ASX SETTLEMENT PROCEDURE GUIDELINES
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1 SECTION 19: CHESS DEPOSITARY INTERESTS CDI CONCEPTS CDI REGISTERS CDI TRANSACTIONS AVAILABLE IN CHESS IDENTIFICATION OF CDIS CORPORATE ACTIONS TRANSMUTATION OF CDIS Transmutatin f Freign Securities t CDIs Transmutatin f CDIs t Freign Securities Transmutatin f Gvernment Bnd Depsitary Interests VERSION 3.4 I CHESS DEPOSITARY INTERESTS
2 This dcument is available nline in Adbe Prtable Dcument Frmat (PDF) at: > Participants > Library > Manuals Cntext f this Dcument The ASX Prcedure Guidelines must be read in the cntext f the ASX Settlement Operating Rules. Any terms explicitly defined in the ASX Settlement Operating Rules and used in the ASX Prcedure Guidelines shuld be interpreted accrding t the definitin given in ASX Settlement Operating Rules. This includes terms such as participant, registry, hlder, issuer, subregister, and financial prduct. Because f the large number f these terms, they have nt been capitalised fr emphasis in this dcument. In the interests f readability and cmprehensin, where a prcedure applies nly in the cntext f securities in a listed cmpany, the specific term security has been used instead f the mre generic term financial prduct Change Histry Versin Date Descriptin f changes 1.0 May 2005 Initial versin f a merged guideline dcument incrprating details frm bth the PPG and IRPG 1.7 Dec 2010 Updates t include name changes within ASX Grup and ASX Operating Rule bks. 2.2 May 2013 Updates t include the intrductin f Gvernment Bnd Depsitary Interests 3.1 Jan 2016 ASXOnline dcument merge. 3.2 Mar 2016 T+2 implementatin and change in references frm C&S Operatins t Pst Trade Operatins VERSION 3.4 II CHESS DEPOSITARY INTERESTS
3 SECTION 19: CHESS DEPOSITARY INTERESTS 19.1 CDI CONCEPTS Sme issuers listed n the ASX are incrprated in cuntries that d nt recgnise electrnic registratin f freign securities as legal title t thse securities. In additin, these issuers may nt recgnise the electrnic transfer f securities. In rder t assist transactins in these freign securities in Australia, ASXS intrduced CHESS Depsitary Interests (CDIs). CDIs are apprved financial prducts and can therefre be registered, transferred and cnverted electrnically via CHESS. If a freign issuer issues CDIs ver their freign securities, then the hlder f the CDI btains beneficial wnership f the freign securities. Beneficial wnership (smetimes referred t as the equitable interest) means that all the ecnmic benefits assciated with the freign securities (such as dividends, rights issues, bnus issues, etc.) are passed nt the CDI hlder frm the entity that retains the legal title t the freign securities. Gvernment Bnd Depsitary Interests were intrduced in 2013 and were designed t allw investrs t btain the ecnmic benefits f Gvernment Bnds withut hlding legal title. There are a number f different features attributed t Gvernment Bnd Depsitary Interests, where the underlying prduct is an Australian Gvernment Bnd, and ther apprved financial prducts that use the CDI structure. These differences are highlighted in this sectin and ther interrelated sectins but are nnetheless specifically addressed under Sectin 30: Exchange-traded Australian Gvernment Bnds. Participants shuld als refer t the ASX Settlement Operating Rules and Prcedures relevant t Principal Financial Prducts that are Gvernment Bnds. CDIs are a type f depsitary receipt. Depsitary receipts are an internatinally accepted means f settling transactins in freign securities. There are three types f CDIs: CHESS Units f Freign Securities (CUFS); Depsitary Interests (DIs); and Gvernment Bnd Depsitary Interests (GBDIs). Fr CUFS, the legal title f the freign securities is held in the name f an Australian depsitary nminee. The CDI hlder gains beneficial wnership frm the depsitary nminee. VERSION 3.4 III CHESS DEPOSITARY INTERESTS
4 DIs have a different legal structure that results in at least tw tiers f beneficial wnership. The legal title f the freign securities is held in the name f a nminee agent, typically a settlement and depsit system such as Clearstream, Eurclear r Central Depsitry Pty Ltd (CDP). The Australian depsitary nminee gains beneficial wnership frm the nminee agent. This frms the first tier f beneficial wnership. Subsequently, the CDI hlder gains beneficial wnership frm the Australian depsitary nminee, which creates the secnd tier f beneficial wnership. Gvernment Bnd Depsitary Interests have a similar legal structure t DIs. Fr definitinal and transparency reasns GBDIs have their wn regime. See later chapter n GBDIs. CHESS Depsitary Nminees Pty Ltd, a subsidiary f ASX grup f cmpanies, ffers the standard CDI depsitary service. Hwever, freign cmpanies may use anther depsitary service prvider fr CDIs if they wish. VERSION CHESS DEPOSITARY INTERESTS
5 The fllwing diagram illustrates the differences between the three types f CDIs: Issuer CUFS DI & GBDI Depsitry Nminee (legal wnership f securities) First Depsitry Nminee (legal wnership f securities) CDI Hlder (beneficial wnership f underlying securities) Secnd Depsitry Nminee (beneficial wnership f underlying securities) CDI Hlder (beneficial wnership f the Secnd DN's hlding) CDIs can be issued n a rati basis whereby each CDI represents a multiple r a fractin f the underlying freign securities r Gvernment Bnd. The prcedures in this sectin assume that there is a ne-t-ne relatinship between CDI financial prducts and the underlying freign securities r Gvernment Bnds. Fr the avidance f dubt, Title in relatin t Gvernment Bnds under the ASX Settlement Operating Rules refers t equitable r beneficial title, and nt legal title, where the Gvernment Bnds are held in the Austraclear System. Fr mre infrmatin n CDIs, refer t the guidance nte in the ASX Listing Rules. VERSION CHESS DEPOSITARY INTERESTS
6 19.2 CDI REGISTERS The CDI cncept utilises a CHESS subregister and an issuer spnsred subregister. Unless therwise agreed between an issuer and ASX Settlement, in additin t a CHESS subregister, an issuer must administer an Issuer Operated Register. These tw subregisters recrd hldings f beneficial wnership, nt legal wnership in the underlying freign securities r Gvernment Bnds. The aggregate f all hldings n these tw subregisters is represented by a single security hlding legally registered in the name f the Australian depsitary nminee n the freign register fr CUFS and a single beneficial wnership registered in the name f the Australian depsitary nminee fr DIs r GBDIs CDI TRANSACTIONS AVAILABLE IN CHESS The CDI structure enables the fllwing transactins, where applicable, in financial prducts t be effected electrnically thrugh CHESS: Issuer spnsred t CHESS cnversins and transfers CHESS t CHESS transfers CHESS t issuer spnsred cnversins and transfers These transactins are dealt in the same manner as transactins in nn-cdi financial prducts. Hwever, a CHESS t Issuer Spnsred and r Issuer Spnsred t CHESS Demand Transfer r Cnversin is nt permitted fr Gvernment Bnd Depsitary Interests. Transactins in CDIs d nt cnstitute a change in the legal wnership f the underlying freign securities r Gvernment Bnd, as the name n the title des nt change. Hwever, in the case f transfers, the beneficial wnership des change frm ne CDI hlder t anther. VERSION CHESS DEPOSITARY INTERESTS
7 19.4 IDENTIFICATION OF CDIS The apprved financial prduct s descriptin cntains a reference t CDIs (e.g., Ordinary/CDIs) alerting participants that the financial prduct is a CDI. The ISIN cde fr a CDI financial prduct will be allcated by ASX. It will differ frm the ISIN cde f the underlying freign securities r Gvernment Bnd. Participants are able t distinguish a CDI frm ther apprved financial prducts by checking the value f the CHESS Exceptin Indicatr field disseminated via ASX Signals. Additinally, when a quted financial prduct is eligible t be settled, participants are ntified via ASX Settlement bulletins. Participants are als ntified thrugh the regular ASX Settlement bulletin t participants. Publicatins such as the daily diary may als be used t identify CDIs CORPORATE ACTIONS The CDI cncept requires crprate actins t be administered by the issuer rather than the Australian depsitary nminee. Under the ASX Settlement Operating Rules, the issuer must recgnise CDI hlders as if they were the legal wners f the underlying freign securities r Gvernment Bnds fr the purpses f crprate actins. Under the ASX Settlement Operating Rules, the depsitary nminee must acknwledge that a distributin made t CDI hlders discharges the issuer s bligatin in respect f that crprate actin. CDI hlders have the same rights as hlders that have the freign securities r Gvernment Bnds legally registered in their wn name, with the exceptin f vting arrangements. CDI hlders are given the right t vte n a pll (whereupn prxies can be cunted) via the depsitary nminee. Hwever, CDI hlders are nt able t persnally vte via a shw f hands at a hlder meeting. This des nt apply t hlders f GBDIs as vting rights fr these hlders are specifically excluded by the ASX Settlement Rules. VERSION CHESS DEPOSITARY INTERESTS
8 19.6 TRANSMUTATION OF CDIS Freign Registry Service The fllwing diagram illustrates the transmutatin f CDIs. Freign Register { Name Reg Details Shares Name Reg Details Shares Sally Sue, 1 Blue St, NY, NY 10 Peter Pie, 2 Walle Ave, San Dieg, CA 20 Marge Mell, 55 Rund Rd, KC, MO Australian Registry Service Principle Register { Name Reg Details Shares CHESS Depsitary Nminee P/L, 20 Bridge, NSW 100 Alltment / Adjustment f CDIs CHESS Subregister Issuer Spnsred Subregister Name Reg Details CDIs Annie Smith, 1 Tie Pl, Sydney, NSW 30 Name Reg Details CDIs Jshua Jnes, 8 Vale Terr, Perth, WA 70 VERSION CHESS DEPOSITARY INTERESTS
9 Transmutatin f Freign Securities t CDIs The transmutatin f freign securities t CDIs is the prcess f cnverting a hlder s legal title in freign securities int an alltment f CDIs with the same registered name as the freign securities. This hlder mves frm legal wnership t beneficial wnership f the transmuted securities. Once the transmutatin has been cmpleted, the hlder f the new CDIs can easily cnvert the CDIs between the Issuer spnsred subregister and the CHESS subregister via CHESS. The transmutatin f CUFS requires tw transactins that are effected simultaneusly: The first transactin is a transfer f legal title frm the hlder t the. Australian depsitary nminee. The riginal freign certificates are. cancelled; the Australian depsitary nminee s hlding is increased, either by a new r additinal issue f certificates r by increasing the electrnic hlding, depending n the prcedures and legislatin regulating the freign registry. The secnd transactin is an alltment f CDIs t the frmer hlder, held n either the CHESS subregister r the issuer spnsred subregister, depending n the prcedures f the Australian registry. The registered wner f the CDIs is the frmer wner f the freign securities. The transmutatin prcess fr DIs requires three transactins that are effected simultaneusly: The first transactin transfers legal title f the freign securities frm the hlder t the nminee agent. The riginal certificate is cancelled and a new ne issued in the name f the nminee agent. The secnd transactin registers the Australian depsitary nminee as beneficial wner f the underlying freign securities with the nminee agent. The third transactin is the alltment by the Australian registry f CDIs t the hlder wh riginally wned the freign securities. In sme cases, if the hlder has beneficial wnership f the underlying freign securities, the first transactin is nt necessary. The issuer must ensure that the ttal number f CDIs issued recnciles with the Australian depsitary nminee s hlding. Transmutatins shuld nt ccur during an ex perid as the freign registry may apply any assciated entitlement incrrectly. The transmutatin prcedures fr any specific CDI depend n the legislatin f the freign cuntry and the agreed rle f the Australian registry with the VERSION CHESS DEPOSITARY INTERESTS
10 freign registry. It is the respnsibility f the Australian registry t rganise the transmutatin prcedures with the freign registry, which includes the recnciliatin f the Australian depsitary nminees hlding. Australian registries shuld make their transmutatin prcedures available t participants r hlders, upn request. Australian Registry Wrking Independently f a Freign Registry In mst situatins, the Australian registry wrks independently f the freign registry. The transmutatin prcedure fr this arrangement is typically as fllws: The hlder (with perhaps the assistance f their participant) prvides their certificates t the Australian registry. They als cmplete any necessary frms (e.g. a CREST Transfer frm fr UK securities,) and may prvide a letter including all the details f the hlder s request fr the transmutatin. Message Reference Table The Australian registry sends the request and any supprting dcumentatin t the freign registry. The freign registry agrees t the transmutatin, cancel the certificates, and either issues a new certificate r electrnically increases the hlding f the Australian depsitary nminee. The freign registry ntifies the Australian registry f this transactin. The Australian registry recrds the new Australian depsitary nminee s hlding fr their recnciliatin respnsibilities n the principle register and allts CDIs in the name f the hlder. The alltment is generally t the issuer spnsred subregister unless the Australian registry permits alltment t the CHESS subregister. Message Number and Descriptin Sender Recipient 425 Hlding Adjustment Registry CHESS 518 Rejected Transactin CHESS Registry Australian Registry Acting as Branch Office f a Freign Registry In sme situatins, the Australian registry acts as a branch ffice f a freign registry. The Australian registry cntrls a small prtin f the freign register and has the right and the ability t bth cancel certificates and issue new certificates. Certificates issued by an Australian branch ffice are recgnised nly in Australia fr the purpses f trading. The certificate represents legal wnership in freign securities but it is registered n the Australian register as ppsed t the freign register. VERSION CHESS DEPOSITARY INTERESTS
11 In rder fr the securities t be sld n a freign market, a remval transactin must take place whereby the certificate issued in Australia wuld be replaced by a certificated issued by the freign registry and registered n the freign register. The Australian issued certificate des allw the hlder the right t vte by a shw f hands at a cmpany meeting. Hwever, the cmpany may have t cntact the Australian registry t verify the validity f the hlder. Thugh a branch ffice fr the freign registry has the right and ability t cancel and issue certificates registered n the Australian register, they wuld be required t cmmunicate the details f their actins t the freign registry. This cmmunicatin wuld assist the freign registry cntrlling the register as a whle. The transmutatin prcedure fr this arrangement is typically as fllws: The hlder prvides their certificates and any required dcuments t the Australian registry, either directly r thrugh their participant. The Australian registry, in cmmunicatin with the freign registry, cancels the hlder s certificates. The Australian registry increases the Australian depsitary nminee s hlding by issuing a new certificate r electrnically increasing the hlding. The Australian registry allts CDIs in the name f the hlder, generally n the issuer spnsred subregister. The Australian registry recnciles the ttal number f CDIs n issue with the Australian depsitary nminee s hlding that is registered n the principle register. If the hlder des nt wish t transmute their entire hlding t CDIs, then the Australian registry may be required t issue a new certificate fr thse securities t remain in certificated frm. The ASX Settlement Operating Rules allws participants and registries t use the set f CHESS messages riginally develped fr the purpse f transfers between the CHESS subregister and the utdated certificated subregister t assist in the transmutatin prcess. VERSION CHESS DEPOSITARY INTERESTS
12 Message Reference Table Message Number and Descriptin Sender Recipient 406 Certificated t CHESS Transfer Authrisatin Request CHESS Registry 405 Registry t CHESS Transfer Authrisatin Registry CHESS 407 Registry t CHESS Transfer Rejectin Registry CHESS 426 Applied Registry Authrisatin Respnse CHESS Registry 425 Hlding Adjustment Registry CHESS 518 Rejected Transactin CHESS Registry Australian Registry Acting as C-Transfer Agent f a Freign Registry In sme situatins, the Australian registry acts as a c-transfer agent fr the freign registry. The Australian registry cntrls a small prtin f the freign register. As such, it wuld have the right and the ability t bth cancel certificates and issue new certificates fr the underlying freign securities n behalf f the freign registry. Any certificates issued by a ctransfer agent are cnsidered f a glbal nature and as such wuld be accepted verseas as legal title t the freign securities. The transmutatin prcedure fr this arrangement is typically as fllws: The hlder prvides their certificates and any required dcuments t the Australian registry, either directly r thrugh their participant. The Australian registry, in cmmunicatin with the freign registry, cancels the certificates. The Australian registry increases the Australian depsitary nminee s hlding by issuing a new certificate r electrnically increasing the hlding. The Australian registry allts CDIs in the name f the hlder, generally n the Issuer Spnsred subregister. The Australian registry recnciles the ttal number f CDIs n issue with the Australian depsitary nminee s hlding that is registered n the principle register. If the hlder des nt wish t transmute their entire hlding t CDIs, then the Australian registry may be required t issue a new certificate fr thse securities t remain in certificated frm. The ASX Settlement Operating Rules allws participants and registries t use the set f CHESS messages riginally develped fr the purpse f transfers between the CHESS subregister and the utdated certificated subregister t assist in the transmutatin prcess. VERSION CHESS DEPOSITARY INTERESTS
13 Message Reference Table Message Number and Descriptin Sender Recipient 406 Certificated t CHESS Transfer Authrisatin Request CHESS Registry 405 Registry t CHESS Transfer Authrisatin Registry CHESS 407 Registry t CHESS Transfer Rejectin Registry CHESS 426 Applied Registry Authrisatin Respnse CHESS Registry 425 Hlding Adjustment Registry CHESS 518 Rejected Transactin CHESS Registry Transmutatin f CDIs t Freign Securities A transmutatin f CDIs t freign securities is the prcess f cnverting a hlder s CDI hlding int freign securities with the same registered name as the CDI hlding. The hlder mves frm beneficial wnership t legal wnership. The transmutatin prcess requires tw transactins fr CUFS that are effected simultaneusly: The first transactin is a reductin by the Australian registry f the hlder s CDI hlding by the requested quantity. The secnd transactin is the reductin f Australian depsitary nminee s hlding in the freign securities by the equivalent amunt (by either cancelling sufficient certificates r reducing its electrnic hlding) and at the same time the issuing f the new certificate in the freign securities in the name f the hlder. The transmutatins f DIs require three transactins that are effected simultaneusly: The first transactin is the reductin in the hlder s CDI hlding by the Requested quantity. The secnd transactin is a reductin by the nminee agent in the beneficial wnership f the Australian depsitary nminee by the requested quantity. The third transactin is the transfer f legal title f the freign securities frm the nminee agent t the name f the CDI hlder, and the issue f a new certificate in the name f the hlder. If the hlder wishes nly t cnvert frm a CDI t the first level f beneficial wnership, then the last transactin f a DI transmutatin wuld nt be required. The issuer must ensure that the ttal number f CDIs issued recnciles with the Australian depsitary nminee s hlding. VERSION CHESS DEPOSITARY INTERESTS
14 Transmutatins shuld nt ccur during an ex-perid as the freign registry may apply any assciated entitlement incrrectly. The transmutatin prcedures fr any specific CDI are dependent n the legislatin f the freign cuntry and the agreed rle f the Australian registry with the freign registry. It is the respnsibility f the Australian registry t rganise the transmutatin prcedures with the freign registry. Upn request by either a participant r a hlder, the Australian registry is t make available their transmutatin prcedures fr any CDI they administer. Australian Registry Wrking Independently f a Freign Registry In mst situatins, the Australian registry wrks independently f the freign registry. If the CDIs are registered in CHESS, the hlder makes a request t their participant; the Australian registry may require the CHESS registered CDIs t be cnverted t the issuer spnsred Subregister prir t the transmutatin prcess. If the CDIs are held n the issuer spnsred subregister, then the hlder makes a request t the Australian registry. Either way, the request shuld be in writing. Frms (e.g. a CREST Transfer frm fr UK securities) may be required. The Australian registry adjusts (reduces) the hlder s CDI hlding by the requested amunt and reduces their recrd f the Australian depsitary nminee s hlding n the principle register. At the same time, the Australian registry sends the request t the freign registry alng with any required supprting dcumentatin. The freign registry either cancels the apprpriate number f certificates held by the Australian depsitary nminee r electrnically reduces the hlding. The freign registry either issues a new certificate in the name f the hlder r electrnically increases the hlder s hlding. Fr this type f arrangement, the principle register wuld have nly ne entry, being the Australian depsitary nminee. VERSION CHESS DEPOSITARY INTERESTS
15 Message Reference Table Message Number and Descriptin Sender Recipient 416 CHESS t Issuer Spnsred Cnversin CHESS Registry 425 Hlding Adjustment Registry CHESS 518 Rejected Transactin CHESS Registry Australian Registry Acting as Branch Office f a Freign Registry In sme situatins, the Australian registry acts as a branch ffice fr the freign registry. The Australian registry cntrls a small prtin f the freign register and has the right and the ability t bth cancel certificates and issue new certificates. Certificates issued by an Australian branch ffice are recgnised nly in Australia fr the purpses f trading. The certificate represents legal wnership in freign securities but it is registered n the Australian register as ppsed t the freign register. In rder fr the securities t be sld n a freign market, a remval transactin must take place whereby the certificate issued in Australia wuld be replaced by a certificated issued by the Freign registry and registered n the freign register. The Australian issued certificate des allw the hlder the right t vte by a shw f hands at a cmpany meeting. Hwever, the cmpany may have t cntact the Australian registry t verify the validity f the hlder. Thugh a branch ffice fr the freign registry has the right and ability t cancel and issue certificates registered n the Australian register, they wuld be required t cmmunicate the details f their actins t the freign registry. This cmmunicatin wuld assist the freign registry cntrlling the register as a whle. The transmutatin prcedure fr this arrangement is typically as fllws: If the CDIs are registered in CHESS, the hlder makes a request t their participant; the Australian registry may require the CHESS registered CDIs t be cnverted t the issuer spnsred Subregister prir t the transmutatin prcess. If the CDIs are held n the issuer spnsred subregister, then the hlder makes a request t the Australian registry. Either way, the request shuld be in writing. Frms (e.g. a CREST Transfer frm fr UK securities) may be required. The Australian registry adjusts (reduces) the hlder s CDI hlding by the requested amunt. VERSION CHESS DEPOSITARY INTERESTS
16 The Australian registry cancels the apprpriate number f certificates held by the Australian depsitary nminee r electrnically reduces their hlding in the freign securities. The Australian registry issues a new certificate in the name f the hlder. The Australian registry recnciles the Australian depsitary nminee s hlding that is registered n the principle register with the ttal number f CDIs n issue. The ASX Settlement Operating Rules allws participants and registries t use the set f CHESS messages riginally develped fr the purpse f transfers between the CHESS subregister and the utdated certificated subregister t assist in the transmutatin prcess. Message Reference Table Message Number and Descriptin Sender Recipient 416 CHESS t Issuer Spnsred Cnversin CHESS Registry 425 Hlding Adjustment Registry CHESS 518 Rejected Transactin CHESS Registry 414 CHESS t Certificated Transfer CHESS Registry Australian Registry Acting as C-Transfer Agent f a Freign Registry In sme situatins, the Australian registry acts as a c-transfer agent fr the freign registry. The Australian registry cntrls a small prtin f the freign register. As such, it wuld have the right and the ability t bth cancel certificates and issue new certificates fr the underlying freign securities n behalf f the freign registry. Any certificates issued by a ctransfer agent are cnsidered f a glbal nature and as such wuld be accepted verseas as legal title t the freign securities. The transmutatin prcedure fr this arrangement is typically as fllws: If the CDIs are registered in CHESS, the hlder makes a request t their participant; the Australian registry may require the CHESS registered CDIs t be cnverted t the issuer spnsred subregister prir t the transmutatin prcess. If the CDIs are held n the issuer spnsred subregister, then the hlder makes a request t the Australian registry. Either way, the request shuld be in writing. Frms (e.g. a CREST Transfer frm fr UK securities) may be required. The Australian registry adjusts (reduces) the hlder s CDI hlding by the Requested amunt. VERSION CHESS DEPOSITARY INTERESTS
17 The Australian registry cancels the apprpriate number f certificates held by the Australian depsitary nminee r electrnically reduces their hlding in the freign securities. The Australian registry issues a new certificate in the name f the hlder. The Australian registry recnciles the Australian depsitary nminee s hlding that is registered n the principle register with the ttal number f CDIs n issue. The ASX Settlement Operating Rules allws participants and registries t use the set f CHESS messages riginally develped fr the purpse f transfers between the CHESS subregister and the utdated certificated subregister t assist in the transmutatin prcess. Message Reference Table Message Number and Descriptin Sender Recipient 416 CHESS t Issuer Spnsred Cnversin CHESS Registry 425 Hlding Adjustment Registry CHESS 518 Rejected Transactin CHESS Registry 414 CHESS t Certificated Transfer CHESS Registry Transmutatin f Gvernment Bnd Depsitary Interests In the case f a Principal Financial Prduct that is a Gvernment Bnd, a Principal Financial Prduct t CDI Transmutatin r CDI t Principle Financial Prduct Transmutatin may nly be initiated by a Hlder that is apprved by ASX Settlement t initiate such Transmutatin r by the Gvernment Bnd Issuer acting under an authrity granted by a Hlder. VERSION CHESS DEPOSITARY INTERESTS
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