Document:

EX-4.4

 Exhibit 4.4 

VALERO ENERGY CORPORATION 

2.850% Senior Notes due 2025 
 A
single series of Securities is hereby established pursuant to Section 301 of the Indenture dated as of March 10, 2015 (the “Indenture”), between Valero Energy Corporation, a Delaware corporation (the
“Company”), and U.S. Bank National Association, as Trustee (in such capacity, the “Trustee”), as follows (capitalized terms used and not defined herein shall have the meanings assigned to them in the Indenture, and
all references herein to a Section shall refer to the corresponding Section in the Indenture): 
 1. The title of the 2.850% Senior Notes due
2025 shall be “2.850% Notes due 2025” (the “Notes”). 
 2. The initial limit upon the aggregate principal amount
of the Notes that may be authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906 or 1207)
is $650,000,000, provided, however, that the authorized aggregate principal amount of the Notes may be increased above such amount by a Board Resolution to such effect. 

3. The Notes shall be initially issued as Registered Securities in the form of one or more global securities under the Indenture. The
Depository Trust Company is hereby designated as the Depository for these global Securities under the Indenture. 
 4. As long as any Note
is in global form, then, notwithstanding clause (11) of Section 301 and the provisions of Section 302, any such global Note shall represent such of the outstanding Notes as shall be specified therein and may provide that it shall
represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced to reflect exchanges or redemptions. Any endorsement of a
global Note to reflect the amount, or any increase or decrease in the amount, of outstanding Notes represented thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall be specified in such
Note or in a Company Order to be delivered to the Trustee pursuant to Section 303. Subject to the provisions of Section 303 and, if applicable Section 304, the Trustee shall deliver and redeliver any Note in permanent global form in
the manner and upon instructions given by the Person or Persons specified in such Note or in the applicable Company Order. With respect to Notes that are represented by a global Note, the Company authorizes the execution and delivery by the Trustee
of a letter of representations or other similar agreement or instrument in the form customarily provided for by the Depository appointed with respect to such global Note. Any global Note may be deposited with the Depository or its nominee, or may
remain in the custody of the Trustee pursuant to a FAST Balance Certificate Agreement or similar agreement between the Trustee and the Depository. If a Company Order has been, or simultaneously is, delivered, any instructions by the Company with
respect to endorsement or delivery or redelivery of a Note in global form shall be in writing but need not comply with Section 102 and need not be accompanied by an Opinion of Counsel. 

 Members of, or participants in, the Depository (“Agent Members”) shall have
no rights under the Indenture with respect to any global Note held on their behalf by the Depository, or the Trustee as its custodian, or under such global Note and the Depository may be treated by the Company, the Trustee and any agent of the
Company or the Trustee as the absolute owner of such global Note for all purposes whatsoever. Notwithstanding the foregoing, (i) the registered holder of a global Note may grant proxies and otherwise authorize any Person, including Agent
Members and Persons that may hold interests through an Agent Member, to take any action that a Holder is entitled to take under the Indenture or the Notes and (ii) nothing herein shall prevent the Company, the Trustee or any agent of the
Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by the Depository or shall impair, as between the Depository and its Agent Members, the operation of customary practices governing the
exercise of the rights of a beneficial owner of any Note. 
 Notwithstanding Section 305, and except as otherwise provided pursuant to
Section 301, transfers of a global Note shall be limited to transfers of such global Note in whole but not in part, to the Depository, its successors or their respective nominees. Interests of beneficial owners in a global Note may be
transferred in accordance with the rules and procedures of the Depository. In all other respects, Notes shall be transferred to all beneficial owners in exchange for their beneficial interest in a global Security solely as expressly provided in
Section 305. 
 In connection with any transfer of a portion of the beneficial interest in a global Note to beneficial owners pursuant
hereto and Section 305, the Security Registrar shall reflect on its books and records the date and a decrease in the principal amount of the global Note in an amount equal to the principal amount of the beneficial interest in the global Note to
be transferred, and the Company shall execute, and the Trustee upon receipt of a Company Order for the authentication and delivery of Notes shall authenticate and deliver, one or more Notes of like tenor and amount. 

In connection with the transfer of an entire global Note to beneficial owners pursuant hereto and Section 305, the global Security shall
be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depository in exchange for its beneficial interest in the global
Note, an equal aggregate principal amount of Notes of authorized denominations. 
 Neither the Company nor the Trustee will have any
responsibility or liability for any aspect of the records relating to, or payments made on account of, Notes by the Depository, or for maintaining, supervising or reviewing any records of the Depository relating to the Notes. Neither the Company nor
the Trustee shall be liable for any delay by the related global Note Holder or the Depository in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on, instructions from such global
Note Holder or the Depository for all purposes (including with respect to the registration and delivery, and the principal amount, of the Notes to be issued). 

Notwithstanding the provisions of Sections 201 and 307, unless otherwise specified as contemplated by Section 301, payment of principal
of, premium (if any) or interest on any global Note shall be made to the Person or Persons specified in such global Note. 
 5. The date on
which the principal of the Notes are payable shall be April 15, 2025. 

  
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 6. The rate at which the Notes shall bear interest shall be 2.850% per annum. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. The date from which interest shall accrue for the Notes shall be April 16, 2020. The Interest
Payment Dates on which interest on the Notes shall be payable are April 15 and October 15, commencing October 15, 2020. Interest on the Notes shall be payable to the persons in whose name the Notes are registered at the close of
business on the Regular Record Date for such interest payment, except in the case of default interest, which will be payable as provided in the Indenture. The Regular Record Date for the interest payable on the Notes on any Interest Payment Date
shall be the April 1 and October 1, as the case may be, immediately preceding such Interest Payment Date. No Additional Amounts shall be payable with respect to the Notes. 

7. The place or places where the principal of, premium (if any) on and interest on the Notes shall be payable is at the office or agency of
the Paying Agent and Security Registrar in New York, New York or such other offices or agencies maintained for such purpose as the Company may from time to time and in accordance with the Indenture designate. If appropriate wire transfer
instructions have been received by the Trustee, not later than five Business Days prior to the record date for an applicable Interest Payment Date, then payments in respect of the Notes evidenced by a global Security (including principal, premium,
if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by the Holder of such global Note. In all other cases, payment of interest on the Notes may be made at the option of the Company by check
mailed to the address of the person entitled thereto as such address shall appear in the Security Register. 
 8. The Notes will be
redeemable at any time and from time to time prior to March 15, 2025, in whole or in part, at the option of the Company, at a redemption price equal to the greater of (i) 100% of the principal amount of such Notes, and (ii) the sum of the
present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption) calculated as if the maturity date of the Notes was March 15,
2025, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined
below) plus 40 basis points, as calculated by an Independent Investment Banker (as defined below) plus, in each case, accrued and unpaid interest thereon to the date of redemption; provided that the principal amount of a Security outstanding after
redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. 
 On or after March 15, 2025, the Notes will
be redeemable at any time, in whole or in part, at the option of the Company, at a redemption price equal to 100% of the principal amount of such Notes, plus accrued and unpaid interest to, but not including, the date of redemption. 

“Adjusted Treasury Rate” means, with respect to any date of redemption, (i) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the remaining life, yields for the two published maturities most closely corresponding to the Comparable 

  
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Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (ii) if
such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such date of redemption. The Adjusted Treasury Rate shall be calculated on the third Business
Day preceding the date of redemption. 
 “Comparable Treasury Issue” means the United States Treasury security selected by
an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes (assuming, for this purpose, that the Notes matured on March 15, 2025) that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming, for this purpose, that the Notes matured on March 15, 2025). 

“Comparable Treasury Price” means, with respect to any date of redemption, (i) the average of five Reference Treasury
Dealer Quotations for such date of redemption, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the
average of all such Reference Treasury Dealer Quotations. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Company to act as the independent investment banker from time to time. 
 “Reference Treasury
Dealers” means (i) BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC or their respective successors; provided that, if any of the foregoing shall cease to be a primary U.S.
Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of redemption, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such date of redemption. 
 Notice of
any redemption will be mailed at least 30 days but not more than 60 days before the date of redemption to each Holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the date of redemption,
interest will cease to accrue on the Notes or portions thereof called for redemption. 

  
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 9. The Notes shall not be entitled to the benefit of any sinking fund, any optional
repurchase or redemption right in favor of any holder thereof or other mandatory repurchase or redemption provisions. 
 10. The Notes shall
be in substantially the form of Attachment A hereto (the “Form of Note”). 
 11. Each Note that is a global Security
shall bear the legend set forth on the face of the Form of Note. 

  
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 Attachment A – Form of Note 

[FORM OF FACE OF SECURITY] 

[THIS SECURITY IS A GLOBAL SECURITY AS PROVIDED FOR IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY
(OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.]*

 [Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.]* 
 VALERO ENERGY CORPORATION 

2.850% NOTES DUE 2025 
  

			
	No. [ ]	  	$[ ]
	REGISTERED	  	CUSIP No. 91913YAY6
		  	ISIN No. US91913YAY68

 VALERO ENERGY CORPORATION, a Delaware corporation (the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received promises to pay to Cede & Co. or registered assigns, the principal sum of [ ] Dollars [or such lesser amount as indicated on the schedule of exchanges of Securities,]*
on April 15, 2025. 
 Interest Payment Dates: April 15 and October 15 

Regular Record Dates: April 1 and October 1 

Reference is hereby made to the further provisions of this Security set forth in the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
  

	*	 To be included only if the Security is a Global Security. 

  
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 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by
facsimile by its duly authorized officers. 
  

							
	Dated: ,	 		 	VALERO ENERGY CORPORATION
				
		 		 	By:	 	
                     
            

		 		 		 	Donna M. Titzman
		 		 		 	Executive Vice President and
		 		 		 	Chief Financial Officer

  

			
	ATTEST:
		
	By:	 	
                     
    

		 	J. Stephen Gilbert
		 	Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

							
	Dated: ,	 		 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
				
		 		 	By:	 	
                     
        

		 		 		 	Authorized Signatory

  
 A-2 

 [FORM OF REVERSE OF SECURITY] 

VALERO ENERGY CORPORATION 
 2.850%
NOTES DUE 2025 
 This Security is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of VALERO
ENERGY CORPORATION, a Delaware corporation (the “Company”), issued under the Indenture hereinafter referred to and is one of a series of such debentures, notes or other evidences of indebtedness designated pursuant thereto as
2.850% Notes due 2025 (the “Securities”) of the Company. 
 1. Interest. The Company promises to pay interest on the
principal amount of this Security at 2.850% per annum from April 16, 2020 until April 15, 2025 (“Maturity”). The Company will pay interest semiannually on April 15 and October 15 of each year (each an
“Interest Payment Date”) and on the Maturity of the Securities, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the Securities will accrue from the most recent Interest Payment Date on
which interest has been paid or, if no interest has been paid, from April 16, 2020; provided that if there is no existing Default in the payment of, or provisions for, interest, and if this Security is authenticated between a Regular Record
Date referred to on the face hereof (whether or not a Business Day) and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall
be October 15, 2020. The interest so payable, and punctually paid or provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest as set forth on the face hereof; provided, however, that interest payable at Maturity of this Security will be payable to the Person to whom the principal hereof shall
be payable. Any such interest which is so payable, but is not punctually paid or duly provided for on any Interest Payment Date, shall forthwith cease to be payable to the registered Holder on such Regular Record Date, and may be paid as more fully
provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2. Method of Payment. Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or
agency of the Company maintained for that purpose in New York, New York, or at such other offices or agencies maintained for such purpose as the Company may from time to time and in accordance with the Indenture designate, in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that (i) payment of interest may, at the option of the Company, be made (subject to collection) by check
mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or, with respect to Securities evidenced by a global Security, if appropriate wire transfer instructions have been received in writing by the
Trustee, not later than five Business Days prior to the record date for an applicable Interest Payment Date, be made by wire transfer of immediately available funds in accordance with such wire transfer instructions; and (ii) payment of
available funds upon surrender of this Security will be made at the office or agency of the Company maintained for that purpose in New York, New York or at such additional offices or agencies maintained for such purpose as the Company may from time
to time and in accordance with the Indenture designate. 

  
 A-3 

 3. Certain Office. Initially, U.S. Bank National Association (in such capacities, the
“Paying Agent” and the “Security Registrar”) will, at its offices located at 100 Wall Street, Suite 1600, New York, New York 10005, act as the Company’s office or agency solely for purposes of where the
Securities may be presented or surrendered for payment and where the Securities may be surrendered for registration of transfer or exchange. For all other purposes, including where notices and demands to or upon the Company in respect of the
Securities and the Indenture may be served, U.S. Bank National Association, the Trustee under the Indenture, will act at its offices located at Houston Greenway Plaza, 8 Greenway Plaza, Suite 1100, Houston, TX 77046-0892. 

4. Indenture. The Company issued the Securities under an Indenture dated as of March 10, 2015 (the “Indenture”)
between the Company and the Trustee. The terms of the Securities include those stated in the Indenture (including terms defined therein, which terms when used herein, unless the context requires otherwise, shall have the meanings assigned to such
terms in the Indenture) and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”), as in effect on the date of execution of the Indenture. The Securities are subject to all such
terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. The Securities are unsecured general obligations of the Company initially limited to $650,000,000 in aggregate principal amount and will rank on a parity
with all other unsecured and unsubordinated indebtedness of the Company; provided, however, that the authorized aggregate principal amount of the Securities may be increased above such amount by a Board Resolution to such effect. The Indenture
provides for the issuance of other series of debentures, notes and other evidences of indebtedness (including the Securities, the “Debt Securities”) thereunder. 

5. Denominations, Transfer, Exchange. The Securities are in registered form without coupons and, if not in global form, in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Security Registrar and the Trustee may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Security Registrar need not exchange or register the transfer of any Securities during the
period beginning on the opening of business 15 days before the day of mailing of a notice of redemption of the Securities and ending at the close of business on the day of such mailing or of any Securities selected for redemption, except the
unredeemed portion of any Securities being redeemed in part. 
 6. Persons Deemed Owners. The registered Holder of a Security shall
be treated as its owner for all purposes. 
 7. Redemption. The Securities will be redeemable at any time and from time to time prior
to March 15, 2025, in whole or in part, at the option of the Company, at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities, and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), calculated as if the Maturity of the Securities was March 15, 2025, discounted to the date of redemption
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 40 basis points, as calculated
by the Independent Investment Banker (as defined below) plus, in each case, accrued and unpaid interest thereon to the date of redemption; provided that the principal amount of a Security outstanding after redemption in part shall be $2,000 or an
integral multiple of $1,000 in excess thereof. 

  
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 On or after March 15, 2025, the Securities will be redeemable at any time, in whole or
in part, at the option of the Company, at a redemption price equal to 100% of the principal amount of such Securities, plus accrued and unpaid interest to, but not including, the date of redemption. 

“Adjusted Treasury Rate” means, with respect to any date of redemption, (i) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the remaining life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be
interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such date of redemption. The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the date of redemption. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes (assuming, for this purpose, that the Securities matured on March 15, 2025) that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming, for this purpose, that the Securities matured on March 15, 2025). 

“Comparable Treasury Price” means, with respect to any date of redemption, (i) the average of five Reference Treasury
Dealer Quotations for such date of redemption, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the
average of all such Reference Treasury Dealer Quotations. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Company to act as the independent investment banker from time to time. 
 “Reference Treasury
Dealers” means (i) BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC or their respective successors; provided that, if any of the foregoing shall cease to be a primary U.S.
Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Company. 

  
 A-5 

 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any date of redemption, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such date of redemption. 

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the date of redemption to each Holder of the
Securities to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on the Securities or portions thereof called for redemption. 

8. Amendments and Waivers. Subject to certain exceptions and limitations, the Indenture or the Securities may be supplemented with the
consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities, and any past default under the Indenture with respect to the Securities, and its consequences, may be waived (other than a default in the
payment of the principal of (or premium, if any) or interest on the Securities or in respect of a covenant or provision of the Indenture which under Article 9 thereof cannot be modified or amended without the consent of the Holder of each
outstanding Security) by the Holders of not less than a majority in principal amount of the outstanding Securities in accordance with the terms of the Indenture. Without the consent of any Holder, the Company and the Trustee may supplement the
Indenture or the Securities (i) to cure any ambiguity, omission, defect or inconsistency, in each case which shall not be inconsistent with the provisions of the Indenture and which shall not adversely affect the interest of the Holders of the
Securities in any material respect; (ii) to evidence the assumption by a successor Person of the obligations of the Company under the Indenture and this Security; (iii) to change or eliminate any restrictions on the payment of principal
(or premium, if any) on Registered Securities, to permit Registered Securities to be exchanged for Bearer Securities or to permit the issuance of Securities in uncertificated form, provided any such action shall not adversely affect the interest of
the Holders of the Securities in any material respect; (iv) to add to the covenants of the Company for the benefit of the Holders of the Securities or Holders of other series of Debt Securities, or to surrender any right or power conferred by
the Indenture upon the Company; (v) to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purpose of issue, authentication and delivery of the Securities as set forth in the Indenture;
or (vi) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee with respect to the Securities and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or
facilitate the administration of the trusts thereunder by more than one Trustee, pursuant to the requirements of the Indenture. 
 The right
of any Holder to participate in any consent required or sought pursuant to any provision of the Indenture (and the obligation of the Company to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such
Holder shall have been the Holder of record of any Securities with respect to which consent is required or sought as of a date fixed in accordance with the terms of the Indenture. 

  
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 Subject to certain exceptions and limitations set forth in the Indenture, without the
consent of each Holder affected, the Company may not (i) change the Stated Maturity of the principal of or any installment of interest on any Security, (ii) reduce the principal amount of, or any premium or interest on, any Security,
(iii) change any Place of Payment where, or the currency in which, any Security or any premium or interest thereon is payable, (iv) impair the right to institute suit for the enforcement of any payment with respect to any Security after
the Stated Maturity thereof (or, in the case of redemption, on or after the applicable Redemption Date), (v) reduce the percentage in principal amount of the outstanding Securities whose Holders must consent to a supplement or waiver, or reduce the
requirements in Section 1504 of the Indenture for quorum or voting, or make any change in the percentage of principal amount of Securities necessary to waive compliance with certain provisions of the Indenture or (vi) waive a continuing
Default or Event of Default in the payment of principal of or premium (if any) or interest on the Securities. 
 A supplemental indenture
that changes or eliminates any covenant or other provision of the Indenture which has expressly been included solely for the benefit of one or more particular series of Debt Securities under the Indenture, or which modifies the rights of the Holders
of Debt Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under the Indenture of the Holders of Debt Securities of any other series. 

9. Defaults and Remedies. Events of Default are defined in the Indenture and generally include: (i) failure to pay principal of or
any premium on any Security when due and payable; (ii) failure to pay any interest on any Security when due and payable, and the continuation of the default for 30 days; (iii) failure to perform any other covenant, or breach of any
warranty, of the Company in the Indenture, continued for 60 days after written notice is given or received as provided in the Indenture; and (iv) certain events of bankruptcy, insolvency or reorganization. If any Event of Default at any time
outstanding occurs and is continuing, either the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Securities may declare the principal amount of all Securities to be due and payable immediately. At any
time after a declaration or occurrence of acceleration with respect to the Securities has been made, but before a judgment or decree based on acceleration has been obtained, the Event of Default giving rise to such declaration of acceleration shall,
under certain circumstances, be deemed to have been waived, and such declaration and its consequences shall be deemed to have been rescinded and annulled. 

Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity reasonably
satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power with
respect to the Securities. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium (if any) or interest) if in good faith it determines that withholding notice is in their interests.
The Company must furnish an annual compliance certificate to the Trustee. 
 10. Discharge Prior to Maturity. The Indenture with
respect to the Securities shall be discharged and canceled upon the payment of all Securities and, as provided in the Indenture, shall be discharged except for certain obligations upon the irrevocable deposit with the Trustee of funds sufficient for
such payment. 

  
 A-7 

 11. Trustee Dealings with Company. The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not Trustee. 

12. Authentication. This Security shall not be valid until authenticated by the manual signature of an authorized signer of the
Trustee. 
 13. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness of such numbers as printed on the Securities and reliance may be
placed only on the other identification numbers printed thereon. 
 14. Abbreviations. Customary abbreviations may be used in the
name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform gifts to
Minors Act). 
 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Request may be
made to: 
 Valero Energy Corporation 
 One
Valero Way 
 San Antonio, Texas 78249 

Telephone: (210) 345-2000 

Attention: General Counsel 

  
 A-8 

 SCHEDULE OF EXCHANGES OF SECURITY* 

The following exchanges of a part of this global Security for definitive Securities have been made: 

 

									
	 Date of exchange
	  	 Amount of decrease in

principal amount of
 this global
Security
	  	 Amount of increase in

principal amount of
 this global
Security
	  	 Principal amount of

this global Security
 following
such
 decrease (or increase)
	  	 Signature of

authorized officer of
 Trustee or
Security
 Registrar

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	 This schedule to be included only if the Security is a Global Security. 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to (Insert assignee’s social security
or tax I.D. number) 
 (Print or type assignee’s name, address and zip code) 

______________, ________________________________ and irrevocably appoint _____________________________________ as agent to transfer this
Security on the books of the Company. The agent may substitute another to act for him. 
  

							
	Date:	 		 	Your Signature:	 	
                     
                                        

		 		 		 	(Sign exactly as your name appears on the face of this Security)

  

					
	 Signature
 Guarantee:
	  	  
	  	
		  	(Participant in a Recognized Signature Guaranty Medallion Program)	  	                                      
                  

  
 A-10EX-4.6

 Exhibit 4.6 

English Translation 

Proxy Agreement 
 This Proxy Agreement
(this “Agreement”) is entered into as of                      in Shanghai, China by and among the following parties: 

 

	1.	 Shareholders:
                                        

  

	2.	 Company:
                                         
     

  

	3.	 WFOE:
                                         
         

 (In this Agreement, the above parties are hereinafter referred to individually as a
“Party” and collectively as the “Parties”.) 
 WHEREAS: 

 

	1.	 The Shareholders are the present shareholders of the Company, which jointly hold 100% equity of the Company;

  

	2.	 The Shareholders intend to severally entrust the individual designated by WFOE with the exercise of their
voting rights in the Company and WFOE is willing to designate such individual to accept such entrustment. 

 NOW, THEREFORE, the
Parties, after friendly consultations, hereby agree below: 
 Article 1 Voting Right Entrustment 

 

	1.1	 The Shareholders hereby irrevocably undertake to sign a power of attorney in the form and substance as set
forth in Annex 1 after execution of this Agreement to entrust the individual designated by WFOE (hereinafter, the “Entrusted Person”) to exercise on their respective behalf the following rights they, as the shareholders of the
Company, are entitled to under the then effective articles of association of the Company (collectively, the “Entrusted Rights”): 

  

	 	(1)	 Proposing to convene and attending shareholders’ meetings of the Company as the representative of the
Shareholders according to the articles of association of the Company; 

  

	 	(2)	 On behalf of the Shareholders, exercising voting rights on all the issues needing to be discussed and resolved
by the shareholders’ meetings of the Company, including but not limited to the appointment of the Company’s directors and other officers needing to be appointed and removed by shareholders; 

 

	 	(3)	 Exercise other shareholder voting rights as specified in the articles of association of the Company (including
any other shareholder voting rights as specified in the amended articles of association). 

  
 1 

	 	(4)	 When the equity held by each Shareholder in the Company is transferred pursuant to the Exclusive Call Option
Agreement, sign relevant equity transfer agreement and other related documents and handle the government examination, approval, registration and filing formalities required for such transfer on behalf of such shareholder. 

The above authorization and entrustment are granted subject to the status of the Entrusted Person as a PRC citizen and the approval by WFOE.
Upon and only upon written notice of dismissing and replacing the Entrusted Person (s) given by WFOE to the Shareholders, the Shareholders shall promptly entrust another PRC citizen then designated by WFOE to exercise the above Entrusted
Rights, and once new entrustment is made, the original entrustment shall be replaced. The Shareholders shall not cancel the authorization and entrustment for the Entrusted Person (s) otherwise. 

 

	1.2	 The Entrusted Person shall perform the fiduciary obligations within the scope of authorization with due care
and diligence and in compliance with laws. The Shareholders acknowledge and assume relevant liabilities for any legal consequences of the Entrusted Person’s exercise of the foregoing Entrusted Rights. 

 

	1.3	 The Shareholders hereby acknowledge that the Entrusted Person is not required to seek advice from the
Shareholders prior to the exercise of the foregoing Entrusted Rights. However, the Entrusted Person shall inform the Shareholders in a timely manner of any resolution or any proposal on convening interim shareholders’ meeting after such
resolution or proposal is made. 

 Article 2 Right to Information 

 

	2.1	 For the purpose of exercising the Entrusted Rights hereunder, the Entrusted Person is entitled to know the
information with regard to the Company’s operation, business, customers, finance, staff, etc., and shall have access to the relevant materials of the Company. The Company shall adequately cooperate with the Entrusted Person in this regard.

 Article 3 Exercise of Entrusted Rights 
  

	3.1	 The Shareholders will provide adequate assistance to the exercise of the Entrusted Rights by the Entrusted
Person, including timely execution of the resolutions of the shareholders’ meeting of the Company adopted by the Entrusted Person or other related legal documents when necessary (e.g., when it is necessary for examination and approval of or
registration or filing with governmental departments). 

  
 2 

	3.2	 If at any time during the term of this Agreement, the grant or exercise of the Entrusted Rights hereunder is
unenforceable for any reason (except for default of any Shareholder or the Company), the Parties shall immediately seek a most similar substitute for the unenforceable provision and, if necessary, enter into a supplementary agreement to amend or
adjust the provisions herein, in order to ensure the realization of the purpose of this Agreement. 

 Article 4
Exemption and Compensation 
  

	4.1	 The Parties acknowledge that WFOE shall not be requested to be liable to or compensate (monetary or otherwise)
other Parties or any third party due to exercise of the Entrusted Rights hereunder by the individuals designated by it. 

  

	4.2	 The Shareholders and the Company agree to indemnify and hold harmless WFOE from and against all losses incurred
or likely to be incurred by it due to exercise of the Entrusted Rights by the Entrusted Person designated by WFOE, including without limitation, any loss resulting from any litigation, demand, arbitration or claim initiated or raised by any third
party against it or from administrative investigation or penalty of governmental authorities (collectively, the “Losses”), PROVIDED THAT the above indemnity in respect of any Losses shall not be available to WFOE to the extent that such
Losses have been caused by the willful default or gross negligence on the part of the Entrusted Person. 

 Article 5
Representations and Warranties 
  

	5.1	 Each Shareholder hereby represents and warrants that: 

 

	 	5.1.1	 It is a Chinese citizen or a limited liability company duly organized and validly existing under PRC Law (as
the case may be) with full capacity. It has the full and independent legal status and legal capacity to, and has been duly authorized to, execute, deliver and perform this Agreement. It may sue or be sued as an independent party.

  

	 	5.1.2	 It has the full power and authority to execute and deliver this Agreement and all other documents relating to
the transaction contemplated hereby and to be executed by it. It also has the full power and authority to consummate the transaction contemplated hereby. This Agreement, when duly executed and delivered, shall constitute a legal, valid and binding
obligation enforceable against it in accordance with the terms of this Agreement. 

  

	 	5.1.3	 It is the recorded legal shareholder of the Company as of the effective date of this Agreement, and except for
the rights under this Agreement, the Equity Pledge Agreement and the Exclusive Call Option Agreement entered into among the Shareholders, the Company and WFOE, the Entrusted Rights are free of any third-party right. Pursuant to this Agreement, the
Entrusted Person may fully and sufficiently exercise the Entrusted Rights in accordance with the then effective articles of association of the Company. 

  
 3 

	5.2.1	 Each of WFOE and the Company hereby represents and warrants that: 

 

	 	5.2.1	 It is a limited liability company duly organized and validly existing under the PRC Law with an independent
legal personality. It has the full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party. 

 

	 	5.2.2	 It has the full corporate power and authority to execute and deliver this Agreement and all other documents
relating to the transaction contemplated hereby and to be executed by it. It also has the full power and authority to consummate the transaction contemplated hereby. 

 

	5.2.2	 The Company further represents and warrants that: 

 

	 	5.3.1	 Each Shareholder is the recorded legal shareholder of the Company as of the effective date of this Agreement,
and except for the rights under this Agreement, the Equity Pledge Agreement and the Exclusive Call Option Agreement entered into among the Shareholders, the Company and WFOE, the Entrusted Rights are free of any third-party right. Pursuant to this
Agreement, the Entrusted Person may fully and sufficiently exercise the Entrusted Rights in accordance with the then effective articles of association of the Company. 

Article 6 Term 
  

	6.1	 Subject to the provisions of Articles 6.2 and 6.3 hereof, this Agreement shall become effective as of the date
of the due execution by the Parties. For both the Company and the WFOE, its validity shall be retroactive to the date of founding of the Company; for each Shareholder, its validity shall be retroactive to the date when such Shareholder becomes a
shareholder of the Company. This Agreement shall have a term of thirty (30) years after its effectiveness, unless prematurely terminated by the Parties in writing or pursuant to Article 9.1 hereof. Upon expiration, the term of this Agreement
will be automatically extended for one (1) year, unless WFOE gives the other Parties written notice of its intention not to extend at least thirty (30) days prior to expiration. 

 

	6.2	 If the Company or WFOE, upon expiry of its duration, fails to handle the examination, approval and registration
procedures concerning the extension thereof, this Agreement shall be terminated upon expiry of the duration of the Company or WFOE. 

  

	6.3	 In case that a Shareholder transfers all of the equity interest held by it in the Company with WFOE’s
prior consent, such Shareholder shall cease to be a party to this Agreement whilst the obligations and commitments of the other Parties under this Agreement shall not be adversely affected thereby. 

  
 4 

 Article 7 Notices 

 

	7.1	 Any notice, request, demand and other communications required to be made or given under or pursuant to this
Agreement shall be in writing and served on the relevant Party. 

  

	7.2	 The above notices or other communications shall be deemed duly given or served: if sent by fax or telex,
immediately upon transmission; if delivered in person, at the time of delivery; if posted by mail, five (5) days after posting. 

Article 8 Confidentiality 
  

	8.1	 Regardless of whether this Agreement is terminated or not, each Party shall keep strictly confidential all the
business secrets, proprietary information, customer information and other information of a confidential nature about the other Parties known by it during the execution and performance of this Agreement (collectively, the “Confidential
Information”). The receiving Party shall not disclose any Confidential Information to any third party except with the prior written consent of the disclosing Party or in accordance with relevant laws or regulations or under requirements of
the place where its affiliate is listed on a stock exchange. The receiving Party shall not use or indirectly use any Confidential Information other than for performing this Agreement. 

 

	8.2	 The following information shall not be deemed part of the Confidential Information: 

 

	 	(a)	 any information already known by the receiving Party by legal means prior to disclosure, which is substantiated
in writing; 

  

	 	(b)	 any information being part of public knowledge through no fault of the receiving Party; or

  

	 	(c)	 any information rightfully received by the receiving Party from other sources after disclosure.

  

	8.3	 The receiving Party may disclose the Confidential Information to its relevant employees, agents or engaged
professionals, but the receiving Party shall guarantee that they are in compliance with the relevant terms and conditions of this Agreement and assume any responsibility arising from any breach thereof by them. 

 

	8.4	 Notwithstanding any other provision herein, the validity of this Article shall survive the termination of this
Agreement. 

  
 5 

 Article 9 Defaulting Liability 

 

	9.1	 The Parties agree and acknowledge that, if any of the Parties (the “Defaulting Party”)
materially breaches any provision herein or materially fails to perform or delays performance of any of the obligations hereunder, such breach, failure or delay shall constitute a default under this Agreement (a “Default”). In such
event, any of the other Parties without default (the “Non-defaulting Party”) shall have the right to require the Defaulting Party to rectify such Default or take remedial measures within a
reasonable period. If the Defaulting Party fails to rectify such Default or take remedial measures within such reasonable period or within ten (10) days of the Non-defaulting Party notifying the
Defaulting Party in writing and requiring the Default to be rectified, then: 

  

	 	9.1.1	 if any Shareholder or the Company is the Defaulting Party, WFOE shall be entitled to terminate this Agreement
and require the Defaulting Party to indemnify all damages; 

  

	 	9.1.2	 if WFOE is the Defaulting Party, the Non-defaulting Party shall be
entitled to require the Defaulting Party to indemnify all damages. 

  

	9.2	 Except as otherwise provided for by law, in no event shall any Shareholder have the right to terminate or
cancel this Agreement. 

  

	9.3	 Notwithstanding any other provision herein, the validity of this Article shall survive the suspension or
termination of this Agreement. 

 Article 10 Miscellaneous 

 

	10.1	 This Agreement is written in Chinese and executed in
                     originals, with one (1) original to be retained by each Party hereto. 

 

	10.2	 The formation, validity and interpretation of, resolution of disputes in connection with, this Agreement, shall
be governed by PRC Law. 

  

	10.3	 Dispute Resolution 

  

	 	10.3.1	 Any dispute arising hereunder and in connection herewith shall be resolved through consultations among the
Parties, and if the Parties fail to reach a mutual agreement within thirty (30) days of its occurrence, any Party may submit such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for
arbitration in accordance with CIETAC’s arbitration rules in effect at the time of applying for arbitration. The seat of arbitration shall be Shanghai and the language used in arbitration proceedings shall be Chinese. The arbitral award shall
be final and binding on the Parties. 

  

	 	10.3.2	 During dispute resolution, the Parties shall continue to perform the terms of this Agreement other than those
relating to disputes. 

  
 6 

	10.4	 Any right, power or remedy conferred on any Party by any provision of this Agreement shall not be exclusive of
any other right, power or remedy available to it at law and under the other provisions of this Agreement, and the exercise by such Party of any of its rights, powers and remedies shall not preclude the exercise of any other rights, powers and
remedies it may have. 

  

	10.5	 No failure or delay by a Party in exercising any of its rights, powers and remedies available to it hereunder
or at law (hereinafter, the “Party’s Rights”) shall operate as a waiver thereof, nor shall the waiver of any single or partial exercise of the Party’s Rights shall preclude such Party from exercising such rights in any
other way and exercising the remaining part of the Party’s Rights. 

  

	10.6	 The headings contained herein shall be for reference only, and in no circumstances shall such headings be used
in or affect the interpretation of the provisions hereof. 

  

	10.7	 Each provision contained herein shall be severable and independent from each of other provisions, and if at any
time any one or more provisions herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions herein shall not be affected as a result thereof. 

 

	10.8	 This Agreement, when executed, shall supersede any prior other legal document among the Parties with respect to
the subject matter hereof. Any amendment or supplement hereto shall be made in writing and shall become effective only upon due execution by the Parties hereto, but other than WFOE’s transfer of its rights hereunder according to Article 10.9
hereof. 

  

	10.9	 Without WFOE’s prior written consent, any other Party shall not transfer any of its rights and/or
obligations hereunder to any third party. The other Parties hereby agree that without the prior written consent of the other Parties, WFOE is entitled to transfer any of its rights and/or obligations hereunder to any third party upon written notice
thereof to the other Parties. 

  

	10.10	 This Agreement shall be binding on the legal assignees, successors or heirs of the Parties. Each Shareholder
warrants to WFOE that it has made and will continue to make all such arrangements and has signed and will continue to sign all such documents as are necessary to ensure that upon its death, incapacity, bankruptcy, divorce or the occurrence of any
other circumstance that prevents it from exercising the equity, the persons that may acquire the equity of the Company or related rights as a result thereof, including its successor, heir, guardian, creditor or spouse, will not affect or impede the
performance of this Agreement. 

 [Remainder of this page intentionally left blank] 

  
 7 

 [Signature Page] 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date and in the place as first above written. 

 

	
	Shareholders
	
	  

	
	Company
	
	  

	
	WFOE
	
	  

  
 8 

 Annex 1: 

Form of Power of Attorney 

THIS POWER OF ATTORNEY (this “Power of Attorney”) is executed and issued to
[            ] (ID card number: [            ]) (the “Entrusted Person”) by [Shareholder of the Company] (ID
card number: [            ]) as of [            ], 2018. 

I/we, [            ], hereby entrust the Entrusted Person as my/our representative
to exercise the following rights owned by me/us as a shareholder of                      ( the “Company”) on my/our behalf and in
my/our name: 
  

	 	(1)	 On my/our behalf, proposing to convene and attending shareholders’ meetings of the Company according to
the articles of association of the Company; 

  

	 	(2)	 On my/our behalf, exercising voting rights on all the issues needing to be discussed and resolved by the
shareholders’ meetings of the Company, including but not limited to the appointment of the Company’s directors and other officers needing to be appointed and removed by shareholders’ meeting; 

 

	 	(3)	 On my/our behalf, exercise other shareholder voting rights as specified in the articles of association of the
Company (including any other shareholder voting rights as specified in the amended articles of association). 

 I/we
hereby irrevocably acknowledge that unless                      ( “WFOE”) gives me/us a decision of replacing the Entrusted Person,
this Power of Attorney shall be valid until the Proxy Agreement executed by and among WFOE, the Company and the Company’s shareholders as of [            ], 2018 expires or is
prematurely terminated. 
  

			
	Entrusted by:

 
			
		
	Signature:	 	  

	
	Date:             , 2018

  
 9 

 Schedule A 

The following schedule sets forth all major similar agreements the registrant entered into with each of its variable interest entities. Other
than the information set forth below, there is no material difference between such agreements and this exhibit. 
  

					
	 VIE
	  	 Executing Parties
	  	 Execution Date

	Shanghai Liulishuo Information and Technology Co., Ltd.	  	 Shareholders: Dr. Yi Wang, Mr. Zheren Hu, Dr. Hui Lin, Zhuhai Xinran Consulting and Management Co., Ltd., Ningbo
Meishan Bonded Port Zhimei Fifth Equity Investment Partnership (Limited Partnership), Jiwei Enterprise Management and Consulting (Shanghai) Co., Ltd., Mr. Gu Jiong, Dazi Tongxin Kaiyuan Investment Management Co., Ltd., and Beijing Wu Capital
Investment Management;
  
 Company: Shanghai Liulishuo Information and Technology
Co., Ltd.;
  
 WFOE: Yuguan Information Technology (Shanghai) Co., Ltd.
	  	May 29, 2018
			
	Shanghai Mengfan Cultural Communication Co., Ltd.	  	 Shareholders: Dr. Yi Wang, Mr. Zheren Hu, Dr. Hui Lin, Zhuhai Xinran Consulting and Management Co., Ltd., Ningbo
Meishan Bonded Port Zhimei Fifth Equity Investment Partnership (Limited Partnership), Jiwei Enterprise Management and Consulting (Shanghai) Co., Ltd., Mr. Gu Jiong, Dazi Tongxin Kaiyuan Investment Management Co., Ltd., and Beijing Wu Capital
Investment Management;
  
 Company: Shanghai Mengfan Cultural Communication Co.,
Ltd.;
  
 WFOE: Yuguan Information Technology (Shanghai) Co., Ltd.
	  	May 29, 2018

  
 10 

					
			
	 Shanghai Mengfan Education Technology Co., Ltd.
	  	 Shareholders: Dr. Yi Wang, Mr. Zheren Hu and Dr. Hui Lin;

 
 Company: Shanghai Mengfan Education Technology Co., Ltd.;

 
 WFOE: Yuguan Information Technology (Shanghai) Co., Ltd.
	  	 April 22, 2019

  
 11

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