Rule 424(b)(3)
File No. 333-205841
[Note: This revised form of American Depositary
Receipt is being filed to reflect that the correct ratio of Shares per American Depositary Shares of three Shares.]
AMERICAN DEPOSITARY
SHARES
(Each American Depositary Share represents
three deposited Shares)
THE BANK OF NEW YORK MELLON
AMERICAN DEPOSITARY RECEIPT
FOR ORDINARY SHARES OF
OASMIA PHARMACEUTICAL AB
(INCORPORATED UNDER THE LAWS OF THE KINGDOM
OF SWEDEN)
The Bank of New York
Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that_________________________________________,
or registered assigns IS THE OWNER OF _____________________________
AMERICAN DEPOSITARY SHARES
representing deposited ordinary shares
(herein called “Shares”) of Oasmia Pharmaceutical AB, incorporated under the laws of the Kingdom of Sweden (herein
called the “Company”). At the date hereof, each American Depositary Share represents three Shares deposited
or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein
called the “Custodian”) that, as of the date of the Deposit Agreement, was Skandinaviska Enskilda Banken AB
located in Sweden. The Depositary's Office and its principal executive office is located at 240 Greenwich Street, New York, N.Y.
10286.
THE DEPOSITARY'S OFFICE ADDRESS IS
240 GREENWICH STREET, NEW YORK, N.Y. 10286
1.
THE DEPOSIT AGREEMENT.
This American Depositary
Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and conditions
set forth in the deposit agreement dated as of October 22, 2015 (herein called the “Deposit Agreement”) among
the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder, each
of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions
thereof. The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of
those Shares and held thereunder (those Shares, securities, property, and cash are herein called “Deposited Securities”).
Copies of the Deposit Agreement are on file at the Depositary's Office in New York City and at the office of the Custodian.
The statements made
on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject
to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit
Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.
2.
SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.
Upon surrender at
the Depositary’s Office of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented
thereby and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of
the Deposit Agreement and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal
of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary
Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by
that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any
money or other property as to which a record date for distribution to Owners has passed. The Depositary shall direct the Custodian
with respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for doing so. That
delivery will be made, at the office of the Custodian, except that, at the request, risk and expense of the surrendering
Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising,
and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities
represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s Office or to
another address specified in the order received from the surrendering Owner.
3.
REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED
AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES.
The Depositary,
subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer
books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary
Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii)
in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance
of doubt, instructions through DRS and Profile as provided in Section 2.10 of that Agreement), and, in either case, duly stamped
as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the
Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.
The Depositary,
subject to the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of
effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized
number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt
or Receipts surrendered.
The Depositary,
upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary
Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming
that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a
proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of
the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated
American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner
a Receipt evidencing the same number of certificated American Depositary Shares.
As a condition precedent
to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt
or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of
the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares
not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer
or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn)
and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it
as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish
consistent with the provisions of the Deposit Agreement.
The delivery of
American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the
registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer
of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary
are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to
time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit
Agreement, or for any other reason. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender
of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary
delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit
of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes
and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary
Shares or to the withdrawal of the Deposited Securities. The Depositary shall not knowingly accept for deposit under the Deposit
Agreement any Shares that, at the time of deposit, are Restricted Securities.
4.
LIABILITY OF OWNER FOR TAXES.
If any tax or other
governmental charge shall become payable with respect to or in connection with any American Depositary Shares or any Deposited
Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 of the Deposit
Agreement applies, that tax or other governmental charge shall be payable by the Owner to the Depositary. The Depositary may refuse
to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American
Depositary Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or
may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares,
and may apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax or other
governmental charge but, even after a sale of that kind, the Owner shall remain liable for any deficiency. The Depositary shall
distribute any net proceeds of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental
charges to the Owners entitled to them in accordance with Section 4.1 of the Deposit Agreement. If the number of Shares represented
by each American Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement,
the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number
of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of
American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.
5.
WARRANTIES ON DEPOSIT OF SHARES.
Every person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and warrant, that those Shares and each certificate therefor,
if applicable, are validly issued, fully paid and non-assessable and were not issued in violation of any preemptive or similar
rights of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to
do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities.
All representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive the deposit of Shares and
delivery of American Depositary Shares.
6.
FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.
Any person presenting
Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company
or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary
may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares,
the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until
that proof or other information is filed or those certificates are executed or those representations and warranties are made. As
conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the
Custodian in accordance with the provisions of the Deposit Agreement, (ii) a written order directing the Depositary to deliver
to, or upon the written order of, the person or persons stated in that order, the number of American Depositary Shares representing
those Deposited Shares (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of
the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian,
(iv) evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable
jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt
transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any person
in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof,
such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.
7.
CHARGES OF DEPOSITARY.
The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom
American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared
by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American
Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental
charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally
on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary
or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT)
and facsimile transmission fees and expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred
by the Depositary in the conversion of foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or
less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section
2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2 of the
Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made
pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and 4.8 of the Deposit Agreement, (7)
a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement or of rights pursuant to Section 4.4
of that Agreement (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount
equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as
a result of the deposit of such securities under the Deposit Agreement (for purposes of this item 7 treating all such securities
as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged
under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which
will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary's
or Custodian’s agents or the agents of the Depositary's or Custodian’s agents, in connection with the servicing of
Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary
in accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing
those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions).
The Depositary may
collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed,
to Owners that are obligated to pay those fees.
The Depositary,
subject to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in American Depositary
Shares.
From time to time,
the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising out of establishment
and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary or share
revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit Agreement, the Depositary may
use brokers, dealers or other service providers that are affiliates of the Depositary and that may earn or share fees and commissions.
8.
PRE-RELEASE OF AMERICAN DEPOSITARY SHARES.
Notwithstanding
Section 2.3 of the Deposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant
to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit
Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender
is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released.
The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must
be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to
be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may
be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable
by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations
that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release
will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that
the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate.
The Depositary may
retain for its own account any compensation received by it in connection with Pre-Release.
9.
TITLE TO AMERICAN DEPOSITARY SHARES.
It is a condition
of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or holding
the same consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied
by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New
York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities
under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American
Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends
or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes, and neither the Depositary
nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American
Depositary Shares, but only to the Owner.
10.
VALIDITY OF RECEIPT.
This Receipt shall
not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall
have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed
by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or the Registrar or a co-registrar.
11.
REPORTS; INSPECTION OF TRANSFER BOOKS.
The Company has
been subject to the periodic reporting requirements of the Securities Exchange Act of 1934 (the “Exchange Act”) and,
accordingly, filed certain reports with the Securities and Exchange Commission. Those reports are available for inspection and
copying through the Commission's EDGAR system or at public reference facilities maintained by the Commission in Washington, D.C.
On August 23, 2019 the Company filed Form 15F under the Exchange Act, whereupon its reporting obligations were suspended. The Form
15 became effective on November 21, 2019, whereupon the Company’s reporting obligations under the Exchange Act were terminated.
Since that date, the Company publishes information in English required to maintain the exemption from registration under Rule 12g3-2(b)
under the Exchange Act of 1934 on its Internet web site or through an electronic information delivery system generally available
to the public in its primary trading market. The Company's Internet web site address is www.oasmia.com/en/section/investors/.
The Depositary will
make available for inspection by Owners at its Office any reports, notices and other communications, including any proxy soliciting
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities
and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports
and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary
in English, to the extent such materials are required to be translated into English pursuant to any regulations of the Commission.
The Depositary will
keep books for the registration of American Depositary Shares and transfers of American Depositary Shares, which shall be open
for inspection by the Owners at the Depositary’s Office during regular business hours, provided that such inspection
shall not be for the purpose of communicating with Owners in the interest of a business or object other than the business of the
Company or a matter related to the Deposit Agreement or the American Depositary Shares.
12.
DIVIDENDS AND DISTRIBUTIONS.
Whenever the Depositary
receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of receipt thereof
any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars
transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other cash distribution into
Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof
and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto; provided, however, that if the Custodian
or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution an amount on account
of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those
Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of all or substantially all
the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American
Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is
also requiring surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution of that
kind shall be a Termination Option Event.
Subject to the provisions
of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution
described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion
or in lieu of Deposited Securities), the Depositary will cause the securities or property received by it to be distributed to the
Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental
charges, in any manner that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a
distribution of depositary shares representing the securities received); provided, however, that if in the opinion
of the Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any
other reason the Depositary deems such distribution not to be lawful and feasible, the Depositary may adopt such other method as
it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public
or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such
sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement)
to the Owners entitled thereto all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit Agreement.
The Depositary may withhold any distribution of securities under Section 4.2 of the Deposit Agreement if it has not received satisfactory
assurances from the Company that the distribution does not require registration under the Securities Act of 1933. The Depositary
may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Article
that is sufficient to pay its fees and expenses in respect of that distribution. If a distribution under Section 4.2 of the Deposit
Agreement would represent a return of all of substantially all the value of the Deposited Securities underlying American Depositary
Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for
surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition
of making that distribution. A distribution of that kind shall be a Termination Option Event.
Whenever the Depositary
receives any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may deliver to the Owners
entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend
or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and issuance
of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section 4.11 of
the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9
of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received (or American Depositary
Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering
fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate of those fractions
(or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the
conditions described in Section 4.1of the Deposit Agreement. If and to the extent that additional American Depositary Shares are
not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent
the additional Shares distributed on the Deposited Securities represented thereby.
If the Company declares
a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities
or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation
with the Company, make that right of election available for exercise by Owners any manner the Depositary considers to be lawful
and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory
assurances from the Company that doing so does not require registration of any securities under the Securities Act of 1933.
If the Depositary
determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor) is
subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public
or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the amounts
and manner the Depositary deems necessary and practicable to pay any those taxes or charges, and the Depositary shall distribute
the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number
of American Depositary Shares held by them respectively.
Each Owner and Holder
agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates
for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties
or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.
13.
RIGHTS.
(a) If rights
are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and
the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of
rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant
to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those
securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company,
deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the
net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of
under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.
(b) If the Depositary
will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions and
procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified
and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received upon
the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The
purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit the purchased
Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver
or cause the purchased Shares or other securities to be delivered to or to the order of that Owner. The Depositary will not act
under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act
of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it to the effect that those
securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933.
(c) If the Depositary
will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable
to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and
(ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary
will deliver those rights as requested by that Owner.
(d) If the Depositary
will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number of American
Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were
sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions
or the date of delivery of any American Depositary Shares or otherwise.
(e) Payment or
deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the expenses
of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment
of cash proceeds under Section 4.4 of that Agreement.
(f) The Depositary
shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or exercise
rights on behalf of Owners in general or any Owner in particular, or to sell rights.
14.
CONVERSION OF FOREIGN CURRENCY.
Whenever the Depositary
or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities,
property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary
be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall
convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those
Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made upon an averaged or other practicable
basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary
Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9
of the Deposit Agreement.
If a conversion
of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government
or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.
If the Depositary
determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable
basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is
required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period as determined
by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold
such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled
to receive the same.
If any conversion
of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners
entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested
and without liability for interest thereon for the account of, the Owners entitled thereto.
The Depositary may
convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as
an agent, fiduciary or broker on behalf of any other person and earns revenue, including, without limitation, fees and spreads
that it will retain for its own account. The Depositary makes no representation that the exchange rate used or obtained in
any currency conversion will be the most favorable rate that could be obtained at the time or as to the method by which that rate
will be determined, subject to its obligations under Section 5.3 of the Deposit Agreement.
15.
RECORD DATES.
Whenever a cash
dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities
are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in
accordance with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance of that
kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which
the Company has requested the Depositary to send a notice under Section 4.7 of the Deposit Agreement, or whenever the Depositary
will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented
by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall
fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with
respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or
other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting,
(iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on
or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections
4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement, the Owners on a record
date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend
or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares
held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was
fixed, or be responsible for that fee or charge, as the case may be.
16.
VOTING OF DEPOSITED SHARES.
(a) Upon receipt
of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by the
Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall
be in the sole discretion of the Depositary, that shall contain (a) the information contained in the notice of meeting received
by the Depositary, (b) a statement that the Owners as of the close of business on a specified record date will be entitled,
subject to any applicable provision of Swedish law and of the articles of association or similar documents of the Company, to instruct
the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American
Depositary Shares (c) a statement as to the manner in which those instructions may be given and (d) the last date on which
the Depositary will accept instructions (the “Instruction Cutoff Date”).
(b) Upon the
written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by
the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary,
the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable,
to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with
the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches
to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.
(c) There can
be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above
in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.
(d) In order
to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if the
Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary
notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders
of Shares in connection with the meeting not less than 45 days prior to the meeting date.
17.
TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.
(a) The Depositary
shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer made
to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner
surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.
(b) If the Depositary
receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction
that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to
the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that
Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called
American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption
and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be
entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit Agreement and
(iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American
Depositary Shares in accordance with Section 2.5 of that Agreement (and, for the avoidance of doubt, Owners shall not be entitled
to receive that money under Section 4.1 of that Agreement). If the Redemption affects less than all the Deposited Securities, the
Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those American
Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall
allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings
of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no
fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited
Securities shall be a Termination Option Event.
(c) If the Depositary
is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification of the
Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a
holder of Deposited Securities and as a result securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), then (i) the Depositary shall, if required
surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit
Agreement, the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to
sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those
new Deposited Securities under the Deposit Agreement because those new Deposited Securities may not be distributed to Owners without
registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms
as it deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement
shall be a Termination Option Event.
(d) In the case
of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary may call
for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities
and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented
by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American
Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary and may sell American Depositary
Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the
net proceeds of that sale to the Owners entitled to them.
(e) If there
are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or
the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender
of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a Termination
Option Event occurs.
18.
LIABILITY OF THE COMPANY AND DEPOSITARY.
Neither the Depositary
nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or
Holder, (i) if by reason of any provision of any present or future law or regulation of the United States or any other country,
or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the articles
of association or any similar document of the Company, or by reason of any provision of any securities issued or distributed by
the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances
beyond its control, the Depositary or the Company is prevented from, forbidden to or delayed in, or could be subject to any civil
or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms
of the Deposit Agreement or Deposited Securities, it is provided shall be done or performed, (ii) by reason of any exercise of,
or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the Depositary to
take, or not take, any action that the Deposit Agreement provides the Depositary may take), (iii) for the inability of any Owner
or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities
but is not, under the terms of the Deposit Agreement, made available to Owners or Holders, or (iv) for any special, consequential
or punitive damages for any breach of the terms of the Deposit Agreement. Where, by the terms of a distribution to which Section 4.1,
4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section 4.4 of the Deposit Agreement applies, or for
any other reason, that distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose
of that distribution or offering on behalf of such Owners and make the net proceeds available to Owners, then the Depositary shall
not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.
Neither the Company
nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Holders,
except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith.
The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither
the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding
in respect of any Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other
person. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction
or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. Neither the
Depositary nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information from
legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in
good faith to be competent to give such advice or information. The Depositary shall not be liable for any acts or omissions made
by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter
arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such
potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary.
The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system
in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.
In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions
to vote any of the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote. Each of
the Depositary and the Company may rely, and shall be protected in acting upon, any written notice, request, direction or other
document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall
have no duty to make any determination or provide any information as to the tax status of the Company or any liability for any
tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. No disclaimer
of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement.
19.
RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.
The Depositary may
at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company,
to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. The Depositary may at any time be removed by the Company by 120 days’ prior written notice of that removal, to
become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of
a successor depositary and its acceptance of its appointment as provided in the Deposit Agreement. The Depositary in its discretion
may at any time appoint a substitute or additional custodian or custodians.
20.
AMENDMENT.
The form of the
Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable.
Any amendment that would shall impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any
substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the
expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares.
Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary
Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby.
Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares represented by each American
Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call
for surrender of American Depositary Shares to effect that change of ratio. In no event shall any amendment impair the right of
the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except
in order to comply with mandatory provisions of applicable law.
21.
TERMINATION OF DEPOSIT AGREEMENT.
(a) The Company
may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of the Deposit
Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice
and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of that Agreement, (ii)
an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred or will
occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners
of all American Depositary Shares then outstanding setting a date for termination (the “Termination Date”),
which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination Date.
(b) After the
Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to
the Depositary under Sections 5.8 and 5.9 of that Agreement.
(c) At any time
after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without
liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those
Owners will become general creditors of the Depositary with respect to those net proceeds. After making that sale, the Depositary
shall be discharged from all obligations under the Deposit Agreement, except (i) to account for the net proceeds and other cash
(after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the
account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and
any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 of that Agreement and (iii) to act
as provided in the paragraph (d) below.
(d) After the
Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities
(that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited
Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the
fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American
Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental
charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.
After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of
withdrawal of Deposited Securities (that have not been sold) if in its judgment the requested withdrawal would interfere with its
efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited
Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers
of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the
Owners and need not give any further notices or perform any further acts under the Deposit Agreement except as provided in Section
6.2 of that Agreement.
22.
DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.
(a) Notwithstanding
the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof
to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated
securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature
of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary
to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares
to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
that transfer.
(b) In connection
with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming to
be acting on behalf of an Owner in requesting registration of transfer and delivery described in paragraph (a) above has the actual
authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance
of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use of the DRS/Profile.
The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the
DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on the
part of the Depositary.
23.
APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES.
The Company has
(i) appointed CT Corporation System, 111 Eighth Avenue, New York, New York 10011, as the Company's authorized agent upon which
process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American
Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state or federal court
in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that service of process upon
said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.
EACH PARTY TO THE
DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY OR
THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY
SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF,
INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY).
To the extent that
the Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving
of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with
respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted
by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement.
24.
DISCLOSURE OF INTERESTS.
When required in
order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the Company
may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity
in which it holds American Depositary Shares, (b) the identity of any Holders or other persons or entities then
or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter
where disclosure of such matter is required for that compliance. Each Owner and Holder agrees to provide all information
known to it in response to a request made pursuant to this Section. Each Holder consents to the disclosure by the Owner
or other Holder through which it holds American Depositary Shares, directly or indirectly, of all information responsive to a request
made pursuant to this Section relating to that Holder that is known to that Owner or other Holder. The Depositary agrees
to use reasonable efforts, at the Company's expense, to comply with written instructions requesting that the Depositary
forward any request authorized under this Section to the Owners and to forward to the Company any responses it receives in response
to that request.
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