Depositary Receipt Services

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Foreign Exchange Pricing Disclosure

SPONSORED PROGRAMS

Citibank, N.A. (the “Depositary”) may execute depositary receipt foreign currency transactions (“Conversions”) itself or through its affiliates or agents (the “Conversion Providers”) and may act as principal counterparty and not as agent, advisor, broker or fiduciary for such transactions. The Depositary has no obligation to obtain the most favorable exchange rate, makes no representation that the exchange rate is a favorable rate, and expressly disclaims any liability for any direct or indirect losses associated with the exchange rate. The Depositary, or its Conversion Providers, earn and retain revenue on executed Conversions based on, among other things, the difference between the exchange rate it assigns to the transaction and the exchange rate that it pays and receives for purchases and sales of currencies when buying or selling foreign currency for its own account (the “Spread”). When the Depositary or any entity, division, or business unit affiliated with the Depositary performs a Conversion related to a cash distribution received in sponsored depositary receipt programs, such Spread shall be no more than 20 (twenty) basis points for any Conversion. Notwithstanding the foregoing, in some instances (i) Conversions may be managed and executed by unaffiliated third-parties (“Unaffiliated Conversion Providers”), and, for such Conversions, the foreign exchange rate applied by the Unaffiliated Conversion Providers will be the exchange rate given to DR holders; and (ii) Conversions may be managed at the discretion of the issuer of the securities represented by the depositary receipts (the “Issuer”), meaning that the Issuer may: (a) convert foreign currency independent of the Depositary and/or its Conversion Providers; and/or (b) provide cash distributions to the Depositary in US dollars at a conversion rate determined by the Issuer.

In certain markets, the Depositary may receive a significant portion of a local currency distribution on a dividend foreign payable date and subsequently receive a second payment at a later date based on a reduction of the local withholding tax. As a result, Conversions may be executed in multiple sessions. In addition, the Depositary may execute Conversions in multiple sessions in relation to corporate actions, including securities sales, which occur over multiple dates. In all such cases where Conversions are executed in multiple sessions, the exchange rates will be blended before distribution to DR holders.

The Depositary does not act as fiduciary or advisor
When executing Conversions, the Depositary’s Conversion Provider acts as a principal counterparty, trading for its own account. In no event will the Depositary or its Conversion Providers be acting as agent, advisor, broker or fiduciary on any Conversions, notwithstanding the fact that it or its affiliates may act in a different capacity in respect of other services they may provide.

No assurance that foreign exchange rate is the most favorable available
The Depositary and its Conversion Providers have no obligation to provide the most favorable foreign exchange rate available in the market for any Conversion and make no representation that any Conversion reflects such rate. Rather, each Conversion will be priced in accordance with the methodology set forth herein. The Depositary makes no representations, warranties or guarantees as to whether the price or the pricing methodology used to price a Conversion yields a fair market price.

UNSPONSORED PROGRAMS

Citibank, N.A. (the “Depositary”) may execute depositary receipt foreign currency transactions (“Conversions”) itself or through its affiliates or agents (the “Conversion Providers”) and it may act as principal counterparty and not as agent, advisor, broker or fiduciary for such transactions. The Depositary has no obligation to obtain the most favorable exchange rate, makes no representation that the exchange rate is a favorable rate and disclaims any liability for any direct or indirect losses associated with the exchange rate. In instances where the Depositary is the first depositary bank to file an F-6 registration statement for an unsponsored ADR program (“First Filer”) the Depositary, or its Conversion Providers, may earn and retain revenue on its executed Conversions based on, among other things, the difference between the exchange rate it assigns to the transaction and the exchange rate that it pays and receives for purchases and sales of currencies when buying or selling foreign currency for its own account (the “Spread”). Notwithstanding the foregoing, in some instances (i) Conversions may be managed and executed by unaffiliated third-parties (“Unaffiliated Conversion Providers”), and, for such Conversions, the foreign exchange rate applied by the Unaffiliated Conversion Providers will be the rate given to ADR holders; and (ii) Conversions may be managed at the discretion of the issuer of securities represented by the depositary receipts (the “Issuer”), meaning that the Issuer may: (a) convert foreign currency independent of the Depositary and/or its Conversion Providers; and/or (b) provide cash distributions to the Depositary in US dollars at a conversion rate determined by the Issuer.

In instances where the Depositary is not the First Filer, it will provide Conversions of cash distributions at the foreign exchange rate set by the First Filer depositary bank.

In certain markets, the Depositary may receive a significant portion of a local currency distribution on a dividend foreign payable date and subsequently receive a second payment at a later date based on a reduction of the local withholding tax. As a result, Conversions may be executed in multiple sessions. In addition, the Depositary may execute Conversions in multiple sessions in relation to corporate actions, including securities sales, which occur over multiple dates. In all such cases where Conversions are executed in multiple Sessions, the exchange rates will be blended before distribution to ADR holders.