Document:

Exhibit 4.3 

 

 

AMENDED
AND RESTATED DEPOSIT AGREEMENT

 

 

 

by and among

 

YY INC.

 

and

 

CITIBANK, N.A.,

as Depositary,

 

and

 

THE HOLDERS AND BENEFICIAL OWNERS OF

AMERICAN DEPOSITARY SHARES

ISSUED HEREUNDER

 

 

 

Dated as of May 21, 2018

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I DEFINITIONS	1
	Section 1.1	“ADS Record Date”	1
	Section 1.2	“Affiliate”	2
	Section 1.3	“American Depositary Receipt(s)”, “ADR(s)” and “Receipt(s)”	2
	Section 1.4	“American Depositary Share(s)” and “ADS(s)”	2
	Section 1.5	“Applicant”	3
	Section 1.6	“Beneficial Owner”	3
	Section 1.7	“Certificated ADS(s)”	3
	Section 1.8	“Citibank”	3
	Section 1.9	“Commission”	3
	Section 1.10	“Company”	3
	Section 1.11	“Custodian”	4
	Section 1.12	“Deliver” and “Delivery”	4
	Section 1.13	“Deposit Agreement”	4
	Section 1.14	“Depositary”	4
	Section 1.15	“Deposited Property”	4
	Section 1.16	“Deposited Securities”	4
	Section 1.17	“Dollars” and “$”	5
	Section 1.18	“DTC”	5
	Section 1.19	“DTC Participant”	5
	Section 1.20	“Exchange Act”	5
	Section 1.21	“Foreign Currency”	5
	Section 1.22	“Full Entitlement ADR(s)”, “Full Entitlement ADS(s)” and “Full Entitlement Share(s)”	5
	Section 1.23	“Holder(s)”	5
	Section 1.24	“Original Deposit Agreement”	5
	Section 1.25	“Original Depositary”	6
	Section 1.26	“Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and “Partial Entitlement Share(s)”	6
	Section 1.27	“Pre-Release Transaction”	6
	Section 1.28	“Principal Office”	6
	Section 1.29	“Registrar”	6
	Section 1.30	“Restricted Securities”	6
	Section 1.31	“Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted Shares”	6
	Section 1.32	“Securities Act”	6
	Section 1.33	“Share Registrar”	7
	Section 1.34	“Shares”	7
	Section 1.35	“Uncertificated ADS(s)”	7
	Section 1.36	“United States” and “U.S.”	7
	ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	7
	Section 2.1	Appointment of Depositary.	7
	Section 2.2	Form and Transferability of ADSs.	8

 

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	Section 2.3	Deposit of Shares.	10
	Section 2.4	Registration and Safekeeping of Deposited Securities.	11
	Section 2.5	Issuance of ADSs.	11
	Section 2.6	Transfer, Combination and Split-up of ADRs.	12
	Section 2.7	Surrender of ADSs and Withdrawal of Deposited Securities.	13
	Section 2.8	Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.	14
	Section 2.9	Lost ADRs, etc.	15
	Section 2.10	Cancellation and Destruction of Surrendered ADRs; Maintenance of Records.	15
	Section 2.11	Escheatment.	15
	Section 2.12	Partial Entitlement ADSs.	15
	Section 2.13	Certificated/Uncertificated ADSs.	16
	Section 2.14	Restricted ADSs.	17
	 	 	 
	ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs	18
	Section 3.1	Proofs, Certificates and Other Information.	18
	Section 3.2	Liability for Taxes and Other Charges.	19
	Section 3.3	Representations and Warranties on Deposit of Shares.	19
	Section 3.4	Compliance with Information Requests.	19
	Section 3.5	Ownership Restrictions.	20
	Section 3.6	Reporting Obligations and Regulatory Approvals.	20
	 	 	 
	ARTICLE IV THE DEPOSITED SECURITIES	21
	Section 4.1	Cash Distributions.	21
	Section 4.2	Distribution in Shares.	22
	Section 4.3	Elective Distributions in Cash or Shares.	23
	Section 4.4	Distribution of Rights to Purchase Additional ADSs.	23
	Section 4.5	Distributions Other Than Cash, Shares or Rights to Purchase Shares.	25
	Section 4.6	Distributions with Respect to Deposited Securities in Bearer Form.	26
	Section 4.7	Redemption.	26
	Section 4.8	Conversion of Foreign Currency.	27
	Section 4.9	Fixing of ADS Record Date.	27
	Section 4.10	Voting of Deposited Securities.	28
	Section 4.11	Changes Affecting Deposited Securities.	30
	Section 4.12	Available Information.	31
	Section 4.13	Reports.	31
	Section 4.14	List of Holders.	31
	Section 4.15	Taxation.	31
	 	 	 
	ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	32
	Section 5.1	Maintenance of Office and Transfer Books by the Registrar.	32
	Section 5.2	Exoneration.	33
	Section 5.3	Standard of Care.	34
	Section 5.4	Resignation and Removal of the Depositary; Appointment of Successor Depositary.	35

 

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	Section 5.5	The Custodian.	35
	Section 5.6	Notices and Reports.	36
	Section 5.7	Issuance of Additional Shares, ADSs etc.	37
	Section 5.8	Indemnification.	38
	Section 5.9	ADS Fees and Charges.	39
	Section 5.10	Pre-Release Transactions.	40
	Section 5.11	Restricted Securities Owners.	40
	 	 	 
	ARTICLE VI AMENDMENT AND TERMINATION	41
	Section 6.1	Amendment/Supplement.	41
	Section 6.2	Termination.	41
	 	 	 
	ARTICLE VII MISCELLANEOUS	42
	Section 7.1	Counterparts.	42
	Section 7.2	No Third-Party Beneficiaries/Acknowledgments.	43
	Section 7.3	Severability.	43
	Section 7.4	Holders and Beneficial Owners as Parties; Binding Effect.	43
	Section 7.5	Notices.	43
	Section 7.6	Governing Law and Jurisdiction.	44
	Section 7.7	Assignment.	46
	Section 7.8	Compliance with U.S. Securities Laws.	46
	Section 7.9	Cayman Islands Law References.	46
	Section 7.10	Titles and References.	47
	Section 7.11	Amendment and Restatement.	47
	 	 	 
	EXHIBITS	 	 
	 	Form of ADR.	A-1
	 	Fee Schedule.	B-1

 

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AMENDED AND RESTATED DEPOSIT AGREEMENT

 

AMENDED AND RESTATED DEPOSIT AGREEMENT,
dated as of May 21, 2018, by and among (i) YY INC., an exempted company with limited liability incorporated under the laws
of the Cayman Islands, and its successors (the “Company”), (ii) CITIBANK, N.A., a national banking association
organized under the laws of the United States of America (“Citibank”) acting in its capacity as depositary,
and any successor depositary hereunder (Citibank in such capacity, the “Depositary”), and (iii) all Holders
and Beneficial Owners of American Depositary Shares issued hereunder (all such capitalized terms as hereinafter defined).

 

WITNESSETH THAT:

 

WHEREAS, the Company and Deutsche Bank
Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G. (the “Original Depositary”)
previously entered into the Original Deposit Agreement; and

 

WHEREAS, the Company desires to amend
and restate the Original Deposit Agreement and to transfer to the Depositary the ADR facility currently existing under the Original
Deposit Agreement; and

 

WHEREAS, the Company desires to amend
and restate the Original Deposit Agreement and establish with the Depositary an ADR facility to provide inter alia for the
deposit of the Shares (as hereinafter defined) and the creation of American Depositary Shares representing the Shares so deposited
and for the execution and Delivery (as hereinafter defined) of American Depositary Receipts (as hereinafter defined) evidencing
such American Depositary Shares; and

 

WHEREAS, the Depositary is willing to
act as the Depositary for such ADR facility upon the terms set forth in the Deposit Agreement (as hereinafter defined); and

 

WHEREAS, any American Depositary Receipts
issued pursuant to the terms of the Deposit Agreement are to be substantially in the form of Exhibit A attached hereto,
with appropriate insertions, modifications and omissions, as hereinafter provided in the Deposit Agreement; and

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

All capitalized terms used, but not otherwise
defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:

 

Section 1.1           “ADS
Record Date” shall have the meaning given to such term in Section 4.9.

 

    	 	1	 

     

    

 

Section 1.2           “Affiliate”
shall have the meaning assigned to such term by the Commission (as hereinafter defined) under Regulation C promulgated under the
Securities Act (as hereinafter defined), or under any successor regulation thereto.

 

Section
1.3           “American Depositary
Receipt(s)”, “ADR(s)” and “Receipt(s)” shall mean the
certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of the Deposit
Agreement in the form of Certificated ADS(s) (as hereinafter defined), as such ADRs may be amended from time to time in
accordance with the provisions of the Deposit Agreement. An ADR may evidence any number of ADSs and may, in the case of ADSs
held through a central depository such as DTC, be in the form of a “Balance Certificate.” Notwithstanding
anything else contained herein or therein, the American depositary receipts issued and outstanding under the terms of the
Original Deposit Agreement shall, from and after the date hereof, be treated as ADRs issued hereunder and shall, from and
after the date hereof, be subject to the terms hereof in all respects.

 

Section
1.4           “American Depositary
Share(s)” and “ADS(s)” shall mean the rights and interests in the Deposited Property
(as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms and conditions of the
Deposit Agreement and, if issued as Certificated ADS(s) (as hereinafter defined), the ADR(s) issued to evidence such ADSs.
ADS(s) may be issued under the terms of the Deposit Agreement in the form of (a) Certificated ADS(s) (as hereinafter
defined), in which case the ADS(s) are evidenced by ADR(s), or (b) Uncertificated ADS(s) (as hereinafter defined), in
which case the ADS(s) are not evidenced by ADR(s) but are reflected on the direct registration system maintained by the
Depositary for such purposes under the terms of Section 2.13. Unless otherwise specified in the Deposit Agreement or in any
ADR, or unless the context otherwise requires, any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated
ADS(s), individually or collectively, as the context may require. Each ADS shall represent the right to receive, and to
exercise the beneficial ownership interests in, the number of Shares specified in the form of ADR attached hereto as Exhibit
A (as amended from time to time) that are on deposit with the Depositary and/or the Custodian, subject, in each case, to
the terms and conditions of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), until there shall
occur a distribution upon Deposited Securities referred to in Section 4.2 or a change in Deposited Securities referred to in
Section 4.11 with respect to which additional ADSs are not issued, and thereafter each ADS shall represent the right to
receive, and to exercise the beneficial ownership interests in, the applicable Deposited Property on deposit with the
Depositary and the Custodian determined in accordance with the terms of such Sections, subject, in each case, to the terms
and conditions of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS). In addition, the
ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement (which may give
rise to Depositary fees). American depositary shares outstanding under the Original Deposit Agreement as of the date hereof
shall, from and after the date hereof, for all purposes be treated as American Depositary Shares issued and
outstanding hereunder and shall, from and after the date hereof, be subject to the terms and conditions of the Deposit
Agreement in all respects, except that any amendment of the Original Deposit Agreement effected under the terms of the
Deposit Agreement which prejudices any substantial existing right of “Holders” or “Beneficial Owners”
(each as defined in the Original Deposit Agreement) shall not become effective as to “Owners” and
“Beneficial Owners” of American depositary shares until the expiration of thirty (30) days after notice of the
amendments effected by the Deposit Agreement shall have been given to the “Holders” of American depositary shares
outstanding under the Original Deposit Agreement as of the date hereof.

 

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Section
1.5           “Applicant” shall have the
meaning given to such term in Section 5.10.

 

Section
1.6           “Beneficial Owner” shall
mean, as to any ADS, any person or entity having a beneficial interest deriving from the ownership of such ADS.
Notwithstanding anything else contained in the Deposit Agreement, any ADR(s) or any other instruments or agreements relating
to the ADSs and the corresponding Deposited Property, the Depositary, the Custodian and their respective nominees
are intended to be, and shall at all times during the term of the Deposit Agreement be, the record holders only of the
Deposited Property represented by the ADSs for the benefit of the Holders and Beneficial Owners of the corresponding ADSs.
The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial
ownership interest in the Deposited Property held on behalf of the Holders and Beneficial Owners of ADSs. The beneficial
ownership interests in the Deposited Property are intended to be, and shall at all times during the term of the Deposit
Agreement continue to be, vested in the Beneficial Owners of the ADSs representing the Deposited Property. The beneficial
ownership interests in the Deposited Property shall, unless otherwise agreed by the Depositary, be exercisable by the
Beneficial Owners of the ADSs only through the Holders of such ADSs, by the Holders of the ADSs (on behalf of the applicable
Beneficial Owners) only through the Depositary, and by the Depositary (on behalf of the Holders and Beneficial Owners of the
corresponding ADSs) directly, or indirectly through the Custodian or their respective nominees, in each case upon the terms
of the Deposit Agreement and, if applicable, the terms of the ADR(s) evidencing the ADSs. A Beneficial Owner of ADSs may or
may not be the Holder of such ADSs. A Beneficial Owner shall be able to exercise any right or receive any benefit hereunder
solely through the person who is the Holder of the ADSs owned by such Beneficial Owner. Unless otherwise identified to the
Depositary, a Holder shall be deemed to be the Beneficial Owner of all the ADSs registered in his/her/its name. The manner in
which a Beneficial Owner holds ADSs (e.g., in a brokerage account vs. as registered holder) may affect the rights and
obligations of, the manner in which, and the extent to which, services are made available to, Beneficial Owners pursuant to
the terms of the Deposit Agreement. Persons who own beneficial interests in the American depositary shares issued under the
terms of the Original Deposit Agreement and outstanding as of the date hereof shall, from and after the date hereof, be
treated as Beneficial Owners of ADS(s) under the terms hereof.

 

Section 1.7           “Certificated
ADS(s)” shall have the meaning set forth in Section 2.13.

 

Section
1.8           “Citibank” shall mean Citibank,
N.A., a national banking association organized under the laws of the United States of America, and its successors.

 

Section
1.9           “Commission” shall mean
the Securities and Exchange Commission of the United States or any successor governmental agency thereto in the United
States.

 

Section
1.10         “Company” shall mean YY INC., an
exempted company with limited liability incorporated and existing under the laws of the Cayman Islands, and
its successors.

 

    	 	3	 

     

    

 

Section
1.11         “Custodian” shall mean (i) as of the
date hereof, Citibank, N.A. – Hong Kong, having its principal office at 9/F., Citi Tower, One Bay East, 83 Hoi Bun
Road, Kwun Tong, Kowloon, Hong Kong, as the custodian of Deposited Property for the purposes of the Deposit Agreement, (ii)
Citibank, N.A., acting as custodian of Deposited Property pursuant to the Deposit Agreement, and (iii) any other entity
that may be appointed by the Depositary pursuant to the terms of Section 5.5 as successor, substitute or additional
custodian hereunder. The term “Custodian” shall mean any Custodian individually or all Custodians collectively,
as the context requires.

 

Section
1.12         “Deliver” and
“Delivery” shall mean (x) when used in respect of Shares and other Deposited Securities,
either (i) the physical delivery of the certificate(s) representing such securities, or (ii) the book-entry
transfer and recordation of such securities on the books of the Share Registrar (as hereinafter defined) or in the applicable
book-entry settlement system, and (y) when used in respect of ADSs, either (i) the physical delivery of ADR(s)
evidencing the ADSs, or (ii) the book-entry transfer and recordation of ADSs on the books of the Depositary or any book-entry
settlement system in which the ADSs are settlement-eligible.

 

Section
1.13         “Deposit Agreement” shall mean this
Amended and Restated Deposit Agreement and all exhibits hereto, as the same may from time to time be amended and supplemented
from time to time in accordance with the terms of the Deposit Agreement.

 

Section
1.14         “Depositary” shall mean Citibank,
N.A., a national banking association organized under the laws of the United States, in its capacity as depositary under the
terms of the Deposit Agreement, and any successor depositary hereunder.

 

Section
1.15         “Deposited Property” shall mean the
Deposited Securities and any cash and other property held on deposit by the Depositary and the Custodian in respect of the
ADSs under the terms of the Deposit Agreement, subject, in the case of cash, to the provisions of Section 4.8. All
Deposited Property shall be held by the Custodian, the Depositary and their respective nominees for the benefit of the
Holders and Beneficial Owners of the ADSs representing the Deposited Property. The Deposited Property is not intended to, and
shall not, constitute proprietary assets of the Depositary, the Custodian or their nominees. Beneficial ownership in
the Deposited Property is intended to be, and shall at all times during the term of the Deposit Agreement continue to be,
vested in the Beneficial Owners of the ADSs representing the Deposited Property. Notwithstanding the foregoing, the
collateral delivered in connection with Pre-Release Transactions described in Section 5.10 shall not constitute
Deposited Property.

 

Notwithstanding anything else contained herein,
the securities, cash and other property delivered to the Custodian and the Depositary in respect of American depositary shares
outstanding as of the date hereof under the Original Deposit Agreement and defined as “Deposited Securities” thereunder
shall, for all purposes from and after the date hereof, be considered to be, and treated as, Deposited Property hereunder in all
respects.

 

Section
1.16         “Deposited Securities” shall mean the Shares
and any other securities held on deposit by the Custodian from time to time in respect of the ADSs under the Deposit
Agreement and constituting Deposited Property.

 

    	 	4	 

     

    

 

Section 1.17         “Dollars”
and “$” shall refer to the lawful currency of the United States.

 

Section
1.18         “DTC” shall mean The Depository Trust
Company, a national clearinghouse and the central book-entry settlement system for securities traded in the United States
and, as such, the custodian for the securities of DTC Participants (as hereinafter defined) maintained in DTC, and any
successor thereto.

 

Section
1.19         “DTC Participant” shall mean any
financial institution (or any nominee of such institution) having one or more participant accounts with DTC for receiving,
holding and delivering the securities and cash held in DTC. A DTC Participant may or may not be a Beneficial Owner. If a DTC
Participant is not the Beneficial Owner of the ADSs credited to its account at DTC, or of the ADSs in respect of which the
DTC Participant is otherwise acting, such DTC Participant shall be deemed, for all purposes hereunder, to have all requisite
authority to act on behalf of the Beneficial Owner(s) of the ADSs credited to its account at DTC or in respect of which the
DTC Participant is so acting. A DTC Participant, upon acceptance in any one of its DTC accounts of any ADSs (or any interest
therein) issued in accordance with the terms and conditions of the Deposit Agreement, or by continuing to hold in any one of
its DTC accounts, from and after the date hereof, any American depositary shares issued and outstanding under the
Original Deposit Agreement, shall (notwithstanding any explicit or implicit disclosure that it may be acting on behalf of
another party) be deemed for all purposes to be a party to, and bound by, the terms of the Deposit Agreement and the
applicable ADR(s) to the same extent as, and as if the DTC Participant were, the Holder of such ADSs.

 

Section 1.20         “Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as amended from time to time.

 

Section 1.21         “Foreign
Currency” shall mean any currency other than Dollars.

 

Section
1.22         “Full Entitlement ADR(s)”, “Full
Entitlement ADS(s)” and “Full Entitlement Share(s)” shall have the respective meanings set
forth in Section 2.12.

 

Section
1.23         “Holder(s)” shall mean the person(s)
in whose name the ADSs are registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose.
A Holder may or may not be a Beneficial Owner. If a Holder is not the Beneficial Owner of the ADS(s) registered in its name,
such person shall be deemed, for all purposes hereunder, to have all requisite authority to act on behalf of the Beneficial
Owners of the ADSs registered in its name. The manner in which a Holder holds ADSs (e.g., in certificated vs.
uncertificated form) may affect the rights and obligations of, and the manner in which, and the extent to which, the services
are made available to, Holders pursuant to the terms of the Deposit Agreement. The “Holders” (as defined in the
Original Deposit Agreement) of American depositary shares issued under the terms of the Original Deposit Agreement and
outstanding as of the date hereof shall from and after the date hereof, become Holders under the terms of the Deposit
Agreement.

 

Section
1.24          “Original Deposit Agreement” shall
mean the deposit agreement, dated as of November 20, 2012, by and among the Company, the Original Depositary, as Depositary,
and the Holders and Beneficial Owners (as defined therein) of American depositary shares evidenced by American depositary
receipts issued thereunder.

 

    	 	5	 

     

    

 

Section 1.25         “Original
Depositary” shall have the meaning given to such term in the preambles to the Deposit Agreement.

 

Section
1.26         “Partial Entitlement ADR(s)”, “Partial
Entitlement ADS(s)” and “Partial Entitlement Share(s)” shall have the respective meanings
set forth in Section 2.12.

 

Section 1.27         “Pre-Release
Transaction” shall have the meaning set forth in Section 5.10.

 

Section
1.28         “Principal Office” shall mean, when
used with respect to the Depositary, the principal office of the Depositary at which at any particular time its depositary
receipts business shall be administered, which, at the date of the Deposit Agreement, is located at 388 Greenwich Street, New
York, New York 10013, U.S.A.

 

Section
1.29         “Registrar” shall mean the Depositary
or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by
the Depositary to register issuances, transfers and cancellations of ADSs as herein provided, and shall include any
co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and
substitutes appointed by the Depositary. Each Registrar (other than the Depositary) appointed pursuant to the Deposit
Agreement shall be required to give notice in writing to the Depositary accepting such appointment and agreeing to be bound
by the applicable terms of the Deposit Agreement.

 

Section
1.30         “Restricted Securities” shall mean
Shares, Deposited Securities or ADSs which (i) have been acquired directly or indirectly from the Company or any of its
Affiliates in a transaction or chain of transactions not involving any public offering and are subject to resale limitations
under the Securities Act or the rules issued thereunder, or (ii) are held by an executive officer or director (or
persons performing similar functions) or other Affiliate of the Company, or (iii) are subject to other restrictions on
sale or deposit under the laws of the United States, Cayman Islands, or under a shareholder agreement or the Articles of
Association of the Company or under the regulations of an applicable securities exchange unless, in each case, such Shares,
Deposited Securities or ADSs are being transferred or sold to persons other than an Affiliate of the Company in a transaction
(a) covered by an effective resale registration statement, or (b) exempt from the registration requirements of the
Securities Act (as hereinafter defined), and the Shares, Deposited Securities or ADSs are not, when held by such person(s),
Restricted Securities.

 

Section
1.31          “Restricted ADR(s)”,
“Restricted ADS(s)” and “Restricted Shares” shall have the respective
meanings set forth in Section 2.14.

 

Section 1.32         “Securities
Act” shall mean the United States Securities Act of 1933, as amended from time to time.

 

    	 	6	 

     

    

 

Section
1.33         “Share Registrar” shall mean Conyers
Trust Company (Cayman) Limited or any other institution organized under the laws of the Cayman Islands appointed by the
Company from time to time to carry out the duties of registrar for the Shares, and any successor thereto.

 

Section
1.34         “Shares” shall mean the
Company’s Class A common shares, $0.00001 par value per share, validly issued and outstanding and fully paid and may,
if the Depositary so agrees after consultation with the Company, include evidence of the right to receive Shares; provided
that in no event shall Shares include evidence of the right to receive Shares with respect to which the full purchase
price has not been paid or Shares as to which preemptive rights have theretofore not been validly waived or exercised; provided
further, however, that, if there shall occur any change in par value, split-up, consolidation,
reclassification, exchange, conversion or any other event described in Section 4.11 in respect of the Shares of the Company,
the term “Shares” shall thereafter, to the maximum extent permitted by law, represent the successor securities
resulting from such event.

 

Section 1.35         “Uncertificated
ADS(s)” shall have the meaning set forth in Section 2.13.

 

Section
1.36         “United States” and
“U.S.” shall have the meaning assigned to it in Regulation S as promulgated by the Commission
under the Securities Act.

 

ARTICLE II

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;

DEPOSIT OF SHARES; EXECUTION AND

DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

 

Section
2.1           Appointment of Depositary. The Company hereby
appoints the Depositary as depositary for the Deposited Property and hereby authorizes and directs the Depositary to act in
accordance with the terms and conditions set forth in the Deposit Agreement and the applicable ADRs. Each Holder and each
Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of
the Deposit Agreement or by continuing to hold, from and after the date hereof any American depositary shares issued and
outstanding under the Original Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the
terms of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full
power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and
the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the
Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and
the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness
thereof.

 

    	 	7	 

     

    

 

Section 2.2           Form
and Transferability of ADSs.

 

(a)          Form.
Certificated ADSs shall be evidenced by definitive ADRs which shall be engraved, printed, lithographed or produced in such
other manner as may be agreed upon by the Company and the Depositary. ADRs may be issued under the Deposit Agreement in denominations
of any whole number of ADSs. The ADRs shall be substantially in the form set forth in Exhibit A to the Deposit Agreement,
with any appropriate insertions, modifications and omissions, in each case as otherwise contemplated in the Deposit Agreement or
required by law. ADRs shall be (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory
of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar,
and (iv) registered in the books maintained by the Registrar for the registration of issuances and transfers of ADSs. No ADR
and no Certificated ADS evidenced thereby shall be entitled to any benefits under the Deposit Agreement or be valid or enforceable
for any purpose against the Depositary or the Company, unless such ADR shall have been so dated, signed, countersigned and registered
(other than an American depositary receipt issued and outstanding as of the date hereof under the terms of the Original Deposit
Agreement which from and after the date hereof becomes subject to the terms of the Deposit Agreement in all respects). ADRs bearing
the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized
signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such
signatory has ceased to be so authorized prior to the Delivery of such ADR by the Depositary. The ADRs shall bear a CUSIP number
that is different from any CUSIP number that was, is or may be assigned to any depositary receipts previously or subsequently issued
pursuant to any other arrangement between the Depositary (or any other depositary) and the Company and which are not ADRs outstanding
hereunder.

 

(b)          Legends.
The ADRs may be endorsed with, or have incorporated in the text thereof, such legends or recitals not inconsistent with the
provisions of the Deposit Agreement as may be (i) necessary to enable the Depositary and the Company to perform their respective
obligations hereunder, (ii) required to comply with any applicable laws or regulations, or with the rules and regulations
of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect
thereto, (iii) necessary to indicate any special limitations or restrictions to which any particular ADRs or ADSs are subject
by reason of the date of issuance of the Deposited Securities or otherwise, or (iv) required by any book-entry system in which
the ADSs are held. Holders and Beneficial Owners shall be deemed, for all purposes, to have notice of, and to be bound by, the
terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders
or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners.

 

(c)          Title.
Subject to the limitations contained herein and in the ADR, title to an ADR (and to each Certificated ADS evidenced thereby)
shall be transferable upon the same terms as a certificated security under the laws of the State of New York, provided that, in
the case of Certificated ADSs, such ADR has been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding
any notice to the contrary, the Depositary and the Company may deem and treat the Holder of an ADS (that is, the person in whose
name an ADS is registered on the books of the Depositary) as the absolute owner thereof for all purposes. Neither the Depositary
nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or any ADR to any holder
or any Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder registered on the books of the Depositary
or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner’s representative, is the Holder registered
on the books of the Depositary.

 

    	 	8	 

     

    

 

(d)          Book-Entry
Systems. The Depositary shall make arrangements for the acceptance of the ADSs into DTC. All ADSs held through DTC will
be registered in the name of the nominee for DTC (currently “Cede & Co.”). As such, the nominee for DTC will be
the only “Holder” of all ADSs held through DTC. Unless issued by the Depositary as Uncertificated ADSs, the ADSs registered
in the name of Cede & Co. will be evidenced by one or more ADR(s) in the form of a “Balance Certificate,” which
will provide that it represents the aggregate number of ADSs from time to time indicated in the records of the Depositary as being
issued hereunder and that the aggregate number of ADSs represented thereby may from time to time be increased or decreased by making
adjustments on such records of the Depositary and of DTC or its nominee as hereinafter provided. Citibank, N.A. (or such other
entity as is appointed by DTC or its nominee) may hold the “Balance Certificate” as custodian for DTC. Each Beneficial
Owner of ADSs held through DTC must rely upon the procedures of DTC and the DTC Participants to exercise or be entitled to any
rights attributable to such ADSs. The DTC Participants shall for all purposes be deemed to have all requisite power and authority
to act on behalf of the Beneficial Owners of the ADSs held in the DTC Participants’ respective accounts in DTC and the Depositary
shall for all purposes be authorized to rely upon any instructions and information given to it by DTC Participants. So long as
ADSs are held through DTC or unless otherwise required by law, ownership of beneficial interests in the ADSs registered in the
name of the nominee for DTC will be shown on, and transfers of such ownership will be effected only through, records maintained
by (i) DTC or its nominee (with respect to the interests of DTC Participants), or (ii) DTC Participants or their nominees (with
respect to the interests of clients of DTC Participants). Any distributions made, and any notices given, by the Depositary to DTC
under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) satisfy the Depositary’s obligations
under the Deposit Agreement to make such distributions, and give such notices, in respect of the ADSs held in DTC (including, for
avoidance of doubt, to the DTC Participants holding the ADSs in their DTC accounts and to the Beneficial Owners of such ADSs).

 

Section
2.3           Deposit of Shares. Subject to the terms and
conditions of the Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (other than Restricted
Securities) may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the
case of the Company or any Affiliate of the Company, to Section 5.7) at any time, whether or not the transfer books of the
Company or the Share Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Every deposit of Shares shall
be accompanied by the following: (A) (i) in the case of Shares represented by certificates issued in registered
form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the
case of Shares represented by certificates in bearer form, the requisite coupons and talons pertaining thereto, and
(iii) in the case of Shares delivered by book-entry transfer and recordation, confirmation of such book-entry
transfer and recordation in the books of the Share Registrar or of the applicable book-entry settlement entity, as
applicable, to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred and
recorded, (B) such certifications and payments (including, without limitation, the Depositary’s fees and related
charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of
receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement and
applicable law, (C) if the Depositary so requires, a written order directing the Depositary to issue and deliver to, or
upon the written order of, the person(s) stated in such order the number of ADSs representing the Shares so deposited,
(D) evidence satisfactory to the Depositary (which may be an opinion of counsel) that all necessary approvals have been
granted by, or there has been compliance with the rules and regulations of, any applicable governmental agency in the Cayman
Islands, and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the
Depositary or the Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been
recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in
respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the
Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they
are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for
any and all purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian or any
nominee.

 

    	 	9	 

     

    

 

Without limiting any other provision of the
Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept for deposit
(a) any Restricted Securities except as contemplated by Section 2.14) nor (b) any fractional Shares or fractional Deposited
Securities nor (c) a number of Shares or Deposited Securities which upon application of the ADS to Shares ratio would give
rise to fractional ADSs. No Shares shall be accepted for deposit unless accompanied by evidence, if any is required by the Depositary,
that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the
person depositing such Shares under the laws and regulations of the Cayman Islands and any necessary approval has been granted
by any applicable governmental body in the Cayman Islands, if any. The Depositary may issue ADSs against evidence of rights to
receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other
entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall consist of written
blanket or specific guarantees of ownership of Shares furnished by the Company or any such custodian, registrar, transfer agent,
clearing agency or other entity involved in ownership or transaction records in respect of the Shares.

 

Without limitation of the foregoing, the Depositary
shall not knowingly accept for deposit under the Deposit Agreement (A) any Shares or other securities required to be registered
under the provisions of the Securities Act, unless (i) a registration statement is in effect as to such Shares or other securities
or (ii) the deposit is made upon terms contemplated in Section 2.14, or (B) any Shares or other securities the deposit
of which would violate any provisions of the Articles of Association of the Company. For purposes of the foregoing sentence, the
Depositary shall be entitled to rely upon representations and warranties made or deemed made pursuant to the Deposit Agreement
and shall not be required to make any further investigation. The Depositary will comply with written instructions of the Company
(received by the Depositary reasonably in advance) not to accept for deposit hereunder any Shares identified in such instructions
at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's
compliance with the securities laws of the United States.

 

    	 	10	 

     

    

 

Section
2.4           Registration and Safekeeping of Deposited
Securities. The Depositary shall instruct the Custodian upon each Delivery of registered Shares being deposited
hereunder with the Custodian (or other Deposited Securities pursuant to Article IV hereof), together with the other documents
above specified, to present such Shares, together with the appropriate instrument(s) of transfer or endorsement, duly
stamped, to the Share Registrar for transfer and registration of the Shares (as soon as transfer and registration can
be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian
or a nominee of either. Deposited Securities shall be held by the Depositary, or by a Custodian for the account and to the
order of the Depositary or a nominee of the Depositary, in each case, on behalf of the Holders and Beneficial Owners, at such
place(s) as the Depositary or the Custodian shall determine. Notwithstanding anything else contained in the Deposit
Agreement, any ADR(s), or any other instruments or agreements relating to the ADSs and the corresponding Deposited Property,
the registration of the Deposited Securities in the name of the Depositary, the Custodian or any of their respective
nominees, shall, to the maximum extent permitted by applicable law, vest in the Depositary, the Custodian or the applicable
nominee the record ownership in the applicable Deposited Securities with the beneficial ownership rights and interests in
such Deposited Securities being at all times vested with the Beneficial Owners of the ADSs representing the Deposited
Securities. Notwithstanding the foregoing, the Depositary, the Custodian and the applicable nominee shall at all times be
entitled to exercise the beneficial ownership rights in all Deposited Property, in each case only on behalf of the Holders
and Beneficial Owners of the ADSs representing the Deposited Property, upon the terms set forth in the Deposit Agreement and,
if applicable, the ADR(s) representing the ADSs. The Depositary, the Custodian and their respective nominees shall for all
purposes be deemed to have all requisite power and authority to act in respect of Deposited Property on behalf of the Holders
and Beneficial Owners of ADSs representing the Deposited Property, and upon making payments to, or acting upon instructions
from, or information provided by, the Depositary, the Custodian or their respective nominees all persons shall be authorized
to rely upon such power and authority.

 

Section
2.5           Issuance of ADSs. The Depositary has made
arrangements with the Custodian for the Custodian to confirm to the Depositary upon receipt of a deposit of Shares
(i) that a deposit of Shares has been made pursuant to Section 2.3, (ii) that such Deposited Securities have been
recorded in the name of the Depositary, the Custodian or a nominee of either on the shareholders’ register maintained
by or on behalf of the Company by the Share Registrar on the books of the applicable book-entry settlement
entity, (iii) that all required documents have been received, and (iv) the person(s) to whom or upon whose order
ADSs are deliverable in respect thereof and the number of ADSs to be so delivered. Such notification may be made by letter,
cable, telex, SWIFT message or, at the risk and expense of the person making the deposit, by facsimile or other means of
electronic transmission. Upon receiving such notice from the Custodian, the Depositary, subject to the terms and conditions
of the Deposit Agreement and applicable law, shall issue the ADSs representing the Shares so deposited to or upon the order
of the person(s) named in the notice delivered to the Depositary and, if applicable, shall execute and deliver at its
Principal Office Receipt(s) registered in the name(s) requested by such person(s) and evidencing the aggregate number of ADSs
to which such person(s) are entitled, but, in each case, only upon payment to the Depositary of the charges of the Depositary
for accepting a deposit of Shares and issuing ADSs (as set forth in Section 5.9 and Exhibit B hereto) and
all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Shares and the
issuance of the ADS(s). The Depositary shall only issue ADSs in whole numbers and deliver, if applicable, ADR(s) evidencing
whole numbers of ADSs. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in the Deposit
Agreement.

 

    	 	11	 

     

    

 

Section 2.6           Transfer,
Combination and Split-up of ADRs.

 

(a)          Transfer.
The Registrar shall register the transfer of ADRs (and of the ADSs represented thereby) on the books maintained for such purpose
and the Depositary shall (x) cancel such ADRs and execute new ADRs evidencing the same aggregate number of ADSs as those evidenced
by the ADRs canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs and (z) Deliver such new
ADRs to or upon the order of the person entitled thereto, if each of the following conditions has been satisfied: (i) the
ADRs have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal
Office for the purpose of effecting a transfer thereof, (ii) the surrendered ADRs have been properly endorsed or are accompanied
by proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice), (iii) the
surrendered ADRs have been duly stamped (if required by the laws of the State of New York or of the United States), and (iv) all
applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as
are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however, in each case, to the
terms and conditions of the applicable ADRs, of the Deposit Agreement and of applicable law, in each case as in effect at the time
thereof.

 

(b)          Combination
& Split-Up. The Registrar shall register the split-up or combination of ADRs (and of the ADSs represented thereby)
on the books maintained for such purpose and the Depositary shall (x) cancel such ADRs and execute new ADRs for the number
of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by the ADRs canceled by the Depositary, (y) cause
the Registrar to countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each
of the following conditions has been satisfied: (i) the ADRs have been duly Delivered by the Holder (or by a duly authorized
attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination thereof,
and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental
charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however, in each case,
to the terms and conditions of the applicable ADRs, of the Deposit Agreement and of applicable law, in each case as in effect at
the time thereof.

 

    	 	12	 

     

    

 

 

Section
2.7           Surrender of ADSs and Withdrawal of Deposited
Securities. The Holder of ADSs shall be entitled to Delivery (at the Custodian’s designated office) of the
Deposited Securities at the time represented by the ADSs upon satisfaction of each of the following conditions: (i) the
Holder (or a duly-authorized attorney of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office (and
if applicable, the ADRs evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities represented thereby,
(ii) if applicable and so required by the Depositary, the ADRs Delivered to the Depositary for such purpose have been
properly endorsed in blank or are accompanied by proper instruments of transfer in blank (including signature guarantees in
accordance with standard securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs
has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited Securities being
withdrawn to be Delivered to or upon the written order of the person(s) designated in such order, and (iv) all
applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges
(as are set forth in Section 5.9 and Exhibit B) have been paid, subject, however, in each case, to the
terms and conditions of the ADRs evidencing the surrendered ADSs, of the Deposit Agreement, of the Company’s Articles
of Association and of any applicable laws and the rules of the applicable book-entry settlement entity, and to any provisions
of or governing the Deposited Securities , in each case as in effect at the time thereof.

 

Upon satisfaction of each of the conditions
specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the ADR(s) evidencing the ADSs
so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained
for such purpose, and (iii) shall direct the Custodian to Deliver, or cause the Delivery of, in each case, without unreasonable
delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for
the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written
order of the person(s) designated in the order delivered to the Depositary for such purpose, subject however, in each case,
to the terms and conditions of the Deposit Agreement, of the ADRs evidencing the ADSs so canceled, of the Articles of Association
of the Company, of any applicable laws and of the rules of the applicable book-entry settlement entity, and to the terms and conditions
of or governing the Deposited Securities, in each case as in effect at the time thereof.

 

The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number
of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by
the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred
by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs.

 

    	 	13	 

     

    

 

Notwithstanding anything else contained in any
ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of Deposited Property
consisting of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any non-cash distributions,
which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation
and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs, and for the account of such Holder, the Depositary
shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other than Deposited Securities)
held by the Custodian in respect of such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission.

 

Section 2.8           Limitations
on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.

 

(a)          Additional
Requirements. As a condition precedent to the execution and Delivery, the registration of issuance, transfer, split-up,
combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Property, the
Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of an ADR of a sum
sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees
and charges of the Depositary as provided in Section 5.9 and Exhibit B, (ii) the production of proof satisfactory
to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1, and (iii) compliance
with (A) any laws or governmental regulations relating to the execution and Delivery of ADRs or ADSs or to the withdrawal
of Deposited Securities and (B) such reasonable regulations as the Depositary and the Company may establish consistent with
the provisions of the representative ADR, if applicable, the Deposit Agreement and applicable law.

 

(b)          Additional
Limitations. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be
suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances
may be refused, or the registration of transfers of ADSs generally may be suspended, during any period when the transfer books
of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable
by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law or regulation,
any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed, or under any
provision of the Deposit Agreement or the representative ADR(s), if applicable, or under any provision of, or governing, the Deposited
Securities, or because of a meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.8.

 

(c)          Regulatory
Restrictions. Notwithstanding any provision of the Deposit Agreement or any ADR(s) to the contrary, Holders are entitled
to surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject only to (i) temporary
delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting
at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance
with any U.S. or foreign laws or governmental regulations relating to the ADSs or to the withdrawal of the Deposited Securities,
and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as
such General Instructions may be amended from time to time).

 

    	 	14	 

     

    

 

Section
2.9           Lost ADRs, etc. In case any ADR shall be
mutilated, destroyed, lost, or stolen, the Depositary shall execute and deliver a new ADR of like tenor at the expense of the
Holder (a) in the case of a mutilated ADR, in exchange of and substitution for such mutilated ADR upon
cancellation thereof, or (b) in the case of a destroyed, lost or stolen ADR, in lieu of and in substitution for
such destroyed, lost, or stolen ADR, after the Holder thereof (i) has submitted to the Depositary a written request for
such exchange and substitution before the Depositary has notice that the ADR has been acquired by a bona fide purchaser,
(ii) has provided such security or indemnity (including an indemnity bond) as may be required by the Depositary to save
it and any of its agents harmless, and (iii) has satisfied any other reasonable requirements imposed by the
Depositary, including, without limitation, evidence satisfactory to the Depositary of such destruction, loss or theft of such
ADR, the authenticity thereof and the Holder’s ownership thereof.

 

Section
2.10         Cancellation and Destruction of Surrendered ADRs; Maintenance of
Records. All ADRs surrendered to the Depositary shall be canceled by the Depositary. Canceled ADRs shall not be
entitled to any benefits under the Deposit Agreement or be valid or enforceable against the Depositary for any purpose. The
Depositary is authorized to destroy ADRs so canceled, provided the Depositary maintains a record of all destroyed ADRs. Any
ADSs held in book-entry form (e.g., through accounts at DTC) shall be deemed canceled when the Depositary causes the
number of ADSs evidenced by the Balance Certificate to be reduced by the number of ADSs surrendered (without the need to
physically destroy the Balance Certificate). .

 

Section
2.11         Escheatment. In the event any unclaimed property
relating to the ADSs, for any reason, is in the possession of Depositary and has not been claimed by the Holder thereof or
cannot be delivered to the Holder thereof through usual channels, the Depositary shall, upon expiration of any applicable
statutory period relating to abandoned property laws, escheat such unclaimed property to the relevant authorities in
accordance with the laws of each of the relevant States of the United States.

 

Section
2.12         Partial Entitlement ADSs. In the event any Shares are
deposited which (i) entitle the holders thereof to receive a per-share distribution or other entitlement in an amount
different from the Shares then on deposit or (ii) are not fully fungible (including, without limitation, as to
settlement or trading) with the Shares then on deposit (the Shares then on deposit collectively, “Full Entitlement
Shares” and the Shares with different entitlement, “Partial Entitlement Shares”), the Depositary
shall (i) cause the Custodian to hold Partial Entitlement Shares separate and distinct from Full Entitlement Shares, and
(ii) subject to the terms of the Deposit Agreement, issue ADSs representing Partial Entitlement Shares which are
separate and distinct from the ADSs representing Full Entitlement Shares, by means of separate CUSIP numbering and legending
(if necessary) and, if applicable, by issuing ADRs evidencing such ADSs with applicable notations thereon (“Partial
Entitlement ADSs/ADRs” and “Full Entitlement ADSs/ADRs”, respectively). If and when Partial
Entitlement Shares become Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial
Entitlement ADSs and give Holders of Partial Entitlement ADRs the opportunity to exchange such Partial Entitlement ADRs for
Full Entitlement ADRs, (b) cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full
Entitlement Shares, and (c) take such actions as are necessary to remove the distinctions between (i) the Partial
Entitlement ADRs and ADSs, on the one hand, and (ii) the Full Entitlement ADRs and ADSs on the other. Holders and
Beneficial Owners of Partial Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares.
Holders and Beneficial Owners of Full Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares.
All provisions and conditions of the Deposit Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as
Full Entitlement ADRs and ADSs, except as contemplated by this Section 2.12. The Depositary is authorized to take any
and all other actions as may be necessary (including, without limitation, making the necessary notations on ADRs) to give
effect to the terms of this Section 2.12. The Company agrees to give timely written notice to the Depositary if any
Shares issued or to be issued are Partial Entitlement Shares and shall assist the Depositary with the establishment
of procedures enabling the identification of Partial Entitlement Shares upon Delivery to the Custodian.

 

    	 	15	 

     

    

 

Section
2.13         Certificated/Uncertificated ADSs. Notwithstanding any
other provision of the Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not
evidenced by ADRs (such ADSs, the “Uncertificated ADS(s)” and the ADS(s) evidenced by ADR(s), the
“Certificated ADS(s)”). When issuing and maintaining Uncertificated ADS(s) under the Deposit Agreement,
the Depositary shall at all times be subject to (i) the standards applicable to registrars and transfer
agents maintaining direct registration systems for equity securities in New York and issuing uncertificated securities under
New York law, and (ii) the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs
shall not be represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained
for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or
adverse claims of which the Depositary has notice at such time, shall at all times have the right to exchange the
Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case to (x) applicable laws
and any rules and regulations the Depositary may have established in respect of the Uncertificated ADSs, and (y) the
continued availability of Certificated ADSs in the U.S. Holders of Certificated ADSs shall, if the Depositary maintains a
direct registration system for the ADSs, have the right to exchange the Certificated ADSs for Uncertificated ADSs upon (i)
the due surrender of the Certificated ADS(s) to the Depositary for such purpose and (ii) the presentation of a written
request to that effect to the Depositary, subject in each case to (a) all liens and restrictions noted on the ADR evidencing
the Certificated ADS(s) and all adverse claims of which the Depositary then has notice, (b) the terms of the Deposit
Agreement and the rules and regulations that the Depositary may establish for such purposes hereunder, (c) applicable
law, and (d) payment of the Depositary fees and expenses applicable to such exchange of Certificated ADS(s) for
Uncertificated ADS(s). Uncertificated ADSs shall in all material respects be identical to Certificated ADS(s) of the same
type and class, except that (i) no ADR(s) shall be, or shall need to be, issued to evidence Uncertificated ADS(s),
(ii) Uncertificated ADS(s) shall, subject to the terms of the Deposit Agreement, be transferable upon the same terms and
conditions as uncertificated securities under New York law, (iii) the ownership of Uncertificated ADS(s) shall be
recorded on the books of the Depositary maintained for such purpose and evidence of such ownership shall be reflected in
periodic statements provided by the Depositary to the Holder(s) in accordance with applicable New York law, (iv) the
Depositary may from time to time, upon notice to the Holders of Uncertificated ADSs affected thereby, establish rules and
regulations, and amend or supplement existing rules and regulations, as may be deemed reasonably necessary to maintain
Uncertificated ADS(s) on behalf of Holders, provided that (a) such rules and regulations do not conflict with the terms
of the Deposit Agreement and applicable law, and (b) the terms of such rules and regulations are readily available to
Holders upon request, (v) the Uncertificated ADS(s) shall not be entitled to any benefits under the Deposit Agreement or
be valid or enforceable for any purpose against the Depositary or the Company unless such Uncertificated ADS(s) is/are
registered on the books of the Depositary maintained for such purpose, (vi) the Depositary may, in connection with any
deposit of Shares resulting in the issuance of Uncertificated ADSs and with any transfer, pledge, release and cancellation of
Uncertificated ADSs, require the prior receipt of such documentation as the Depositary may deem reasonably appropriate, and
(vii) upon termination of the Deposit Agreement, the Depositary shall not require Holders of Uncertificated ADSs to
affirmatively instruct the Depositary before remitting proceeds from the sale of the Deposited Property represented by such
Holders' Uncertificated ADSs under the terms of Section 6.2 of the Deposit Agreement. When issuing ADSs under the terms of
the Deposit Agreement, including, without limitation, issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the
Depositary may in its discretion determine to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise
specifically instructed by the applicable Holder to issue Certificated ADSs. All provisions and conditions of the Deposit
Agreement shall apply to Uncertificated ADSs to the same extent as to Certificated ADSs, except as contemplated by this
Section 2.13. The Depositary is authorized and directed to take any and all actions and establish any and all
procedures deemed reasonably necessary to give effect to the terms of this Section 2.13. Any references in the Deposit
Agreement or any ADR(s) to the terms “American Depositary Share(s)” or “ADS(s)” shall, unless the
context otherwise requires, include Certificated ADS(s) and Uncertificated ADS(s). Except as set forth in this Section 2.13
and except as required by applicable law, the Uncertificated ADSs shall be treated as ADSs issued and outstanding under the
terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect
to any Uncertificated ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.13)
and (b) the terms of this Section 2.13, the terms and conditions set forth in this Section 2.13 shall be controlling and
shall govern the rights and obligations of the parties to the Deposit Agreement pertaining to the Uncertificated ADSs.

 

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Section
2.14         Restricted ADSs. The Depositary shall, at the request
and expense of the Company, establish procedures enabling the deposit hereunder of Shares that are Restricted Securities in
order to enable the holder of such Shares to hold its ownership interests in such Restricted Securities in the form of ADSs
issued under the terms hereof (such Shares, “Restricted Shares”). Upon receipt of a written request from
the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures permitting the
deposit of such Restricted Shares and the issuance of ADSs representing the right to receive, subject to the terms of the
Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), such deposited Restricted Shares (such ADSs, the
“Restricted ADSs,” and the ADRs evidencing such Restricted ADSs, the
“Restricted ADRs”). Notwithstanding anything contained in this Section 2.14, the Depositary and the
Company may, to the extent not prohibited by law, agree to issue the Restricted ADSs in uncertificated form
(“Uncertificated Restricted ADSs”) upon such terms and conditions as the Company and the Depositary may
deem necessary and appropriate. The Company shall assist the Depositary in the establishment of such procedures and agrees
that it shall take all steps necessary and satisfactory to the Depositary to ensure that the establishment of such procedures
does not violate the provisions of the Securities Act or any other applicable laws. The depositors of such Restricted Shares
and the Holders of the Restricted ADSs may be required prior to the deposit of such Restricted Shares, the transfer of the
Restricted ADRs and Restricted ADSs or the withdrawal of the Restricted Shares represented by Restricted ADSs to provide such
written certifications or agreements as the Depositary or the Company may require. The Company shall provide to the
Depositary in writing the legend(s) to be affixed to the Restricted ADRs (if the Restricted ADSs are to be issued as
Certificated ADSs), or to be included in the statements issued from time to time to Holders of Uncertificated ADSs (if
issued as Uncertificated Restricted ADSs), which legends shall (i) be in a form reasonably satisfactory to the Depositary and
(ii) contain the specific circumstances under which the Restricted ADSs, and, if applicable, the Restricted ADRs evidencing
the Restricted ADSs, may be transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the deposit of
Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited shall,
to the extent required by law, be held separate and distinct from the other Deposited Securities held hereunder. The
Restricted Shares and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not
be eligible for inclusion in any book-entry settlement system, including, without limitation, DTC, and shall not in any way
be fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADSs, and, if
applicable, the Restricted ADRs evidencing the Restricted ADSs, shall be transferable only by the Holder thereof upon
delivery to the Depositary of (i) all documentation otherwise contemplated by the Deposit Agreement and (ii) an opinion of
counsel satisfactory to the Depositary setting forth, inter alia, the conditions upon which the Restricted ADSs
presented, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, are transferable by the Holder thereof
under applicable securities laws and the transfer restrictions contained in the legend applicable to the Restricted ADSs
presented for transfer. Except as set forth in this Section 2.14 and except as required by applicable law, the Restricted
ADSs and the Restricted ADRs evidencing Restricted ADSs shall be treated as ADSs and ADRs issued and outstanding under the
terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect
to any Restricted ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.14) and
(b) the terms of (i) this Section 2.14 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this
Section 2.14 and of the Restricted ADR shall be controlling and shall govern the rights and obligations of the parties to the
Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs.

 

    	 	17	 

     

    

 

If the Restricted ADRs, the Restricted ADSs
and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt of (x) an opinion of counsel satisfactory
to the Depositary setting forth, inter alia, that the Restricted ADRs, the Restricted ADSs and the Restricted Shares are
not as of such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to the Restricted
ADRs, the Restricted ADSs and the Restricted Shares, shall (i) eliminate the distinctions and separations that may have been
established between the applicable Restricted Shares held on deposit under this Section 2.14 and the other Shares held on deposit
under the terms of the Deposit Agreement that are not Restricted Shares, (ii) treat the newly unrestricted ADRs and ADSs on
the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement
that are not Restricted ADRs or Restricted ADSs, and (iii) take all actions necessary to remove any distinctions, limitations
and restrictions previously existing under this Section 2.14 between the applicable Restricted ADRs and Restricted ADSs, respectively,
on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other hand,
including, without limitation, by making the newly-unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in
the applicable book-entry settlement systems.

 

ARTICLE III

 

CERTAIN OBLIGATIONS OF HOLDERS

AND BENEFICIAL OWNERS OF ADSs

 

Section
3.1           Proofs, Certificates and Other Information. Any
person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial
Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship or residence,
taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval, legal or
beneficial ownership of ADSs and Deposited Property, compliance with applicable laws, the terms of the Deposit Agreement or
the ADR(s) evidencing the ADSs and the provisions of, or governing, the Deposited Property, to execute such
certifications and to make such representations and warranties, and to provide such other information and documentation (or,
in the case of Shares in registered form presented for deposit, such information relating to the registration on the books of
the Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may
reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement and the
applicable ADR(s). The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of
transfer of any ADR or ADS or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof
or, to the extent not limited by the terms of Section 7.8, the delivery of any Deposited Property until such proof or other
information is filed or such certifications are executed, or such representations and warranties are made, or such other
documentation or information provided, in each case to the Depositary’s, the Registrar’s and the Company’s
satisfaction. The Depositary shall provide the Company, in a timely manner, with copies or originals if necessary and
appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange control approval or copies of
written representations and warranties which it receives from Holders and Beneficial Owners, and (ii) any other information
or documents which the Company may reasonably request and which the Depositary shall request and receive from any Holder or
Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal. Nothing herein
shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial
Owners, or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

 

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Section
3.2           Liability for Taxes and Other Charges. Any
tax or other governmental charge payable by the Custodian or by the Depositary with respect to any Deposited Property, ADSs
or ADRs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the
Depositary may withhold or deduct from any distributions made in respect of Deposited Property, and may sell for the account
of a Holder and/or Beneficial Owner any or all of the Deposited Property and apply such distributions and sale proceeds in
payment of, any taxes (including applicable interest and penalties) or charges that are or may be payable by Holders or
Beneficial Owners in respect of the ADSs, Deposited Property and ADRs, the Holder and the Beneficial Owner remaining liable
for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to
deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject to Section 7.8) the
withdrawal of Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and
Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees
and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest
and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of
Holders and Beneficial Owners under this section 3.2 shall survive any transfer of ADSs, any cancellation of ADSs and
withdrawal of Deposited Securities, and the termination of the Deposit Agreement.

 

Section
3.3           Representations and Warranties on Deposit of
Shares. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant
that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and
legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been
validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for
deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares
presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as
contemplated in Section 2.14), and (vi) the Shares presented for deposit have not been stripped of any rights or
entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and
cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in
any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take
any and all actions necessary to correct the consequences thereof.

 

Section
3.4           Compliance with Information Requests. Notwithstanding
any other provision of the Deposit Agreement or any ADR(s), each Holder and Beneficial Owner agrees to comply with requests
from the Company pursuant to applicable law, the rules and requirements of any stock exchange on which the Shares or ADSs
are, or will be, registered, traded or listed or the Articles of Association of the Company, which are made to provide
information, inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares as the case
may be) and regarding the identity of any other person(s) interested in such ADSs and the nature of such interest and various
other matters, whether or not they are Holders and/or Beneficial Owners at the time of such request. The Depositary agrees to
use its reasonable efforts to forward, upon the request of the Company and at the Company’s expense, any such request
from the Company to the Holders and to forward to the Company any such responses to such requests received by the
Depositary.

 

    	 	19	 

     

    

 

 

Section
3.5           Ownership Restrictions. Notwithstanding any
other provision in the Deposit Agreement or any ADR, the Company may restrict transfers of the Shares where such transfer
might result in ownership of Shares exceeding limits imposed by applicable law or the Articles of Association of the Company.
The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result
in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits.
The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to
the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence,
including, but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting
rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held
by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by
applicable law and the Articles of Association of the Company. Nothing herein shall be interpreted as obligating the
Depositary or the Company to ensure compliance with the ownership restrictions described in this Section 3.5.

 

Section
3.6           Reporting Obligations and Regulatory Approvals. Applicable
laws and regulations may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of
ADSs, to satisfy reporting requirements and obtain regulatory approvals in certain circumstances. Holders and Beneficial
Owners of ADSs are solely responsible for determining and complying with such reporting requirements and obtaining such
approvals. Each Holder and each Beneficial Owner hereby agrees to make such determination, file such reports, and obtain such
approvals to the extent and in the form required by applicable laws and regulations as in effect from time to time. Neither
the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be required to take any
actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain
such regulatory approvals under applicable laws and regulations.

 

    	 	20	 

     

    

 

 

ARTICLE IV

THE DEPOSITED SECURITIES

 

Section
4.1           Cash Distributions. Whenever the Company
intends to make a distribution of a cash dividend or other cash distribution in respect of any Deposited Securities, the
Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution specifying, inter
alia, the record date applicable for determining the holders of Deposited Securities entitled to receive such
distribution. Upon the timely receipt of such notice, the Depositary shall establish the ADS Record Date upon the terms
described in Section 4.9. Upon receipt of confirmation of the receipt of (x) any cash dividend or other cash
distribution on any Deposited Securities, or (y) proceeds from the sale of any Deposited Property held in respect of the
ADSs under the terms hereof, the Depositary will (i) if at the time of receipt thereof any amounts received in a Foreign
Currency can, in the judgment of the Depositary (pursuant to Section 4.8), be converted on a practicable basis into Dollars
transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds
into Dollars (on the terms described in Section 4.8), (ii) if applicable and unless previously established, establish
the ADS Record Date upon the terms described in Section 4.9, and (iii) distribute promptly the amount thus received (net
of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders
entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary
shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent,
and any balance not so distributed shall be held by the Depositary (without liability for interest thereon) and shall be
added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the
time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from
any cash dividend or other cash distribution in respect of any Deposited Securities, or from any cash proceeds from the sales
of Deposited Property, an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders
on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the
Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the
Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a
non-interest bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution
can be effected or the funds that the Depositary holds must be escheated as unclaimed property in accordance with the laws of
the relevant states of the United States. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the
event the Company fails to give the Depositary timely notice of the proposed distribution provided for in this Section 4.1,
the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.1, and the
Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the
Depositary’s failure to perform the actions contemplated in this Section 4.1 where such notice has not been so
timely given, other than its failure to use commercially reasonable efforts, as provided herein.

 

    	 	21	 

     

    

 

 

Section
4.2           Distribution in Shares. Whenever the Company
intends to make a distribution that consists of a dividend in, or free distribution of, Shares, the Company shall give notice
thereof to the Depositary at least twenty(20) days prior to the proposed distribution, specifying, inter alia, the
record date applicable to holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of
such notice from the Company, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9.
Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the
Depositary shall either (i) subject to Section 5.9, distribute to the Holders as of the ADS Record Date in proportion to the
number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares
received as such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including, without
limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if
additional ADSs are not so distributed, take all actions necessary so that each ADS issued and outstanding after the ADS
Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional
integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and
charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of delivering fractional ADSs, the Depositary
shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute
the net proceeds upon the terms described in Section 4.1. In the event that the Depositary determines that any distribution
in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to
withhold, or, if the Company in the fulfillment of its obligation under Section 5.7, has furnished an opinion of U.S. counsel
determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and
no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale,
as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale
(after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled
thereto upon the terms described in Section 4.1. The Depositary shall hold and/or distribute any unsold balance of
such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained in the Deposit
Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution
provided for in this Section 4.2, the Depositary agrees to use commercially reasonable efforts to perform the actions
contemplated in this Section 4.2, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary
shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.2 where such
notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

 

    	 	22	 

     

    

 

Section
4.3           Elective Distributions in Cash or Shares. Whenever
the Company intends to make a distribution payable at the election of the holders of Deposited Securities in cash or in
additional Shares, the Company shall give notice thereof to the Depositary at least forty-five (45) days prior to the
proposed distribution specifying, inter alia, the record date applicable to holders of Deposited Securities entitled
to receive such elective distribution and whether or not it wishes such elective distribution to be made available to Holders
of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such elective distribution to be
made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist
the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution
available to the Holders of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the
Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary
shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received
satisfactory documentation within the terms of Section 5.7. If the above conditions are not satisfied or if the Company
requests such elective distribution not to be made available to Holders of ADSs, the Depositary shall establish the ADS
Record Date on the terms described in Section 4.9 and, to the extent permitted by law, distribute to the Holders, on the
basis of the same determination as is made in the Cayman Islands in respect of the Shares for which no election is made,
either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the
terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date on
the terms described in Section 4.9 and establish procedures to enable Holders to elect the receipt of the proposed
distribution in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the
extent necessary. If a Holder elects to receive the proposed distribution (X) in cash, the distribution shall be made
upon the terms described in Section 4.1, or (Y) in ADSs, the distribution shall be made upon the terms described in
Section 4.2. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective
distribution in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular,
will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.
Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the
Depositary timely notice of the proposed distribution provided for in this Section 4.3, the Depositary agrees to use
commercially reasonable efforts to perform the actions contemplated in this Section 4.3, and the Company, the Holders and the
Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the
actions contemplated in this Section 4.3 where such notice has not been so timely given, other than its failure to use
commercially reasonable efforts, as provided herein.

 

Section 4.4           Distribution
of Rights to Purchase Additional ADSs.

 

(a)          Distribution
to ADS Holders. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe
for additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days prior to the proposed distribution
specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such distribution
and whether or not it wishes such rights to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating
that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine,
and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such
rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have
timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation
within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution of rights is reasonably
practicable. In the event any of the conditions set forth above are not satisfied or if the Company requests that the rights not
be made available to Holders of ADSs, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b)
below. In the event all conditions set forth above are satisfied, the Depositary shall establish the ADS Record Date (upon the
terms described in Section 4.9) and establish procedures to (x) distribute rights to purchase additional ADSs (by means of
warrants or otherwise), (y) enable the Holders to exercise such rights (upon payment of the subscription price and of the
applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) deliver ADSs upon the
valid exercise of such rights. The Company shall assist the Depositary to the extent necessary in establishing such procedures.
Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares
(rather than ADSs).

 

    	 	23	 

     

    

 

(b)          Sale
of Rights. If (i) the Company does not timely request the Depositary to make the rights available to Holders or requests
that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms
of Section 5.7, or determines it is not reasonably practicable to make the rights available to Holders, or (iii) any rights made
available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably
practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public or private
sale) as it may deem practicable. The Company shall assist the Depositary to the extent necessary to determine such legality and
practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees
and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms set forth in Section 4.1.

 

(c)          Lapse
of Rights. If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a)
or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow such rights to
lapse.

 

The Depositary shall not be liable for (i) any
failure to accurately determine whether it may be lawful or practicable to make such rights available to Holders in general or
any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii)
the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.

 

Notwithstanding anything to the contrary in
this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which
any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities
represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration
statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the Company
furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable
country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and
sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions
of the Securities Act or any other applicable laws.

 

In the event that the Company, the Depositary
or the Custodian shall be required to withhold and does withhold from any distribution of Deposited Property (including rights)
an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly.
In the event that the Depositary determines that any distribution of Deposited Property (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may
dispose of all or a portion of such Deposited Property (including Shares and rights to subscribe therefor) in such amounts and
in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or
charges.

 

    	 	24	 

     

    

 

There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the
holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement
in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.

 

Section 4.5           Distributions
Other Than Cash, Shares or Rights to Purchase Shares.

 

(a)          Whenever
the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase
additional Shares, the Company shall give timely notice thereof to the Depositary and shall indicate whether or not it wishes such
distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution to be
made to Holders of ADSs, the Depositary shall consult with the Company, and the Company shall assist the Depositary, to determine
whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless
(i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received
satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution
is reasonably practicable.

 

(b)          Upon
receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs and after making
the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received to the Holders of
record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively and in such manner as the Depositary
may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges
of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion
of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary
may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges
applicable to the distribution.

 

(c)          If
(i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not to make such
distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7, or (iii)
the Depositary determines that all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or
cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem practicable
and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion
received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes)
to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary is unable to sell such property, the
Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable under the circumstances.

 

    	 	25	 

     

    

 

(d)          Neither
the Depositary nor the Company shall be liable for (i) any failure to accurately determine whether it is lawful or practicable
to make the property described in this Section 4.5 available to Holders in general or any Holders in particular, nor (ii) any loss
incurred in connection with the sale or disposal of such property.

 

Section
4.6           Distributions with Respect to Deposited Securities in
Bearer Form. Subject to the terms of this Article IV, distributions in respect of Deposited Securities that are held
by the Depositary or the Custodian in bearer form shall be made to the Depositary for the account of the respective Holders
of ADS(s) with respect to which any such distribution is made upon due presentation by the Depositary or the Custodian to the
Company of any relevant coupons, talons, or certificates. The Company shall promptly notify the Depositary of such
distributions. The Depositary or the Custodian shall promptly present such coupons, talons or certificates, as the case may
be, in connection with any such distribution.

 

Section
4.7           Redemption. If the Company intends to
exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give notice thereof to the
Depositary at least forty-five (45) days prior to the intended date of redemption which notice shall set forth the
particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii) satisfactory documentation given
by the Company to the Depositary within the terms of Section 5.7, and only if the Depositary shall have determined that such
proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting forth the intended
exercise by the Company of the redemption rights and any other particulars set forth in the Company’s notice to the
Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited Securities in respect of
which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation
from the Custodian that the redemption has taken place and that funds representing the redemption price have been received,
the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the
expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs
by Holders thereof and the terms set forth in Sections 4.1 and 6.2. If less than all outstanding Deposited Securities are
redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary. The
redemption price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to
reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the
terms of Section 4.8 and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied
by the number of Deposited Securities represented by each ADS redeemed.

 

Notwithstanding anything contained in the Deposit
Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed redemption provided
for in this Section 4.7, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this
Section 4.7, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for
the Depositary’s failure to perform the actions contemplated in this Section 4.7 where such notice has not been so timely
given, other than its failure to use commercially reasonable efforts, as provided herein.

 

    	 	26	 

     

    

 

 

Section
4.8           Conversion of Foreign Currency. Whenever the
Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds
from the sale of Deposited Property, which in the judgment of the Depositary can at such time be converted on a practicable
basis, by sale or in any other manner that it may determine in accordance with applicable law, into Dollars transferable to
the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted,
by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars
(net of any applicable fees, any reasonable and customary expenses incurred in such conversion and any expenses incurred on
behalf of the Holders in complying with currency exchange control or other governmental requirements) in accordance with
the terms of the applicable sections of the Deposit Agreement. If the Depositary shall have distributed warrants or other
instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of
such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest
thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among
Holders on account of any application of exchange restrictions or otherwise.

 

If such conversion or distribution generally
or with regard to a particular Holder can be effected only with the approval or license of any government or agency thereof, the
Depositary shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event,
however, shall the Depositary be obligated to make such a filing.

 

If at any time the Depositary shall determine
that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received
by the Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof that
is required for such conversion, transfer and distribution is denied or, in the opinion of the Depositary, not obtainable at a
reasonable cost or within a reasonable period, the Depositary may, in its discretion, (i) make such conversion and distribution
in Dollars to the Holders for whom such conversion, transfer and distribution is lawful and practicable, (ii) distribute the
Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom this is
lawful and practicable, or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without liability for interest thereon)
for the respective accounts of the Holders entitled to receive the same.

 

Section
4.9           Fixing of ADS Record Date. Whenever (a) the
Depositary shall receive notice of the fixing of a record date by the Company for the determination of holders of Deposited
Securities entitled to receive any distribution (whether in cash, Shares, rights, or other distribution), (b) for any reason
the Depositary causes a change in the number of Shares that are represented by each ADS, (c) the Depositary shall receive
notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or (d)
the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation of any consent
or any other matter, the Depositary shall fix the record date (the “ADS Record Date”) for the
determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give instructions for
the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation
or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented
by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as practicable to the
applicable record date for the Deposited Securities (if any) set by the Company in the Cayman Islands and shall not announce
the establishment of any ADS Record Date prior to the relevant corporate action having been made public by the Company (if
such corporate action affects the Deposited Securities). Subject to applicable law and the provisions of Section 4.1 through
4.8 and to the other terms and conditions of the Deposit Agreement, only the Holders of ADSs at the close of business in New
York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive
such notice or solicitation, or otherwise take action.

 

    	 	27	 

     

    

 

Section 4.10         Voting
of Deposited Securities. As soon as practicable after receipt of notice of any meeting at which the holders of Deposited
Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary
shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9. The
Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further
action if the request shall not have been received by the Depositary at least thirty (30) business days prior to the date of such
vote or meeting), at the Company’s expense and provided no U.S. legal prohibitions exist, distribute as soon as practicable
after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b)
a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law,
the provisions of the Deposit Agreement, the Articles of Association of the Company and the provisions of or governing the Deposited
Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to
the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s ADSs, and
(c) a brief statement as to the manner and timing in which such voting instructions may be given to the Depositary or in which
voting instructions may be deemed to have been given in accordance with this Section 4.10 if no instructions are received prior
to the deadline set for such purposes by the Depositary to give a discretionary proxy to a person designated by the Company. Notwithstanding
anything contained in the Deposit Agreement to the contrary, in the event the Company fails to timely request that the Depositary
distribute the information as provided for in this Section 4.10, the Depositary agrees to use commercially reasonable efforts
to perform the actions contemplated in this Section 4.10, and the Company, the Holders and the Beneficial Owners acknowledge that
the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section
4.10 where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided
herein.

 

Notwithstanding anything contained in the Deposit
Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock
exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any
meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that
provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials
upon request (e.g., by reference to a website containing the materials for retrieval or a contact for requesting copies of the
materials).

 

    	 	28	 

     

    

  

The Depositary has been advised by the Company
that under the Articles of Association of the Company (as in effect on the date of the Deposit Agreement), voting at any meeting
of shareholders is by show of hands unless a poll is demanded. The Depositary will not join in demanding a poll, whether or not
requested to do so by Holders of ADSs. The Company has informed the Depositary that, under the Articles of Association of the Company
(as in effect on the date of the Deposit Agreement), a poll may be demanded by the chairman of the meeting or by any shareholder
present in person or by proxy in the meeting.

 

Voting instructions may be given only in respect
of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of
the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as
practicable and permitted under applicable law, the provisions of the Deposit Agreement, Articles of Association of the Company
and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or
by proxy) represented by such Holder’s ADSs as follows: (i) in the event voting takes place at a shareholders’ meeting
by show of hands, the Depositary will instruct the Custodian to vote all Deposited Securities in accordance with the voting instructions
received from a majority of Holders of ADSs who provided voting instructions, and (ii) in the event voting takes place at a shareholders’
meeting by poll, the Depositary will instruct the Custodian to vote the Deposited Securities in accordance with the voting instructions
received from the Holders of ADSs. If the Depositary does not receive instructions from a Holder as of the ADS Record Date on or
before the date established by the Depositary for such purpose and voting is by poll, such Holder shall be deemed, and the Depositary
shall (unless otherwise specified in the notice distributed to Holders) deem such Holder, to have instructed the Depositary to
give a discretionary proxy to a person designated by the Company to vote the Deposited Securities; provided, however, that no such
discretionary proxy shall be given by the Depositary with respect to any matter to be voted upon as to which the Company informs
the Depositary that (A) the Company does not wish such proxy to be given, (B) substantial opposition exists, or (C) the rights
of holders of Deposited Securities may be materially adversely affected.

 

Neither the Depositary nor the Custodian shall
under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to
exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities
represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise
contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which
the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary will deem such Holder
(unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items
set forth in such voting instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received
by the Depositary from the Holder shall not be voted (except (i) in the case voting is by show of hands, in which case the Depositary
will instruct the Custodian to vote all Deposited Securities in accordance with the voting instructions received from a majority
of Holders of ADSs who provided voting instructions and (ii) as otherwise contemplated herein). Notwithstanding anything else contained
herein, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting
instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose
of establishing quorum at a meeting of shareholders.

 

    	 	29	 

     

    

 

Notwithstanding anything else contained in the
Deposit Agreement or any ADR, the Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation
of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws. The Company agrees
to take any and all actions reasonably necessary and as permitted by Cayman Islands law to enable Holders and Beneficial Owners
to exercise the voting rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel
addressing any actions requested to be taken if so requested by the Depositary.

 

There can be no assurance that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting
instructions to the Depositary, or otherwise take action, in a timely manner.

 

Section
4.11         Changes Affecting Deposited Securities. Upon any change
in nominal or par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon
any recapitalization, reorganization, merger, consolidation or sale of assets affecting the Company or to which it is a
party, any property which shall be received by the Depositary or the Custodian in exchange for, or in conversion of, or
replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as
new Deposited Property under the Deposit Agreement, and the ADSs shall, subject to the provisions of the Deposit Agreement,
any ADR(s) evidencing such ADSs and applicable law, represent the right to receive such additional or replacement Deposited
Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of
Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the
Company’s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement
(including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b)
taxes) and receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in
violation of any applicable laws or regulations, (i) issue and deliver additional ADSs as in the case of a stock
dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable
Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv) call for the surrender
of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the
transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary, amend the Registration Statement on
Form F-6 as filed with the Commission to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the
event that any Deposited Property so received may not be lawfully distributed to some or all Holders, the Depositary may,
with the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of Company’s
counsel satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such
Deposited Property at public or private sale, at such place or places and upon such terms as it may deem proper and may
allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b)
taxes) for the account of the Holders otherwise entitled to such Deposited Property upon an averaged or other practicable
basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the
extent practicable as in the case of a distribution received in cash pursuant to Section 4.1. The Depositary shall not be
responsible for (i) any failure to determine that it may be lawful or practicable to make such Deposited Property available
to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with
such sale, or (iii) any liability to the purchaser of such Deposited Property.

 

    	 	30	 

     

    

 

Section 4.12         Available
Information. The Company is subject to the periodic reporting requirements of the Exchange Act and, accordingly, is required
to file or furnish certain reports with the Commission. These reports can be retrieved from the Commission's website (www.sec.gov)
and can be inspected and copied at the public reference facilities maintained by the Commission located (as of the date of the
Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549.

 

Section
4.13         Reports. The Depositary shall make available for
inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials,
received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as
the holder of the Deposited Property and (b) made generally available to the holders of such Deposited Property by the
Company. The Depositary shall also provide or make available to Holders copies of such reports when furnished by the
Company pursuant to Section 5.6.

 

Section
4.14         List of Holders. Promptly upon written request by the
Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of ADSs of all
Holders.

 

Section
4.15         Taxation. The Depositary will, and will instruct the
Custodian to, forward to the Company or its agents such information from its records as the Company may reasonably request to
enable the Company or its agents to file the necessary tax reports with governmental authorities or agencies. The Depositary,
the Custodian or the Company and its agents may file such reports as are necessary to reduce or eliminate applicable taxes on
dividends and on other distributions in respect of Deposited Property under applicable tax treaties or laws for the Holders
and Beneficial Owners. In accordance with instructions from the Company and to the extent practicable, the Depositary or the
Custodian will take reasonable administrative actions to obtain tax refunds, reduced withholding of tax at source on
dividends and other benefits under applicable tax treaties or laws with respect to dividends and other distributions on the
Deposited Property. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs may be required from
time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as
applicable), to execute such certificates and to make such representations and warranties, or to provide any other
information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s
or the Custodian’s obligations under applicable law. The Depositary and the Company shall have no obligation or
liability to any person if any Holder or Beneficial Owner fails to provide such information or if such information does not
reach the relevant tax authorities in time for any Holder or Beneficial Owner to obtain the benefits of any tax treatment.
The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective
directors, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental
authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of
withholding at source or other tax benefit obtained.

 

    	 	31	 

     

    

 

If the Company (or any of its agents) withholds
from any distribution any amount on account of taxes or governmental charges, or pays any other tax in respect of such distribution
(e.g., stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly
to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt
(or other proof of payment to the applicable governmental authority) therefor, in each case, in a form satisfactory to the Depositary.
The Depositary shall, to the extent required by U.S. law, report to Holders any taxes withheld by it or the Custodian, and, if
such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the Custodian shall not
be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or
of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary or the Custodian,
as applicable. Neither the Depositary nor the Custodian shall be liable for the failure by any Holder or Beneficial Owner to obtain
the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or Beneficial Owner’s income tax liability.

 

The Depositary is under no obligation to provide
the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur any
liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the ADSs,
including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a “Passive
Foreign Investment Company” (in each case as defined in the U.S. Internal Revenue Code and the regulations issued thereunder)
or otherwise.

 

ARTICLE V

 

THE DEPOSITARY,
THE CUSTODIAN AND THE COMPANY

 

Section
5.1           Maintenance of Office and Transfer Books by the
Registrar. Until termination of the Deposit Agreement in accordance with its terms, the Registrar shall maintain in
the Borough of Manhattan, the City of New York, an office and facilities for the issuance and delivery of ADSs, the
acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the registration of issuances,
cancellations, transfers, combinations and split-ups of ADS(s) and, if applicable, to countersign ADRs evidencing the ADSs so
issued, transferred, combined or split-up, in each case in accordance with the provisions of the Deposit
Agreement.

 

The Registrar shall keep books for the registration
of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that
such inspection shall not be, to the Registrar’s knowledge, for the purpose of communicating with Holders of such ADSs in
the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement
or the ADSs.

 

The Registrar may close the transfer books with
respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with
the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Section
7.8.

 

    	 	32	 

     

    

 

If any ADSs are listed on one or more stock
exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or
one or more co-registrars for registration of issuances, cancellations, transfers, combinations and split-ups of ADSs and, if applicable,
to countersign ADRs evidencing the ADSs so issued, transferred, combined or split-up, in accordance with any requirements of such
exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary.

 

Section
5.2           Exoneration. Notwithstanding anything
contained in the Deposit Agreement or any ADR, neither the Depositary nor the Company shall be obligated to do or perform any
act which is inconsistent with the provisions of the Deposit Agreement or incur any liability (i) if the Depositary, the
Custodian, the Company or their respective agents shall be prevented or forbidden from, or delayed in, doing or performing
any act or thing required or contemplated by the terms of the Deposit Agreement, by reason of any provision of any present or
future law or regulation of the United States, the Cayman Islands or any other country, or of any other governmental
authority or regulatory authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or
by reason of any provision, present or future, of the Articles of Association of the Company or any provision of or governing
any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without
limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism,
revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in the Deposit Agreement or in the Articles of Association of the Company or provisions of or
governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal
counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative
thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the
inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made
available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders
of ADSs, (v) for any action or inaction of any clearing or settlement system (and any participant thereof) for the Deposited
Property or the ADSs, or (vi) for any consequential or punitive damages (including lost profits) for any breach of the
terms of the Deposit Agreement.

 

The Depositary, its controlling persons, its
agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any
written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party
or parties.

 

No disclaimer of liability under the Securities
Act is intended by any provision of the Deposit Agreement.

 

    	 	33	 

     

    

 

Section
5.3           Standard of Care. The Company and the
Depositary assume no obligation and shall not be subject to any liability under the Deposit Agreement or any ADRs to any
Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective obligations
specifically set forth in the Deposit Agreement or the applicable ADRs without negligence or bad faith.

 

Without limitation of the foregoing, neither
the Depositary, nor the Company, nor any of their respective controlling persons, or agents, shall be under any obligation to appear
in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Property or in respect of the ADSs, which
in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees
and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian shall be under any obligation
whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary).

 

The Depositary and its agents shall not be liable
for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast
or the effect of any vote, provided that any such action or omission is in good faith and without negligence and in accordance
with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to accurately determine that
any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company
for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring
an interest in the Deposited Property, for the validity or worth of the Deposited Property or for any tax consequences that may
result from the ownership of ADSs, Shares or other Deposited Property, for the credit-worthiness of any third party, for allowing
any rights to lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for
any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant.

 

The Depositary shall not be liable for any acts
or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection
with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out
of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted
as Depositary.

 

The Depositary shall not be liable for any acts
or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.

 

    	 	34	 

     

    

 

Section
5.4           Resignation and Removal of the Depositary;
Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by written notice
of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery
thereof to the Company (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii)
the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided.

 

The Depositary may at any time be removed by
the Company by written notice of such removal, which removal shall be effective on the later of (i) the 120th day after delivery
thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) upon
the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided.

 

In case at any time the Depositary acting hereunder
shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or
trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required
by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment
hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall
become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8
and 5.9). The predecessor depositary, upon payment of all sums due it and on the written request of the Company, shall, (i) execute
and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated
in Sections 5.8 and 5.9), (ii) duly assign, transfer and deliver all of the Depositary’s right, title and interest to
the Deposited Property to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and
such other information relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary
shall promptly provide notice of its appointment to such Holders.

 

Any entity into or with which the Depositary
may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further
act.

 

Section
5.5           The Custodian. The Depositary has initially
appointed Citibank, N.A. – Hong Kong as Custodian for the purpose of the Deposit Agreement. The Custodian or its
successors in acting hereunder shall be authorized to act as custodian in the Cayman Islands and
shall be subject at all times and in all respects to the direction of the Depositary for the Deposited Property for
which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from
its duties hereunder with respect to any Deposited Property and no other Custodian has previously been appointed hereunder,
the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or
discharged Custodian to Deliver, or cause the Delivery of, the Deposited Property held by it, together with all such records
maintained by it as Custodian with respect to such Deposited Property as the Depositary may request, to the Custodian
designated by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may
appoint an additional custodian with respect to any Deposited Property, or discharge the Custodian with respect to any
Deposited Property and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the
Deposited Property. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of
ADSs, each other Custodian and the Company.

 

    	 	35	 

     

    

 

Citibank, N.A. may at any time act as Custodian
of the Deposited Property pursuant to the Deposit Agreement, in which case any reference to Custodian shall mean Citibank, N.A.
solely in its capacity as Custodian pursuant to the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement
or any ADR, the Depositary shall not be obligated to give notice to the Company, any Holders of ADSs or any other Custodian of
its acting as Custodian pursuant to the Deposit Agreement.

 

Upon the appointment of any successor depositary,
any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited
Property without any further act or writing, and shall be subject to the direction of the successor depositary. The successor depositary
so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments
as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary.

 

Section
5.6           Notices and Reports. On or before the first
date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited
Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a
meeting, or of the taking of any action in respect of any cash or other distributions or the offering of any rights in
respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof
in the English language but otherwise in the form given or to be given to holders of Shares or other Deposited Securities.
The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or
proposed provisions of the Articles of Association of the Company that may be relevant or pertain to such notice of
meeting or be the subject of a vote thereat.

 

The Depositary shall arrange, at the request
of the Company and at the Company’s expense, to provide copies thereof to all Holders or make such notices, reports and other
communications available to all Holders on a basis similar to that for holders of Shares or other Deposited Securities or on such
other basis as the Company may advise the Depositary or as may be required by any applicable law, regulation or stock exchange
requirement. The Company has delivered to the Depositary and the Custodian a copy of the Company’s Articles of Association
along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company in connection with
such Shares, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian
a copy of such amendment thereto or change therein. The Depositary may rely upon such copy for all purposes of the Deposit Agreement.

 

The Depositary will, at the expense of the Company,
make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for
inspection by the Holders of the ADSs at the Depositary’s Principal Office, at the office of the Custodian and at any other
designated transfer office.

 

    	 	36	 

     

    

 

Section
5.7           Issuance of Additional Shares, ADSs etc. The
Company agrees that in the event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional
Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance or assumption of
securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible
into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii)
a meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of
securities, merger or consolidation or transfer of assets, (viii) any assumption, reclassification, recapitalization,
reorganization, merger, consolidation or sale of assets which affects the Deposited Securities, or (ix) a distribution of
securities other than Shares, it will obtain U.S. legal advice and take all steps necessary to ensure that the application of
the proposed transaction to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act,
or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act
and the securities laws of the states of the U.S.). In support of the foregoing, the Company will furnish to the Depositary
(a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary) stating whether such transaction
(1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration
requirements of the Securities Act and (b) an opinion of Cayman Islands counsel stating that (1) making the transaction
available to Holders and Beneficial Owners does not violate the laws or regulations of the Cayman Islands and (2) all
requisite regulatory consents and approvals have been obtained in the Cayman Islands. If the filing of a registration
statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have
received evidence reasonably satisfactory to it that such registration statement has been declared effective. If, being
advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the
Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid
the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as
contemplated in the Deposit Agreement, to prevent such transaction from violating the registration requirements of the
Securities Act. The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any
time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other
Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional
Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe
for such securities or distribute securities other than Shares, unless such transaction and the securities issuable in such
transaction do not violate the registration provisions of the Securities Act, or any other applicable laws (including,
without limitation, the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of
the U.S.).

 

Notwithstanding anything else contained in the
Deposit Agreement, nothing in the Deposit Agreement shall be deemed to obligate the Company to file any registration statement
in respect of any proposed transaction.

 

    	 	37	 

     

    

 

Section
5.8           Indemnification. The Depositary agrees to
indemnify the Company and its directors, officers, employees, agents and Affiliates against, and hold each of them harmless
from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the
reasonable fees and expenses of counsel) which may arise out of acts performed or omitted by the Depositary and the
Custodian (for so long as the Custodian is a branch of Citibank, N.A.) under the terms hereof due to the negligence or bad
faith of the Depositary or the Custodian, as applicable.

 

The Company agrees to indemnify the Depositary,
the Custodian and any of their respective directors, officers, employees, agents and Affiliates against, and hold each of them
harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the reasonable
fees and expenses of counsel) that may arise (a) out of, or in connection with, any offer, issuance, sale, resale, transfer, deposit
or withdrawal of ADRs, ADSs, the Shares, or other Deposited Securities, as the case may be, (b) out of, or as a result of, any
offering documents in respect thereof or (c) out of acts performed or omitted, including, but not limited to, any delivery by the
Depositary on behalf of the Company of information regarding the Company, in connection with the Deposit Agreement, any ancillary
or supplemental agreement entered into between the Company and the Depositary, the ADRs, the ADSs, the Shares, or any Deposited
Property, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents
and Affiliates, except to the extent such loss, liability, tax, charge or expense is due to the negligence or bad faith of any
of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates. The Company shall not indemnify
the Depositary or the Custodian against any liability or expense arising out of (1) a Pre-Release Transaction (except in the case
of a Pre-Release Transaction requested by or on behalf of the Company) or (2) information relating to the Depositary or any Custodian
(for as long as the Custodian is a branch of Citibank), as the case may be, furnished in writing by the Depositary to the Company
expressly for use in any registration statement, proxy statement, prospectus or preliminary prospectus or any other offering documents
relating to the ADRs, the ADSs or any Deposited Securities represented by the ADSs.

 

The obligations set forth in this Section shall
survive the termination of the Deposit Agreement and the succession or substitution of any party hereto.

 

Any person seeking indemnification hereunder
(an “indemnified person”) shall notify the person from whom it is seeking indemnification (the “indemnifying
person”) of the commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of
such commencement (provided that the failure to make such notification shall not affect such indemnified person’s rights
to seek indemnification except to the extent the indemnifying person is materially prejudiced by such failure) and shall consult
in good faith with the indemnifying person as to the conduct of the defense of such action or claim that may give rise to an indemnity
hereunder, which defense shall be reasonable in the circumstances. No indemnified person shall compromise or settle any action
or claim that may give rise to an indemnity hereunder without the consent of the indemnifying person, which consent shall not be
unreasonably withheld.

 

    	 	38	 

     

    

 

Section 5.9           ADS
Fees and Charges. The Company, the Holders, the Beneficial Owners, persons depositing Shares or withdrawing Deposited Securities
in connection with the issuance and cancellation of ADSs, and persons receiving ADSs upon issuance or whose ADSs are being cancelled
shall be required to pay the ADS fees and charges identified as payable by them respectively in the ADS fee schedule attached hereto
as Exhibit B. All ADS fees and charges so payable may be deducted from distributions or must be remitted to the Depositary,
or its designee, and may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but,
in the case of ADS fees and charges payable by Holders and Beneficial Owners only in the manner contemplated in Section 6.1. The
Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon request.

 

ADS fees and charges for (i) the issuance of
ADSs and (ii) the cancellation of ADSs will be payable by the person for whom the ADSs are so issued by the Depositary (in
the case of ADS issuances) and by the person for whom ADSs are being cancelled (in the case of ADS cancellations). In the case
of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges
will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being
cancelled, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s)
of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in effect at
the time. ADS fees and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable
ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and
charges is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service
fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of the ADS
fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees
and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC, and
may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and
the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs.

 

The Depositary may reimburse the Company for
certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company
and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary
for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such
fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once every three months.
The charges and expenses of the Custodian are for the sole account of the Depositary.

 

The obligations of Holders and Beneficial Owners
to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation
or removal of such Depositary as described in Section 5.4, the right to collect ADS fees and charges shall extend for those ADS
fees and charges incurred prior to the effectiveness of such resignation or removal.

 

    	 	39	 

     

    

 

Section 5.10         Pre-Release
Transactions. Subject to the further terms and provisions of this Section 5.10, the Depositary, its Affiliates and their
agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its
capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs
prior to the receipt of Shares pursuant to Section 2.3 and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited
Securities pursuant to Section 2.7, including ADSs which were issued under (i) above but for which Shares may not have been received
(each such transaction a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares under
(i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written
agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered (w) represents
that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered
by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such Shares or ADSs in its
records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or
the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs,
and (z) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized
with cash, U.S. government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary
on not more than five (5) business days’ notice and (d) subject to such further indemnities and credit regulations as the
Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions
at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided,
however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate.

 

The Depositary may also set limits with respect
to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case-by-case basis as it deems appropriate.
The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided
pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant).

 

Section 5.11         Restricted
Securities Owners. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the
Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder (except under the circumstances
contemplated in Section 2.14) and, to the extent practicable, shall require each of such persons to represent in writing that such
person will not deposit Restricted Securities hereunder (except under the circumstances contemplated in Section 2.14).

 

    	 	40	 

     

    

 

ARTICLE VI

 

AMENDMENT AND TERMINATION

 

Section 6.1           Amendment/Supplement.
Subject to the terms and conditions of this Section 6.1 and applicable law, the ADRs outstanding at any time, the provisions of
the Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof may at any time and from time
to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem
necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which
shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes
and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial
existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration
of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice
of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby,
and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however,
that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive
the text of such amendment (e.g., upon retrieval from the Commission’s, the Depositary’s or the Company’s
website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities
Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any
fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial
Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing
to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and the ADR, if
applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to
surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations
which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the
Depositary may amend or supplement the Deposit Agreement and any ADRs at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement and any ADRs in such circumstances may become effective before
a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with
such laws, rules or regulations.

 

Section 6.2           Termination.
The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by distributing notice
of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice
for such termination. If (i) ninety (90) days shall have expired after the Depositary shall have delivered to the Company a written
notice of its election to resign, or (ii) one hundred twenty (120) days shall have expired after the Company shall have delivered
to the Depositary a written notice of the removal of the Depositary, and, in either case, a successor depositary shall not have
been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may terminate the
Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days
prior to the date fixed in such notice for such termination. The date so fixed for termination of the Deposit Agreement in any
termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the “Termination Date”.
Until the Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the
Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement.

 

    	 	41	 

     

    

 

If any ADSs shall remain outstanding after the
Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any further
acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit
Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell Deposited Property
received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions
received with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange for ADSs surrendered
to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred
by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each
case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable
law in connection with its role as Depositary under the Deposit Agreement.

 

At any time after the Termination Date, the
Depositary may sell the Deposited Property then held under the Deposit Agreement and shall after such sale hold un-invested the
net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account
and without liability for interest, for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After
making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for
such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and
expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection
with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations
under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement.
The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination
Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to
the Depositary for cancellation under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement).

 

ARTICLE VII

MISCELLANEOUS

 

Section 7.1           Counterparts.
The Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such
counterparts together shall constitute one and the same agreement. Copies of the Deposit Agreement shall be maintained with the
Depositary and shall be open to inspection by any Holder during business hours.

 

    	 	42	 

     

    

 

Section 7.2           No
Third-Party Beneficiaries/Acknowledgments. The Deposit Agreement is for the exclusive benefit of the parties hereto (and
their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person,
except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be deemed to give
rise to a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among the parties. The
parties hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have multiple banking relationships with
the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (ii) Citibank and its Affiliates may be engaged
at any time in transactions in which parties adverse to the Company, the Holders, the Beneficial Owners or their respective Affiliates
may have interests, (iii) the Depositary and its Affiliates may from time to time have in their possession non-public information
about the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (iv) nothing contained in the Deposit
Agreement shall (a) preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining
such relationships, (b) obligate Citibank or any of its Affiliates to disclose such information, transactions or relationships,
or to account for any profit made or payment received in such transactions or relationships, (v) the Depositary shall not be deemed
to have knowledge of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders,
the Beneficial Owners, or any of their respective Affiliates, and (vi) the Company, the Depositary, the Custodian and their
respective agents and controlling persons may be subject to the laws and regulations of jurisdictions other than the U.S. and the
Cayman Islands, and the authority of courts and regulatory authorities of such other jurisdictions, and, consequently, the requirements
and the limitations of such other laws and regulations, and the decisions and orders of such other courts and regulatory authorities,
may affect the rights and obligations of the parties to the Deposit Agreement.

 

Section 7.3           Severability.
In case any one or more of the provisions contained in the Deposit Agreement or in the ADRs should be or become invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein
shall in no way be affected, prejudiced or disturbed thereby.

 

Section 7.4           Holders
and Beneficial Owners as Parties; Binding Effect. The Holders and Beneficial Owners from time to time of ADSs issued hereunder
shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any ADR evidencing
their ADSs by acceptance thereof or any beneficial interest therein.

 

Section 7.5           Notices.
Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail,
air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air courier,
addressed to YY Inc., Building B-1 North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou 511442,
People's Republic of China, Attention: Chief Financial Officer, or to any other address which the Company may specify in
writing to the Depositary.

 

    	 	43	 

     

    

 

Any and all notices to be given to the Depositary
shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex or facsimile transmission,
confirmed by letter personally delivered or sent by mail or air courier, addressed to Citibank, N.A., 388 Greenwich Street, New
York, New York 10013, U.S.A., Attention: Depositary Receipts Department, or to any other address which the Depositary may
specify in writing to the Company.

 

Any and all notices to be given to any Holder
shall be deemed to have been duly given (a) if personally delivered or sent by mail or cable, telex or facsimile transmission,
confirmed by letter, addressed to such Holder at the address of such Holder as it appears on the books of the Depositary or, if
such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed to some other address,
at the address specified in such request, or (b) if a Holder shall have designated such means of notification as an acceptable
means of notification under the terms of the Deposit Agreement, by means of electronic messaging addressed for delivery to the
e-mail address designated by the Holder for such purpose. Notice to Holders shall be deemed to be notice to Beneficial Owners for
all purposes of the Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect
the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs held by such other Holders. Any notices given
to DTC under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) constitute notice to the DTC
Participants who hold as the ADSs in their DTC accounts and to the Beneficial Owners of such ADSs.

 

Delivery of a notice sent by mail, air courier
or cable, telex or facsimile transmission shall be deemed to be effective at the time when a duly addressed letter containing the
same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office
letter box or delivered to an air courier service, without regard for the actual receipt or time of actual receipt thereof by a
Holder. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it from any
Holder, the Custodian, the Depositary, or the Company, notwithstanding that such cable, telex or facsimile transmission shall not
be subsequently confirmed by letter.

 

Delivery of a notice by means of electronic
messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender’s
records), notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or
fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate a substitute
e-mail address or for any other reason.

 

Section 7.6           Governing
Law and Jurisdiction. The Deposit Agreement and the ADRs shall be interpreted in accordance with, and all rights hereunder
and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the
principles of choice of law. Notwithstanding anything contained in the Deposit Agreement, any ADR or any present or future provisions
of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities and the obligations
and duties of the Company in respect of the holders of Shares and other Deposited Securities, as such, shall be governed by the
laws of the Cayman Islands (or, if applicable, such other laws as may govern the Deposited Securities).

 

    	 	44	 

     

    

 

Except as set forth in the following paragraph
of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have jurisdiction
to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection
with the Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The
Company hereby irrevocably designates, appoints and empowers Law Debenture Corporate Services Inc. (the “Agent”)
now at 801 2nd Avenue, Suite 403, New York, New York 10017 as its authorized agent to receive and accept for and on its behalf,
and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents
that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in
the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Agent shall cease to be available to
act as such, the Company agrees to designate a new agent in New York on the terms and for the purposes of this Section 7.6 reasonably
satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal
process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof
upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be ineffective or such Agent shall fail
to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid,
to its address provided in Section 7.5. The Company agrees that the failure of the Agent to give any notice of such service to
it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based
thereon.

 

Notwithstanding the foregoing, the Depositary
and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding against
(a) the Company, (b) the Depositary in its capacity as Depositary under the Deposit Agreement or (c) against both the Company and
the Depositary, in any such case, in any state or federal court of the United States, and the Depositary or the Company have any
claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding,
then the Company and the Depositary may pursue such claim against each other in the state or federal court in the United States
in which such suit, action, or proceeding is pending and, for such purposes, the Company and the Depositary irrevocably submit
to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Agent in the manner set forth
in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as described
in this paragraph.

 

The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions,
suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum.

 

    	 	45	 

     

    

 

The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of immunity from legal action, suit
or proceeding, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or
prior to judgment, from attachment in aid of execution or judgment, from execution of judgment, or from any other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, and consents to such relief and enforcement
against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection
with, the Deposit Agreement, any ADR or the Deposited Property.

 

EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT
(INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING
TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE).

 

No disclaimer of liability under the Securities
Act is intended by any provision of the Deposit Agreement. The provisions of this Section 7.6 shall survive any termination of
the Deposit Agreement, in whole or in part.

 

Section
7.7           Assignment. Subject to the provisions of
Section 5.4, the Deposit Agreement may not be assigned by either the Company or the Depositary.

 

Section
7.8           Compliance with U.S. Securities Laws. Notwithstanding
anything in the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended
by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6
Registration Statement, as amended from time to time, under the Securities Act.

 

Section
7.9           Cayman Islands Law References. Any summary of
Cayman Islands laws and regulations and of the terms of the Company’s Articles of Association set forth in the Deposit
Agreement have been provided by the Company solely for the convenience of Holders, Beneficial Owners and the Depositary.
While such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, (i) they are
summaries and as such may not include all aspects of the materials summarized applicable to a Holder or Beneficial Owner, and
(ii) these laws and regulations and the Company’s Articles of Association may change after the date of the
Deposit Agreement. Neither the Depositary nor the Company has any obligation under the terms of the Deposit Agreement to
update any such summaries.

 

    	 	46	 

     

    

 

Section 7.10         Titles
and References.

 

(a)          Deposit
Agreement. All references in the Deposit Agreement to exhibits, articles, sections, subsections, and other subdivisions
refer to the exhibits, articles, sections, subsections and other subdivisions of the Deposit Agreement unless expressly provided
otherwise. The words “the Deposit Agreement”, “herein”, “hereof”, “hereby”, “hereunder”,
and words of similar import refer to the Deposit Agreement as a whole as in effect at the relevant time between the Company, the
Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns
in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be
construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of the Deposit
Agreement are included for convenience only and shall be disregarded in construing the language contained in the Deposit Agreement.
References to “applicable laws and regulations” shall refer to laws and regulations applicable to ADRs, ADSs or Deposited
Property as in effect at the relevant time of determination, unless otherwise required by law or regulation.

 

(b)          ADRs.
All references in any ADR(s) to paragraphs, exhibits, articles, sections, subsections, and other subdivisions refer to the paragraphs,
exhibits, articles, sections, subsections and other subdivisions of the ADR(s) in question unless expressly provided otherwise.
The words “the Receipt”, “the ADR”, “herein”, “hereof”, “hereby”, “hereunder”,
and words of similar import used in any ADR refer to the ADR as a whole and as in effect at the relevant time, and not to any particular
subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender in any ADR shall be construed to include
any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context
otherwise requires. Titles to paragraphs of any ADR are included for convenience only and shall be disregarded in construing the
language contained in the ADR. References to “applicable laws and regulations” shall refer to laws and regulations
applicable to the Company, the Depositary, the Custodian, their agents and controlling persons, the ADRs, the ADSs and the Deposited
Property as in effect at the relevant time of determination, unless otherwise required by law or regulation.

 

Section
7.11         Amendment and Restatement. The Depositary shall arrange
to have new ADRs printed that reflect the form of ADR attached to the Deposit Agreement. All ADRs issued hereunder after the
date hereof, whether upon the deposit of Shares or other Deposited Securities or upon the transfer, combination or split-up
of existing ADRs, shall be substantially in the form of the specimen ADR attached as Exhibit A hereto. However,
American depositary receipts issued prior to the date hereof under the terms of the Original Deposit Agreement and
outstanding as of the date hereof, which do not reflect the form of ADR attached hereto as Exhibit A, do not need to
be called in for exchange and may remain outstanding until such time as the Holders thereof choose to surrender them for any
reason under the Deposit Agreement. The Depositary is authorized and directed to take any and all actions deemed necessary to
effect the foregoing.

 

The Company hereby instructs the Depositary
to (i) promptly send notice of the execution of the Deposit Agreement to all holders of American depositary shares outstanding
under the Original Deposit Agreement as of the date hereof and (ii) inform holders of American depositary shares issued as “certificated
American depositary shares” and outstanding under the Original Deposit Agreement as of the date hereof that they have the
opportunity, but are not required, to exchange their American depositary receipts for one or more ADR(s) issued pursuant to the
Deposit Agreement.

 

    	 	47	 

     

    

 

Holders and Beneficial Owners of American depositary
shares issued pursuant to the Original Deposit Agreement and outstanding as of the date hereof, shall, from and after the date
hereof, be deemed Holders and Beneficial Owners of ADSs issued pursuant and be subject to all of the terms and conditions of the
Deposit Agreement in all respects, provided, however, that any term of the Deposit Agreement that prejudices any substantial existing
right of holders or beneficial owners of American depositary shares issued under the Original Deposit Agreement shall not become
effective as to Holders and Beneficial Owners until thirty (30) days after notice of the amendments effectuated by the Deposit
Agreement shall have been given to holders of ADSs outstanding as of the date hereof.

 

IN WITNESS WHEREOF, YY INC. and CITIBANK, N.A.
have duly executed the Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall
become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of any beneficial
interest therein.

 

	 	YY INC.

 

	 	By:	/s/ David Xueling Li
	 	 	Name: David Xueling Li
	 	 	Title: Chairman and Acting Chief Executive  Officer

 

	 	CITIBANK, N.A.

 

	 	By:	 /s/ Keith [  ]
	 	 	Name: Keith [ ]
	 	 	Title: Vice President

 

    	 	48	 

     

    

 

EXHIBIT A

 

[FORM OF ADR]

 

	Number	CUSIP NUMBER:  98426T106
	______________	 

 

			American Depositary Shares (each 
 American Depositary Share 
 representing the right
                                                                                   to receive 
 twenty (20) fully paid Class A 
 common shares)

 

AMERICAN DEPOSITARY RECEIPT

 

for

 

AMERICAN DEPOSITARY SHARES

 

representing

 

DEPOSITED CLASS A COMMON SHARES

 

of

 

YY INC.

 

(Incorporated under the laws of the Cayman Islands)

 

CITIBANK, N.A., a national banking association
organized and existing under the laws of the United States of America, as depositary (the “Depositary”), hereby certifies
that _____________is the owner of ______________ American Depositary Shares (hereinafter “ADS”) representing deposited
Class A common shares, including evidence of rights to receive such Class A common shares (the “Shares”), of YY INC.,
an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Company”). As of
the date of issuance of this ADR, each ADS represents the right to receive twenty (20) Shares deposited under the Deposit Agreement
(as hereinafter defined) with the Custodian, which at the date of issuance of this ADR is Citibank, N.A. – Hong Kong (the
“Custodian”). The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit
Agreement. The Depositary’s Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A.

 

    	 	A-1	 

     

    

 

(1)         The
Deposit Agreement. This American Depositary Receipt is one of an issue of American Depositary Receipts (“ADRs”),
all issued and to be issued upon the terms and conditions set forth in the Amended and Restated Deposit Agreement, dated as of
May 21, 2018 (as amended and supplemented from time to time, the “Deposit Agreement”), by and among the Company, the
Depositary, and all Holders and Beneficial Owners of ADSs issued thereunder. The Deposit Agreement sets forth the rights and obligations
of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited thereunder
and any and all other Deposited Property (as defined in the Deposit Agreement) from time to time received and held on deposit in
respect of the ADSs. Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and with the Custodian.
Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms
and conditions of the Deposit Agreement, or by continuing to hold, from and after the date hereof any American depositary shares
issued and outstanding under the Original Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by
the terms of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power
to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s),
to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion
may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such
actions to be the conclusive determinant of the necessity and appropriateness thereof. The manner in which a Beneficial Owner holds
ADSs (e.g., in a brokerage account vs. as registered holder) may affect the rights and obligations of, the manner in which, and
the extent to which, services are made available to, Beneficial Owners pursuant to the terms of the Deposit Agreement.

 

The statements made on the face and reverse
of this ADR are summaries of certain provisions of the Deposit Agreement and the Articles of Association of the Company (as in
effect on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the
Deposit Agreement and the Articles of Association, to which reference is hereby made.

 

All capitalized terms not defined herein shall
have the meanings ascribed thereto in the Deposit Agreement.

 

The Depositary makes no representation or warranty
as to the validity or worth of the Deposited Property. The Depositary has made arrangements for the acceptance of the ADSs into
DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and
be entitled to any rights attributable to such ADSs. The Depositary may issue Uncertificated ADSs subject, however, to the terms
and conditions of Section 2.13 of the Deposit Agreement.

 

    	 	A-2	 

     

    

 

(2)         Surrender
of ADSs and Withdrawal of Deposited Securities. The Holder of this ADR (and of the ADSs evidenced hereby) shall be entitled
to Delivery (at the Custodian’s designated office) of the Deposited Securities at the time represented by the ADSs evidenced
hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly-authorized attorney of the Holder) has
duly Delivered ADSs to the Depositary at its Principal Office (and, if applicable, this ADR evidencing such ADSs) for the purpose
of withdrawal of the Deposited Securities represented hereby, (ii) if applicable and so required by the Depositary, this ADR Delivered
to the Depositary for such purpose has been properly endorsed in blank or is accompanied by proper instruments of transfer in blank
(including signature guarantees in accordance with standard securities industry practice), (iii) if so required by the Depositary,
the Holder of the ADSs has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited
Securities being withdrawn to be Delivered to or upon the written order of the person(s) designated in such order, and (iv) all
applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as
are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case,
to the terms and conditions of this ADR evidencing the surrendered ADSs, of the Deposit Agreement, of the Company’s Articles
of Association and of any applicable laws and the rules of the applicable book-entry settlement entity, and to any provisions of
or governing the Deposited Securities, in each case as in effect at the time thereof.

 

Upon satisfaction of each of the conditions
specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, this ADR(s) evidencing the ADSs
so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained
for such purpose, and (iii) shall direct the Custodian to Deliver, or cause the Delivery of, in each case, without unreasonable
delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for
the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written
order of the person(s) designated in the order delivered to the Depositary for such purpose, subject however, in each case,
to the terms and conditions of the Deposit Agreement, of this ADR evidencing the ADS so canceled, of the Articles of Association
of the Company, of any applicable laws and of the rules of the applicable book-entry settlement entity, and to the terms and conditions
of or governing the Deposited Securities, in each case as in effect at the time thereof.

 

The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number
of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs
so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes withheld) to the person surrendering the ADSs.

 

Notwithstanding anything else contained in this
ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of Deposited Property
consisting of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any non-cash distributions,
which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation
and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, and for the account
of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other
than Deposited Securities) held by the Custodian in respect of such ADSs to the Depositary for delivery at the Principal Office
of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex
or facsimile transmission.

 

    	 	A-3	 

     

    

 

(3)         Transfer,
Combination and Split-up of ADRs. The Registrar shall register the transfer of this ADR (and of the ADSs represented hereby)
on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs evidencing the
same aggregate number of ADSs as those evidenced by this ADR canceled by the Depositary, (y) cause the Registrar to countersign
such new ADRs and (z) Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following
conditions has been satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the
Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer hereof, (ii) this surrendered ADR
has been properly endorsed or is accompanied by proper instruments of transfer (including signature guarantees in accordance with
standard securities industry practice), (iii) this surrendered ADR has been duly stamped (if required by the laws of the State
of New York or of the United States), and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary
and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement)
have been paid, subject, however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of
applicable law, in each case as in effect at the time thereof.

 

The Registrar shall register the split-up or
combination of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall
(x) cancel this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of
ADSs evidenced by this ADR canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs, and (z) Deliver
such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i) this
ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office
for the purpose of effecting a split-up or combination hereof, and (ii) all applicable fees and charges of, and expenses incurred
by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B
to, the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR, of the
Deposit Agreement and of applicable law, in each case as in effect at the time thereof.

 

    	 	A-4	 

     

    

 

(4)         Pre-Conditions
to Registration, Transfer, Etc. As a condition precedent to the execution and Delivery, the registration of issuance, transfer,
split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Property,
the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of this ADR of a sum
sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees
and charges of the Depositary as provided in Section 5.9 and Exhibit B to the Deposit Agreement and in this ADR, (ii) the
production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by
Section 3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or governmental regulations relating to the execution
and Delivery of this ADR or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations as the Depositary
and the Company may establish consistent with the provisions of this ADR, if applicable, the Deposit Agreement and applicable law.

 

The issuance of ADSs against deposits of Shares
generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused, or the
registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally may
be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are
closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from
time to time because of any requirement of law or regulation, any government or governmental body or commission or any securities
exchange on which the ADSs or Shares are listed, or under any provision of the Deposit Agreement or this ADR, if applicable, or
under any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for any
other reason, subject, in all cases to Section 7.8 of the Deposit Agreement and paragraph (25) of this ADR. Notwithstanding any
provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw
the Deposited Securities associated therewith at any time subject only to (i) temporary delays caused by closing the transfer
books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the
payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental
regulations relating to the ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically
contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time
to time).

 

(5)         Compliance
With Information Requests. Notwithstanding any other provision of the Deposit Agreement or this ADR, each Holder and Beneficial
Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable law, the rules and
requirements of any stock exchange on which the Shares or ADSs are, or will be, registered, traded or listed, or the Articles of
Association of the Company, which are made to provide information, inter alia, as to the capacity in which such Holder or
Beneficial Owner owns ADSs (and the Shares represented by such ADSs, as the case may be) and regarding the identity of any other
person(s) interested in such ADSs (and the Shares represented by such ADSs, as the case may be) and the nature of such interest
and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of such request.

 

    	 	A-5	 

     

    

 

(6)         Ownership
Restrictions. Notwithstanding any other provision of this ADR or of the Deposit Agreement, the Company may restrict transfers
of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the Articles
of Association of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where
such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to
exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take
action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding
sentence, including but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting
rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held
by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable
law and the Articles of Association of the Company. Nothing herein or in the Deposit Agreement shall be interpreted as obligating
the Depositary or the Company to ensure compliance with the ownership restrictions described herein or in Section 3.5 of the Deposit
Agreement.

 

(7)         Reporting
Obligations and Regulatory Approvals. Applicable laws and regulations may require holders and beneficial owners of Shares,
including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory approvals in certain
circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying with such reporting requirements
and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such determination, file such reports,
and obtain such approvals to the extent and in the form required by applicable laws and regulations as in effect from time to time.
Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be required to take any
actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain such
regulatory approvals under applicable laws and regulations.

 

(8)         Liability
for Taxes and Other Charges. Any tax or other governmental charge payable by the Custodian or by the Depositary with respect
to any Deposited Property, ADSs or this ADR shall be payable by the Holders and Beneficial Owners to the Depositary. The Company,
the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Property, and may
sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Property and apply such distributions and
sale proceeds in payment of, any taxes (including applicable interest and penalties) or charges that are or may be payable by Holders
or Beneficial Owners in respect of the ADSs, Deposited Property and this ADR, the Holder and the Beneficial Owner hereof remaining
liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver
ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject to paragraph (25) of this ADR and
Section 7.8 of the Deposit Agreement) the withdrawal of Deposited Property until payment in full of such tax, charge, penalty or
interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any
of their agents, officers, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes
(including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner.
The obligations of Holders and Beneficial Owners under this paragraph (8) and Section 3.2 of the Deposit Agreement shall survive
any transfer of ADSs, any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement.

 

    	 	A-6	 

     

    

 

(9)         Representations
and Warranties on Deposit of Shares. Each person depositing Shares under the Deposit Agreement shall be deemed thereby
to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable
and legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been
validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for
deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares presented
for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in Section
2.14 of the Deposit Agreement), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements.
Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in
respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and
the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary
to correct the consequences thereof.

 

(10)        Proofs,
Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be
required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof
of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval,
legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws, the terms of the Deposit Agreement
or this ADR evidencing the ADSs and the provisions of, or governing, the Deposited Property, to execute such certifications and
to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares
in registered form presented for deposit, such information relating to the registration on the books of the Company or of the Share
Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written
request to the Depositary consistent with its obligations under the Deposit Agreement and this ADR. The Depositary and the Registrar,
as applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale
of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by paragraph (25) and Section
7.8 of the Deposit Agreement, the delivery of any Deposited Property until such proof or other information is filed or such certifications
are executed, or such representations and warranties are made, or such other documentation or information are provided, in each
case to the Depositary’s, the Registrar’s and the Company’s satisfaction.

 

(11)        ADS
Fees and Charges. The following ADS fees are payable under the terms of the Deposit Agreement:

 

(i)          ADS
Issuance Fee: by any person for whom ADSs are issued (e.g., an issuance upon a deposit of Shares, upon a change in the
ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (iv)
below, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) issued under the terms of the Deposit Agreement; 

 

    	 	A-7	 

     

    

 

(ii)         ADS
Cancellation Fee: by any person for whom ADSs are being cancelled (e.g., a cancellation of ADSs for Delivery of deposited
shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), a fee not in excess of U.S. $5.00 per 100 ADSs
(or fraction thereof) cancelled;

 

(iii)        Cash
Distribution Fee: by any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the
distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements);

 

(iv)        Stock
Distribution /Rights Exercise Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
held for the distribution of ADSs pursuant to (a) stock dividends or other free stock distributions, or (b) an exercise
of rights to purchase additional ADSs;

 

(v)         Other
Distribution Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the
distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares); and

 

(vi)        Depositary
Services Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable
record date(s) established by the Depositary.

 

The Company, Holders, Beneficial Owners, persons
depositing Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations, and persons for whom
ADSs are issued or cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement:

 

(a)          taxes
(including applicable interest and penalties) and other governmental charges;

 

(b)          such
registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on the share
register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary
or any nominees upon the making of deposits and withdrawals, respectively;

 

(c)          such
cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense
of the person depositing Shares or withdrawing Deposited Securities or of the Holders and Beneficial Owners of ADSs;

 

    	 	A-8	 

     

    

 

(d)          the
expenses and charges incurred by the Depositary in the conversion of foreign currency;

 

(e)          such
fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory
requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and

 

(f)          the
fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the delivery or servicing of Deposited
Property.

 

All ADS fees and charges may, at any time and
from time to time, be changed by agreement between the Depositary and Company but, in the case of ADS fees and charges payable
by Holders and Beneficial Owners, only in the manner contemplated by paragraph (23) of this ADR and as contemplated in Section
6.1 of the Deposit Agreement. The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon
request.

 

ADS fees and charges for (i) the issuance of
ADSs and (ii) the cancellation of ADSs will be payable by the person for whom the ADSs are so issued by the Depositary (in
the case of ADS issuances) and by the person for whom ADSs are being cancelled (in the case of ADS cancellations). In the case
of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges
will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being
cancelled, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s)
of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC Participant(s) as in effect at
the time. ADS fees and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable
ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and
charges is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service
fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of the ADS
fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees
and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC, and
may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and
the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs.

 

    	 	A-9	 

     

    

 

The Depositary may reimburse the Company for
certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company
and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary
for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such
fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once every three months.
The charges and expenses of the Custodian are for the sole account of the Depositary.

 

The obligations of Holders and Beneficial Owners
to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation
or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, the right to collect ADS fees and charges shall
extend for those ADS fees and charges incurred prior to the effectiveness of such resignation or removal.

 

(12)        Title
to ADRs. Subject to the limitations contained in the Deposit Agreement and in this ADR, it is a condition of this ADR,
and every successive Holder of this ADR by accepting or holding the same consents and agrees, that title to this ADR (and to each
Certificated ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under the laws of the State
of New York, provided that, in the case of Certificated ADSs, this ADR has been properly endorsed or is accompanied by proper instruments
of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of this ADR
(that is, the person in whose name this ADR is registered on the books of the Depositary) as the absolute owner thereof for all
purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement
or this ADR to any holder of this ADR or any Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder
of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial
Owner’s representative, is the Holder registered on the books of the Depositary.

 

(13)        Validity
of ADR. The Holder(s) of this ADR (and the ADSs represented hereby) shall not be entitled to any benefits under the Deposit
Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless this ADR has been (i) dated,
(ii) signed by the manual or facsimile signature of a duly-authorized signatory of the Depositary, (iii) countersigned by the manual
or facsimile signature of a duly-authorized signatory of the Registrar, and (iv) registered in the books maintained by the Registrar
for the registration of issuances and transfers of ADRs. An ADR bearing the facsimile signature of a duly-authorized signatory
of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or the Registrar,
as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior
to the delivery of such ADR by the Depositary.

 

(14)        Available
Information; Reports; Inspection of Transfer Books.  The Company is subject to the periodic reporting requirements of the
Exchange Act and, accordingly, is required to file or furnish certain reports with the Commission. These reports can be retrieved
from the Commission's website (www.sec.gov) and can be inspected and copied at the public
reference facilities maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington
D.C. 20549. The Depositary shall make available for inspection by Holders at its Principal Office any reports and communications,
including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian,
or the nominee of either of them as the holder of the Deposited Property and (b) made generally available to the holders of such
Deposited Property by the Company.

 

    	 	A-10	 

     

    

 

The Registrar shall keep books for the registration
of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that
such inspection shall not be, to the Registrar’s knowledge, for the purpose of communicating with Holders of such ADSs in
the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement
or the ADSs.

 

The Registrar may close the transfer books with
respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with
the performance of its duties hereunder or under the Deposit Agreement, or at the reasonable written request of the Company subject,
in all cases, to paragraph (25) and Section 7.8 of the Deposit Agreement.

 

Dated:

 

	CITIBANK, N.A.	CITIBANK, N.A.
	Transfer Agent and Registrar	as Depositary

 

	By:	 	 	By:	 
	 	Authorized Signatory	 	 	Authorized Signatory

 

The address of the Principal
Office of the Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.

 

    	 	A-11	 

     

    

 

[FORM OF REVERSE OF ADR]

 

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

 

OF THE DEPOSIT AGREEMENT

 

(15)        Dividends
and Distributions in Cash, Shares, etc. (a) Cash Distributions: Whenever the Company intends to make a distribution
of a cash dividend or other cash distribution in respect of any Deposited Securities, the Company shall give notice thereof to
the Depositary at least twenty (20) days prior to the proposed distribution specifying, inter alia, the record date applicable
for determining the holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such notice,
the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt
of confirmation of the receipt of (x) any cash dividend or other cash distribution on any Deposited Securities, or (y) proceeds
from the sale of any Deposited Property held in respect of the ADSs under the terms of the Deposit Agreement, the Depositary will
(i) if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (pursuant
to Section 4.8 of the Deposit Agreement), be converted on a practicable basis into Dollars transferable to the United States, promptly
convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.8
of the Deposit Agreement), (ii) if applicable and unless previously established, establish the ADS Record Date upon the terms
described in Section 4.9 of the Deposit Agreement, and (iii) distribute promptly the amount thus received (net of (a) the
applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto
as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only
such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed
shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum
received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company,
the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in
respect of any Deposited Securities, or from any cash proceeds from the sales of Deposited Property, an amount on account of taxes,
duties or other governmental charges, the amount distributed to Holders on the ADSs shall be reduced accordingly. Such withheld
amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of
payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary will hold any cash
amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable Holders and Beneficial Owners
of ADSs until the distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed property in
accordance with the laws of the relevant states of the United States. Notwithstanding anything contained in the Deposit Agreement
to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for
above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.1 of the Deposit
Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the
Depositary’s failure to perform the actions contemplated in Section 4.1 of the Deposit Agreement where such notice has not
been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

 

    	 	A-12	 

     

    

 

(b) Share Distributions: Whenever
the Company intends to make a distribution that consists of a dividend in, or free distribution of, Shares, the Company shall give
notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution, specifying, inter alia, the
record date applicable to holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such
notice from the Company, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit
Agreement. Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the Depositary
shall either (i) subject to Section 5.9 of the Deposit Agreement, distribute to the Holders as of the ADS Record Date in proportion
to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received
as such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including, without limitation, (a)
the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not
so distributed, take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall, to the extent
permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares distributed upon
the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary,
and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may
be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms described in Section 4.1 of the
Deposit Agreement.

 

In the event that the Depositary determines
that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is
obligated to withhold, or, if the Company in the fulfillment of its obligations under Section 5.7 of the Deposit Agreement, has
furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order
to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all
or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including
by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds
of any such sale (after deduction of (a) taxes and (b) fees and charges of, and the expenses incurred by, the Depositary)
to Holders entitled thereto upon the terms of Section 4.1 of the Deposit Agreement. The Depositary shall hold and/or distribute
any unsold balance of such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained
in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution
provided for above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section
4.2 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have
no liability for the Depositary’s failure to perform the actions contemplated in Section 4.2 of the Deposit Agreement where
such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

 

    	 	A-13	 

     

    

 

(c) Elective Distributions in Cash or
Shares: Whenever the Company intends to make a distribution payable at the election of the holders of Deposited Securities
in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least forty-five (45) days prior to
the proposed distribution specifying, inter alia, the record date applicable to holders of Deposited Securities entitled
to receive such elective distribution and whether or not it wishes such elective distribution to be made available to Holders of
ADSs. Upon the timely receipt of a notice indicating that the Company wishes such elective distribution to be made available to
Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its
determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs.
The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that
the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is
reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7
of the Deposit Agreement. If the above conditions are satisfied, the Depositary shall, subject to the terms and conditions of the
Deposit Agreement, establish the ADS Record Date according to paragraph (16) and Section 4.9 of the Deposit Agreement and establish
procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder
elects to receive the distribution in cash, the distribution shall be made as in the case of a distribution in cash. If the Holder
hereof elects to receive the distribution in additional ADSs, the distribution shall be made as in the case of a distribution in
Shares upon the terms described in the Deposit Agreement. If such elective distribution is not reasonably practicable or if the
Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall establish an ADS
Record Date upon the terms of Section 4.9 of the Deposit Agreement and, to the extent permitted by law, distribute to Holders,
on the basis of the same determination as is made in the Cayman Islands in respect of the Shares for which no election is made,
either (x) cash upon the terms described in Section 4.1 of the Deposit Agreement or (y) additional ADSs representing
such additional Shares, in each case, upon the terms described in Section 4.2 of the Deposit Agreement. Nothing herein or in the
Deposit Agreement shall obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution
in Shares (rather than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive elective
distributions on the same terms and conditions as the holders of Shares. Notwithstanding anything contained in the Deposit Agreement
to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for
above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.3 of the Deposit
Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the
Depositary’s failure to perform the actions contemplated in Section 4.3 of the Deposit Agreement where such notice has not
been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

 

    	 	A-14	 

     

    

 

(d) Distribution of Rights to Purchase
Additional ADSs: Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe
for additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days prior to the proposed distribution
specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such distribution
and whether or not it wishes such rights to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating
that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine,
and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such
rights available to the Holders. The Depositary shall make such rights available to any Holders only if (i) the Company shall have
timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation
within the terms of Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution
of rights is reasonably practicable. If such conditions are not satisfied or if the Company requests that the rights not be made
available to Holders of ADSs, the Depositary shall sell the rights as described below. In the event all conditions set forth above
are satisfied, the Depositary shall establish the ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement)
and establish procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y) enable
the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and
expenses incurred by, the Depositary and (b) taxes), and (z) deliver ADSs upon the valid exercise of such rights. Nothing
herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise rights to
subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary to make the rights available
to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory
documentation within the terms of Section 5,7 of the Deposit Agreement or determines it is not reasonably practicable to make the
rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary
shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity, at such
place and upon such terms (including public and private sale) as it may deem practicable. The Depositary shall, upon such sale,
convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary
and (b) taxes) upon the terms hereof and of Section 4.1 of the Deposit Agreement. If the Depositary is unable to make any
rights available to Holders upon the terms described in Section 4.4(a) of the Deposit Agreement or to arrange for the sale of the
rights upon the terms described in Section 4.4(b) of the Deposit Agreement, the Depositary shall allow such rights to lapse. The
Depositary shall not be liable for (i) any failure to accurately determine whether it may be lawful or practicable to make such
rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection
with such sale or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection
with the rights distribution.

 

    	 	A-15	 

     

    

 

Notwithstanding anything herein or in Section
4.4 of the Deposit Agreement to the contrary, if registration (under the Securities Act or any other applicable law) of the rights
or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to
Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless
and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless
the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any
other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that
the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under,
the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian
shall be required to withhold and does withhold from any distribution of Deposited Property (including rights) an amount on account
of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly. In the event
that the Depositary determines that any distribution of Deposited Property (including Shares and rights to subscribe therefor)
is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of
all or a portion of such Deposited Property (including Shares and rights to subscribe therefor) in such amounts and in such manner,
including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges.

 

There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the
holders of Shares or be able to exercise such rights. Nothing herein or in the Deposit Agreement shall obligate the Company to
file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such
rights.

 

(e) Distributions other than Cash, Shares
or Rights to Purchase Shares: Whenever the Company intends to distribute to the holders of Deposited Securities property
other than cash, Shares or rights to purchase additional Shares, the Company shall give timely notice thereof to the Depositary
and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating
that the Company wishes such distribution to be made to Holders of ADSs, the Depositary shall consult with the Company, and the
Company shall assist the Depositary, to determine whether such distribution to Holders is lawful and reasonably practicable. The
Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution
to Holders, (ii) the Depositary shall have received the documentation contemplated in the Deposit Agreement, and (iii) the Depositary
shall have determined that such distribution is reasonably practicable. Upon satisfaction of such conditions, the Depositary shall
distribute the property so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held
by them respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt
of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld.
The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner
(including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable
interest and penalties) or other governmental charges applicable to the distribution.

 

    	 	A-16	 

     

    

 

If the conditions above are not satisfied, the
Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms
as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute
the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by,
the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of Section 4.1 of the Deposit
Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the
Holders in any way it deems reasonably practicable under the circumstances.

 

Neither the Depositary nor the Company shall
be liable for (i) any failure to accurately determine whether it is lawful or practicable to make the property described in Section
4.5 of the Deposit Agreement available to Holders in general or any Holders in particular, nor (ii) any loss incurred in connection
with the sale or disposal of such property.

 

(f) Distributions with Respect to Deposited
Securities in Bearer Form: Subject to the terms of this paragraph (15) and Article IV of the Deposit Agreement, distributions
in respect of Deposited Securities that are held by the Depositary or the Custodian in bearer form shall be made to the Depositary
for the account of the respective Holders of ADS(s) with respect to which any such distribution is made upon due presentation by
the Depositary or the Custodian to the Company of any relevant coupons, talons, or certificates. The Company shall promptly notify
the Depositary of such distributions. The Depositary or the Custodian shall promptly present such coupons, talons or certificates,
as the case may be, in connection with any such distribution.

 

(16)        Redemption.
If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give
notice thereof to the Depositary at least forty-five (45) days prior to the intended date of redemption which notice shall set
forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii) satisfactory documentation
given by the Company to the Depositary within the terms of Section 5.7 of the Deposit Agreement, and only if the Depositary shall
have determined that such proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting forth
the intended exercise by the Company of the redemption rights and any other particulars set forth in the Company’s notice
to the Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited Securities in respect of
which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from
the Custodian that the redemption has taken place and that funds representing the redemption price have been received, the Depositary
shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by,
the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof and the
terms set forth in Sections 4.1 and 6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed,
the ADSs to be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary. The redemption price
per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s)
ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit
Agreement and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number
of Deposited Securities represented by each ADS redeemed. Notwithstanding anything contained in the Deposit Agreement to the contrary,
in the event the Company fails to give the Depositary timely notice of the proposed redemption provided for above, the Depositary
agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.7 of the Deposit Agreement, and
the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s
failure to perform the actions contemplated in Section 4.7 of the Deposit Agreement where such notice has not been so timely given,
other than its failure to use commercially reasonable efforts, as provided herein.

 

    	 	A-17	 

     

    

 

(17)        Fixing
of ADS Record Date. Whenever (a) the Depositary shall receive notice of the fixing of a record date by the Company for
the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights or other
distribution), (b) for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, (c)
the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited
Securities, or (d) the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation
of any consent or any other matter, the Depositary shall fix the record date (the “ADS Record Date”) for the
determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give instructions for the exercise
of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise
take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. The Depositary
shall make reasonable efforts to establish the ADS Record Date as closely as practicable to the applicable record date for the
Deposited Securities (if any) set by the Company in the Cayman Islands and shall not announce the establishment of any ADS Record
Date prior to the relevant corporate action having been made public by the Company (if such corporate action affects the Deposited
Securities). Subject to applicable law, the terms and conditions of this ADR, Sections 4.1 through 4.8 of the Deposit Agreement,
and the other terms and conditions of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such
ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation,
or otherwise take action.

 

(18)        Voting
of Deposited Securities. As soon as practicable after receipt of notice of any meeting at which the holders of Deposited
Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary
shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9 of
the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no
obligation to take any further action if the request shall not have been received by the Depositary at least thirty (30) business
days prior to the date of such vote or meeting), at the Company’s expense and provided no U.S. legal prohibitions exist,
distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation
of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject
to any applicable law, the provisions of the Deposit Agreement, the Articles of Association of the Company and the provisions of
or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct
the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s
ADSs, and (c) a brief statement as to the manner and timing in which such voting instructions may be given to the Depositary or
in which voting instructions may be deemed to have been given in accordance with Section 4.10 of the Deposit Agreement if no instructions
are received prior to the deadline set for such purposes by the Depositary to give a discretionary proxy to a person designated
by the Company. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to
timely request that the Depositary distribute the information as provided for in Section 4.10 of the Deposit Agreement, the Depositary
agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.10 of the Deposit Agreement, and
the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s
failure to perform the actions contemplated in Section 4.10 of the Deposit Agreement where such notice has not been so timely given,
other than its failure to use commercially reasonable efforts, as provided herein.

 

    	 	A-18	 

     

    

 

Notwithstanding anything contained in the Deposit
Agreement or this ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock
exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any
meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that
provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials
upon request (e.g., by reference to a website containing the materials for retrieval or a contact for requesting copies of the
materials).

 

The Depositary has been advised by the Company
that under the Articles of Association of the Company (as in effect on the date of the Deposit Agreement), voting at any meeting
of shareholders is by show of hands unless a poll is demanded. The Depositary will not join in demanding a poll, whether or not
requested to do so by Holders of ADSs. The Company has informed the Depositary that, under the Articles of Association of the Company
(as in effect on the date of the Deposit Agreement), a poll may be demanded by the chairman of the meeting or by any shareholder
present in person or by proxy in the meeting.

 

Voting instructions may be given only in respect
of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of
the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as
practicable and permitted under applicable law, the provisions of the Deposit Agreement, Articles of Association of the Company
and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or
by proxy) represented by such Holder’s ADSs as follows: (i) in the event voting takes place at a shareholders’ meeting
by show of hands, the Depositary will instruct the Custodian to vote all Deposited Securities in accordance with the voting instructions
received from a majority of Holders of ADSs who provided voting instructions, and (ii) in the event voting takes place at a shareholders’
meeting by poll, the Depositary will instruct the Custodian to vote the Deposited Securities in accordance with the voting instructions
received from the Holders of ADSs. If the Depositary does not receive instructions from a Holder as of the ADS Record Date on or
before the date established by the Depositary for such purpose and voting is by poll, such Holder shall be deemed, and the Depositary
shall (unless otherwise specified in the notice distributed to Holders) deem such Holder, to have instructed the Depositary to
give a discretionary proxy to a person designated by the Company to vote the Deposited Securities; provided, however, that no such
discretionary proxy shall be given by the Depositary with respect to any matter to be voted upon as to which the Company informs
the Depositary that (A) the Company does not wish such proxy to be given, (B) substantial opposition exists, or (C) the rights
of holders of Deposited Securities may be materially adversely affected.

 

    	 	A-19	 

     

    

 

Neither the Depositary nor the Custodian shall
under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to
exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities
represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise
contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which
the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary will deem such Holder
(unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items
set forth in such voting instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received
by the Depositary from the Holder shall not be voted (except (i) in the case voting is by show of hands, in which case the Depositary
will instruct the Custodian to vote all Deposited Securities in accordance with the voting instructions received from a majority
of Holders of ADSs who provided voting instructions and (ii) as otherwise contemplated herein or in the Deposit Agreement). Notwithstanding
anything else contained herein or in the Deposit Agreement, the Depositary shall, if so requested in writing by the Company, represent
all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders
as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders.

 

Notwithstanding anything else contained in the
Deposit Agreement or this ADR, the Depositary shall not have any obligation to take any action with respect to any meeting, or
solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws. The
Company agrees to take any and all actions reasonably necessary and as permitted by Cayman Islands law to enable Holders and Beneficial
Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel
addressing any actions requested to be taken if so requested by the Depositary.

 

There can be no assurance that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting
instructions to the Depositary, or otherwise take action, in a timely manner.

 

    	 	A-20	 

     

    

 

(19)        Changes
Affecting Deposited Securities. Upon any change in nominal or par value, split-up, cancellation, consolidation or any other
reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of assets
affecting the Company or to which it is a party, any property which shall be received by the Depositary or the Custodian in exchange
for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent permitted
by law, be treated as new Deposited Property under the Deposit Agreement, and this ADR shall, subject to the provisions of the
Deposit Agreement, this ADR evidencing such ADSs and applicable law, represent the right to receive such additional or replacement
Deposited Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited
Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the Company’s
approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including, without limitation,
(a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b) taxes) and receipt of an opinion of counsel
to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue
and deliver additional ADSs as in the case of a stock dividend on the Shares, (ii) amend the Deposit Agreement and the applicable
ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv) call
for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect
the transaction with respect to the ADSs. Notwithstanding the foregoing, in the event that any Deposited Property so received may
not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company
requests, subject to receipt of an opinion of Company’s counsel satisfactory to the Depositary that such action is not in
violation of any applicable laws or regulations, sell such Deposited Property at public or private sale, at such place or places
and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and
expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such Deposited Property
upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds
so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 of the Deposit
Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make
such Deposited Property available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss
incurred in connection with such sale, or (iii) any liability to the purchaser of such Deposited Property.

 

    	 	A-21	 

     

    

 

(20)        Exoneration.
Notwithstanding anything contained in the Deposit Agreement or any ADR, neither the Depositary nor the Company shall be obligated
to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any liability (i) if the
Depositary, the Custodian, the Company or their respective agents shall be prevented or forbidden from, or delayed in, doing or
performing any act or thing required or contemplated by the terms of the Deposit Agreement and this ADR, by reason of any provision
of any present or future law or regulation of the United States, the Cayman Islands or any other country, or of any other governmental
authority or regulatory authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or by
reason of any provision, present or future, of the Articles of Association of the Company or any provision of or governing any
Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation,
nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions,
explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the
Deposit Agreement or in the Articles of Association of the Company or provisions of or governing Deposited Securities, (iii) for
any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares
for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good
faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from
any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under
the terms of the Deposit Agreement, made available to Holders of ADSs, (v) for any action or inaction of any clearing or settlement
system (any any participant thereof) for the Deposited Property or the ADSs, or (vi) for any consequential or punitive damages
(including lost profits) for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons, its agents,
any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written
notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.
No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement or this ADR.

 

(21)        Standard
of Care. The Company and the Depositary assume no obligation and shall not be subject to any liability under the Deposit
Agreement or this ADR to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree to perform their
respective obligations specifically set forth in the Deposit Agreement or this ADR without negligence or bad faith. Without limitation
of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, or agents, shall be
under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Property
or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against
all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian
shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to
the Depositary).

 

The Depositary and its agents shall not be liable
for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast
or the effect of any vote, provided that any such action or omission is in good faith and without negligence and in accordance
with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to accurately determine that
any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company
for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring
an interest in the Deposited Property, for the validity or worth of the Deposited Property or for any tax consequences that may
result from the ownership of ADSs, Shares or other Deposited Property, for the credit-worthiness of any third party, for allowing
any rights to lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for
any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant.

 

    	 	A-22	 

     

    

 

The Depositary shall not be liable for any acts
or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection
with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out
of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted
as Depositary.

 

The Depositary shall not be liable for any acts
or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.

 

(22)        Resignation
and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary
under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the
earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions
contemplated in Section 6.2 of the Deposit Agreement), or (ii) the appointment by the Company of a successor depositary and
its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company
by written notice of such removal, which removal shall be effective on the later of (i) the 120th day after delivery thereof
to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement),
or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as provided in the
Deposit Agreement. In case at any time the Depositary acting hereunder or under the Deposit Agreement shall resign or be removed,
the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office
in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver
to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor
depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the rights,
powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement).
The predecessor depositary, upon payment of all sums due it and on the written request of the Company, shall (i) execute and
deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated
in Sections 5.8 and 5.9 of the Deposit Agreement), (ii) duly assign, transfer and deliver all of the Depositary’s right,
title and interest to the Deposited Property to such successor, and (iii) deliver to such successor a list of the Holders of all
outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may reasonably request. Any such
successor depositary shall promptly provide notice of its appointment to such Holders. Any entity into or with which the Depositary
may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further
act.

 

    	 	A-23	 

     

    

 

(23)        Amendment/Supplement.
Subject to the terms and conditions of this paragraph (23), Section 6.1 of the Deposit Agreement and applicable law, this ADR and
any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between
the Company and the Depositary in any respect which they may deem necessary or desirable without the prior written consent of the
Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges
in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses),
or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however,
become effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall
have been given to the Holders of outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need
to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such
notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the
Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (e.g., upon
retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary).
The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the
Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely
in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders,
shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial
Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADSs, to consent
and agree to such amendment or supplement and to be bound by the Deposit Agreement and this ADR, if applicable, as amended or supplemented
thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS and receive therefor
the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding
the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment of, or supplement
to, the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement
and this ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit
Agreement and this ADR in such circumstances may become effective before a notice of such amendment or supplement is given to Holders
or within any other period of time as required for compliance with such laws, rules or regulations.

 

    	 	A-24	 

     

    

 

(24)        Termination.
The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by distributing notice
of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice
for such termination. If (i) ninety (90) days shall have expired after the Depositary shall have delivered to the Company a written
notice of its election to resign, or (ii) one hundred twenty (120) days shall have expired after the Company shall have delivered
to the Depositary a written notice of the removal of the Depositary, and, in either case, a successor depositary shall not have
been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may terminate the
Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days
prior to the date fixed in such notice for such termination. The date so fixed for termination of the Deposit Agreement in any
termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the “Termination Date”.
Until the Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the
Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. If any ADSs shall remain outstanding
after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform
any further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions
of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell
Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends
or other distributions received with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange
for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of,
and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required
under applicable law in connection with its role as Depositary under the Deposit Agreement. At any time after the Termination Date,
the Depositary may sell the Deposited Property then held under the Deposit Agreement and shall after such sale hold un-invested
the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account
and without liability for interest, for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After
making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for
such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and
expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection
with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations
under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement.
The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination
Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to
the Depositary for cancellation under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement).

 

(25)        Compliance
with U.S. Securities Laws. Notwithstanding any provisions in this ADR or the Deposit Agreement to the contrary, the withdrawal
or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction
I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

 

    	 	A-25	 

     

    

 

(26)        Certain
Rights of the Depositary; Limitations. Subject to the further terms and provisions of this paragraph (26) and Sections
2.3 and 5.10 of the Deposit Agreement, the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in
any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary shall not
lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs prior to the receipt of Shares pursuant
to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited Securities
pursuant to Section 2.7 of the Deposit Agreement, including ADSs which were issued under (i) above but for which Shares may not
have been received (each such transaction a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu
of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject
to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered
(w) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to
be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such Shares
or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the
Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such
Shares or ADSs and (z) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all
times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate,
(c) terminable by the Depositary on not more than five (5) business days’ notice and (d) subject to such further indemnities
and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved
in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs
outstanding under (i) above), provided, however, that the Depositary reserves the right to change or disregard such
limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares
involved in Pre-Release Transactions with any one person on a case-by-case basis as it deems appropriate. The Depositary may retain
for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above,
but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). In addition, the Depositary
may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar,
transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence
of rights shall consist of written blanket or specific guarantees of ownership of Shares furnished by the Company or any such custodian,
registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares.

 

(27)        Governing
Law / Waiver of Jury Trial. The Deposit Agreement and the ADRs shall be interpreted in accordance with, and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference
to the principles of choice of law thereof. Notwithstanding anything contained in the Deposit Agreement, any ADR or any present
or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities
and the obligations and duties of the Company in respect of the holders of Shares and other Deposited Securities, as such, shall
be governed by the laws of the Cayman Islands (or, if applicable, such other laws as may govern the Deposited Securities).

 

EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT
(INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING
TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE).

 

    	 	A-26	 

     

    

 

(ASSIGNMENT AND TRANSFER SIGNATURE LINES)

 

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s)
and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address
including postal zip code is ________________, the within ADR and all rights thereunder, hereby irrevocably constituting and appointing
________________________ attorney-in-fact to transfer said ADR on the books of the Depositary with full power of substitution in
the premises.

 

	Dated:    	 	Name:	 
	 	 	 	By:
	 	 	 	Title:

 

	 	 	NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.
	 	 	 
	 	 	If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR.
	 	 	 
	SIGNATURE GUARANTEED	 	 
	 	 	All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc.

 

Legends

[The ADRs issued in respect of Partial Entitlement
American Depositary Shares shall bear the following legend on the face of the ADR: “This ADR evidences ADSs representing
'partial entitlement' Shares of YY Inc. and as such do not entitle the holders thereof to the same per-share entitlement as other
Shares (which are 'full entitlement' Shares) issued and outstanding at such time. The ADSs represented by this ADR shall entitle
holders to distributions and entitlements identical to other ADSs when the Shares represented by such ADSs become 'full entitlement'
Shares.”]

 

    	 	A-27	 

     

    

 

EXHIBIT B

 

FEE SCHEDULE

 

ADS FEES AND RELATED CHARGES

 

All capitalized terms used but not otherwise defined herein shall
have the meaning given to such terms in the Deposit Agreement.

 

		I.	ADS Fees

 

The following ADS fees are payable under the terms of the Deposit
Agreement:

 

	Service	 	Rate	 	By Whom Paid
	 	 	 	 	 
	(1) Issuance of ADSs (e.g., an issuance upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (4) below.	 	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.	 	Person for whom ADSs are issued.
	 	 	 	 	 
	(2) Cancellation of ADSs  (e.g.,  a cancellation of ADSs for Delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason).	 	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) cancelled.	 	Person for whom ADSs are being cancelled.
	 	 	 	 	 
	(3) Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements).	 	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	 	Person to whom the distribution is made.
	 	 	 	 	 
	(4) Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) an exercise of rights to purchase additional ADSs.	 	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	 	Person to whom the distribution is made.
	 	 	 	 	 
	(5) Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares).	 	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	 	Person to whom the distribution is made.
	 	 	 	 	 
	6) ADS Services.	 	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.	 	Person holding ADSs on the applicable record date(s) established by the Depositary.

 

    	 	B-1	 

     

    

 

		II.	Charges

 

The Company, Holders, Beneficial Owners, persons depositing Shares
or withdrawing Deposited Securities in connection with ADS issuances and cancellations, and persons for whom ADSs are issued or
cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement:

 

		(i)	taxes (including applicable interest and penalties) and
other governmental charges;

 

		(ii)	such registration fees as may from time to time be in effect
for the registration of Shares or other Deposited Securities on the share register and applicable to transfers of Shares or other
Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals,
respectively;

 

		(iii)	such cable, telex and facsimile transmission and delivery
expenses as are expressly provided in the Deposit Agreement to be at the expense of the person depositing Shares or withdrawing
Deposited Securities or of the Holders and Beneficial Owners of ADSs;

 

		(iv)	the expenses and charges incurred by the Depositary in
the conversion of foreign currency;

 

		(v)	such fees and expenses as are incurred by the Depositary
in connection with compliance with exchange control regulations and other regulatory requirements applicable to Shares, Deposited
Securities, ADSs and ADRs; and

 

		(vi)	the fees and expenses incurred by the Depositary, the Custodian,
or any nominee in connection with the servicing or delivery of Deposited Property.

 

    	 	B-2EX-10.1

 Exhibit 10.1 
  

 
 CONFIDENTIAL 
 VIA
EMAIL 
 December 31, 2018 

Mr. Nicholas J. Virca 
 c/o HedgePath Pharmaceuticals,
Inc. 
 324 S. Hyde Park Avenue, Suite 350 
 Tampa, Florida
33606 
  

	 	Re:	 Terms of Employment  

Dear Nick: 
 HedgePath Pharmaceuticals, Inc.
(the “Company”) hereby extends to you an offer to continue your employment with the Company under the revised employment terms as set forth below. This letter is referred to herein as the “Letter Agreement.” This Letter
Agreement replaces your employment agreement with the Company, dated June 24, 2014, as amended (the “Previous Agreement”), which agreement as you know shall expire on December 31, 2018. 

1.    Responsibilities. Your title will continue to be President and Chief Executive Officer. You will report to
the Company’s Board of Directors (the “Board”), understanding that you will consult with the Joint Development Committee as contemplated by that certain Third Amended and Restated Supply and License Agreement, dated December 17,
2018, as may be subsequently amended and/or restated (the “SLA”), by and between the Company and Mayne Pharma Ventures Pty Ltd (“Mayne Pharma”) with respect to all clinical and product development activities relating specifically
to any product which is the subject of the SLA. Within the limitations established by the Company’s certificate of incorporation or bylaws, each as may be amended from time to time, and Delaware General Corporation Law, you shall have each and
all of the duties and responsibilities customarily associated with the position of President and Chief Executive Officer and such other or different duties on behalf of the Company as may be assigned from time to time by the Board. 

2.    Effective Date. The Effective Date of this Letter Agreement (the “Effective Date”) will be on or
about January 1, 2019. 
 3.    At-Will Employment. This offer is
not a contract of employment for any specific period of time and, subject to the notice provisions herein, your employment is “at will” and may be terminated by you or by the Company at any time for any reason or no reason whatsoever,
subject to the notice provision paragraph 9 of this Letter Agreement. The Company currently anticipates employing you for a period beginning on the Effective Date and ending on June 30, 2019. Upon achievement of the Milestones (as defined
below), the Company will consider extending your employment and negotiating in good faith an employment agreement with you that is separate from this Letter Agreement and would be on substantially similar terms of the Previous Agreement (subject to
the mutual agreement of you and the Company). Nothing in this Letter Agreement or this paragraph 3 alters your “at-will” employment status or constitutes a promise to employ you for any period of
time. For purposes of this Letter Agreement, the term “Milestones” means both (i) the Company’s completion of all Transfer Activities (as defined in Schedule 2 to the SLA) and the resulting receipt by the Company of
$3 million in Advances (as defined in Schedule 2 to the SLA) from Mayne Pharma and (ii) 

 Mr. Nicholas J. Virca 

December 31, 2018 
  Page
 2
 of 6 
  

 
the filing by the Company of an Investigational New Drug Application with the U.S. Food and Drug Administration (“FDA”) related to the study of SUBA-Itraconazole for the treatment of
prostate cancer (the “SUBA Prostate IND”) and the FDA’s clearance of the SUBA Prostate IND. 

4.    Compensation. 

(a)    Salary. Your base salary will be paid at the rate of $300,000 (Three Hundred Thousand Dollars) per annum (the
“Base Salary”), payable in accordance with the regular payroll practices of the Company. 

(b)    Bonus. You shall receive your earned bonus for the fiscal year ended December 31, 2018, which will be
paid solely in the form of cash and paid no later than March 15, 2019. The amount of your 2018 bonus will be determined by the Board’s Compensation Committee in accordance with your bonus potential under the Previous Agreement and the
Compensation Committee’s determination of corporate objectives met. For the period covered by this Letter Agreement, you shall be eligible to receive similar discretionary bonuses as determined and approved by the Board or a designated
committee thereof in its discretion. Payment of any discretionary bonus (if any) does not entitle you to additional compensation or any such bonus in any subsequent year. In order to be eligible for any bonus while employed at the Company, you must
be an active employee at, and not have given or received notice of termination prior to, the time of the bonus payment. 

(c)    Health Benefits. You (and your spouse, registered domestic partner and/or eligible dependents, if any) may
at your election be covered under the Company’s health insurance plan, subject to applicable exclusions and limitations. 

(d)    Vacation. You will be entitled to paid vacation in accordance with the Company’s vacation policy
applicable to employees, as amended from time to time. Unless required by applicable law, accrued and unused vacation time will be not paid to you at the end of your employment. 

(e)    Other Benefits. You will be eligible to participate in all other perquisite and benefit arrangements
generally made available by the Company to its employees generally, subject to the terms of such plans or programs. Each Company benefit is subject to modification, including elimination, from to time, at the Company’s sole discretion. 

(f)    Reimbursement for Expenses. The Company shall promptly reimburse you for all reasonable and necessary
business expenses incurred by you in accordance with your duties and responsibilities hereunder upon the presentation by you of appropriate evidence and documentation of the incurrence thereof in accordance with the Company’s policies from time
to time in effect. 
 (g)    Taxes/Withholding. The Company may withhold from any amounts and benefits due to you
under this Letter Agreement such federal, state and local taxes, and such other amounts as may be required or permitted to be withheld, pursuant to any applicable law or regulation. 

5.    Representations. You represent that: 

(a)    You are free to accept employment hereunder without any contractual restrictions, express or implied, with respect
to any of your prior employers. 
 (b)    You have not taken or otherwise misappropriated and you do not have in your
possession or control any confidential and proprietary information belonging to any of your prior employers or connected with or derived from your services to prior employers. 

 Mr. Nicholas J. Virca 

December 31, 2018 
  Page
 3
 of 6 
  

 (c)    You are not currently a party to any pending or threatened
litigation with any former employer or business associate. 
 6.    Work Authorization. Employment with the
Company is contingent upon your unrestricted authorization to work in the United States and providing documentation establishing your identity and authority to work within the time period specified by law. 

7.    Policies and Procedures. You agree to comply fully with all Company policies and procedures applicable to
employees, as amended and implemented from time to time. 
 8.    Employment Relationship. This Letter Agreement
creates an employment relationship only and does not create a partnership or joint venture between you and the Company. You represent that you understand that you shall not be entitled to any equity interest, profits interest, or other property
interest in the Company or any of its affiliates, including any fund, account or business managed by any of them, except as expressly set forth in this Letter Agreement or as otherwise approved by the Board or a designated committee thereof. 

9.    Notice Period/Cause. 

(a)    If either (i) the Company terminates your employment without Cause (as defined below) or (ii) you resign
from your employment with the Company, you or the Company, as applicable, must provide thirty (30) days’ advance written notice to the other party (the “Notice Period”). 

(b)    The Company may, in its sole discretion, direct you to cease performing your duties, refrain from entering the
Company’s offices during all or part of the Notice Period and restrict your access to the Company’s computer systems, trade secrets and confidential information. 

(c)    During the Notice Period, you shall continue to be an employee of the Company, the Company shall continue to pay
you your base salary and benefits, and you shall be entitled to all other benefits and entitlements as an employee until the end of the Notice Period although you acknowledge that (i) you will not be entitled to receive any bonus at the end of
or with respect to the Notice Period; (ii) your Base Salary (and bonus, if any), benefits, and entitlements will cease if you breach any of your agreements with or obligations to the Company or its affiliates; and (iii) such Notice Period
shall be disregarded for purposes of the vesting of equity, if any); provided, however, that if the Company has terminated you without Cause, then at your discretion you may waive the required Notice Period. 

(d)    “Cause” shall mean any of the following: (i) the repeated and demonstrated failure to carry out the
reasonable instructions of the Board in all material respects, provided such instructions reasonably relate to and are not inconsistent with your management position and standing, which such conduct is not cured within fifteen (15) days after
receipt of written notice thereof by you from the Company; (ii) the breach by you of any of the terms or provisions of this Letter Agreement or any other agreement between you, on the one hand, and the Company, on the other hand, on the part of
you to be observed or performed, which failure or breach is not cured within fifteen (15) days after receipt of written notice thereof by you from the Company; (iii) your knowing and willful neglect or refusal for any reason to attend to
your material duties and responsibilities under this Letter Agreement which such conduct is not cured within fifteen (15) days after receipt of written notice thereof by you from the Company; (iv) any criminal liability of the Company
which was substantially caused by your conduct; (v) your conviction by, or entry of a plea of guilty or nolo contendere in, a court of competent jurisdiction of an act of fraud, embezzlement or willful breach of fiduciary duty to the Company,
or any crime constituting a felony; (vi) your failure to resign from the Company pursuant to Article VIII of the Equity Holders Agreement (“EHA”); (vi) the Company becoming insolvent, filing for bankruptcy

 Mr. Nicholas J. Virca 

December 31, 2018 
  Page
 4
 of 6 
  

 
protection, commencing liquidation proceedings, having a trustee or receiver appointed over the Company’s property or business, or dissolving; or (vii) the Board determining, in its
sole discretion, that the Company is no longer viable as a going concern. 
 (e)    Upon the termination of your
employment for any reason, you agree that you shall be deemed to have resigned from any other officers, directorships, or positions, within the Company or any affiliate of the Company. 

10.    Confidentiality and Intellectual Property Agreement. The June 24, 2014 “Confidentiality and
Intellectual Property Agreement” between you and the Company remains in effect and you acknowledge and agree to remain bound by its terms. For your reference, the “Confidentiality and Intellectual Property Agreement” is annexed hereto
as “Attachment 1.” 
 11.    Noncompetition. During the parties’ employment relationship and for
six (6) months after the termination of that relationship for any reason, you shall not, directly or indirectly, anywhere within the United States, manage, operate or control, or participate in the ownership, management, operation or control
of, or otherwise become materially interested in (whether as an owner, stockholder, lender, executive, employee, officer or director) any business (other than the Company) which is in the business of (i) utilizing pharmaceutical compounds to
impact the hedgehog signaling pathway as a means of treating cancer in humans and/or (ii) utilizing pharmaceutical compounds containing itraconazole as the primary active ingredient (the “Business”), or, directly or indirectly, induce
or influence any person that has a business relationship with the Company or any of its subsidiaries or affiliates relating to the Business to discontinue or reduce the extent of such relationship. For purposes of this Agreement, you shall be deemed
to be directly or indirectly interested in a business if you are engaged or interested in that business as an owner, stockholder, lender, executive, employee, officer or director, but not if your interest is limited solely to the ownership of not
more than 4.99% of the securities of any class of equity securities of a corporation or other entity whose shares are listed or admitted to trade on a national securities exchange or are quoted on the OTC Markets or similar public trading system.

 12.    Nonsolicitation. 

(a)    Of Customers. During your employment relationship with the Company, you will not, either directly or
indirectly, whether on your own behalf or on behalf of any other individual or entity (other than the Company), solicit or attempt to solicit any customer or actively sought prospective customer of the Company for the purpose of providing such
customer or actively sought prospective customer a product that is competitive with a product then offered or under development by the Company. For six (6) months after the termination of your employment for any reason, you will not, either
directly or indirectly, whether on your own behalf or on behalf of any other individual or entity, solicit or attempt to solicit any customer or actively sought prospective customer of the Company with whom you had Material Contact during your
employment for the purpose of providing such customer or actively sought prospective customer a product that is competitive with a product offered or under development by the Company as of the termination of your employment. For purposes of this
paragraph 14(a), you will be deemed to have had “Material Contact” with a customer or actively sought prospective customer of the Company if you (i) dealt directly with the customer or actively sought prospective customer on behalf of
the Company; (ii) coordinated or supervised the Company’s dealings with the customer or actively sought prospective customer; (iii) obtained confidential information about the customer or actively sought prospective customer in the
ordinary course and as a result of the parties’ employment relationship; or (iv) received compensation resulting directly from the Company’s sale of products to the customer or actively sought prospective customer. 

 Mr. Nicholas J. Virca 

December 31, 2018 
  Page
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 of 6 
  

 (b)    Of Employees. During your employment and for six
(6) months after the termination of your employment for any reason, you shall not, directly or indirectly, solicit to employ, or employ for yourself or others, any employee of the Company, or any subsidiary or affiliate of the Company, who was
an officer, director or employee of, or consultant or advisor to, the Company, or any subsidiary or affiliate of the Company, as of the date of the termination of your employment with the Company or during the preceding six (6) month period, or
solicit any such person to leave such person’s position or join the employ of, or act in a similar capacity with, another, then or at a later time. 

13.    Remedies for Breach. In the event of the breach or threatened breach by you of paragraphs 10, 11, and 12 of
this Agreement, the Company shall be entitled to injunctive or similar relief in addition to any other remedy to which it may be entitled, and you hereby waive any defense that an adequate remedy at law exists or any requirement that the Company
post a bond or security to obtain a temporary restraining order or preliminary injunction. You acknowledge that the restrictions in this Agreement are in addition to any restrictions applicable law imposes upon you. 

14.    Governing Law and Venue. This Letter Agreement will be governed by and construed in accordance with the laws
of the State of Delaware, applicable to agreements made and to be performed in that state, and without regard to principles of conflicts of law, with the exception of the Arbitration provision under paragraph 15, which shall be governed by the
Federal Arbitration Act. Subject to the arbitration clause in this agreement, for any legal proceedings connected hereto, such as for enforcement of an arbitration decision or for seeking injunctive relief pursuant to paragraph 13 of this Letter
Agreement and the “Confidentiality and Intellectual Property Agreement,” you hereby consent to the personal jurisdiction of the court of the State of Florida located in Hillsborough County and the United States District Court for the
Middle District of Florida. 
 15.    Arbitration. You agree that all claims, disputes, or controversies arising
under this Letter Agreement or any other agreement between the parties, or related to your employment with the Company or the termination of such employment (whether or not based on contract, tort or upon any federal, state or local statute,
including but not limited to claims asserted under the Age Discrimination in Employment Act, as amended, Title VII of the Civil Rights Act of 1964, as amended, any state Fair Employment Practices Act, and/or the Americans with Disabilities Act),
shall be resolved exclusively through mediation/arbitration by JAMS, in the JAMS office closest to your place of work, whose decision shall be final and binding and subject to confirmation in a court of competent jurisdiction, in accordance with the
JAMS Rules and Procedures for Mediation/Arbitration of Employment Disputes. YOU EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR YOUR EMPLOYMENT WITH THE COMPANY
IS LITIGATED OR HEARD IN ANY COURT. You understand and agree that nothing in this Arbitration paragraph or in this agreement shall alter or change the at-will nature of your employment relationship with
the Company. Nothing in this paragraph will be interpreted to limit your right to file or participate in an investigative proceeding of any federal, state or local governmental agency, including the Equal Employment Opportunity Commission, the
Securities and Exchange Commission, or the National Labor Relations Board. 
 16.    Severance of Invalid
Provisions. In the event that any arbitrator or court having competent jurisdiction shall determine that any one or more of the provisions contained in this Letter Agreement shall be unenforceable in any respect, such provision shall be deemed
limited and restricted, within and only within the area subject to the jurisdiction of such court, to the extent that the court shall deem the provision to be unenforceable. The invalidity or unenforceability of any provision of this agreement shall
not affect the validity or enforceability of any other provision hereof. In particular, and without limitation of the foregoing, if any provision of this agreement should be held to be unenforceable as to its scope, length of time or geographical
area, such provision shall be deemed to be enforceable as to, and shall be deemed to be amended so as to cover, the maximum scope, maximum length of time and/or broadest area, as the case may be, which is then lawful. 

 Mr. Nicholas J. Virca 

December 31, 2018 
  Page
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 of 6 
  

 17.    Miscellaneous. 

(a)    This Letter Agreement contains the entire understanding of the parties and may be modified only in a document signed
by the parties and referring explicitly to this Letter Agreement. In executing this Letter Agreement, you represent that you have not relied on any representation or statement not set forth herein, and you expressly disavow any reliance upon any
such representations or statements. 
 (b)    The at-will nature of your
employment and the terms of your compensation may not be orally modified and may be modified only by a writing approved by the Board and executed by a duly authorized officer of the Company. 

(c)    If any provision of this Letter Agreement is determined to be unenforceable, the remainder of this Letter Agreement
shall not be adversely affected thereby. 
 (d)    This Letter Agreement may be signed in counterparts, each of which
shall be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument and facsimile signatures shall be considered originals for purposes of this Agreement. 

If you agree with the terms of this Letter Agreement and accept this offer of employment, please sign and date this Letter Agreement in the
space provided below and return a copy to the Company to indicate your acceptance. 
 Thank you in advance for your continued
service to the Company. 
  

			
	Sincerely,
	
	HEDGEPATH PHARMACEUTICALS, INC.
		
	By:	 	 /s/ E. Brendan Magrab

		 	E. Brendan Magrab
		 	Chairman, Board of Directors

  

	
	AGREED AND ACCEPTED
	AS OF DECEMBER 31, 2018
	
	 /s/ Nicholas J. Virca

	Nicholas J. Virca

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