American Depositary Shares (ADSs)

Shares evidenced by American Depositary Receipts ( www.practicallaw.com/A35813) (ADRs). ADSs are issued by a depositary bank and represent one or more shares of a non-US issuer held by the depositary bank. The main purpose of ADSs is to facilitate trading in shares of non-US companies in the US markets and, accordingly, ADRs which evidence ADSs are in a form suitable for holding in US clearing systems.

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