts 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 of the Deposit Agreement, unless requested in writing by the Company 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 2.5 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, 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 The Depositary may issue Receipts against the delivery by the Company (or any agent of the Deposit Agreement, unless Company recording Share ownership) of rights to receive Shares from the Company (or any such agent). No such issue of Receipts will be deemed a "Pre-Release" that is subject to the restrictions of the following paragraph. Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.3 hereof, execute and deliver American Depositary Shares Receipts prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.5, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that Receipts which 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 American Depositary Shares have such Receipt has been Pre-Released. The Depositary may receive American Depositary Shares Receipts 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 Receipts are to be delivered, delivered (the "Pre-Releasee") that such personthe Pre-Releasee, or its customer, (i) owns the Shares shares or American Depositary Shares Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, 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 Receipts, 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 Receipts, 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 Shares or Receipts 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, execute and deliver American Depositary Shares Receipts prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that Receipts which 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 American Depositary Shares have such Receipt has been Pre-Released. The Depositary may receive American Depositary Shares Receipts 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 Receipts or Shares are to be delivereddelivered (the “Pre-Releasee”), that such person, the Pre-Releasee or its customer, (i) owns the Shares or American Depositary Shares Receipts to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in such Shares or Receipts, 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 Receipts, 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 Receipts, as the case may be, other than in satisfaction of such Pre-Release) (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriateU.S. government securities, (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 and the Company reserve the right to to, upon mutual agreement, change or disregard that such limit from time to time as it they deem appropriate and the Depositary may, with the prior written consent of the Company, change such limit for purposes of general application. The Depositary will also set U.S. 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 reasonably 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 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 The Depositary may, to the extent permitted by applicable law, notwithstanding Section 2.3 of the Deposit Agreement2.03 hereof, unless requested in writing by the Company to cease doing so, the Depositary may (i) deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 and (ii) deliver Shares prior to the receipt of the Deposit Agreement American Depositary Shares for withdrawal of Deposited Securities, including American Depositary Shares that have been issued under (i) above but for which Shares may not have been received (each such transaction a “Pre-Release”). The Depositary may, pursuant to Section 2.5 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-ReleaseRelease under (i) above (which American Depositary Shares will promptly be canceled by the Depositary upon receipt by the Depositary) and receive Shares in lieu of American Depositary Shares in satisfaction of a Pre-Release under (ii) above. 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) agrees to indicate the Depositary as owner of such Shares or American Depositary Shares in its records and to hold such Shares or American Depositary Shares in trust for the Depositary until such Shares or American Depositary Shares are delivered to the Depositary or the Custodian, (iii) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or American Depositary Shares and (iv) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (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 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 the foregoing. Collateral provided in connection with Pre-ReleaseRelease transactions, but not the earnings thereon, shall be held for the benefit of the Owners (other than the person or entity to whom pre-released American Depositary Shares or Shares are to be delivered).

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless Unless requested in writing by the Company 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 (“Pre-Release of American Depositary Shares”) and may deliver Shares prior to the Deposit Agreement surrender and cancellation of American Depositary Shares if the person to whom such Shares are to be delivered is a banking institution organized pursuant to the laws of South Africa (a “South African Bank”) (“Pre-Release of Shares” and, together with Pre-Release of American Depositary Shares, “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 and agreement from the person to whom American Depositary Shares or Shares are to be delivered, delivered (“Pre-Releasee”) that such personPre-Releasee, 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 appropriateappropriate and, in connection with the Pre-Release of Shares, preceded or accompanied by an unconditional guaranty by the Pre-Releasee to deliver American Depositary Shares for cancellation on the same calendar day on which such Shares are delivered to the Pre-Releasee (or, if such American Depositary Shares are not so delivered, to return the Shares), (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 The Depositary may issue American Depositary Shares against delivery by the Company (or any agent of the Deposit Agreement, unless Company recording Share ownership) of rights to receive Shares from the Company (or any such agent of the Company). No such issue of American Depositary Shares will be deemed a "Pre-Release" that is subject to the restrictions of the following paragraph. Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 of the Deposit Agreement, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 of the Deposit Agreement (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.5 2.05 of the Deposit Agreement, 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 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 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’ ' 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 under the Deposit Agreement; 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 under the 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 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 Shares or American Depositary Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities under the Deposit Agreement). 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 of the Deposit Agreement2.03 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 Section 2.3 of the Deposit Agreement2.03 hereof, unless requested in writing by the Company 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 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 delivereddelivered (the “Pre-Releasee”), that such personthe Pre-Releasee, 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’ 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, 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 and Holders 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 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 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 and agreement 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 rights, title and interest in such Shares or Receipts, 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 Receipts, 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 Receipts, 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 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 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 Shares or Receipts 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, notwithstanding Section 2.03, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 ("Pre-Release of American Depositary Shares") and may deliver Shares prior to the Deposit Agreement surrender and cancellation of American Depositary Shares if the person to whom such Shares are to be delivered is a banking institution organized pursuant to the laws of South Africa (a “"South African Bank") ("Pre-Release of Shares") (Pre-Release of American Depositary Shares and Pre-Release of Shares are collectively referred to herein as "Pre-Release”"). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender and cancellation of American Depositary Shares that which 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 ("Pre-Releasee") that such personPre-Releasee, or its customer, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be, and (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 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 or such other collateral as the Depositary deems appropriatedetermines, in good faith, will provide substantially similar liquidity and security and, in connection with the Pre-Release of Shares preceded or accompanied by an unconditional guaranty by the Pre-Releasee to deliver American Depositary Shares for cancellation on the same calendar day on which such Shares are delivered to the Pre-Releasee (or, if such American Depositary Shares are not so delivered, to return the Shares), (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 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 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 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 2.03 of the Deposit Agreement, unless requested in writing by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 2.05 of the Deposit Agreement, 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 Notwithstanding Section 2.03 of the Deposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.05 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that 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 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 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 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’ notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary reasonably 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 under the Deposit Agreement; 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 Shares or American Depositary Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities thereunder). 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 The Depositary may deliver American Depositary Shares against the delivery by the Issuer (or any agent of the Deposit Agreement, unless Issuer recording Share ownership) of rights to receive Shares from the Issuer (or any such agent). No such delivery of American Depositary Shares will be deemed a "Pre-Release" that is subject to the restrictions of the following paragraph. Unless requested in writing by the Company Issuer 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 of the Deposit Agreement 2.02 (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 Holders, 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 Issuer, 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 Holders 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 Shares or 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 2.03 of the Deposit Agreement, unless requested in writing by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 2.05 of the Deposit Agreement, 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 Notwithstanding Section 2.03 of the Deposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.05 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that 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 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 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 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’ ' notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary reasonably 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 under the Deposit Agreement; 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 Shares or American Depositary Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities thereunder). 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 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 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’ ' notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary reasonably 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 Shares or 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 The Depositary may, to the extent permitted by applicable law, notwithstanding Section 2.3 2.03 of the Deposit Agreement, unless requested in writing by the Company to cease doing so, the Depositary may (i) deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 of the Deposit Agreement and (ii) deliver Shares prior to the receipt of American Depositary Shares for withdrawal of Deposited Securities, including American Depositary Shares that have been issued under (i) above but for which Shares may not have been received (each such transaction a “Pre-Release”). The Depositary may, pursuant to Section 2.5 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-ReleaseRelease under (i) above (which American Depositary Shares will promptly be canceled by the Depositary upon receipt by the Depositary) and receive Shares in lieu of American Depositary Shares in satisfaction of a Pre-Release under (ii) above. 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) agrees to indicate the Depositary as owner of such Shares or American Depositary Shares in its records and to hold such Shares or American Depositary Shares in trust for the Depositary until such Shares or American Depositary Shares are delivered to the Depositary or the Custodian, (iii) unconditionally guarantees to deliver the Depositary or the Custodian, as applicable, such Shares or American Depositary Shares and (iv) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (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 under the Deposit Agreement; provided, however, that the Depositary reserves the right to change or disregard that such limit from time to time as it deems reasonably 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 the foregoing. Collateral provided in connection with Pre-ReleaseRelease transactions, but not the earnings thereon, shall be held for the benefit of the Owners (other than the person or entity to whom pre-released American Depositary Shares or Shares are to be delivered).

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 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’ notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary reasonably 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 Shares or 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 of the Deposit Agreement, and unless requested in writing by the Company 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 2.5 of the Deposit Agreement2.5, 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 reasonably 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, (i) notwithstanding Section 2.03, issue and deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, ) and (ii) pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that which 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 under (i) above in satisfaction of a Pre-ReleaseRelease and may receive Shares in lieu of American Depositary Shares under (ii) above. Each Pre-Release must will be (a) preceded or accompanied by a written representation and agreement from the person to whom the Shares or 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, (ii) agrees to indicate the Depositary as owner of such Shares or Receipts in its records and to hold such Shares or Receipts in trust for the case Depositary until such Shares or Receipts are delivered to the Depositary or the Custodian, (iii) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or Receipts, and (iv) agrees to any additional restrictions or requirements that the Depositary may bedeem reasonably necessary or proper, (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 such further indemnities and credit regulations that as the Depositary reasonably 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 the American Depositary Shares outstandingoutstanding (without giving effect to American Depositary Shares outstanding under (i) above); 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 may also set 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 reasonably appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Agreement, the collateral referred to in clause (b) above shall be held by the Depositary, in its capacity as such and for the benefit of Owners, 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 Receipts 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 of the Deposit Agreement2.3, unless requested in writing by the Company 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 2.5 of the Deposit Agreement2.5, 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 will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivereddelivered (the “Pre-Releasee”), that such personthe Pre-Releasee, or its 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 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 reasonably deems reasonably appropriate and may, with the prior written consent of the Company, change that limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. The collateral referred to in item (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations in connection the related Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of that 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 of the Deposit Agreementhereof, unless requested in writing by the Company Issuer 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”)") in accordance with this Section 2.9. The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.5, 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 shall 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, 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 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 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 that 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 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 2.03 of the Deposit Agreement, unless requested in writing by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 2.05 of the Deposit Agreement, 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 delivereddelivered (the “Pre-Releasee”), that such personthe Pre-Releasee, 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’ 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, 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 and Holders 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 Shares or 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 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 appropriateappropriate and may, with the prior written consent of the Company, change such limit for 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 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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’ 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 of the Deposit Agreement2.3, unless requested in writing by the Company 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 2.5 of the Deposit Agreement2.5, 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 delivereddelivered (the “Pre-Releasee”), that such person, or its 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 appropriateappropriate and may, with the prior written consent of the Company, change that limit for purposes of general application. The collateral referred to in item (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations in connection with the related Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of that 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 of the Deposit Agreement, unless requested in writing by the Company 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 2.5 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 delivereddelivered (the “Pre-Releasee”), that such person, or its 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 appropriateappropriate and may, with the prior written consent of the Company, change that limit for purposes of general application. The collateral referred to in item (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations in connection with the related Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of that 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 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 and agreement from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customercustomer (the “Pre-Releasee”), (i) owns the Shares or American Depositary Shares to be remitted, as the case may be, and (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 (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 security and liquidity, (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 and may, with the prior written consent of the Company, change that limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-release transactions to be done hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. 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 in connection with the Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of the 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so (in which case the Depositary shall promptly 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 reasonably 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 Shares or 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.3 hereof, execute and 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 2.5 of the Deposit Agreement2.5, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that which 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 Share has 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 Shares or 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of American Depositary Shares”) and may deliver Shares prior to the Deposit Agreement surrender and cancellation of American Depositary Shares (a “Pre-Release of Shares” and, together with a Pre-Release of American Depositary Shares, a “Pre-Release”)) if the person to whom those Shares are to be delivered is a South African office of a banking institution organized under the laws of South Africa. The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 appropriateappropriate and, in the case of a Pre-Release of Shares, preceded or accompanied by an unconditional guaranty by the Pre-Releasee to deliver American Depositary Shares for cancellation on the same calendar day on which the Shares are delivered to the Pre-Releasee (or, if American Depositary Shares are not so delivered, to return the Shares), (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 reasonably appropriateappropriate and the Depositary may, with the written consent of the Company, change that limited 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 of the Deposit Agreement, unless requested in writing by the Company 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 2.5 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, (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 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 Pre-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03, issue and deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that which 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, (ii) assigns all beneficial right, title and interest in such Shares to the Depositary in its capacity as such and for the case may bebenefit of the Owners, and (iii) will not take any action with respect to such Shares that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares, 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’ ' notice, and (d) subject to all such further indemnities and credit regulations that as the Depositary reasonably 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 reasonably appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Agreement, the collateral referred to in clause (b) above shall be held by the Depositary, in its capacity as such and for the benefit of Owners, 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 Receipts 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 of the Deposit Agreement2.3, unless requested in writing by the Company to cease stop 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 2.5 of the Deposit Agreement2.5, 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) transfers 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 ownership (including, without the consent of the Depositary, disposing of Shares or American Depository Shares, as the case may be, 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) New York business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The Company will not incur any liability to any Owner or Holder as a result of actions taken by the Depositary pursuant to this Section 2.9. 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. 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 Depository 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.5, 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, delivered that such person, or its customer, (i) beneficially 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 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 such 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 such 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 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 under this Deposit Agreement; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems reasonably appropriateand 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-Release.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 delivered, delivered that such person, or its 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 such 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 such 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 such 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’ 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. The Company will not incur any liability to any Owner or Holder as a result of actions taken by the Depositary pursuant to this Section 2.09.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement2.03 hereof, unless requested in writing by the Company 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 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 delivereddelivered (the “Pre-Releasee”), that such personthe Pre-Releasee, 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’ 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, 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 and Holders 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 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, execute and deliver American Depositary Shares Receipts prior to the receipt of Shares shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that Receipts which 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 American Depositary Shares have such Receipt has been Pre-Released. The Depositary may receive American Depositary Shares Receipts 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 Receipts are to be delivered, delivered (the “Pre-Releasee”) that such personthe Pre-Releasee, or its customer, (i) owns the Shares shares or American Depositary Shares Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, 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 Receipts, 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 Receipts, 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 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 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 Shares or Receipts 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may notwithstanding Section 2.03, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 Section 2.3 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, execute and deliver American Depositary Shares Receipts prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that Receipts which 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 American Depositary Shares have such Receipt has been Pre-Released. The Depositary may receive American Depositary Shares Receipts 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 Receipts are to be delivered, delivered that such person, or its customer, (i) owns the Shares or American Depositary Shares Receipts to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in such Shares to the Depositary for the benefit of the Owners, and (iii) agrees in effect to hold such Shares for the account of the Depositary until delivery of the same upon the Depositary’s request, (b) at all times fully collateralized (such collateral marked to market daily) with cash or such other collateral as the Depositary deems appropriateU.S. government securities, (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 the American Depositary Shares outstandingoutstanding (without giving effect to American Depositary Shares evidenced by Receipts outstanding as a result of Pre-Release); 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 limits with respect to the number of Pre-Released Receipts involved in transactions to be done hereunder with any one person on a case by case basis as it deems appropriate. 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 Shares set forth in clause (a) above (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 of the Deposit Agreementhereof, 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 2.5 of the Deposit Agreement2.5, 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, (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 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 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’ 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 Section 2.3 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 of the Deposit Agreement, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 daysBusiness 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 collateral referred to in sub-clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee's obligations in connection with the Pre-Release transaction. 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.5, 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 The Depositary may, notwithstanding Section 2.3 of the Deposit Agreement, unless requested in writing by the Company 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 2.5 of the Deposit Agreement, 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 Shares or 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 thereunder; 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 thereunder 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 Shares or American Depositary Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities thereunder). 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, execute and deliver American Depositary Shares prior to the receipt of Shares shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that which 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 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 Shares or 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender and cancellation 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 delivereddelivered (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 (marked to market daily) 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 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 may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing. The Company will not incur any liability to any Owner or Holder as a result of actions taken by the Depositary pursuant to this Section 2.09.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless Unless requested in writing by the Company not to cease doing do so, notwithstanding Section 2.3, 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 2.5 of the Deposit Agreement2.5, 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 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 collateral referred to in item (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations in connection the related Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of that 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that which 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 Share has 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 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 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 accept 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 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 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 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 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a 2.02 ( “Pre-Release of American Depositary Shares”) and may deliver Shares prior to the surrender and cancellation of American Depositary Shares if the person to whom such Shares are to be delivered is a banking institution organized pursuant to the laws of the Republic of South Africa (“South African Bank”) (“Pre-Release of Shares” and, together with Pre-Release of American Depositary Shares, "Pre-Release”"). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 appropriateappropriate and in connection with Pre-Release of Shares, preceded or accompanied by an unconditional guaranty by the South-African Bank to deliver American Depositary Shares for cancellation on the same calendar day on which the Shares are delivered to the South-African Bank (or, if such American Depositary Shares are not so delivered, to return the Shares), (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 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. 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 Shares or American Depository 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 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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, 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 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 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 Shares or 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 of the Deposit Agreement2.03 hereof, unless requested in writing by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares CPOs pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 are to be delivered, that such person, or its customer, (i) owns the Shares CPOs or American Depositary Shares to be remitted, as the case may be (ii) transfers all beneficial right, title and interest in such CPOs 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 CPOs or American Depositary Shares, as the case may be, that is inconsistent with the transfer of ownership (including, without the consent of the Depositary, disposing of CPOs 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 or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business daysBusiness 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 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 The Depositary and its Affiliates, subject to Section 2.3 2.09 of the Deposit Agreement, unless may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares. Unless requested in writing by the Company to cease doing so, the Depositary may may, (i) notwithstanding Section 2.03 of the Agreement, issue and deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, ) and (ii) pursuant to Section 2.5 2.05 of the Deposit Agreement, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that which 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 under (i) above in satisfaction of a Pre-ReleaseRelease and may receive shares in lieu of American Depositary Shares under (ii) above. Each Pre-Release must will be (a) preceded or accompanied by a written representation and agreement from the person to whom the Shares or 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, (ii) agrees to indicate the Depositary as owner of such Shares or Receipts in its records and to hold such Shares or Receipts in trust for the case Depositary until such Shares or Receipts are delivered to the Depositary or the Custodian, (iii) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or Receipts, and (iv) agrees to any additional restrictions or requirements that the Depositary may bedeem reasonably necessary or proper, (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 such further indemnities and credit regulations that as the Depositary reasonably deems appropriate. The 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 the American Depositary Shares outstandingoutstanding (without giving effect to American Depositary Shares outstanding under (i) above); 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 may also set 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 reasonably appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Agreement, the collateral referred to in clause (b) above shall be held by the Depositary, in its capacity as such and for the benefit of Owners, 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 Receipts 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 of the Deposit Agreement2.03 hereof, and unless requested in writing by the Company 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 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 reasonably 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 of the Deposit Agreement, unless 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 may, notwithstanding Section 2.03 hereof, deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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. 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 Shares or Receipts 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, including, without limitation, earnings on the collateral.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless requested in writing by the Company 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 2.5 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 delivereddelivered (the “Pre-Releasee”), that such person, or its customer, (i) beneficially owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) (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 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 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 Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it reasonably deems reasonably appropriate and may, with the prior written consent of the Company, change that limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. The collateral referred to in item (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations in connection the related Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of that 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 of the Deposit Agreement, unless Unless requested in writing by the Company Issuer to cease doing so, the Depositary may, notwithstanding Section 2.3 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (each such delivery, a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.5, 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 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 of the Deposit Agreementhereof, unless requested in writing by the Company Issuer 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”)) in accordance with this Section 2.9. The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.5, 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 shall 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, 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 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 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 that 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 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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.3 hereof, 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 2.5 of the Deposit Agreement2.5, 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 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 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 of the Deposit Agreement, unless requested in writing by the Company 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 2.5 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 agreement from the person to whom American Depositary Shares or Shares are to be delivereddelivered (the "Pre-Releasee") that the Pre-Releasee, or its customer, (i) represents that such personthe Pre-Releasee, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may bebe and (ii) assigns all beneficial rights, title and interest in such 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 that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such 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 reasonably appropriate. The collateral referred to in item (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations in connection with the related Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of that 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 The Depositary may issue Receipts against delivery by the Company (or any agent of the Deposit Agreement, unless Company recording Share ownership) of rights to receive Shares from the Company (or any such agent of the Company). No such issue of Receipts will be deemed a “Pre-Release” that is subject to the restrictions of the following paragraph. Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, execute and deliver American Depositary Shares Receipts prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that Receipts which 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 American Depositary Shares have such Receipt has been Pre-Released. The Depositary may receive American Depositary Shares Receipts 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 Receipts are to be delivered, delivered (the “Pre-Releasee”) that such personthe Pre-Releasee, or its customer, (i) owns the Shares or American Depositary Shares Receipts to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in such Shares or Receipts, 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 Receipts, 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 Receipts, 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 Shares or Receipts 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 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.3, 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 2.5 of the Deposit Agreement2.5, 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 in its discretion 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 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 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 of the Deposit Agreement, unless requested in writing by the Company 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”), to the extent permitted by applicable law. The Depositary may, pursuant to Section 2.5 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 2.03 of the Deposit Agreement, unless requested in writing by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 2.05 of the Deposit Agreement, 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 delivereddelivered (the “Pre-Releasee”), that such personthe Pre-Releasee, 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’ 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, 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 and Holders 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 Shares or 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 of the Deposit Agreement, Agreement and unless requested in writing by the Company 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 that Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 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, (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 reasonably 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 of the Deposit Agreement, unless Unless requested in writing 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 and agreement 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 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 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 appropriateappropriate and may, with the prior consent of the Company, change that 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 Shares or American Depositary 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 Pre-Releasethe foregoing.

Pre-Release of American Depositary Shares. Notwithstanding Section 2.3 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release of American Depositary Shares”) and may deliver Shares prior to the surrender and cancellation of American Depositary Shares if the person to whom such Shares are to be delivered is a banking institution organized pursuant to the laws of the Republic of South Africa (“South African Bank”) (“Pre-Release of Shares” and, together with Pre-Release of American Depositary Shares, "Pre-Release”"). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 appropriateappropriate and in connection with Pre-Release of Shares, preceded or accompanied by an unconditional guaranty by the South-African Bank to deliver American Depositary Shares for cancellation on the same calendar day on which the Shares are delivered to the South-African Bank (or, if such American Depositary Shares are not so delivered, to return the Shares), (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 of the Deposit Agreement, unless Unless requested in writing by the Company to cease doing so, the Depositary, the Depositary may may, notwithstanding Section 2.3, 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 2.5 of the Deposit Agreement2.5, 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 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 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 of the Deposit Agreement2.3, unless requested in writing by the Company 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 2.5 of the Deposit Agreement2.5, 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 delivereddelivered (the “Pre-Releasee”), that such person, or its 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 appropriateappropriate and may, with the prior written consent of the Company, change that limit for purposes of general application. The collateral referred to in item (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations in connection with the related Pre-Release transaction, including the Pre- Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of that 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 The Depositary may issue American Depositary Shares against the delivery by the Company (or any agent of the Deposit Agreement, unless Company recording Share ownership) of rights to subscribe for Shares from the Company (or any such agent). No such issue of American Depositary Shares in response to any such subscription rights will be deemed a "Pre-Release" that is subject to the restrictions of the following paragraph. Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.4 hereof, 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 2.5 of the Deposit Agreement2.6, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that Receipts which 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 American Depositary Shares have such Receipt has 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 right, after Consultation with the Company, 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 Shares or American Depositary Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). Without limiting the generality of the foregoing, a Pre-Release shall have no effect on dividends payable by the Company or on shareholder voting rights, which shall be governed exclusively by the rights attendant to Shares under applicable German law. 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 The Depositary may issue Receipts against the delivery by the Issuer (or any agent of the Deposit Agreement, unless Issuer recording Share ownership) of rights to receive Shares from the Issuer (or any such agent). No such issue of Receipts will be deemed a "Pre-Release" that is subject to the restrictions of the following paragraph. Unless requested in writing by the Company Issuer to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, execute and deliver American Depositary Shares Receipts prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “"Pre-Release”"). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that Receipts which 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 American Depositary Shares have such Receipt has been Pre-Released. The Depositary may receive American Depositary Shares Receipts 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 Receipts are to be delivered, delivered (the "Pre-Releasee") that such personthe Pre-Releasee, or its customer, (i) owns the Shares or American Depositary Shares Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, 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 Receipts, 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 Receipts, 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 Issuer, 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 Shares or Receipts 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 of the Deposit Agreement2.03 hereof, unless requested in writing by the Company 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 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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) transfers 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 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 or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business daysBusiness 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 Section 2.3 of the Deposit Agreement, unless requested in writing by the Company to cease doing so2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 Section 2.3 of the Deposit Agreement, unless requested in writing by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares Units pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares Units 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 in its discretion receive American Depositary Shares in lieu of Shares Units 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 Units are to be delivered, that such person, or its customer, (i) owns the Shares Units or American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Units 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 Units 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 Units 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 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. The Depositary and its Affiliates, subject to Section 2.09 of the Agreement, may own and deal in any class of securities of the Company and its Affiliates and in American Depositary Shares. Notwithstanding Section 2.3 2.03 of the Deposit Agreement, the Depositary may issue and deliver American Depositary Shares prior to the receipt of Shares, unless requested in writing by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 2.05 of the Deposit Agreement, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that which 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, 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 reasonably 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 under the Agreement; 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 The Depositary may issue Receipts against the delivery by the Company (or any agent of the Deposit Agreement, unless Company recording Share ownership) of rights to receive Shares from the Company (or any such agent). No such issue of Receipts will be deemed a “Pre Release” that is subject to the restrictions of the following paragraph. Unless requested in writing by the Company to cease doing so, the Depositary may may, notwithstanding Section 2.03 hereof, execute and deliver American Depositary Shares Receipts prior to the receipt of Shares shares pursuant to Section 2.2 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, deliver Shares upon the surrender receipt and cancellation of American Depositary Shares that Receipts which 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 American Depositary Shares have such Receipt has been Pre-Pre Released. The Depositary may receive American Depositary Shares Receipts in lieu of Shares in satisfaction of a Pre-Pre Release. Each Pre-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 Receipts are to be delivered, delivered (the “Pre-Releasee”) that such personthe Pre-Releasee, or its customer, (i) owns the Shares shares or American Depositary Shares Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, 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 Receipts, 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 Receipts, 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 Pre 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 Shares or Receipts 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 of the Deposit Agreement, unless Unless requested in writing by the Company 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 of the Deposit Agreement 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement2.05, 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 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 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 Share 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 time 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 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 hereunder). The Depositary may retain for its own account any compensation received by it in connection with Pre-Releasethe foregoing.