121 PART I Depositary Fees  D. American Depositary Shares  Depositary Charges  The fees and charges ADS holders may be required to pay may vary over time and may be changed by us  and by the depositary. ADS holders will receive prior notice of such changes.  In the event of refusal to pay the depositary fees, the depositary may, under the terms of the deposit  agreement, refuse the requested service until payment is received or may set off the amount of the depositary fees  from any distribution to be made to the ADS holder.  Depositary fees payable in connection with distributions of cash or securities to ADS holders and the  depositary services fee are charged by the depositary to the holders of record of ADSs as of the applicable  ADS record date. The depositary fees payable for cash distributions are generally deducted from the cash being  distributed. In the case of distributions other than cash (i.e., stock dividends, rights offerings), the depositary  charges the applicable fee to the ADS record date holders concurrent with the distribution. In the case of ADSs  registered in the name of the investor (whether certificated or un-certificated in direct registration), the depositary  sends invoices to the applicable record date ADS holders. In the case of ADSs held in brokerage and custodian  accounts via the central clearing and settlement system, The Depository Trust Company, or DTC, the depositary  generally collects its fees through the systems provided by DTC (whose nominee is the registered holder of the  ADSs held in DTC) from the brokers and custodians holding ADSs in their DTC accounts. The brokers and  custodians who hold their clients’ ADSs in DTC accounts in turn charge their clients’ accounts the amount of the  fees paid to the depositary.  Depositary fees payable upon the issuance and cancellation of ADSs are typically paid to the depositary by  the brokers (on behalf of their clients) receiving the newly-issued ADSs from the depositary and by the brokers  (on behalf of their clients) delivering the ADSs to the depositary for cancellation. The brokers in turn charge  these transaction fees to their clients.  In addition, an ADS holder shall be responsible for the following charges:  Under the terms of the deposit agreement for our ADSs, an ADS holder may have to pay the following  service fees to the depositary:  Service Fees Issuance of ADSs Up to US$5.00 per 100 ADS issued Cancellation of ADSs Up to US$5.00 per 100 ADS cancelled Distribution of cash dividends or other cash distributions Up to US$2.00 per 100 ADS held Distribution of ADSs pursuant to stock dividends, free stock distributions or  exercises of rights Up to US$5.00 per 100 ADS held Distribution of securities other than ADSs or rights to purchase additional ADSs Up to US$5.00 per 100 ADS held • the fees and expenses incurred by the depositary, the custodian or any nominee in connection with  the servicing or delivery of deposited securities.  • the expenses and charges incurred by the depositary in the conversion of foreign currency; and  • such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the  deposit agreement to be at the expense of ADS holders and beneficial owners of ADSs;  • such registration fees as may from time to time be in effect for the registration of common shares or  other deposited securities on the share register and applicable to transfers of common shares or other  deposited securities to or from the name of the custodian, the depositary or any nominees upon the  making of deposits and withdrawals, respectively;  •  taxes (including applicable interest and penalties) and other governmental charges; 