THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you
are in any doubt about what action to take, you should immediately consult
your stockbroker, bank manager, lawyer, accountant or other professional or
investment advisor.

If you have sold all your American Depositary Shares ("ADSs") in
Laboratorio Chile S.A. (the "Company"), please send this ADS Letter of
Transmittal together with the accompanying documents as soon as possible to
the purchaser or to the stockbroker, bank or other agent through whom the sale
was effected for transmission to the purchaser.

This document should be read in conjunction with the U.S. Offer to
Purchase dated July 31, 2001 (the "U.S. Offer to Purchase"). The definitions
used in the U.S. Offer to Purchase apply in this ADS Letter of Transmittal.
All terms and conditions contained in the U.S. Offer to Purchase applicable to
the U.S. Offer (as defined in the U.S. Offer to Purchase) for ADSs are deemed
to be incorporated in and form part of this ADS Letter of Transmittal.

ADS LETTER OF TRANSMITTAL
To Tender American Depositary Shares ("ADSs")
(Evidenced by American Depositary Receipts)
of
LABORATORIO CHILE S.A.
Pursuant to the U.S. Offer to Purchase
dated July 31, 2001
by
IVAX HOLDINGS C.I.
a wholly-owned subsidiary of
IVAX CORPORATION

THE U.S. OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:30 P.M., NEW YORK
CITY TIME, ON WEDNESDAY, AUGUST 29, 2001, UNLESS THE U.S. OFFER IS EXTENDED.

THE RECEIVING AGENT FOR THE U.S. OFFER IS:

THE BANK OF NEW YORK

By Hand or Overnight
By Mail: Facsimile Transmission: Courier:
The Bank of New York (For Eligible Institutions Only) The Bank of New York
Tender & Exchange Department (212) 815-6213 Tender & Exchange Department
P.O. Box 11248 101 Barclay Street
New York, NY 10286-1248 Receive and Deliver Window
New York, NY 10286

Fax Confirmation Only Telephone:

(212) 815-6156

DELIVERY OF THIS ADS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS
SET FORTH ABOVE OR TRANSMISSION OF INSTRUCTIONS TO A FACSIMILE NUMBER OTHER
THAN THE ONES LISTED ABOVE WILL NOT CONSTITUTE A VALID DELIVERY. DELIVERY OF
THIS ADS LETTER OF TRANSMITTAL TO THE BOOK-ENTRY TRANSFER FACILITY WILL NOT
CONSTITUTE VALID DELIVERY TO THE RECEIVING AGENT.

The instructions accompanying this ADS Letter of Transmittal should be
read carefully before this ADS Letter of Transmittal is completed.

THIS ADS LETTER OF TRANSMITTAL IS TO BE USED ONLY FOR TENDERING ADRs (AS
DEFINED BELOW) EVIDENCING ADSs REPRESENTING SHARES (AS DEFINED BELOW). DO NOT
USE THIS ADS LETTER OF TRANSMITTAL FOR TENDERING SHARES.

Shares of common stock, no par value (the "Shares") of Laboratorio Chile
S.A. (the "Company"), except insofar as they are represented by ADSs, cannot
be tendered by means of this ADS Letter of Transmittal. If you hold Shares
which are not represented by ADSs and you are a U.S. holder, you can obtain a
Form of Acceptance for tendering those Shares from the Information Agent. See
Instruction 9 of this ADS Letter of Transmittal. Shares beneficially owned or
held of record by persons who are non-U.S. holders cannot be tendered pursuant
to the U.S. Offer and can only be tendered pursuant to the concurrent Chilean
Offer. Information on the Chilean Offer may be obtained from Deutsche
Securities Corredores de Bolsa Limitada at (800) 220-800.

All ADS Letters of Transmittal, American Depositary Receipts ("ADRs")
evidencing ADSs and other required documents delivered to The Bank of New York
(the "Receiving Agent") by holders of ADSs will be deemed (without any further
action by the Receiving Agent) to constitute acceptance by such holders of the
U.S. Offer with respect to such ADSs (and the Shares represented thereby),
subject to the terms and conditions set forth in the U.S. Offer to Purchase
dated July 31, 2001, any supplements or amendments thereto, and this ADS
Letter of Transmittal.

Holders of ADSs purchased in the U.S. Offer will receive the purchase
price for such securities in cash, by check or, in the case of ADSs held
through a Book-Entry Transfer Facility, as defined in the U.S. Offer to
Purchase, by means of delivery of funds to the account maintained at the Book-
Entry Transfer Facility by the participant which has tendered the ADS.

This ADS Letter of Transmittal is to be used either if ADRs evidencing
ADSs are to be forwarded herewith or if delivery of ADSs is to be made by
book-entry transfer to an account maintained by the Receiving Agent at the
Book-Entry Transfer Facility and pursuant to the procedures for book-entry
transfer set forth under "Section 4. Procedure for Accepting the U.S. Offer --
Holders of Remaining ADSs." Delivery of documents to the Book-Entry Transfer
Facility does not constitute delivery to the receiving agent.

In the event of an inconsistency between the terms and procedures in
this ADS Letter of Transmittal and the U.S. Offer to Purchase, the terms and
procedures in the U.S. Offer to Purchase shall govern. Please contact the
Information Agent to discuss any inconsistency.

DESCRIPTION OF SHARES TENDERED
(See Instructions 3 and 4)
- -------------------------------------------------------------------------------

Name(s) and
Address(es)
of
Registered
Holder(s)
(Please
fill in, if
blank,
exactly as
name(s)
appear(s)
on ADSs) ADSs Tendered* (Attach additional list if necessary)
- ------------------------------------------------------------------
Total Number of
ADR Serial ADSs Evidenced by Number of ADSs
Number(s) ADRs Tendered
-------------------------------
-------------------------------
-------------------------------
-------------------------------
-------------------------------
-------------------------------

- -------------------------------------------------------------------------------
* Unless otherwise indicated, it will be assumed that all ADSs delivered
to the Receiving Agent are being tendered. See Instruction 4.
You must complete the Box headed "Sign Here" in accordance with the
instructions set out therein and, if appropriate, the Boxes headed
"Special Delivery Instructions" and "Special Issuance Instructions".

Holders of ADSs whose ADRs are not immediately available or who cannot
deliver their ADSs and all other documents required by this ADS Letter of
Transmittal to the Receiving Agent, or complete the procedures for book-entry
transfer on or prior to the expiration of the U.S. Offer may tender their ADSs
by following the Guaranteed Delivery Procedures set forth under "Section 4.
Procedure for Accepting the U.S. Offer -- Holders of Remaining ADSs" in the
U.S. Offer to Purchase. See Instruction 2 of this ADS Letter of Transmittal.

[_]CHECK HERE IF TENDERED ADSs ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER TO
THE RECEIVING AGENT'S ACCOUNT AT THE BOOK-ENTRY TRANSFER FACILITY AND
COMPLETE THE FOLLOWING:

Name of Tendering Institution ______________________________________________

Account No. at DTC ________________________________________________________

Transaction Code No. _______________________________________________________

[_]CHECK BOX IF TENDERED ADSs ARE BEING DELIVERED PURSUANT TO A NOTICE OF
GUARANTEED DELIVERY PREVIOUSLY SENT TO THE RECEIVING AGENT AND COMPLETE THE
FOLLOWING:

Name(s) of Registered Owner(s) _____________________________________________

Date of Execution of Notice of Guaranteed Delivery _________________________

Name of Institution that Guaranteed Delivery _______________________________

NOTE: SIGNATURES MUST BE PROVIDED BELOW

PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY

To:The Bank of New York, as Receiving Agent:

The undersigned hereby instructs the Receiving Agent to accept the U.S.
Offer on behalf of the undersigned with respect to the above described ADSs
(which expression shall in this ADS Letter of Transmittal, except where the
context otherwise requires, be deemed to include, without limitation, the
Shares represented thereby), subject to the terms and conditions set forth in
the U.S. Offer to Purchase, any supplements or amendments thereto, and this
ADS Letter of Transmittal. The undersigned hereby acknowledges that delivery
of this ADS Letter of Transmittal and of the ADSs and other required documents
delivered to the Receiving Agent in connection herewith will be deemed
(without any further action by the Receiving Agent) to constitute acceptances
of the U.S. Offer by the undersigned with respect to such ADSs, subject to the
rights of withdrawal set out in "Section 5. Withdrawal Rights" in the U.S.
Offer to Purchase and the terms and conditions set forth in this ADS Letter of
Transmittal.

The undersigned understands that acceptance of the U.S. Offer by the
undersigned pursuant to the procedures described herein and in the
instructions hereto will constitute a binding agreement between the
undersigned and the Purchaser upon the terms and subject to the conditions of
the U.S. Offer.

The undersigned hereby delivers to the Receiving Agent for tender to the
Purchaser the above-described ADSs, in accordance with the terms and
conditions of the U.S. Offer to Purchase, any supplements or amendments
thereto, and this ADS Letter of Transmittal.

Upon the terms of the U.S. Offer (including, if the U.S. Offer is
extended or amended, the terms and conditions of any such extensions or
amendments), the undersigned hereby:

(i)sells, assigns and transfers to the Purchaser all right, title and
interest in and to all the ADSs being tendered hereby (and any and all other
securities or rights issued or issuable in respect of such ADSs); and

(ii)irrevocably constitutes and appoints the Receiving Agent the true
and lawful agent and attorney-in-fact of the undersigned with respect to such
ADSs (and any such other securities or rights), with full power of
substitution (such power of attorney being deemed to be an irrevocable power
coupled with an interest), to (a) deliver ADRs for such ADSs (and any such
other securities or rights issued or issuable in respect of such ADSs) or
transfer the ownership of such ADSs (and any such other securities or rights
issued or issuable in respect of such ADSs) on the account books maintained by
the Book-Entry Transfer Facility, together, in any such case, with all
accompanying evidences of transfer and authenticity, to the Purchaser and (b)
receive all benefits and otherwise exercise all rights of beneficial ownership
of such ADSs (and any such other securities or rights issued or issuable in
respect of such ADSs), all in accordance with the terms of the U.S. Offer.

The undersigned hereby represents and warrants that the undersigned has
full power and authority to tender, sell, assign and transfer the ADSs
tendered hereby (and any and all other ADSs or other securities issued or
issuable in respect thereof) and that when the same are purchased by the
Purchaser, the Purchaser will acquire good and unencumbered title thereto,
free and clear of all liens, restrictions, charges and encumbrances, together
with all rights now or hereafter attaching to them, including voting rights
and rights to all dividends, other distributions and payments hereafter
declared, made or paid, and the same will not be subject to any adverse
claims. The undersigned will, upon request, execute and deliver any additional
documents deemed by the Receiving Agent or the Purchaser to be necessary or
desirable to complete the sale, assignment and transfer of the ADSs tendered
hereby (and any and all other securities or rights issued or issuable in
respect of such ADSs).

The undersigned agrees to ratify each and every act or thing which may
be done or effected by any director of, or other person nominated by, the
Purchaser or their respective agents, as the case may be, in the exercise of
any of his or her powers and/or authorities hereunder.

The undersigned undertakes, represents and warrants that if any
provision of this ADS Letter of Transmittal shall be unenforceable or invalid
or shall not operate so as to afford the Purchaser or the Receiving Agent or
their respective agents the benefit of the authority expressed to be given in
this ADS Letter of Transmittal, the undersigned shall, with all practicable
speed, do all such acts and things and execute all such documents as may be
required to enable the Purchaser or the Receiving Agent to secure the full
benefits of this ADS Letter of Transmittal.

All authority herein conferred or agreed to be conferred and all
undertakings, representations and warranties given pursuant to this ADS Letter
of Transmittal shall be binding upon the successors, assigns, heirs,
executors, administrators and legal representatives of the undersigned and
shall not be affected by, and shall survive, the death or incapacity of the
undersigned. Except as stated in the U.S. Offer to Purchase, this tender is
irrevocable.

Unless otherwise indicated herein in the box entitled "Special Issuance
Instructions," the undersigned hereby instructs the Purchaser to:

(i)issue the check for the purchase price for the ADSs accepted for
purchase, and/or

(ii)issue, or cause to be issued, any ADRs evidencing ADSs not tendered
or accepted for purchase, in the name(s) of the registered holder(s) appearing
herein in the box entitled "Description of ADSs Tendered."

Similarly, unless otherwise indicated herein in the box entitled
"Special Delivery Instructions," the undersigned hereby instructs the
Purchaser to:

(i)mail, or cause to be mailed, the check for the purchase price for the
ADSs accepted for purchase, and/or

(ii)return, or cause to be returned, any ADRs evidencing ADSs not
tendered or accepted for purchase (and accompanying documents, as
appropriate), to the address(es) of the registered holder(s) appearing herein
in the box entitled "Description of ADSs Tendered."

In the event that both the "Special Delivery Instructions" and the
"Special Issuance Instructions" are completed, the undersigned hereby
instructs the Purchaser to:

(i)issue the check for the purchase price for the ADSs accepted for
purchase, and/or

(ii)issue, or cause to be issued, any ADRs evidencing ADSs not tendered
or accepted for purchase in the name(s) of the person or persons so indicated,
and

(iii)mail, or cause to be mailed, the check for the purchase price for
the ADSs accepted for purchase, and/or

(iv)return, or cause to be returned, any ADRs evidencing any ADSs not
tendered or accepted for purchase (and accompanying documents, as appropriate)
to the address(es) of the person or persons so indicated.

In the case of a book-entry delivery of ADSs, the undersigned hereby
instructs the Purchaser to credit the undersigned's account maintained at the
Book-Entry Transfer Facility with (i) the purchase price for the ADSs accepted
for purchase, and (ii) any ADSs not accepted for purchase. The undersigned
recognizes that the Purchaser will not transfer any ADSs from the name of the
registered holder thereof if the Purchaser does not accept for purchase any of
the ADSs so tendered.

The terms and conditions of the U.S. Offer contained in the U.S. Offer
to Purchase, as from time to time supplemented or amended, shall be deemed to
be incorporated in, and form part of, this ADS Letter of Transmittal, which
shall be read and construed accordingly.

This ADS Letter of Transmittal shall not be considered complete and
valid, and delivery of the consideration pursuant to the U.S. Offer shall not
be made, until the ADSs being tendered and all other required documentation
have been received by the Receiving Agent as provided in the U.S. Offer to
Purchase and this ADS Letter of Transmittal.

Unless you complete the "Special Delivery Instructions" Box, the address
of the holder inserted in the Box entitled "Description of ADSs Tendered" is
the address to which your consideration will be sent. Please also state a
daytime telephone number where you may be contacted in the event of any query.

[_]Check here if any of the ADRs representing ADSs that you own have been lost
or destroyed (see Instruction 10).

Number of ADSs represented by lost or destroyed
ADR(s):

SPECIAL ISSUANCE INSTRUCTIONS SPECIAL DELIVERY INSTRUCTIONS
(See Instructions 1, 5, 6 And 7)

(See Instructions 1, 5, 6 and 7)

[_] Check box ONLY if the check [_] Check box ONLY if the check
for the purchase price with for the purchase price with
respect to ADSs accepted for respect to ADSs accepted for
payment (less the amount of payment (less the amount of
any federal income and backup any federal income and backup
withholding tax required to withholding tax required to
be withheld) is to be issued be withheld) is to be mailed
in the name of someone other to someone other than the
than the undersigned. undersigned or to the
undersigned at an address
other than that shown below
the undersigned's
signature(s).

Issue: [_] check and/or
[_] certificate(s) to:

Name: ____________________________
(Please Print: First, Middle and Mail: [_] check and/or
Last Name) [_] certificate(s) to:

Address: _________________________ Name: ____________________________
__________________________________ (Please Print: First, Middle and
(Zip Code) Last Name)
__________________________________
(Tax Identification or Social Address: _________________________
Security Number)

__________________________________
(Zip Code)

(ALSO COMPLETE SUBSTITUTE FORM W-9 BELOW)

A SIGN HERE ______________________________________________________________ L
____________________________________________________________________________
(Signature(s) of Owner(s))
Dated:________________________________________________________________, 2001

(Must be signed by registered holder(s) exactly as name(s) appear(s) on
ADR(s) evidencing the ADS(s) or by person(s) to whom ADR(s) surrendered
have been assigned and transferred, as evidenced by endorsement, stock
powers and other documents transmitted herewith.)

If signature is by any trustee, executor, administrator, guardian,
attorney-in-fact, officer of a corporation or others acting in a fiduciary
or representative capacity, please set forth the following and see
Instruction 5.

Name(s) ____________________________________________________________________
______________________________________________________________________
(Please Print)

Capacity (full title) ______________________________________________________

Address ____________________________________________________________________
______________________________________________________________________
(Including Zip Code)

Area Code and Telephone No. ________________________________________________

Employer Identification No. or _____________________________________________

Social Security No. ________________________________________________________
(See Substitute Form W-9)

GUARANTEE OF SIGNATURE(S)
(If required--See Instructions 1 and 5)

A Authorized Signature ___________________________________________________ L

Name _______________________________________________________________________

Address ____________________________________________________________________
______________________________________________________________________
(Including Zip Code)

Area Code and Telephone No. ________________________________________________

Dated ______________________________________________________________________

PAYER'S NAME: The Bank of New York

Part 1--PLEASE PROVIDE YOUR
TIN IN THE BOX AT THE RIGHT ----------------------
AND CERTIFY BY SIGNING AND Social Security Number
DATING BELOW OR

SUBSTITUTE
Form W-9
Department of
the Treasury ----------------------
Internal Employer Identification
Revenue Number
Service --------------------------------------------------------
Part 2--Awaiting TIN [_]
Part 3--CERTIFICATION--Under the penalties of
perjury, I certify that:

Payer's Request --------------------------------------------------------
for Taxpayer
Identification (1) The number shown on this form is my correct
Number (TIN) Taxpayer Identification Number (or I am waiting
for a number to be assigned to me), and
(2) I am not subject to backup withholding because:
(a) I am exempt from backup withholding, or (b) I
have not been notified by the Internal Revenue
Service (the "IRS") that I am subject to backup
withholding as a result of a failure to report
all interests or dividends, or (c) the IRS has
notified me that I am no longer subject to backup
withholding.

Certification Information--You must cross out Item
(2) above if you have been notified by the IRS that
you are temporarily subject to backup withholding
because of under-reporting interest or dividends on
your tax returns. However, if after being notified by
the IRS that you were subject to backup withholding
you received another notification from the IRS that
you are no longer subject to backup withholding, do
not cross out such Item (2).

Name _________________________________________________
(Please Print)

Address ______________________________________________
(Including Zip Code)

Signature ___________________ Date ___________________

YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU
CHECKED THE BOX IN PART 2 OF SUBSTITUTE FORM W-9

CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION
NUMBER

I certify under penalties of perjury that a taxpayer
identification number has not been issued to me, and
either (a) I have mailed or delivered an application
to receive a taxpayer identification number to the
appropriate Internal Revenue Service Center or Social
Security Administration Office or (b) I intend to
mail or deliver an application in the near future. I
understand that, notwithstanding that I have checked
the box in Part 2 (and have completed this
Certificate of Awaiting Taxpayer Identification
Number), all reportable payments made to me prior to
the time I provide the Receiving Agent with a
properly certified taxpayer identification number
will be subject to a 31% back-up withholding tax.

Signature ___________________ Date ___________________

NOTE: FAILURE TO COMPLETE AND RETURN THIS SUBSTITUTE FORM W-9 MAY RESULT IN
BACK-UP WITHHOLDING OF 31% OF ANY CASH PAYMENT MADE TO YOU PURSUANT TO THE
U.S. OFFER. PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF
TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL
DETAILS.

INSTRUCTIONS

Forming Part of the Terms and Conditions of the U.S. Offer

1. Guarantee Of Signatures. Except as otherwise provided below, all
signatures on this ADS Letter of Transmittal must be guaranteed by a financial
institution (including most banks, savings and loan associations and brokerage
houses) which is a participant in the Securities Transfer Agents Medallion
Program, the New York Stock Exchange Medallion Program, or the Stock Exchanges
Medallion Program (an "Eligible Institution"). Signatures on this ADS Letter
of Transmittal need not be guaranteed (a) if this ADS Letter of Transmittal is
signed by the registered holder(s) of the ADSs tendered herewith and such
holder(s) have not completed either the box entitled "Special Delivery
Instructions" or the box entitled "Special Issuance Instructions" on this ADS
Letter of Transmittal or (b) if such ADSs are tendered for the account of an
Eligible Institution. See Instruction 5.

2. Delivery of ADS Letter of Transmittal and ADSs. This ADS Letter of
Transmittal is to be completed by ADS holders if ADRs are to be forwarded
herewith. An Agent's Message must be utilized if delivery of ADSs is to be
made by book-entry transfer to an account maintained by the Receiving Agent at
the Book-Entry Transfer Facility pursuant to the procedures for book-entry
transfer set forth under "Section 4. Procedure for Accepting the U.S. Offer --
Holders of Remaining ADSs" in the U.S. Offer to Purchase. ADRs evidencing ADSs
or confirmation of any book-entry transfer into the Receiving Agent's account
at the Book-Entry Transfer Facility of ADSs delivered electronically, as well
as a properly completed and duly executed ADS Letter of Transmittal or, in the
case of a book-entry transfer, an Agent's Message and any other documents
required by this ADS Letter of Transmittal, must be delivered to the Receiving
Agent at one of its addresses set forth herein prior to the Expiration Date or
the tendering ADS holder must comply with the Guaranteed Delivery Procedures
set forth below and as provided under "Section 4. Procedure for Accepting the
U.S. Offer -- Holders of Remaining ADSs" in the U.S. Offer to Purchase. If
ADRs are forwarded to the Receiving Agent in multiple deliveries, a properly
completed and duly executed ADS Letter of Transmittal must accompany each such
delivery.

ADS holders whose ADRs are not immediately available or who cannot
deliver their ADRs and all other required documents to the Receiving Agent or
complete the procedures for book-entry transfer prior to the Expiration Date,
as the case may be, may tender their ADSs by properly completing and duly
executing the Notice of Guaranteed Delivery pursuant to the Guaranteed
Delivery Procedures set forth under "Section 4. Procedure for Accepting the
U.S. Offer -- Holders of Remaining ADSs" in the U.S. Offer to Purchase.
Pursuant to the Guaranteed Delivery Procedures, (a) such tender must be made
by or through an Eligible Institution, (b) a properly completed and duly
executed ADS Notice of Guaranteed Delivery substantially in the form provided
by the Purchaser or a message transmitted through the Book-Entry Transfer
Facility pursuant to which the participant agrees to be bound by the terms of
the ADS Notice of Guaranteed Delivery must be received by the Receiving Agent
prior to the termination of the U.S. Offer, as the case may be, and (c) ADRs
evidencing all tendered ADSs together with a properly completed and duly
executed ADS Letter of Transmittal with any required signature guarantees and
any other required documents or, in the case of ADSs held in book-entry form,
a timely confirmation of the book-entry transfer of such ADSs into the
Receiving Agent's account at the Book-Entry Transfer Facility together with an
Agent's Message (as defined below), must be received by the Receiving Agent
within three New York Stock Exchange trading days after the date of execution
of such Notice of Guaranteed Delivery.

The term "Agent's Message" means a message transmitted by means of the
Book-Entry Transfer Facility to, and received by, the Receiving Agent and
forming a part of a book-entry confirmation which states that the Book-Entry
Transfer Facility has received an express acknowledgment from the participant
tendering the ADSs which are the subject of such book-entry confirmation that
such participant has received and agrees to be bound by the terms of the ADS
Letter of Transmittal and that the Purchaser may enforce such agreement
against the participant.

The method of delivery of ADRs and all other required documents is at
the sole option and risk of the tendering holders of ADSs. ADRs will be deemed
delivered only when actually received by the

Receiving Agent. If delivery is by mail, registered mail with return receipt
requested, properly insured, is recommended. In all cases, sufficient time
should be allowed to ensure timely delivery.

No alternative, conditional or contingent tenders will be accepted, and
no fractional ADSs will be purchased. By executing this ADS Letter of
Transmittal (or facsimile thereof), all tendering ADSs holders waive any right
to receive any notice of the acceptance of their ADSs for payment.

3. Inadequate Space. If the space provided herein is inadequate, the
serial number of the ADRs, the total number of ADSs represented by such ADRs
and the number of ADSs tendered should be listed on a separate schedule
attached hereto.

4. Partial Tenders. If fewer than all the ADSs evidenced by ADRs
delivered to the Receiving Agent are to be tendered, fill in the number of
ADSs which are to be tendered in the box entitled "Number of ADSs Tendered."
In such case, a new ADR for the untendered ADSs represented by the old ADR
will be sent to the person(s) signing this ADS Letter of Transmittal, unless
otherwise provided in the appropriate box entitled "Special Delivery
Instructions" on this ADS Letter of Transmittal, as soon as practicable after
the date such ADSs are accepted for payment. All ADSs delivered to the
Receiving Agent will be deemed to have been tendered unless otherwise
indicated.

5. Signatures on ADS Letter Of Transmittal, Stock Powers and
Endorsements. If this ADS Letter of Transmittal is signed by the registered
holder(s) of the ADSs tendered hereby, the signature(s) must correspond with
the name(s) as written on the face of the certificates without any change
whatsoever. DO NOT SIGN THE BACK OF THE ADRs.

If any of the ADSs tendered hereby are owned of record by two or more
joint owners, all such owners must sign this ADS Letter of Transmittal.

If any of the ADSs tendered in the U.S. Offer are registered in
different names on several ADRs, it will be necessary to complete, sign and
submit as many separate ADS Letters of Transmittal as there are different
registrations of ADRs.

If this ADS Letter of Transmittal or any ADRs or stock powers are signed
by trustees, executors, administrators, guardians, attorneys-in-fact, officers
of corporations or others acting in a fiduciary or representative capacity,
such persons should so indicate when signing, and proper evidence satisfactory
to the Purchaser of their authority to act must be submitted.

If this ADS Letter of Transmittal is signed by the registered holder(s)
of the ADSs listed and transmitted hereby, no endorsements of ADRs or separate
stock powers are required unless ADSs (evidenced by ADRs) and/or delivery of
ADRs for ADSs not tendered or accepted for exchange are to be issued to a
person other than the registered holder(s). Signatures on such ADRs or stock
power must be guaranteed by an Eligible Institution.

If this ADS Letter of Transmittal is signed by a person other than the
registered holder(s) of the ADSs listed, the ADRs must be endorsed or
accompanied by appropriate stock powers signed exactly as the name(s) of the
registered holder(s) appear(s) on the ADRs evidencing such ADSs. Signatures on
such ADRs or stock power must be guaranteed by an Eligible Institution.

6. Stock Transfer Taxes. Except as otherwise provided in this
Instruction 6, the Purchaser will pay or cause to be paid any stock transfer
taxes with respect to the transfer and sale of ADSs to it or its offer
pursuant to the U.S. Offer. If, however, payment of the purchase price is to
be made to, or if ADSs not tendered or accepted for payment are to be
registered in the name of, any persons other than the registered holder(s) or
if tendered ADSs are registered in the name of any person other than the
person(s) signing this ADS Letter of Transmittal, the amount of any stock
transfer taxes (whether imposed on the registered holder(s) or such person(s))
payable on account of the transfer to such person will be deducted from the
purchase price unless satisfactory evidence of the payment of such taxes or
exemption therefrom is submitted.

7. Special Issuance and Delivery Instructions. If the purchase price for
ADSs accepted for purchase and/or ADRs evidencing ADSs not accepted for
purchase is or are to be issued in the name of a person other than the signer
of this ADS Letter of Transmittal or if such purchase price is to be sent
and/or such ADRs are to be returned to a person other than the signer of this
ADS Letter of Transmittal or to an address other than that indicated in the
box entitled "Description of ADSs Tendered," the appropriate "Special Delivery
Instructions" box and/or the "Special Issuance Instruction" box on this ADS
Letter of Transmittal should be completed.

8. Requests for Assistance or Additional Copies. Holders of ADSs must
use either an ADS Letter of Transmittal or an ADS Notice of Guaranteed
Delivery in order to tender their ADSs and accept the U.S. Offer. Holders of
ADSs who deliver an ADS Notice of Guaranteed Delivery to accept the U.S. Offer
must deliver an ADS Letter of Transmittal at a later date when delivering ADSs
to the Receiving Agent. Beneficial holders or holders of record of Shares who
are U.S. holders must use the Form of Acceptance in order to tender their
Shares into the U.S. Offer and accept the U.S. Offer. Holders of Shares may
not tender Shares pursuant to this ADS Letter of Transmittal except insofar as
they are represented by ADSs. Beneficial holders or holders of record of
Shares who are non-U.S. holders may not tender their Shares pursuant to the
U.S. Offer. Questions and requests for assistance or additional copies of the
U.S. Offer to Purchase, this ADS Letter of Transmittal or the ADS Notice of
Guaranteed Delivery may be directed to the Dealer Managers or to the
Information Agent at their addresses and telephone numbers set forth at the
end of this ADS Letter of Transmittal.

9. Holders of Shares. Holders of Shares who are U.S. holders have been
sent a Form of Acceptance with the U.S. Offer to Purchase and may not tender
Shares pursuant to this ADS Letter of Transmittal. If any such holder of
Shares which are not represented by ADSs needs to obtain a copy of a Form of
Acceptance, such holder should contact the Information Agent at the address
and telephone numbers set forth at the end of this ADS Letter of Transmittal.
Shares beneficially owned or held of record by persons who are non-U.S.
holders cannot be tendered pursuant to the U.S. Offer. Holders of ADSs must
use this ADS Letter of Transmittal to tender their ADSs.

10. Lost, Destroyed or Stolen ADRs. If any ADR(s) representing ADS(s)
has been lost, destroyed or stolen, the holder should promptly notify the
Receiving Agent by checking the box immediately preceding "Special Delivery
Instructions" and indicate the number of and the class of ADSs represented by
the lost, destroyed or stolen ADRs. The holder will then be instructed as to
the steps that must be taken in order to replace the ADR(s). This ADS Letter
of Transmittal and related documents cannot be processed until the procedures
for replacing lost or destroyed ADRs have been complied with.

11. Backup Withholding. Under U.S. federal income tax law, payment of
cash by the Receiving Agent may be subject to U.S. backup withholding tax at a
31% rate unless the securityholder establishes entitlement to an exemption in
the manner described below. In order to avoid such backup withholding, each
securityholder delivering ADSs to the Receiving Agent should complete and sign
the Substitute Form W-9 included with this ADS Letter of Transmittal and
either (a) provide its taxpayer identification number ("TIN") and certify,
under penalties of perjury, that the TIN so provided is correct and that (i)
the holder has not been notified by the Internal Revenue Service (the "IRS")
that the holder is subject to backup withholding as a result of failure to
report all interest or dividends or (ii) the IRS has notified the holder that
the holder is no longer subject to backup withholding; or (b) provide an
adequate basis for exemption. In general, if a holder is an individual, the
TIN is the individual's Social Security number. If the Receiving Agent or the
Purchaser is not provided with the correct TIN, the holder may be subject to a
$50 penalty imposed by the IRS.

The box in Part 2 of Substitute Form W-9 may be checked if the security
holder has not been issued a TIN and has applied for a TIN or intends to apply
for a TIN in the near future. If the box in Part 2 is checked, the
securityholder must also complete the Certificate of Awaiting Taxpayer
Identification Number in order to avoid back-up withholding. If the box in
Part 2 is checked, the Purchaser (or its paying agent) or a broker or
custodian may still withhold 31% of any payments made on account of an
exchange pursuant to the U.S. Offer

until the holder furnishes the Purchaser or the paying agent, broker or
custodian with its TIN. For further information concerning backup withholding
and instructions for completing the Substitute Form W-9, consult the enclosed
"Guidelines for Certification of Taxpayer Identification Number on Substitute
Form W-9."

Certain exempt recipients (including, among others, all corporations and
non-U.S. individuals) are not subject to these back-up withholding
requirements. In order for a non-U.S. holder to qualify as an exempt
recipient, that holder must submit an IRS Form W-8, signed under penalties of
perjury, attesting to its exempt status. An IRS Form W-8 may be obtained from
the Receiving Agent.

Failure to complete the Substitute Form W-9 or IRS Form W-8 will not, by
itself, cause the ADSs to be deemed invalidly tendered, but may require the
Purchaser, the paying agent, a broker or custodian to withhold tax at the 31%
rate. Back-up withholding is not an additional U.S. federal income tax.
Rather, the U.S. federal income tax liability of persons subject to back-up
withholding will be reduced by the amount of such tax withheld. If back-up
withholding results in an overpayment of taxes, a refund may be obtained from
the Internal Revenue Service.

The Information Agent for the U.S. Offer is:

D.F. KING & CO., INC.
77 Water Street
New York, New York 10005
Banks and Brokers Call Collect: (212) 269-5550
All Others Call Toll Free: (800) 758-5880