Icecat

Depositary Receipts

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The Depositary Receipts have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “US Securities Act”) and will not be registered with any authority competent with respect to securities in any state or other jurisdiction of the United States of America. The Depositary Receipts may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act. The Issuer has not registered any part of the Offering of the Depositary Receipts in the United States of America or any other jurisdiction, nor has it the intention to do so. The Issuer has no intention to make a public offering of the Depositary Receipts in the United States of America or in any other jurisdiction other than the Netherlands.