Document:

Monaker Group, Inc. 8-K

 

Exhibit
10.1 

 

 

PROMISSORY
NOTE

	$700,000.00	February 1, 2019

FOR
VALUE RECEIVED, the undersigned, Monaker Group, Inc., a Nevada company, having an address at 2893 Executive Park Drive,
Suite 201, Weston FL 33331 (“Borrower”), promises to pay to the order of the Donald P. Monaco Insurance
Trust (“Lender”), located at 353 E. Liberty Drive, Wheaton, IL 60187, the principal sum of up to SEVEN HUNDRED Thousand
($700,000.00) Dollars (as such funds may be loaned from time to time hereunder, the “Principal
Amount”), together with interest on the unpaid Principal Amount thereof from the date of the execution (the
“Execution Date”), at the rates provided herein until February 1, 2020 (the “Maturity
Date”); provided, however, that from and after (i) the Maturity Date, whether upon stated maturity,
acceleration or otherwise, or (ii) the date on which the interest rate hereunder is increased to the Default Rate (as
hereinafter defined) as provided herein, such additional interest shall be computed at the Default Rate.

As
used herein, the term “Default Rate” shall mean a rate of interest of eighteen percent (18.0%) per annum, but
in no event shall the Default Rate be in excess of the Maximum Rate (as hereinafter defined).

Principal
and interest hereunder shall be payable from the Execution Date, interest on the Principal Amount outstanding hereof shall accrue
at the rate of twelve (12.0%) percent per annum, for the period beginning on and including the Execution Date to the Maturity
Date of the Loan. All principal, interest and other sums due hereunder shall be due and payable in full on the Maturity Date.

This
Note may be prepaid in whole or in part at any time, without penalty or premium.

Borrower
hereby waives trial by jury. No extension of time for payment of this Note or any installment hereof, no alteration, amendment
or waiver of any provision of this Note and no release or substitution of any collateral securing Borrower’s obligations
hereunder shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower under
this Note.

Any
forbearance by the holder of this Note in exercising any right or remedy hereunder or under any other agreement or instrument
in connection with the Loan or otherwise afforded by applicable law, shall not be a waiver or preclude the exercise of any right
or remedy by the holder of this Note. The acceptance by the holder of this Note of payment of any sum payable hereunder after
the due date of such payment shall not be a waiver of the right of the holder of this Note to require prompt payment when due
of all other sums payable hereunder or to declare a default for failure to make prompt payment.

    	 	 	 

    	 

    

If
this Note is placed in the hands of an attorney for collection, Borrower shall pay all costs incurred and reasonable attorneys’
fees for legal services in the collection effort, whether or not suit be brought.

At
the written election of the holder of this Note, all payments due hereunder may be accelerated, and this Note shall become immediately
due and payable without notice or demand, upon the occurrence of any of the following events (each an “Event of Default”):
(1) Borrower fails to pay on or before the date due, any amount of principal and/or interest payable hereunder; (2) Borrower fails
to perform or observe any other term or provision of this Note with respect to payment; provided, however, that
Borrower shall be provided with a ten (10) calendar day period to cure same; (3) Borrower fails to perform or observe any other
term or provision of this Note; provided, however, that Borrower shall be provided with written notice from Lender
of any non-monetary default under this Note and a thirty (30) calendar day period to cure same; or (4) there exists a default
under or misrepresentation contained in any other agreement, document or certificate of Borrower in connection with the Loan,
which default is not cured within any grace period expressly provided therefor in such document. In addition to the rights and
remedies provided herein, the holder of this Note may exercise any other right or remedy in any other document, instrument or
agreement evidencing, securing or otherwise relating to the indebtedness evidenced hereby in accordance with the terms thereof,
or under applicable law, all of which rights and remedies shall be cumulative.

If
this Note is transferred in any manner, the right, option or other provisions herein shall apply with equal effect in favor of
any subsequent holder hereof.

Notwithstanding
anything to the contrary contained herein, under no circumstances shall the aggregate amount paid or agreed to be paid hereunder
exceed the highest lawful rate permitted under applicable usury law (the “Maximum Rate”) and the payment obligations
of Borrower under this Note are hereby limited accordingly. If under any circumstances, whether by reason of advancement or acceleration
of the maturity of the unpaid principal balance hereof or otherwise, the aggregate amounts paid on this Note shall include amounts
which by law are deemed interest and which would exceed the Maximum Rate, Borrower stipulates that payment and collection of such
excess amounts shall have been and will be deemed to have been the result of a mistake on the part of both Borrower and the holder
of this Note, and the party receiving such excess payments shall promptly credit such excess (to the extent only of such payments
in excess of the Maximum Rate) against the unpaid principal balance hereof and any portion of such excess payments not capable
of being so credited shall be refunded to Borrower.

    	 	Page 2 of 5
 $700,000 Promissory Note
 
Monaker Group, Inc. and
 the Donald P. Monaco Insurance Trust
	 

     

    

All
payments of principal and interest hereunder are payable in lawful money of the United States of America and shall be made as
instructed by Lender.

Borrower
is hereby prohibited from exercising against Lender, any right or remedy which it might otherwise be entitled to exercise against
Lender, including, without limitation, any right of setoff or any defense. Any other claim that Borrower may have, arising from
or related to the transaction evidenced by this Note shall be asserted only against the Lender.

This
Note shall be binding on the parties hereto and their respective heirs, legal representatives, executors, successors and assigns.

This
Note shall be construed without any regard to any presumption or rule requiring construction against the party causing such instrument
or any portion thereof to be drafted.

This
Note shall be governed by the laws of the State of Florida without regard to choice of law consideration. Borrower hereby irrevocably
consents to the jurisdiction of the courts of the State of Florida and of any federal court located in such State in connection
with any action or proceeding arising out of or relating to this Note or the Agreement.

This
Note may not be changed or terminated orally.

A
determination that any portion of this Note is unenforceable or invalid shall not affect the enforceability or validity of any
other provision, and any determination that the application of any provision of this Note to any person or circumstance is illegal
or unenforceable shall not affect the enforceability or validity of such provision to the extent legally permissible and otherwise
as it may apply to other persons or circumstances.

JURY
TRIAL WAIVER. BORROWER AGREES THAT ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY BORROWER OR THE HOLDER
OF THIS NOTE ON OR WITH RESPECT TO THIS NOTE OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR
THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. BORROWER AND LENDER EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. BORROWER ACKNOWLEDGES AND AGREES THAT AS OF THE DATE
HEREOF THERE ARE NO DEFENSES OR OFFSETS TO ANY AMOUNTS DUE IN CONNECTION WITH THE LOAN. FURTHER, BORROWER WAIVES ANY RIGHT IT
MAY HAVE TO CLAIM OR

    	 	Page 3 of 5
 $700,000 Promissory Note
 
Monaker Group, Inc. and
 the Donald P. Monaco Insurance Trust
	 

     

    

RECOVER,
IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN, OR IN ADDITION
TO, ACTUAL DAMAGES. BORROWER ACKNOWLEDGES AND AGREES THAT THIS PARAGRAPH IS A SPECIFIC AND MATERIAL ASPECT OF THIS NOTE AND THAT
LENDER WOULD NOT EXTEND CREDIT TO BORROWER IF THE WAIVERS SET FORTH IN THIS PARAGRAPH WERE NOT A PART OF THIS NOTE.

 

 

 

[Remainder
of this page intentionally left blank.] 

 

 

 

 

 

 

 

 

    	 	Page 4 of 5
 $700,000 Promissory Note
 
Monaker Group, Inc. and
 the Donald P. Monaco Insurance Trust
	 

     

    

IN
WITNESS WHEREOF, the undersigned has executed this Note on the date set forth above. 

	WITNESS:	BORROWER:
	 	 
	 	Monaker Group, Inc, a Nevada company
	 	 
	 	 
	 	By:	/s/ Bill Kerby
	 	 	Name:	Bill Kerby	 
	 	 	Title:	CEO	 
	 	 
	 	 

 

	/s/ Gesarela Miller	 	 
	Name:	 

 

 

    	 	Page 5 of 5
 $700,000 Promissory Note
 
Monaker Group, Inc. and
 the Donald P. Monaco Insurance TrustExhibit 4.5 

 

 

 

 

 

 

 

 

 

 

 

DEPOSIT
AGREEMENT

 

 

 

by
and among

 

Puyi
Inc.

 

as
Issuer,

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS

 

as
Depositary,

 

AND

 

THE
HOLDERS AND BENEFICIAL OWNERS

OF AMERICAN DEPOSITARY SHARES EVIDENCED BY

AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER

 

 

 

Dated
as of [●], 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

DEPOSIT
AGREEMENT

 

DEPOSIT
AGREEMENT, dated as of [●], 2019, by and among (i) Puyi Inc., a company incorporated in the Cayman Islands, with
its principal executive office at 42F, Pearl River

 

Tower,
No. 15 Zhujiang West Road, Zhujiang New Town, Tianhe, Guangzhou, Guangdong Province, People’s Republic of China, 510620
and its registered office at Avalon Trust & Corporate Services Ltd., Landmark Square, 1st Floor, 64 Earth Close, PO Box 715,
Grand Cayman KY1 1107, Cayman Islands (together with its successors, the “Company”), (ii) Deutsche Bank
Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary, with
its principal office at 60 Wall Street, New York, NY 10005, United States of America (the “Depositary”,
which term shall include any successor depositary hereunder) and (iii) all Holders and Beneficial Owners of American Depositary
Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined).

 

W I T N E S S E T H
T H A T:

 

WHEREAS,
the Company desires to establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation
of American Depositary Shares representing the Shares so deposited;

 

WHEREAS,
the Depositary is willing to act as the depositary for such ADR facility upon the terms set forth in this Deposit Agreement;

 

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

 

WHEREAS,
the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement are accepted for trading on the Nasdaq
Global Market; and

 

WHEREAS,
the Board of Directors of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility
upon the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company,
and the actions of the Company and the transactions contemplated herein.

 

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 “Affiliate” shall have the meaning assigned to such term by the Commission under Regulation C promulgated
under the Securities Act.

 

    1

     

    

 

SECTION
1.2 “Agent” shall mean such entity or entities as the Depositary may appoint under Section 7.8 hereof,
including the Custodian or any successor or addition thereto.

 

SECTION
1.3 “American Depositary Share(s)” and “ADS(s)” shall mean the securities represented by the rights
and interests in the Deposited Securities granted to the Holders and Beneficial Owners pursuant to this Deposit Agreement and
evidenced by the American Depositary Receipts issued hereunder. Every two American Depositary Shares shall represent the right
to receive three Shares, until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 hereof or
a change in Deposited Securities referred to in Section 4.9 hereof with respect to which additional American Depositary Receipts
are not executed and delivered and thereafter each American Depositary Share shall represent the Shares or Deposited Securities
specified in such Sections.

 

SECTION
1.4 “Article” shall refer to an article of the American Depositary Receipts as set forth in the Form of Face
of Receipt and Form of Reverse of Receipt in Exhibit A and Exhibit B annexed hereto.

 

SECTION
1.5 “Articles of Association” shall mean the articles of association of the Company, as amended from time to
time.

 

SECTION
1.6 “ADS Record Date” shall have the meaning given to such term in Section 4.7 hereof.

 

SECTION
1.7 “Beneficial Owner” shall mean as to any ADS, any person or entity having a beneficial interest in such
ADS. A Beneficial Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or
receive any benefits hereunder solely through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has
an interest.

 

SECTION
1.8 “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a
day on which banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive
order to close and (b) a day on which the market(s) in which ADSs are traded are closed.

 

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

 

SECTION
1.10 “Company” shall mean Puyi Inc., a company incorporated and existing under the laws of the Cayman Islands,
and its successors.

 

SECTION
1.11 “Corporate Trust Office” when used with respect to the Depositary, shall mean the corporate trust office
of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of
this Deposit Agreement, is located at 60 Wall Street, New York, New York 10005, U.S.A.

 

SECTION
1.12 “Custodian” shall mean, as of the date hereof, Deutsche Bank AG, Hong Kong Branch, having its principal
office at 57/F International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong S.A.R., People’s Republic of China,
as the custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed
by the Depositary pursuant to the terms of Section 5.5 hereof as a successor or an additional custodian or custodians hereunder,
as the context shall require. The term “Custodian” shall mean all custodians, collectively.

 

    2

     

    

 

SECTION
1.13 “Deliver”, “Deliverable” and “Delivery” shall mean, when used in
respect of American Depositary Shares, Receipts, Deposited Securities and Shares, the physical delivery of the certificate representing
such security, or the electronic delivery of such security by means of book-entry transfer, as appropriate, including, without
limitation, through DRS/Profile. With respect to DRS/Profile ADRs, the terms “execute”, “issue”,
“register”, “surrender”, “transfer” or “cancel” refer
to applicable entries or movements to or within DRS/Profile.

 

SECTION
1.14 “Deposit Agreement” shall mean this Deposit Agreement and all exhibits annexed hereto, as the same may
from time to time be amended and supplemented in accordance with the terms hereof.

 

SECTION
1.15 “Depositary” shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche
Bank AG, in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder.

 

SECTION
1.16 “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited
under this Deposit Agreement and any and all other securities, property and cash received or deemed to be received by the Depositary
or the Custodian in respect thereof and held hereunder, subject, in the case of cash, to the provisions of Section 4.6.

  

SECTION
1.17 “Dollars” and “$” shall mean the lawful currency of the United States.

 

SECTION
1.18 “DRS/Profile” shall mean the system for the uncertificated registration of ownership of securities pursuant
to which ownership of ADSs is maintained on the books of the Depositary without the issuance of a physical certificate and transfer
instructions may be given to allow for the automated transfer of ownership between the books of DTC and the Depositary. Ownership
of ADSs held in DRS/Profile is evidenced by periodic statements issued by the Depositary to the Holders entitled thereto.

 

SECTION
1.19 “DTC” shall mean The Depository Trust Company, the central book-entry clearinghouse and settlement system
for securities traded in the United States, and any successor thereto.

 

SECTION
1.20 “DTC Participants” shall mean participants within DTC.

 

SECTION
1.21 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as from time to time amended.

 

SECTION
1.22 “Foreign Currency” shall mean any currency other than Dollars.

 

SECTION
1.23 “Foreign Registrar” shall mean the entity, if any, that carries out the duties of registrar for the Shares
or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of
Shares or, if no such agent is so appointed and acting, the Company.

 

    3

     

    

 

SECTION
1.24 “Holder” shall mean the person in whose name a Receipt is 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. A Holder shall be deemed to
have all requisite authority to act on behalf of those Beneficial Owners of the ADRs registered in such Holder’s name.

 

SECTION
1.25 “Indemnified Person” and “Indemnifying Person” shall have the respective meanings set forth
in Section 5.8 hereof.

 

SECTION
1.26 “Losses” shall have the meaning set forth in Section 5.8 hereof.

 

SECTION
1.27 “Memorandum” shall mean the memorandum of association of the Company.

 

SECTION
1.28 “Opinion of Counsel” shall mean a written opinion from legal counsel to the Company who is acceptable
to the Depositary.

 

SECTION
1.29 “Receipt(s); “American Depositary Receipt(s)”; and “ADR(s)” shall mean the certificate(s)
or statement(s) issued by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement,
as such Receipts may be amended from time to time in accordance with the provisions of this Deposit Agreement. References to Receipts
shall include physical certificated Receipts as well as ADSs issued through any book-entry system, including, without limitation,
DRS/Profile, unless the context otherwise requires.

 

SECTION
1.30 “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 ownership of Receipts and transfer of
Receipts 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.

 

SECTION
1.34 “Restricted Securities” shall mean Shares 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 subject
to resale limitations under the Securities Act or the rules issued thereunder, or (ii) are held by an 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 or the Cayman Islands, under a shareholders’ agreement, shareholders’
lock-up agreement or the Articles of Association or under the regulations of an applicable securities exchange unless, in each
case, such Shares are being sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective
resale registration statement or (y) exempt from the registration requirements of the Securities Act (as hereafter defined)
and the Shares are not, when held by such person, Restricted Securities.

 

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

 

    4

     

    

 

SECTION
1.37 “Shares” shall mean ordinary shares in registered form of the Company, par value $0.001 each, heretofore
or hereafter validly issued and outstanding and fully paid. References to Shares shall include evidence of rights to receive Shares,
whether or not stated in the particular instance; provided, however, that in no event shall Shares include evidence of rights
to receive Shares with respect to which the full purchase price has not been paid or Shares as to which pre-emptive 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 4.9 hereof in respect
of the Shares, the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities
resulting from such change in par value, split-up, consolidation, reclassification, exchange, conversion or event.

 

SECTION
1.38 “United States” or “U.S.” shall mean the United States of America.

 

ARTICLE
II. 

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

 

SECTION
2.1 Appointment of Depositary. The Company hereby appoints the Depositary as exclusive depositary for the Deposited Securities
and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. Each
Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms of
this Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of this 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 this 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 this Deposit Agreement and the applicable ADR(s) (the taking of such actions to be
the conclusive determinant of the necessity and appropriateness thereof).

 

SECTION
2.2 Form and Transferability of Receipts.

 

(a)
Form. Receipts in certificated form shall be substantially in the form set forth in Exhibit A and Exhibit B
annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts
may be issued in denominations of any number of American Depositary Shares. No Receipt in certificated form shall be entitled
to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been dated
and signed by the manual or facsimile signature of a duly authorized signatory of the Depositary. The Depositary shall maintain
books on which each Receipt so executed and Delivered, in the case of Receipts in certificated form, and each Receipt issued through
any book-entry system, including, without limitation, DRS/Profile, in either case as hereinafter provided, and the transfer of
each such Receipt shall be registered. Receipts in certificated form bearing the manual or facsimile signature of a duly authorized
signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding
the fact that such signatory has ceased to hold such office prior to the execution and Delivery of such Receipts by the Registrar
or did not hold such office on the date of issuance of such Receipts.

 

    5

     

    

 

Notwithstanding
anything in this Deposit Agreement or in the form of Receipt to the contrary, to the extent available by the Depositary, ADSs
shall be evidenced by Receipts issued through any book-entry system, including, without limitation, DRS/Profile, unless certificated
Receipts are specifically requested by the Holder. Holders and Beneficial Owners shall be bound by the terms and conditions of
this Deposit Agreement and of the form of Receipt, regardless of whether their Receipts are in certificated form or are issued
through any book-entry system, including, without limitation, DRS/Profile.

 

(b)
Legends. In addition to the foregoing, the Receipts may, and upon the written request of the Company shall, be endorsed
with, or have incorporated in the text thereof, such legends or recitals or modifications not inconsistent with the provisions
of this 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 form of Receipt, title to a Receipt (and to the ADSs evidenced
thereby), when properly endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments
of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of
the State of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Holder
thereof as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary nor
the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt, unless
such holder is the Holder thereof.

 

    6

     

    

 

SECTION
2.3 Deposits.

 

(a)
Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares
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 hereof) at any time beginning on the 181st day after the date
of the prospectus contained in the registration statement on Form F-1 under which the ADSs are first sold or on such earlier date
as the Company (with the approval of the underwriter referred to in the said prospectus) may specify in writing to the Depositary,
whether or not the transfer books of the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the
Custodian. Except for Shares deposited by the Company in connection with the initial sale of ADSs under the registration statement
on Form F-1, no deposit of Shares shall be accepted under this Deposit Agreement prior to such date. 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 issued in bearer form, such Shares or the certificates representing such Shares and (iii) in the case of Shares
Delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have
been given to cause such Shares to be so transferred, (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 this Deposit Agreement, (C) if the Depositary so requires, a written order directing the Depositary to execute and Deliver
to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of American
Depositary Shares representing the Shares so deposited, (D) evidence satisfactory to the Depositary (which may include an
opinion of counsel reasonably satisfactory to the Depositary provided at the cost of the person seeking to deposit Shares) that
all conditions to such deposit have been met and all necessary approvals have been granted by, and there has been compliance with
the rules and regulations of, any applicable governmental agency 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. No Share shall be accepted for deposit unless accompanied by confirmation or such additional 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 governmental body in the Cayman Islands, if any, which is then performing the function
of the regulator of currency exchange. The Depositary may issue Receipts 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. Without limitation of the foregoing, the Depositary shall not knowingly accept
for deposit under this Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions
of the Securities Act, unless a registration statement is in effect as to such Shares or other Deposited Securities, or any Shares
or other Deposited Securities the deposit of which would violate any provisions of the Memorandum and Articles of Association.
The Depositary shall use commercially reasonable efforts to comply with reasonable written instructions of the Company that the
Depositary shall not accept for deposit hereunder any Shares specifically 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 in the United States and other jurisdictions, provided that the Company shall indemnify the Depositary and
the Custodian for any claims and losses arising from not accepting the deposit of any Shares identified in the Company’s
instructions.

 

(b)
As soon as practicable after receipt of any permitted deposit hereunder and compliance with the provisions of this Deposit Agreement,
the Custodian shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement,
duly stamped, to the Foreign 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, in each case for the account of the Holders and Beneficial Owners, at such place or places as the
Depositary or the Custodian shall determine.

 

    7

     

    

 

(c)
In the event any Shares are deposited which entitle the holders thereof to receive a per-share distribution or other entitlement
in an amount different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary
(including, without limitation, making the necessary notations on Receipts) to give effect to the issuance of such ADSs and to
ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented
by such non-fungible ADSs equals that of the Shares represented by ADSs prior to such deposit. The Company agrees to give timely
written notice to the Depositary if any Shares issued or to be issued contain rights different from those of any other Shares
theretofore issued and shall assist the Depositary with the establishment of procedures enabling the identification of such non-fungible
Shares upon Delivery to the Custodian.

 

SECTION
2.4 Execution and Delivery of Receipts. After the deposit of any Shares pursuant to Section 2.3 hereof, the Custodian
shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts
are Deliverable in respect thereof and the number of American Depositary Shares to be evidenced thereby. Such notification shall
be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit,
by cable, telex, SWIFT, facsimile or electronic transmission. After receiving such notice from the Custodian, the Depositary,
subject to this Deposit Agreement (including, without limitation, the payment of the fees, expenses, taxes and/or other charges
owing hereunder), shall issue the ADSs representing the Shares so deposited to or upon the order of the person or persons named
in the notice delivered to the Depositary and shall execute and Deliver a Receipt registered in the name or names requested by
such person or persons evidencing in the aggregate the number of American Depositary Shares to which such person or persons are
entitled.

 

SECTION
2.5 Transfer of Receipts; Combination and Split-up of Receipts.

 

(a)
Transfer. The Depositary, or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the
Registrar, subject to the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon
surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney,
properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry
system, including, without limitation, DRS/Profile, receipt by the Depositary of, proper instruments of transfer (including signature
guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New
York, of the United States, of the Cayman Islands and of any other applicable jurisdiction. Subject to the terms and conditions
of this Deposit Agreement, including payment of the applicable fees and charges of the Depositary set forth in Section 5.9
hereof and Article (9) of the Receipt, the Depositary shall execute a new Receipt or Receipts and Deliver the same to or
upon the order of the person entitled thereto evidencing the same aggregate number of American Depositary Shares as those evidenced
by the Receipts surrendered.

 

(b)
Combination and Split Up. The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender
of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to
the Depositary of the applicable fees and charges set forth in Section 5.9 hereof and Article (9) of the Receipt, execute
and Deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate
number of American Depositary Shares as the Receipt or Receipts surrendered.

 

    8

     

    

 

(c)
Co-Transfer Agents. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations
and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer
agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled
to such Receipts and will be entitled to protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer
agents may be removed and substitutes appointed by the Depositary. Each co-transfer agent appointed under this Section 2.5
(other than the Depositary) shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound
by the applicable terms of this Deposit Agreement.

 

(d)
Substitution of Receipts. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated
Receipt with a Receipt issued through any book-entry system, including, without limitation, DRS/Profile, or vice versa, execute
and Deliver a certificated Receipt or deliver a statement, as the case may be, for any authorized number of ADSs requested, evidencing
the same aggregate number of ADSs as those evidenced by the relevant Receipt.

 

SECTION
2.6 Surrender of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Corporate Trust Office of the
Depositary, of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon
payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation
of Receipts (as set forth in Section 5.9 hereof and Article (9) of the Receipt) and (ii) all fees, taxes and/or
governmental charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of this
Deposit Agreement, the Memorandum and Articles of Association, Section 7.10 hereof and any other provisions of or governing
the Deposited Securities and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery,
to him or upon his order, of the Deposited Securities at the time represented by the American Depositary Shares so surrendered.
American Depositary Shares may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing
such American Depositary Shares (if held in certificated form) or by book-entry Delivery of such American Depositary Shares to
the Depositary.

 

A
Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by
proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver 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 a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver
(without unreasonable delay) at the designated office of the Custodian or through a book-entry delivery of the Shares (in either
case, subject to Sections 2.7, 3.1, 3.2, 5.9, hereof and to the other terms and conditions of this Deposit Agreement, to the Memorandum
and Articles of Association, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter
in effect) to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided
above, the Deposited Securities represented by such American Depositary Shares, together with any certificate or other proper
documents of or relating to title of the Deposited Securities as may be legally required, as the case may be, to or for the account
of such person.

 

    9

     

    

 

The
Depositary may refuse to accept for surrender American Depositary Shares only in the circumstances described in Article (4) of
the Receipt. Subject thereto, in the case of surrender of a Receipt evidencing a number of American Depositary Shares representing
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) issue and Deliver to the
person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional Share,
or (ii) sell or cause to be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such
sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s)
of the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt.

 

At
the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall
direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect
of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented
by such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such
Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile
transmission. Upon receipt by the Depositary of such direction, the Depositary may make delivery to such person or persons entitled
thereto at the Corporate Trust Office of the Depositary of any dividends or cash distributions with respect to the Deposited Securities
represented by such American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may
at the time be held by the Depositary.

 

SECTION
2.7 Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc..

 

(a)
Additional Requirements. As a condition precedent to the execution and Delivery, registration, registration of transfer,
split-up, subdivision, combination or surrender of any Receipt, the Delivery of any distribution thereon (whether in cash or shares)
or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of
Shares or presenter of the Receipt 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 hereof and Article (9)
of the Receipt hereto, (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 hereof and (iii) compliance with (A) any laws or governmental regulations
relating to the execution and Delivery of Receipts or American Depositary Shares or to the withdrawal or Delivery of Deposited
Securities and (B) such reasonable regulations and procedures as the Depositary may establish consistent with the provisions
of this Deposit Agreement and applicable law.

 

    10

     

    

 

(b)
Additional Limitations. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares
may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer
of Receipts in particular instances may be refused, or the registration of transfers of Receipts generally may be suspended, during
any period when the transfer books of the Depositary 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, any government or
governmental body or commission or any securities exchange on which the Receipts or Shares are listed, or under any provision
of this Deposit Agreement or provisions of, or governing, the Deposited Securities, or any meeting of shareholders of the Company
or for any other reason, subject, in all cases, to Section 7.10 hereof.

 

(c)
The Depositary shall not issue ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of
ADSs.

 

SECTION
2.8 Lost Receipts, etc. To the extent the Depositary has issued Receipts in physical certificated form, in case any Receipt
shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide
purchaser, subject to Section 5.9 hereof, the Depositary shall execute and Deliver a new Receipt (which, in the discretion
of the Depositary may be issued through any book-entry system, including, without limitation, DRS/Profile, unless specifically
requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution
for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and Deliver a new Receipt in substitution for
a destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such
execution and Delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a
sufficient indemnity bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements
imposed by the Depositary.

 

SECTION
2.9 Cancellation and Destruction of Surrendered Receipts; Maintenance of Records. All Receipts surrendered to the Depositary
shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary
practices. Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or obligatory for
any purpose.

 

SECTION
2.10 Maintenance of Records. The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities
withdrawn under Section 2.6, substitute Receipts Delivered under Section 2.8 and cancelled or destroyed Receipts under Section
2.9, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States.

 

    11

     

    

 

ARTICLE
III.

CERTAIN OBLIGATIONS OF HOLDERS

AND BENEFICIAL OWNERS OF RECEIPTS

 

SECTION
3.1 Proofs, Certificates and Other Information. Any person presenting Shares for deposit shall provide, any Holder and
any Beneficial Owner may be required to provide, and every Holder and Beneficial Owner agrees, from time to time to provide to
the Depositary or 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 Securities, compliance with
applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities or other
information, to execute such certifications and to make such representations and warranties and to provide such other information
and documentation as the Depositary may deem necessary or proper or as the Company may reasonably require by written request to
the Depositary consistent with its obligations hereunder. The Depositary and the Registrar, as applicable, may withhold the execution
or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights
or of the proceeds thereof, or to the extent not limited by the terms of Section 7.10 hereof, the Delivery of any Deposited
Securities, 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 and the Company’s
satisfaction. The Depositary shall from time to time on the written request of the Company advise the Company of the availability
of any such proofs, certificates or other information and shall, at the Company’s sole expense, provide or otherwise make
available copies thereof to the Company upon written request therefor by the Company, unless such disclosure is prohibited by
law. Each Holder and Beneficial Owner agrees to provide, any information requested by the Company or the Depositary pursuant to
this Section 3.1. 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.

 

Every
Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective
directors, officers, employees, agents and Affiliates against, and to hold each of them harmless from, any Losses which any of
them may incur or which may be made against any of them as a result of or in connection with any inaccuracy in or omission from
any such proof, certificate, representation, warranty, information or document furnished by or on behalf of such Holder and/or
Beneficial Owner or as a result of any such failure to furnish any of the foregoing.

 

The
obligations of Holders and Beneficial Owners under Section 3.1 shall survive any transfer of Receipts, any surrender of Receipts
or withdrawal of Deposited Securities or the termination of the Deposit Agreement.

 

SECTION
3.2 Liability for Taxes and Other Charges. If any present or future tax or other governmental charge shall become payable
by the Depositary or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax
or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary and such Holders and Beneficial
Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions
made in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited
Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties)
and charges, with the Holder and the Beneficial Owner remaining fully liable for any deficiency. In addition to any other remedies
available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs,
to Deliver ADRs, to register the transfer, split-up or combination of ADRs and (subject to Section 7.10 hereof) the withdrawal
of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. The liability of Holders
and Beneficial Owners under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal
of Deposited Securities or the termination of this Deposit Agreement.

 

    12

     

    

 

SECTION
3.3 Representations and Warranties on Deposit of Shares. Each person depositing Shares under this 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 were 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 and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities,
(v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not
subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up
agreement has terminated or the lock-up restrictions imposed thereunder have expired. Such representations and warranties shall
survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect thereof and
the transfer of such American Depositary Shares. 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, the Articles of
Association and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or
the Depositary may request pursuant to law (including, without limitation, relevant Cayman Islands law, any applicable law of
the United States, the Memorandum and Articles of Association, any resolutions of the Company’s Board of Directors adopted
pursuant to the Memorandum and Articles of Association, the requirements of any markets or exchanges upon which the Shares, ADSs
or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or Receipts may
be transferred), (b) be bound by and subject to applicable provisions of the laws of the Cayman Islands, the Memorandum and
Articles of Association and the requirements of any markets or exchanges upon which the ADSs, Receipts or Shares are listed or
traded, or pursuant to any requirements of any electronic book-entry system by which the ADSs, Receipts or Shares may be transferred,
to the same extent as if such Holder and Beneficial Owner held Shares directly, in each case irrespective of whether or not they
are Holders or Beneficial Owners at the time such request is made and, without limiting the generality of the foregoing, (c) comply
with all applicable provisions of Cayman Islands law, the rules and requirements of any stock exchange on which the Shares are,
or will be registered, traded or listed and the Articles of Association regarding any such Holder or Beneficial Owner's interest
in Shares (including the aggregate of ADSs and Shares held by each such Holder or Beneficial Owner) and/or the disclosure of interests
therein, whether or not the same may be enforceable against such Holder or Beneficial Owner. 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.

 

    13

     

    

 

ARTICLE
IV.

THE DEPOSITED SECURITIES

 

SECTION
4.1 Cash Distributions. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend
or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or
other entitlements under the terms hereof, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign
Currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof) 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 4.6 hereof) and will distribute promptly the amount thus received (net of
(a) the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the
Depositary and (b) taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to
the number of American Depositary Shares held by such Holders respectively 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. Any such fractional
amounts shall be rounded down to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial
Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds the
number of decimal places used by the Depositary to report distribution rates. The excess amount may be retained by the Depositary
as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject
to escheatment. 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 an amount on account of taxes, duties or other governmental
charges, the amount distributed to Holders of the ADSs representing such Deposited Securities 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 shall forward
to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its
agent to file with governmental agencies such reports as are necessary to obtain benefits under the applicable tax treaties for
the Holders and Beneficial Owners of Receipts.

 

SECTION
4.2 Distribution in Shares. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution
of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the
name of the Depositary, the Custodian or any of their nominees. Upon receipt of confirmation of such deposit from the Custodian,
the Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 hereof and shall, subject to Section 5.9
hereof, either (i) 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 this Deposit Agreement (including, without limitation, (a) the applicable fees and charges
of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges), or (ii) if additional ADSs
are not so distributed, 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 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 and/or governmental
charges). In lieu of Delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of
such fractions and distribute the proceeds upon the terms described in Section 4.1 hereof. The Depositary may withhold any
such distribution of Receipts if it has not received satisfactory assurances from the Company (including an Opinion of Counsel
furnished at the expense of the Company) that such distribution does not require registration under the Securities Act or is exempt
from registration under the provisions of the Securities Act. To the extent such distribution may be withheld, the Depositary
may dispose of all or a portion of such distribution 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 applicable taxes and/or governmental charges and fees and charges of, and expenses incurred by, the Depositary and/or
a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms described in Section 4.1 hereof.

 

    14

     

    

 

SECTION
4.3 Elective Distributions in Cash or Shares. Whenever the Company intends to distribute a dividend payable at the election
of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days
prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders
of ADSs. Upon receipt of 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 is available to Holders of ADRs, (ii) the Depositary shall have received satisfactory documentation within the
terms of Section 5.7 hereof (including, without limitation, any legal opinions of counsel in any applicable jurisdiction
that the Depositary in its reasonable discretion may request, at the expense of the Company) and (iii) the Depositary shall
have determined that such distribution is lawful and reasonably practicable. If the above conditions are not satisfied, the Depositary
shall, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in the local
market in respect of the Shares for which no election is made, either cash upon the terms described in Section 4.1 hereof
or additional ADSs representing such additional Shares upon the terms described in Section 4.2 hereof. If the above conditions
are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7 hereof) and establish
procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional ADSs. The Company shall assist
the Depositary in establishing such procedures to the extent necessary. Subject to Section 5.9 hereof, if a Holder elects
to receive the proposed dividend in cash, the dividend shall be distributed upon the terms described in Section 4.1 hereof
or in ADSs, the dividend shall be distributed upon the terms described in Section 4.2 hereof. Nothing herein shall obligate
the Depositary to make available to Holders a method to receive the elective dividend 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.

 

    15

     

    

 

SECTION
4.4 Distribution of Rights to Purchase Shares.

 

(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 60 days prior to the
proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon 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 determine, 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 hereof and (iii) the Depositary shall have determined that such distribution of rights
is lawful and reasonably practicable. In the event any of the conditions set forth above are not satisfied, the Depositary shall
proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing or market conditions may not permit,
do nothing thereby allowing such rights to lapse. In the event all conditions set forth above are satisfied, the Depositary shall
establish an ADS Record Date (upon the terms described in Section 4.7 hereof) and establish procedures to distribute such
rights (by means of warrants or otherwise) and to enable the Holders to exercise the rights (upon payment of applicable fees and
charges of, and expenses incurred by, the Depositary and taxes and/or other governmental charges). Nothing herein shall obligate
the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs).

 

(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 hereof or determines it is not lawful or 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, and if it so determines that it is lawful and reasonably
practicable, endeavour to sell such rights in a riskless principal capacity or otherwise, at such place and upon such terms (including
public or private sale) as it may deem proper. 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
fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or
governmental charges) upon the terms set forth in Section 4.1 hereof.

 

(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)
hereof or to arrange for the sale of the rights upon the terms described in Section 4.4(b) hereof, the Depositary shall allow
such rights to lapse.

 

The
Depositary shall not be responsible for (i) any failure to determine that 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.

 

    16

     

    

 

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 covering such offering is in effect or (ii) unless
the Company furnishes at its expense the Depositary with 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 property (including rights) an amount
on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In
the event that the Depositary determines that any distribution in 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 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 and/or charges.

 

There
can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to 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 or otherwise to register or qualify the offer or sale of such rights or securities under the applicable law of any
other jurisdiction for any purpose.

 

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 notice thereof to the Depositary at least 30 days prior to the proposed
distribution 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 be made to Holders of ADSs, the Depositary shall determine whether such distribution
to Holders is lawful and practicable. The Depositary shall not make such distribution unless (i) the Company shall have timely
requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation
within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that such distribution is lawful
and 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 may 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 such Holders 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 and/or other governmental
charges. 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) and other governmental charges applicable to the distribution.

 

    17

     

    

 

(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
hereof or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or feasible,
the Depositary shall endeavor to 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 proper and shall distribute the net proceeds, if any, of such sale received by the Depositary (net
of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary
and taxes and/or governmental charges) to the Holders as of the ADS Record Date upon the terms of Section 4.1 hereof. If
the Depositary is unable to sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable
under the circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no rights thereto or arising
therefrom.

 

SECTION
4.6 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 securities, property or rights, and in the judgment of the
Depositary such Foreign Currency 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 fees, expenses, taxes and/or other governmental
charges incurred in the process of such conversion) in accordance with the terms of the applicable sections of this 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 exchange restrictions, the date of delivery of any Receipt or otherwise.

 

In
converting Foreign Currency, amounts received on conversion may be calculated at a rate which exceeds the number of decimal places
used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount
may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or
owing hereunder and shall not be subject to escheatment.

 

If
such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary
may file such application for approval or license, if any, as it may deem necessary, practicable and at nominal cost and expense.
Nothing herein shall obligate the Depositary to file or cause to be filed, or to seek effectiveness of any such application or
license.

 

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 practical 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 not obtainable at a
reasonable cost, within a reasonable period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable
laws and regulations, either (i) distribute the Foreign Currency (or an appropriate document evidencing the right to receive
such Foreign Currency) received by the Depositary to the Holders entitled to receive such Foreign Currency or (ii) hold such
Foreign Currency uninvested and without liability for interest thereon for the respective accounts of the Holders entitled to
receive the same.

 

    18

     

    

 

Holders
and Beneficial Owners are directed to refer to Section 7.9 hereof for certain disclosure related to conversion of Foreign Currency.

 

SECTION
4.7 Fixing of Record Date. Whenever necessary in connection with any distribution (whether in cash, Shares, rights, or
other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by
each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of or solicitation of holders of
Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix
a record date (the “ADS Record Date”), as close as practicable to the record date fixed by the Company with respect
to the Shares (if applicable), for the determination of the Holders 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 American Depositary Share or for any other reason. Subject to applicable law and the provisions of Sections 4.1 through
4.6 hereof and to the other terms and conditions of this Deposit Agreement, only the Holders of record 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.

 

SECTION
4.8 Voting of Deposited Securities. Subject to the next sentence, 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 such solicitation of consents
or proxies. 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 30 Business Days prior to the
date of such vote or meeting) and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by regular,
ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing
from time to time) or otherwise 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 this Deposit Agreement, the Company’s
Memorandum and Articles of Association 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 American Depositary Shares; and (c) a brief statement
as to the manner in which such voting instructions may be given to the Depositary, or in which instructions may be deemed to have
been given in accordance with this Section 4.8, including an express indication that instructions may be given (or be deemed to
have been given in accordance with the immediately following paragraph of this section if no instruction is received) to the Depositary
to give a discretionary proxy to a person or persons designated by the Company. Voting instructions may be given only in respect
of a number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt of
voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor,
insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company’s Memorandum
and Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote
the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance
with such voting instructions.

 

    19

     

    

 

In
the event that (i) 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 or (ii) no timely instructions
are received by the Depositary from a Holder with respect to any of the Deposited Securities represented by the ADSs held by such
Holder on the ADS Record Date, 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 with respect to such
Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited
Securities, provided, however, that no such instruction shall be deemed to have been given and no such discretionary proxy shall
be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information
as promptly as practicable in writing, if applicable) that (x) the Company does not wish to give such proxy, (y) the Company is
aware or should reasonably be aware that substantial opposition exists from Holders against the outcome for which the person designated
by the Company would otherwise vote or (z) the outcome for which the person designated by the Company would otherwise vote would
materially and adversely affect the rights of holders of Deposited Securities, provided, further, that the Company will have no
liability to any Holder or Beneficial Owner resulting from such notification.

 

In
the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with the Memorandum and
Articles of Association, the Depositary will refrain from voting and the voting instructions (or the deemed voting instructions,
as set out above) received by the Depositary from Holders shall lapse. The Depositary will have no obligation to demand voting
on a poll basis with respect to any resolution and shall have no liability to any Holder or Beneficial Owner for not having demanded
voting on a poll basis.

 

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 such written instructions
from Holders, including the deemed instruction to the Depositary to give a discretionary proxy to a person designated by the Company.
Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder,
or (ii) timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify
the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, shall be voted
in the manner provided in this Section 4.8. Notwithstanding anything else contained herein, and subject to applicable law, regulation
and the Memorandum and Articles of Association, 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 purpose of establishing quorum at a meeting of shareholders.

 

    20

     

    

 

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

 

Notwithstanding
the above, save for applicable provisions of the law of the Cayman Islands, and in accordance with the terms of Section 5.3
hereof, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities
or the manner in which such vote is cast or the effect of such vote.

 

SECTION
4.9 Changes Affecting Deposited Securities. Upon any change in par value, split-up, subdivision, cancellation, consolidation
or any other reclassification of Deposited Securities or upon any recapitalization, reorganization, amalgamation, merger or consolidation
or sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary
or the Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall,
to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement and the Receipts shall, subject
to the provisions of this Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to
receive such additional securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company
shall so request, subject to the terms of this Deposit Agreement and receipt of an Opinion of Counsel furnished at the Company’s
expense satisfactory to the Depositary (stating that such distributions are not in violation of any applicable laws or regulations),
execute and deliver additional Receipts, as in the case of a stock dividend on the Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts. In either case, as well as in the event of newly deposited Shares, necessary modifications
to the form of Receipt contained in Exhibit A and Exhibit B hereto, specifically describing such new Deposited Securities
and/or corporate change, shall also be made. The Company agrees that it will, 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 Receipt. Notwithstanding the foregoing,
in the event that any security 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 Counsel (furnished at the Company’s
expense) satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such
securities 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 fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s)
of the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities
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 hereof.
The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities
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 securities.

 

SECTION
4.10 Available Information. The Company is subject to the periodic reporting requirements of the Exchange Act applicable
to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission.
These reports and documents can be inspected and copied at the Commission’s website at www.sec.gov or at the public reference
facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A.

 

    21

     

    

 

SECTION
4.11 Reports. The Depositary shall make available during normal business hours on any Business Day for inspection by Holders
at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company
which are both received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities
and made generally available to the holders of such Deposited Securities by the Company. The Company agrees to provide to the
Depositary, at the Company’s expense, all such documents that it provides to the Custodian. Unless otherwise agreed in writing
by the Company and the Depositary, the Depositary shall, at the expense of the Company and in accordance with Section 5.6
hereof, also mail to Holders by regular, ordinary mail delivery or by electronic transmission (if agreed by the Company and the
Depositary) copies of notices and reports when furnished by the Company pursuant to Section 5.6 hereof.

 

SECTION
4.12 List of Holders. Promptly upon written request by the Company, the Depositary shall, at the expense of the Company,
furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in
whose names Receipts are registered on the books of the Depositary.

 

SECTION
4.13 Taxation; Withholding. 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 request to enable the Company or its agents to file necessary tax reports
with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but shall not be obligated
to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect
of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial Owners
of American Depositary Shares may be required from time to time, and in a timely manner to provide and/or 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 Holders and Beneficial Owners
shall indemnify the Depositary, the Company, the Custodian, the Agents and their respective directors, officers, 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
by the Beneficial Owner or Holder or out of or in connection with any inaccuracy in or omission from any such proof, certificate,
representation, warranty, information or document furnished by or on behalf of such Holder or Beneficial Owner. The obligations
of Holders and Beneficial Owners under this Section 4.13 shall survive any transfer of Receipts, any surrender of Receipts and
withdrawal of Deposited Securities or the termination of this Deposit Agreement.

 

The
Company shall remit to the appropriate governmental authority or agency any amounts required to be withheld by the Company and
owing to such governmental authority or agency. Upon any such withholding, the Company shall remit to the Depositary information,
in a form reasonably satisfactory to the Depositary, about such taxes and/or governmental charges withheld or paid, and, if so
requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor. The Depositary shall,
to the extent required by U.S. law, report to Holders (i) any taxes withheld by it; (ii) any taxes withheld by the Custodian,
subject to information being provided to the Depositary by the Custodian and (iii) any taxes withheld by the Company, subject
to information being provided to the Depositary 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. None of the Depositary, the Custodian
or the Company 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.

 

    22

     

    

 

In
the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor)
is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary shall withhold
the amount required to be withheld and may by public or private sale dispose of all or a portion of such property (including Shares
and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay
such taxes and/or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes
and/or charges to the Holders entitled thereto in proportion to the number of American Depositary Shares held by them respectively.

 

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 American Depositary Shares, including without limitation, tax consequences resulting
from the Company (or any of its subsidiaries) being treated as a “Passive Foreign Investment Company” (as defined
in the U.S. Internal Revenue Code of 1986, as amended 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 this Deposit Agreement in accordance
with its terms, the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the
Borough of Manhattan, the City of New York, an office and facilities for the execution and delivery, registration, registration
of transfers, combination and split-up of Receipts, the surrender of Receipts and the Delivery and withdrawal of Deposited Securities
in accordance with the provisions of this Deposit Agreement.

 

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

 

The
Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time and from time
to time, when deemed necessary or advisable by it in connection with the performance of its duties hereunder, or at the reasonable
written request of the Company.

 

    23

     

    

 

If
any Receipts or the American Depositary Shares evidenced thereby 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 Receipts and transfers, combinations and split-ups, and to countersign such Receipts 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.

 

If
any Receipts or the American Depositary Shares evidenced thereby are listed on one or more securities exchanges, markets or automated
quotation systems, (i) the Depositary shall be entitled to, and shall, take or refrain from taking such action(s) as it may
deem necessary or appropriate to comply with the requirements of such securities exchange(s), market(s) or automated quotation
system(s) applicable to it, notwithstanding any other provision of this Deposit Agreement; and (ii) upon the reasonable request
of the Depositary, the Company shall provide the Depositary such information and assistance as may be reasonably necessary for
the Depositary to comply with such requirements, to the extent that the Company may lawfully do so.

 

Each
Registrar and co-registrar appointed under this Section 5.1 shall give notice in writing to the Depositary accepting such appointment
and agreeing to be bound by the applicable terms of the Deposit Agreement.

 

SECTION
5.2 Exoneration. None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which
is inconsistent with the provisions of this Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any
third parties (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents (including
without limitation, the Agents) shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required
by the terms of this Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States
or any state thereof, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority
or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present
or future, of the Memorandum and Articles of Association 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, revolutions, rebellions, explosions and computer failure), (ii) by
reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the Memorandum
and Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary,
the Custodian or the Company or their respective controlling persons or agents (including without limitation, the Agents) 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 this Deposit Agreement,
made available to Holders of American Depositary Shares or (v) for any special, consequential, indirect or punitive damages
for any breach of the terms of this Deposit Agreement or otherwise.

 

    24

     

    

 

The
Depositary, its controlling persons, its agents (including without limitation, the Agents), the Custodian and the Company, its
controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion 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 or the Exchange Act is intended by any provision of this Deposit Agreement.

 

SECTION
5.3 Standard of Care. The Company and the Depositary and their respective directors, officers, Affiliates, employees and
agents (including without limitation, the Agents) assume no obligation and shall not be subject to any liability under this Deposit
Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8
hereof, provided, that the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents
(including without limitation, the Agents) agree to perform their respective obligations specifically set forth in this Deposit
Agreement or the applicable ADRs without gross negligence or willful misconduct.

 

Without
limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, directors,
officers, affiliates, employees or agents (including without limitation, the Agents), shall be under any obligation to appear
in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts,
which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses (including
fees and disbursements of counsel) and liabilities 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 directors, officers, affiliates, employees and agents (including without limitation, the 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 effects of any vote. The Depositary shall not incur any liability for any failure to 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 Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result
from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights
to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company, or for any
action or non action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person
presenting Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice
or information. The Depositary and its agents (including without limitation, the Agents) 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 gross negligence or willful misconduct while
it acted as Depositary.

 

    25

     

    

 

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, in the event no successor depositary
has been appointed by the Company, be entitled to take the actions contemplated in Section 6.2 hereof) and (ii) the appointment
by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts,
fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing
between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation.

 

The
Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment,
not more than 90 days after delivery by the Depositary of written notice of resignation as provided in this Section 5.4.
In the event that notice of the appointment of a successor depositary is not provided by the Company in accordance with the preceding
sentence, the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof.

 

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 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the
actions contemplated in Section 6.2 hereof if a successor depositary has not been appointed), and (ii) the appointment by
the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts,
fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing
between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal.

 

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.
The predecessor depositary, upon payment of all sums due to 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 hereof), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities
to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information
relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly
mail notice of its appointment to such Holders.

 

Any
corporation 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 and, notwithstanding anything to the contrary in this Deposit Agreement,
the Depositary may assign or otherwise transfer all or any of its rights and benefits under this Deposit Agreement (including
any cause of action arising in connection with it) to Deutsche Bank AG or any branch thereof or any entity which is a direct or
indirect subsidiary or other affiliate of Deutsche Bank AG.

 

    26

     

    

 

SECTION
5.5 The Custodian. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects
to the direction of the Depositary for the Deposited Securities 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 Securities 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 the Deposited Securities held by it, together with
all such records maintained by it as Custodian with respect to such Deposited Securities 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 entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with
respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect
to the Deposited Securities. After any such change, the Depositary shall give notice thereof in writing to all Holders.

 

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 Securities 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 English 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 Memorandum and Articles of Association that may be relevant or pertain to such notice of meeting
or be the subject of a vote thereat.

 

The
Company will also transmit to the Depositary (a) English language versions of the other notices, reports and communications
which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) English
language versions of the Company’s annual and other reports prepared in accordance with the applicable requirements of the
Commission. The Depositary shall arrange, at the request of the Company and at the Company’s expense, for the mailing of
copies thereof to all Holders, or by any other means as agreed between the Company and the Depositary (at the Company’s
expense) or make such notices, reports and other communications available for inspection by all Holders, provided, that, the Depositary
shall have received evidence sufficiently satisfactory to it, including in the form of an Opinion of Counsel regarding U.S. law
or of any other applicable jurisdiction, furnished at the expense of the Company, as the Depositary reasonably requests, that
the distribution of such notices, reports and any such other communications to Holders from time to time is valid and does not
or will not infringe any local, U.S. or other applicable jurisdiction regulatory restrictions or requirements if so distributed
and made available to Holders. The Company will timely provide the Depositary with the quantity of such notices, reports, and
communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. The Company
has delivered to the Depositary and the Custodian a copy of the Memorandum and Articles of Association along with the provisions
of or governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company, in connection
with the Shares, in each case, to the extent not in English, along with a certified English translation thereof, 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, to the extent not in English, along with a certified English translation thereof. The Depositary may
rely upon such copy for all purposes of this Deposit Agreement.

 

    27

     

    

 

The
Depositary will make available, at the expense of the Company, 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 Receipts evidencing the American Depositary Shares
representing such Shares governed by such provisions at the Depositary’s Corporate Trust Office, at the office of the Custodian
and at any other designated transfer office.

 

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 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, subdivision, amalgamation or consolidation or transfer of
assets, (viii) any reclassification, recapitalization, reorganization, merger, amalgamation, consolidation or sale of assets
which affects the Deposited Securities or (ix) a distribution of property other than cash, Shares or rights to purchase additional
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 or the securities laws of the
states of the United States). In support of the foregoing, the Company will furnish to the Depositary at its request, at the Company’s
expense, (a) a written opinion of U.S. counsel (satisfactory to the Depositary) stating whether or not application of such
transaction to Holders and Beneficial Owners (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/or (3) dealing with such other issues requested
by the Depositary; (b) a written opinion of Cayman Islands counsel (satisfactory to the Depositary) 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; and (c) as the Depositary may request,
a written Opinion of Counsel in any other jurisdiction in which Holders or Beneficial Owners reside to the effect that making
the transaction available to such Holders or Beneficial Owners does not violate the laws or regulations of such jurisdiction.
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
and that such distribution is in accordance with all applicable laws or regulations. 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 this Deposit
Agreement, to prevent such transaction from violating the registration requirements of the Securities Act.

 

    28

     

    

 

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, unless such transaction
and the securities issuable in such transaction are exempt from registration under the Securities Act or have been registered
under the Securities Act (and such registration statement has been declared effective).

 

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

 

SECTION
5.8 Indemnification. The Company agrees to indemnify the Depositary, any Custodian and each of their respective directors,
officers, employees, agents (including without limitation, the Agents) and Affiliates against, and hold each of them harmless
from, any losses, liabilities, taxes, costs, claims, judgments, proceedings, actions, demands and any charges or expenses of any
kind whatsoever (including, but not limited to, reasonable fees and expenses of counsel together with, in each case, value added
tax and any similar tax charged or otherwise imposed in respect thereof) (collectively referred to as “Losses”)
which the Depositary or any agent (including without limitation, the Agents) thereof may incur or which may be made against it
as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may
arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American
Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any offering
documents in respect thereof or (c) out of or in connection with 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 this Deposit Agreement,
the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary,
the Custodian or any of their respective directors, officers, employees, agents (including without limitation, the Agents) and
Affiliates, except to the extent any such Losses arise out of the gross negligence or wilful misconduct of any of them, or (ii) by
the Company or any of its directors, officers, employees, agents and Affiliates.

 

The
Depositary agrees to indemnify the Company and hold it harmless from any Losses which may arise out of acts performed or omitted
to be performed by the Depositary arising out of its gross negligence or wilful misconduct. Notwithstanding the above, in no event
shall the Depositary or any of its directors, officers, employees, agents (including without limitation, the Agents) and/or Affiliates
be liable for any special, consequential, indirect or punitive damages to the Company, Holders, Beneficial Owners or any other
person.

 

    29

     

    

 

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 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 under 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.

 

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

 

SECTION
5.9 Fees and Charges of Depositary. The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering
ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s
fees and related charges identified as payable by them respectively as provided for under Article (9) of the Receipt. All
fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the Company,
but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1
hereof. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request.

 

The
Depositary and the Company may reach separate agreement in relation to the payment of any additional remuneration to the Depositary
in respect of any exceptional duties which the Depositary finds necessary or desirable and agreed by both parties in the performance
of its obligations hereunder and in respect of the actual costs and expenses of the Depositary in respect of any notices required
to be given to the Holders in accordance with Article (20) of the Receipt.

 

In
connection with any payment by the Company to the Depositary:

 

	(i)	all
    fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be paid or be procured to be paid
    by the Company (and any such amounts which are paid by the Depositary shall be reimbursed to the Depositary by the Company
    upon demand therefor);

 

	(ii)	such
    payment shall be subject to all necessary applicable exchange control and other consents and approvals having been obtained.
    The Company undertakes to use its reasonable endeavours to obtain all necessary approvals that are required to be obtained
    by it in this connection; and

 

	(iii)	the
    Depositary may request, in its sole but reasonable discretion after reasonable consultation with the Company, an Opinion of
    Counsel regarding U.S. law, the laws of the Cayman Islands or of any other relevant jurisdiction, to be furnished at
    the expense of the Company, if at any time it deems it necessary to seek such an Opinion of Counsel regarding the validity
    of any action to be taken or instructed to be taken under this Agreement.

 

The
Company agrees to promptly pay to the Depositary such other fees, charges and expenses and to reimburse the Depositary for such
out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time. Responsibility for payment
of such charges may at any time and from time to time be changed by agreement between the Company and the Depositary.

 

    30

     

    

 

All
payments by the Company to the Depositary under this Clause 5.9 shall be paid without set-off or counterclaim, and free and clear
of and without deduction or withholding for or on account of, any present or future taxes, levies, imports, duties, fees, assessments
or other charges of whatever nature, imposed by the Cayman Islands or by any department, agency or other political subdivision
or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto.

 

The
right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of this
Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 hereof,
such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.

 

SECTION
5.10 Restricted Securities Owners/Ownership Restrictions. From time to time or upon request of the Depositary, the Company
shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially
own Restricted Securities and the Company shall update such list on a regular basis. The Depositary may rely on such list or update
but shall not be liable for any action or omission made in reliance thereon. 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 and, to the extent practicable, shall require each of such persons to represent in writing that such person
will not deposit Restricted Securities hereunder. Holders and Beneficial Owners shall comply with any limitations on ownership
of Shares under the Memorandum and Articles of Association or applicable Cayman Islands law as if they held the number of Shares
their ADSs represent. The Company shall, in accordance with Article (24) of the Receipt, inform Holders and Beneficial Owners
and the Depositary of any other limitations on ownership of Shares that the Holders and Beneficial Owners may be subject to by
reason of the number of ADSs held under the Articles of Association or applicable Cayman Islands law, as such restrictions may
be in force from time to time.

 

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 pursuant to the Memorandum and Articles of Association, including but not
limited to, 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 ADRs 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 Memorandum and Articles of Association; provided that any such
measures are practicable and legal and can be undertaken without undue burden or expense, and provided further the Depositary’s
agreement to the foregoing is conditional upon it being advised of any applicable changes in the Memorandum and Articles of Association.
The Depositary shall have no liability for any actions taken in accordance with such instructions.

 

    31

     

    

 

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 Receipts outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt
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 and not
materially prejudicial to the Holders without the 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/or other governmental charges, delivery and other such expenses payable by Holders or
Beneficial Owners), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial
Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or
supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or
form of Receipts 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 (i.e., 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 American Depositary Shares to be registered on Form F-6 under
the Securities Act or (b) the American Depositary Shares or the Shares to be traded 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 American Depositary Share or
Shares, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended and
supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt
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 amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary
may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement 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.

 

    32

     

    

 

SECTION 6.2  Termination.  The
Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by mailing notice of such
termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such
termination, provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance
with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the
Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after
(i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) 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 hereof, the Depositary may terminate
this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days
prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, each Holder will,
upon surrender of such Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary
for the surrender of Receipts referred to in Section 2.6 hereof and subject to the conditions and restrictions therein set
forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to Delivery, to him or upon his order,
of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination
of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary
shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further
acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining
to Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and shall continue to Deliver
Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6 hereof, together with any dividends
or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange
for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the
Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions
of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration
of six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held
hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder,
in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have
not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit
Agreement with respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except to account for
such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary
for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this
Deposit Agreement and any applicable taxes and/or governmental charges or assessments). Upon the termination of this Deposit Agreement,
the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary
hereunder. The obligations under the terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding
as of the effective date of any termination shall survive such effective date of termination 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
and the Holders have each satisfied any and all of their obligations hereunder (including, but not limited to, any payment and/or
reimbursement obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is
claimed after such effective date of termination).

 

    33

     

    

 

Notwithstanding anything contained in the
Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and
without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities
represented by their ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares
program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject
however, in each case, to satisfaction of the applicable registration requirements by the unsponsored American depositary shares
program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement
of the applicable expenses incurred by, the Depositary.

 

ARTICLE VII.

MISCELLANEOUS

 

SECTION 7.1  Counterparts.  This
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 this Deposit Agreement shall be maintained with the Depositary
and shall be open to inspection by any Holder during business hours.

 

SECTION 7.2  No
Third-Party Beneficiaries.  This 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 this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise
to a partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties.
The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking
relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions
in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained
in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing
or maintaining such relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such transactions or
relationships or to account for any profit made or payment received in such transactions or relationships.

 

SECTION 7.3  Severability.  In
case any one or more of the provisions contained in this Deposit Agreement or in the Receipts 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 American
Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of
any Receipt by acceptance hereof 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 first-class
mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter, addressed to Puyi Inc.,
42F, Pearl River Tower, No. 15 Zhujiang West Road, Zhujiang New Town, Tianhe, Guangzhou, Guangdong Province, People’s Republic
of China 510623, Attention: Mr. Yu Haifeng, telephone: +86-020-28381666, E-mail: yuhaifeng@puyiwm.com, or to any other address
which the Company may specify in writing to the Depositary or at which it may be effectively given such notice in accordance with
applicable law.

 

    34

     

    

 

Any and all notices to be given to the
Depositary shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex,
facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense,
unless otherwise agreed in writing between the Company and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust
Company Americas, 60 Wall Street, New York, New York 10005, USA, Attention: ADR Department, telephone: +1 212 250-9100, facsimile:
+ 1 212 797 0327 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 if personally delivered or sent by first-class mail or cable, telex, facsimile transmission
or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed
in writing between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the
transfer books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written request that notices
intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be
deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement.

 

Delivery of a notice sent by mail, air
courier or cable, telex, facsimile or electronic 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, facsimile or electronic transmission) is deposited,
postage prepaid, in a post-office letter box or delivered to an air courier service. The Depositary or the Company may, however,
act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding
that such cable, telex, facsimile or electronic transmission shall not subsequently be confirmed by letter as aforesaid, as the
case may be.

 

SECTION 7.6  Governing
Law and Jurisdiction.  This Deposit Agreement and the Receipts 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. Subject to the Depositary's rights under the third 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 exclusive 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 this Deposit Agreement and, for such purposes, each irrevocably submits to the exclusive jurisdiction of such courts. Notwithstanding
the above, the parties hereto agree that any judgment and/or order from any such New York court can be enforced in any court having
jurisdiction thereof. The Company hereby irrevocably designates, appoints and empowers Cogency Global Inc. (the “Process
Agent”), located at 10 E. 40th Street, 10th Floor, New York, New York 10016, 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 Process Agent shall cease to be available to act as such, the Company agrees to designate a new agent in the City
of 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 Process Agent (whether or not the appointment
of such Process Agent shall for any reason prove to be ineffective or such Process 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 hereof. The Company agrees that the failure of the Process 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.

 

    35

     

    

 

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.

 

The Company, the Depositary and by holding
an American Depositary Share (or interest therein) Holders and Beneficial Owners each agree that, notwithstanding the foregoing,
with regard to any claim or dispute or difference of whatever nature between or involving the parties hereto arising directly or
indirectly from the relationship created by this Deposit Agreement, the Depositary, in its sole discretion, shall be entitled to
refer such dispute or difference for final settlement by arbitration (“Arbitration”) in accordance with the
Commercial Arbitration Rules of the American Arbitration Association (the “Rules”) then in force. The arbitration
shall be conducted by three arbitrators, one nominated by the Depositary, one nominated by the Company, and one nominated by the
two party-appointed arbitrators within 30 calendar days of the confirmation of the nomination of the second arbitrator. If any
arbitrator has not been nominated within the time limits specified herein and in the Rules, then such arbitrator shall be appointed
by the American Arbitration Association in accordance with the Rules. Judgment upon the award rendered by the arbitrators may be
enforced in any court having jurisdiction thereof. The seat and place of any reference to arbitration shall be New York City, New
York, and the procedural law of such arbitration shall be New York law. The language to be used in the arbitration shall be English.
The fees of the arbitrator and other costs incurred by the parties in connection with such Arbitration shall be paid by the party
or parties that is (are) unsuccessful in such Arbitration. For the avoidance of doubt this paragraph does not preclude Holders
and Beneficial Owners from pursuing claims under the Securities Act or the Exchange Act in federal courts.

 

Holders and Beneficial Owners understand,
and holding an American Depositary Share or an interest therein, such Holders and Beneficial Owners each irrevocably agree that
any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon the Deposit
Agreement, American Depositary Shares, Receipts or the transactions contemplated hereby or thereby or by virtue of ownership thereof,
may only be instituted in a state or federal court in New York, New York, and by holding an American Depositary Share or an interest
therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding,
and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Holders and Beneficial
Owners agree that the provisions of this paragraph shall survive such Holders’ and Beneficial Owners’ ownership of
American Depositary Shares or interests therein.

 

    36

     

    

 

EACH PARTY TO THE DEPOSIT AGREEMENT
(INCLUDING, FOR

AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR
HOLDER OF INTERESTS IN ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

 

The provisions of this Section 7.6
shall survive any termination of this Deposit Agreement, in whole or in part.

 

SECTION 7.7  Assignment.  Subject
to the provisions and exceptions set forth in Section 5.4 hereof, this Deposit Agreement may not be assigned by either the
Company or the Depositary.

 

SECTION 7.8  Agents.  The
Depositary shall be entitled, in its sole but reasonable discretion, to appoint one or more agents (the “Agents”)
of which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying
out its obligations under this Agreement.

 

SECTION 7.9  Affiliates
etc.  The Depositary reserves the right to utilize and retain a division or Affiliate(s) of the Depositary to direct,
manage and/or execute any public and/or private sale of Shares, rights, securities, property or other entitlements hereunder and
to engage in the conversion of Foreign Currency hereunder.  It is anticipated that such division and/or Affiliate(s) will
charge the Depositary a fee and/or commission in connection with each such transaction, and seek reimbursement of its costs and
expenses related thereto.  Such fees/commissions, costs and expenses, shall be deducted from amounts distributed hereunder
and shall not be deemed to be fees of the Depositary under Article (9) of the Receipt or otherwise. Persons are advised that in
converting foreign currency into U.S. dollars the Depositary may utilize Deutsche Bank AG or its affiliates (collectively, “DBAG”)
to effect such conversion by seeking to enter into a foreign exchange (“FX”) transaction with DBAG. When converting
currency, the Depositary is not acting as a fiduciary for the holders or beneficial owners of depositary receipts or any other
person. Moreover, in executing FX transactions, DBAG will be acting in a principal capacity, and not as agent, fiduciary or broker,
and may hold positions for its own account that are the same, similar, different or opposite to the positions of its customers,
including the Depositary. When the Depositary seeks to execute an FX transaction to accomplish such conversion, customers should
be aware that DBAG is a global dealer in FX for a full range of FX products and, as a result, the rate obtained in connection with
any requested foreign currency conversion may be impacted by DBAG executing FX transactions for its own account or with another
customer. In addition, in order to source liquidity for any FX transaction relating to any foreign currency conversion, DBAG may
internally share economic terms relating to the relevant FX transaction with persons acting in a sales or trading capacity for
DBAG or one of its agents. DBAG may charge fees and/or commissions to the Depositary or add a mark-up in connection with such conversions,
which are reflected in the rate at which the foreign currency will be converted into U.S. dollars. 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.

 

    37

     

    

 

SECTION 7.10  Exclusivity.  The
Company agrees not to appoint any other depositary for the issuance or administration of depositary receipts evidencing any class
of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder.

 

SECTION 7.11  Compliance
with U.S. Securities Laws.  Notwithstanding anything in this 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 7.12  Titles.  All
references in this Deposit Agreement to exhibits, Articles, sections, subsections, and other subdivisions refer to the exhibits,
Articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words
“this Deposit Agreement”, “herein”, “hereof”, “hereby”,
“hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect 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 this
Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in this Deposit
Agreement.

    38

     

    

  

IN WITNESS WHEREOF, PUYI INC. and DEUTSCHE BANK TRUST COMPANY
AMERICAS have duly executed this 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 American Depositary Shares evidenced by Receipts issued in accordance
with the terms hereof.

 

	 	PUYI INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    39

     

    

 

EXHIBIT A

 

CUSIP________

 

ISIN________

 

American Depositary Shares (Every
two

American Depositary Shares

representing three

Fully Paid Ordinary Shares)

 

[FORM OF FACE OF RECEIPT]

 

AMERICAN DEPOSITARY RECEIPT

 

for

 

AMERICAN DEPOSITARY SHARES

 

representing

 

DEPOSITED ORDINARY SHARES

 

of

 

PUYI INC.

 

(Incorporated under the laws of the Cayman
Islands)

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as
depositary (herein called the “Depositary”), hereby certifies that ________________ is the owner of ______________
American Depositary Shares (hereinafter “ADS”), representing deposited ordinary shares, each of Par Value of
U.S. $0.001 including evidence of rights to receive such ordinary shares (the “Shares”) of Puyi Inc., a company
incorporated under the laws of the Cayman Islands (the “Company”). As of the date of the Deposit Agreement (hereinafter
referred to), every two ADSs represent three Shares deposited under the Deposit Agreement with the Custodian which at the date
of execution of the Deposit Agreement is Deutsche Bank AG, Hong Kong Branch (the “Custodian”). The ratio of
Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement. The
Depositary’s Corporate Trust Office is located at 60 Wall Street, New York, New York 10005, U.S.A.

 

(1) The
Deposit Agreement. This American Depositary Receipt is one of an issue of American Depositary Receipts (“Receipts”),
all issued or to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [●], 2019 (as amended
from time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial
Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and
becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and
Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any
and all other securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares,
other securities, property and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement
are on file at the Corporate Trust Office of the Depositary and the Custodian.

 

    40

     

    

 

Each owner 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, shall
be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and 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 statements made on the face and reverse
of this Receipt are summaries of certain provisions of the Deposit Agreement and the Memorandum and Articles of Association (as
in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement,
to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings
ascribed thereto in the Deposit Agreement. To the extent there is any inconsistency between the terms of this Receipt and the terms
of the Deposit Agreement, the terms of the Deposit Agreement shall prevail. Prospective and actual Holders and Beneficial Owners
are encouraged to read the terms of the Deposit Agreement. The Depositary makes no representation or warranty as to the validity
or worth of the Deposited Securities. The Depositary has made arrangements for the acceptance of the American Depositary Shares
into DTC. Each Beneficial Owner of American Depositary Shares 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 American Depositary Shares. The Receipt evidencing the American
Depositary Shares held through DTC will be registered in the name of a nominee of DTC. So long as the American Depositary Shares
are held through DTC or unless otherwise required by law, ownership of beneficial interests in the Receipt registered in the name
of DTC (or its nominee) will be shown on, and transfers of such ownership will be effected only through, records maintained by
(i) DTC (or its nominee), or (ii) DTC Participants (or their nominees).

 

(2) Surrender
of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of ADSs
evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the
fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth
in Section 5.9 of the Deposit Agreement and Article (9) hereof) and (ii) all fees, taxes and/or governmental charges
payable in connection with such surrender and withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the
Memorandum and Articles of Association, Section 7.10 of the Deposit Agreement, Article (22) hereof and the provisions
of or governing the Deposited Securities and other applicable laws, the Holder of the American Depositary Shares evidenced hereby
is entitled to Delivery, to him or upon his order, of the Deposited Securities represented by the ADS so surrendered. ADS may be
surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such ADS (if held in registered
form) or by book-entry delivery of such ADS to the Depositary.

 

    41

     

    

 

A Receipt surrendered for such purposes
shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank,
and if the Depositary so requires, the Holder thereof shall execute and deliver 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 a person or persons
designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated
office of the Custodian or through a book-entry delivery of the Shares (in either case subject to the terms and conditions of the
Deposit Agreement, to the Memorandum and Articles of Association, and to the provisions of or governing the Deposited Securities
and applicable laws, now or hereafter in effect), to or upon the written order of the person or persons designated in the order
delivered to the Depositary as provided above, the Deposited Securities represented by such ADSs, together with any certificate
or other proper documents of or relating to title for the Deposited Securities or evidence of the electronic transfer thereof (if
available) as the case may be to or for the account of such person. Subject to Article (4) hereof, in the case of surrender of
a Receipt evidencing a number of ADSs representing 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) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary
Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by
the Receipt so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses incurred
by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the person
surrendering the Receipt. At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such
Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other
than securities) held in respect of, and any certificate or certificates and other proper documents of or relating to title to,
the Deposited Securities represented by such Receipt to the Depositary for Delivery at the Corporate Trust Office of the Depositary,
and for further Delivery to such Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder,
by cable, telex or facsimile transmission. Upon receipt of such direction by the Depositary, the Depositary may make delivery to
such person or persons entitled thereto at the Corporate Trust Office of the Depositary of any dividends or cash distributions
with respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions
or rights, which may at the time be held by the Depositary.

 

(3) Transfers,
Split-Ups and Combinations of Receipts. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register
transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof
in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the
case of Receipts issued through any book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of
proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped
as may be required by the laws of the State of New York, of the United States, of the Cayman Islands and of any other applicable
jurisdiction. Subject to the terms and conditions of the Deposit Agreement, including payment of the applicable fees and expenses
incurred by, and charges of, the Depositary, the Depositary shall execute and Deliver a new Receipt(s) (and if necessary, cause
the Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled to such Receipts evidencing
the same aggregate number of ADSs as those evidenced by the Receipts surrendered. Upon surrender of a Receipt or Receipts for the
purpose of effecting a split-up or combination of such Receipt or Receipts upon payment of the applicable fees and charges of the
Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall execute and deliver a new Receipt
or Receipts for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as the Receipt or Receipts
surrendered.

 

    42

     

    

 

(4) Pre-Conditions
to Registration, Transfer, Etc. As a condition precedent to the execution and Delivery, registration, registration of transfer,
split-up, subdivision, combination or surrender of any Receipt, the delivery of any distribution thereon (whether in cash or shares)
or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares
or presenter of the Receipt 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 the Deposit Agreement and in this Receipt, (ii) the
production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter and (iii) compliance
with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts and ADSs or to the withdrawal
of Deposited Securities and (B) such reasonable regulations of the Depositary or the Company consistent with 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 issuance of ADSs against the deposit of particular
Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration
of transfer of Receipts generally may be suspended, during any period when the transfer books of the Depositary 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, any government or governmental body or commission or any securities exchange upon which the
Receipts or Share are listed, or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities
or any meeting of shareholders of the Company or for any other reason, subject in all cases to Article (22) hereof.

 

The Depositary shall not issue ADSs prior
to the receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.

 

(5) Compliance
With Information Requests. Notwithstanding any other provision of the Deposit Agreement or this Receipt, each Holder and Beneficial
Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Cayman Islands,
the rules and requirements of the Nasdaq Global Market and any other stock exchange on which the Shares are, or will be registered,
traded or listed, the Memorandum and Articles of Association, which are made to provide information as to the capacity in which
such Holder or Beneficial Owner owns ADSs and regarding the identity of any other person interested in such ADSs and the nature
of such interest and various other matters whether or not they are Holders and/or Beneficial Owner at the time of such request.
The Depositary agrees to use reasonable efforts to forward any such requests to the Holders and to forward to the Company any such
responses to such requests received by the Depositary.

 

    43

     

    

 

(6) Liability
of Holder for Taxes, Duties and Other Charges. If any tax or other governmental charge shall become payable by the Depositary
or the Custodian with respect to any Receipt or any Deposited Securities or ADSs, such tax or other governmental charge 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 Securities and may sell for the account of the Holder and/or Beneficial
Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including
applicable interest and penalties) or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency.
The Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver Receipts, register the
transfer, split-up or combination of ADRs and (subject to Article (22) hereof) the withdrawal of Deposited Securities, until
payment in full of such tax, charge, penalty or interest is received.

 

The liability of Holders and Beneficial
Owners under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited
Securities or the termination of the Deposit Agreement.

 

Holders understand that in converting Foreign
Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary
to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by
the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and
shall not be subject to escheatment.

 

(7) Representations
and Warranties of Depositors. 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 were 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, and are not, and
the ADSs issuable upon such deposit will not be, Restricted Securities, (v) the Shares presented for deposit have not been
stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the Company or other
party, or the Shares are subject to a lock-up agreement but such lock-up agreement has terminated or the lock-up restrictions imposed
thereunder have expired or been validly waived. Such representations and warranties shall survive the deposit and withdrawal of
Shares and the issuance, cancellation and transfer of ADSs. If any such representations or warranties are false in any way, the
Company and 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.

 

(8) Filing
Proofs, Certificates and Other Information. Any person presenting Shares for deposit shall provide, any Holder and any Beneficial
Owner may be required to provide, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary
such proof of citizenship or residence, taxpayer status, payment of all applicable taxes and/or other governmental charges, exchange
control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms
of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information as the Depositary deems
necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations
under the Deposit Agreement. Pursuant to the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the
execution or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution
of rights or of the proceeds thereof, or to the extent not limited by the terms of Article (22) hereof or the terms of the Deposit
Agreement, the Delivery of any Deposited Securities 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
and the Company’s satisfaction. The Depositary shall from time to time on the written request of the Company advise the Company
of the availability of any such proofs, certificates or other information and shall, at the Company’s sole expense, provide
or otherwise make available copies thereof to the Company upon written request therefor by the Company, unless such disclosure
is prohibited by law. Each Holder and Beneficial Owner agrees to provide any information requested by the Company or the Depositary
pursuant to this paragraph. 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.

 

    44

     

    

 

Every Holder and Beneficial Owner agrees
to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees,
agents and Affiliates against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made
against any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation,
warranty, information or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure
to furnish any of the foregoing.

 

The obligations of Holders and Beneficial
Owners under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited
Securities or the termination of this Deposit Agreement.

 

(9) Charges
of Depositary. The Depositary reserves the right to charge the following fees for the services performed under the terms of
the Deposit Agreement, provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging
of such fee is prohibited by the exchange, if any, upon which the ADSs are listed:

 

(i) to
any person to whom ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to
stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted
to cash), a fee not in excess of U.S. $ 5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit Agreement
to be determined by the Depositary;

 

(ii) to
any person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason
including, inter alia, cash distributions made pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $ 5.00 per
100 ADSs reduced, cancelled or surrendered (as the case may be);

 

(iii)  to
any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs held for the distribution
of cash dividends;

 

    45

     

    

 

(iv)  to
any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs held for the distribution
of cash entitlements (other than cash dividends) and/or cash proceeds, including proceeds from the sale of rights, securities and
other entitlements;

 

(v) to
any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs (or portion thereof)
issued upon the exercise of rights; and

 

(vi) for
the operation and maintenance costs in administering the ADSs an annual fee of U.S. $ 5.00 per 100 ADSs, such fee to be assessed
against Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of
the Depositary by billing such Holders for such fee or by deducting such fee from one or more cash dividends or other cash distributions.

 

In addition, Holders, Beneficial Owners,
any person depositing Shares for deposit and any person surrendering ADSs for cancellation and withdrawal of Deposited Securities
will be required to pay the following charges:

 

(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 with the Foreign
Registrar 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, facsimile and electronic transmission and delivery expenses as are expressly provided in the Deposit Agreement to
be at the expense of the depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of ADSs;

 

(iv) the
expenses and charges incurred by the Depositary and/or a division or Affiliate(s) of 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;

 

(vi) the
fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities, including any fees of a central
depository for securities in the local market, where applicable;

 

(vii) any
additional fees, charges, costs or expenses that may be incurred by the Depositary or a division or Affiliate(s) of the Depositary
from time to time.

 

Any other fees and charges of, and expenses
incurred by, the Depositary or the Custodian under the Deposit Agreement shall be for the account of the Company unless otherwise
agreed in writing between the Company and the Depositary from time to time. All 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 fees and charges payable by Holders or
Beneficial Owners, only in the manner contemplated by Article (20) hereof.

 

    46

     

    

 

The Depositary may make payments to the
Company and/or may share revenue with the Company derived from fees collected from Holders and Beneficial Owners, upon such terms
and conditions as the Company and the Depositary may agree from time to time.

 

(10) Title
to Receipts. It is a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same
consents and agrees, that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt,
provided it has been properly endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security
under the laws of the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder
of this Receipt (that is, the person in whose name this Receipt is registered on the books of the Depositary) as the absolute owner
hereof for all purposes. The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or
this Receipt to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt 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.

 

(11) Validity
of Receipt. This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any
purpose, unless this Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized
signatory of the Depositary, (iii) if a Registrar for the Receipts shall have been appointed, countersigned by the manual
or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the
Depositary or the Registrar, as applicable, for the issuance and transfer of Receipts. Receipts 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 execution and delivery of such Receipt by the Depositary or did not hold such office
on the date of issuance of such Receipts.

 

(12) Available
Information; Reports; Inspection of Transfer Books. The Company is subject to the periodic reporting requirements of the Exchange
Act applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information
with the Commission. These reports and documents can be inspected and copied at the public reference facilities maintained by the
Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A. The Depositary shall make available during normal
business hours on any Business Day for inspection by Holders at its Corporate Trust 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 Securities and (b) made generally available to the holders of such
Deposited Securities by the Company.

 

The Depositary or the Registrar, as applicable,
shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the
Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts 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 Receipts.

 

    47

     

    

 

The Depositary or the Registrar, as applicable,
may close the transfer books with respect to the Receipts, 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 Article (22) hereof.

 

	Dated:	DEUTSCHE BANK TRUST
	 	COMPANY AMERICAS, as Depositary
	 	 	 
	 	By:	 
	 	 	 
	 	By:	 

 

The address of the Corporate Trust Office
of the Depositary is 60 Wall Street, New York, New York 10005, U.S.A.

 

    48

     

    

 

EXHIBIT B

 

[FORM OF REVERSE OF RECEIPT]

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT

 

(13) Dividends
and Distributions in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of receipt of any
cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights
securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts
received in a Foreign Currency can, in the judgment of the Depositary (upon the terms 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 dividend, distribution
or proceeds into Dollars and will distribute promptly the amount thus received (net of applicable fees and charges of, and expenses
incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) to the Holders
of record as of the ADS Record Date in proportion to the number of ADSs representing such Deposited Securities held by such Holders
respectively 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. Any such fractional amounts shall be rounded down to the nearest whole cent and
so distributed to Holders entitled thereto. Holders and Beneficial Owners understand that in converting Foreign Currency, amounts
received on conversion are calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution
rates. The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees
and expenses payable or owing hereunder and shall not be subject to escheatment. 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
an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing
such Deposited Securities 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 shall forward to the Company or its agent such information from its records
as the Company may reasonably request to enable the Company or its agent to file with governmental agencies such reports as are
necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

 

If any distribution upon any Deposited
Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with
the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt
of confirmation of such deposit, the Depositary shall, subject to and in accordance with the Deposit Agreement, establish the ADS
Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held by
such Holders as of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares received as such dividend,
or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges
of, and expenses incurred by, the Depositary, and taxes and/or governmental charges), or (ii) if additional ADSs are not so
distributed, 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 Shares distributed upon the Deposited Securities represented thereby (net of the
applicable fees and charges of, and the expenses incurred by, the Depositary, and taxes and/or governmental charges). In lieu of
delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute
the proceeds upon the terms set forth in the Deposit Agreement.

 

    49

     

    

 

In the event that (x) 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, (y) if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either
(a) 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), or (b) fails
to timely deliver the documentation contemplated in the Deposit Agreement, 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 taxes and/or governmental charges, and fees and charges of, and expenses incurred by, the Depositary and/or
a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms 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.

 

Upon timely receipt of a notice indicating
that the Company wishes an elective distribution to be made available to Holders upon the terms described in the Deposit Agreement,
the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation,
any legal opinions the Depositary may request under the Deposit Agreement) determine whether such distribution is lawful and reasonably
practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record
Date according to Article (14) hereof 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 dividend shall be distributed
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 distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective
distribution is not lawful or reasonably practicable or if the Depositary did not receive satisfactory documentation set forth
in the Deposit Agreement, the Depositary shall, 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 or
(y) additional ADSs representing such additional Shares, in each case, upon the terms described in the Deposit Agreement.
Nothing herein shall obligate the Depositary to make available to the Holder hereof a method to receive the elective dividend 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.

 

    50

     

    

 

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 60 days prior to the proposed distribution stating whether or not it wishes such rights to be made available
to Holders of ADSs. Upon timely receipt by the Depositary of a notice indicating that the Company wishes such rights to be made
available to Holders of ADSs, the Company shall determine 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 the Company shall have timely requested
that such rights be made available to Holders, the Depositary shall have received the documentation required by the Deposit Agreement,
and the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. If such conditions
are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set forth above are satisfied,
the Depositary shall establish an ADS Record Date and establish procedures (x) to distribute such rights (by means of warrants
or otherwise) and (y) to enable the Holders to exercise the rights (upon payment of the applicable fees and charges of, and
expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges).
Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise
such 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 if the Company requests that the rights not be made available to Holders, (ii) the Depositary
fails to receive the documentation required by the Deposit Agreement or determines it is not lawful or 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, and if it so determines that
it is lawful and reasonably practicable, endeavour to sell such rights in a riskless principal capacity or otherwise, at such place
and upon such terms (including public and/or private sale) as it may deem proper. The Depositary shall, upon such sale, convert
and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a
division or Affiliate(s) of the Depositary and taxes and/or governmental charges) upon the terms hereof and in the Deposit Agreement.
If the Depositary is unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described
above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine
that 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 herein to the
contrary, if registration (under the Securities Act and/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 covering such offering is in effect or (ii) unless the Company furnishes to 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 satisfactorily 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 property (including rights) an amount on account of taxes and/or other governmental charges,
the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any distribution
in 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 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 and/or charges.

 

    51

     

    

 

There can be no assurance that Holders
generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the
holders of Shares or 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 or otherwise to register or qualify
the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.

 

Upon receipt of a notice regarding property
other than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary shall determine,
after consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary
shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such distribution
to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement, and (iii) the
Depositary shall have determined that such distribution is lawful and 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 such Holders 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 and/or governmental charges. 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.

 

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 proper and shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable
fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes
and/or governmental charges) to the Holders upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to
sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances.

 

(14) Fixing
of Record Date. Whenever necessary in connection with any distribution (whether in cash, Shares, rights or other distribution),
or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever
the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever
the Depositary shall find it necessary or convenient in connection with the giving of any notice, or any other matter, the Depositary
shall fix a record date (the “ADS Record Date”), as close as practicable to the record date fixed by the Company with
respect to the Shares (if applicable), for the determination of the Holders who shall be entitled to receive such distribution,
to give instructions for the exercise of voting rights at any such meeting, or to give or withhold such consent, or 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 or for any other reason. Subject to applicable law and the terms and conditions of this Receipt
and the Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled
to receive such distributions, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

 

    52

     

    

 

(15) Voting
of Deposited Securities. Subject to the next sentence, 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 such solicitation of consents or proxies. 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 30 Business Days prior to the date of such vote or meeting)
and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or
by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise
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 this Deposit Agreement, the Company’s Memorandum and Articles of Association 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 American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions
may be given to the Depositary, or in which instructions may be deemed to have been given in accordance with this Article (15),
including an express indication that instructions may be given (or be deemed to have been given in accordance with the immediately
following paragraph of this section if no instruction is received) to the Depositary to give a discretionary proxy to a person
or persons designated by the Company. Voting instructions may be given only in respect of a number of American Depositary Shares
representing an integral number of Deposited Securities. Upon the timely receipt of voting instructions of a Holder on the ADS
Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under
applicable law, the provisions of this Deposit Agreement, the Company’s Memorandum and Articles of Association and the provisions
of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities (in person or by proxy)
represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions.

 

In the event that (i) 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 or (ii) no timely instructions are received by the Depositary from a Holder with respect
to any of the Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, 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 with respect to such Deposited Securities and the Depositary shall give a discretionary
proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall
be deemed to have been given and no such discretionary proxy shall be given with respect to any matter as to which the Company
informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable)
that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial
opposition exists from Holders against the outcome for which the person designated by the Company would otherwise vote or (z) the
outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of
holders of Deposited Securities, provided, further, that the Company will have no liability to any Holder or Beneficial Owner resulting
from such notification.

 

    53

     

    

 

In the event that voting on any resolution
or matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will
refrain from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary
from Holders shall lapse. The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution
and shall have no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis.

 

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, Deposited Securities
represented by ADSs except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction
to the Depositary to give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs
for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions
are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary
is to vote the Deposited Securities represented by such Holder’s ADSs, shall be voted in the manner provided in this Article
(15). Notwithstanding anything else contained herein, and subject to applicable law, regulation and the Memorandum and Articles
of Association, 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 purpose of establishing quorum at a meeting of shareholders.

 

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

 

Notwithstanding the above, save for applicable
provisions of the law of the Cayman Islands, and in accordance with the terms of Section 5.3 of the Deposit Agreement, the
Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner
in which such vote is cast or the effect of such vote.

 

(16) Changes
Affecting Deposited Securities. Upon any change in par value, split-up, subdivision, cancellation, consolidation or any other
reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or
sale of assets affecting the Company or to which it otherwise is a party, any securities which shall be received by the Depositary
or a Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall,
to the extent permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the Receipts shall, subject
to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional
securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall so requests,
subject to the terms of the Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement,
execute and deliver additional Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications
to this form of Receipt specifically describing such new Deposited Securities and/or corporate change. Notwithstanding the foregoing,
in the event that any security 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 satisfactory legal documentation contemplated
in the Deposit Agreement, sell such securities 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 fees and charges of, and expenses incurred by, the Depositary
and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise
entitled to such securities and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution
received in cash pursuant to the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine
that it may be lawful or feasible to make such securities available to Holders in general or 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 securities.

 

    54

     

    

 

(17) Exoneration.
None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the
provisions of the Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if
the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden
from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing
required by the terms of the Deposit Agreement and this Receipt, 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 by reason of any provision, present or future of the Memorandum and Articles of Association 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, 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 Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii) for
any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents 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 any 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 ADS or (v) for any special, consequential, indirect or punitive damages for any breach of the
terms of the Deposit Agreement or otherwise. The Depositary, its controlling persons, its agents (including without limitation,
the 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, opinion 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 or the Exchange Act is intended by any provision of
the Deposit Agreement.

 

    55

     

    

 

(18) Standard
of Care. The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including
without limitation, the Agents) assume no obligation and shall not be subject to any liability under the Deposit Agreement or the
Receipts to Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Deposit Agreement,
provided, that the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including
without limitation, the Agents) agree to perform their respective obligations specifically set forth in the Deposit Agreement without
gross negligence or wilful misconduct. The Depositary and its directors, officers, Affiliates, employees and agents (including
without limitation, the 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. The Depositary shall not incur any liability
for any failure to 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 Securities, for the validity or worth of the Deposited Securities or
for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness
of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of
any notice from the Company or for any action or non action by it in reliance upon the opinion, advice of or information from legal
counsel, accountants, any person presenting Shares for deposit, any Holder or any other person believed by it in good faith to
be competent to give such advice or information. The Depositary and its agents (including without limitation, the Agents) 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 gross
negligence or willful misconduct while it acted as Depositary.

 

(19) 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, in the event no successor depositary
has been appointed by the Company, be entitled to take the actions contemplated in the Deposit Agreement), or (ii) the appointment
of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts,
fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise
agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation.
The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment,
not more than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement. The
Depositary may at any time be removed by the Company by written notice of such removal which notice shall be effective on the later
of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions
contemplated in the Deposit Agreement if a successor depositary has not been appointed), or (ii) the appointment of a successor
depositary and its acceptance of such appointment as provided in the Deposit Agreement save that, any amounts, fees, costs or expenses
owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between
the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal. 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 and if it shall have
not appointed a successor depositary the provisions referred to in Article (21) hereof and correspondingly in the Deposit Agreement
shall apply. 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, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary,
upon payment of all sums due to 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 the Deposit Agreement),
(ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver
to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders
thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to
such Holders. Any corporation 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 and, notwithstanding anything to the contrary in the Deposit
Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under the Deposit Agreement (including
any cause of action arising in connection with it) to Deutsche Bank AG or any branch thereof or any entity which is a direct or
indirect subsidiary or other affiliate of Deutsche Bank AG..

 

    56

     

    

 

(20) Amendment/Supplement.
Subject to the terms and conditions of this Article (20), and applicable law, this Receipt 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 consent of the Holders or Beneficial Owners. Any amendment
or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign
exchange control regulations, and taxes and/or 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 Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding
Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts 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 (i.e., 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 or Shares to be traded 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 ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit
Agreement as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender
such Receipt 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 amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend
or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such
amendment or supplement to the Deposit Agreement 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, or rules or regulations.

 

    57

     

    

 

(21) Termination.
The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of
such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for
such termination provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance
with the terms of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the
Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after
(i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) 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 herein and in the Deposit Agreement, the Depositary may
terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least
30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, each
Holder will, upon surrender of such Holder’s Receipt at the Corporate Trust Office of the Depositary, upon the payment of
the charges of the Depositary for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement
and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental
charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt.
If any Receipts shall remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall
discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders
thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary
shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property
as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions
set forth in the Deposit Agreement, together with any dividends or other distributions received with respect thereto and the net
proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting,
or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the
account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental
charges or assessments). At any time after the expiration of six months from the date of termination of the Deposit Agreement,
the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any
such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for
the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the
Depositary shall be discharged from all obligations under the Deposit Agreement with respect to the Receipts and the Shares, Deposited
Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be,
in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance
with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments) and
except as set forth in the Deposit Agreement. Upon the termination of the Deposit Agreement, the Company shall be discharged from
all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. The obligations under the terms of the
Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination
shall survive such effective date of termination 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 and the Holders have each satisfied any and all of
their obligations hereunder (including, but not limited to, any payment and/or reimbursement obligations which relate to prior
to the effective date of termination but which payment and/or reimbursement is claimed after such effective date of termination).

 

    58

     

    

 

Notwithstanding anything contained in the
Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and
without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities
represented by their ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares
program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject
however, in each case, to satisfaction of the applicable registration requirements by the unsponsored American depositary shares
program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement
of the applicable expenses incurred by, the Depositary.

 

(22) Compliance
with U.S. Securities Laws; Regulatory Compliance. Notwithstanding any provisions in this Receipt 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 Section I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from
time to time, under the Securities Act.

 

(23) Certain
Rights of the Depositary. 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. 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.

 

(24) Ownership
Restrictions. Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Memorandum and
Articles of Association or applicable Cayman Islands law as if they held the number of Shares their American Depositary Shares
represent. The Company shall inform the Owners, Beneficial Owners and the Depositary of any such ownership restrictions in place
from time to time.

 

(25) Waiver.
EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS
IN ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN
OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

    59

     

    

 

 

(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 Receipt and all rights thereunder, hereby irrevocably constituting
and appointing ________________________ attorney-in-fact to transfer said Receipt 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 Receipt.

 

SIGNATURE GUARANTEED

 

________________________

 

    60

     

    

 

	ARTICLE I.	DEFINITIONS	1
	 	 	 	 
	 	SECTION 1.1	“Affiliate”	1
	 	SECTION 1.2	“Agent”	2
	 	SECTION 1.3	“American Depositary Share(s)” and “ADS(s)”	2
	 	SECTION 1.4	“Article”	2
	 	SECTION 1.5	“Articles of Association”	2
	 	SECTION 1.6	“ADS Record Date”	2
	 	SECTION 1.7	“Beneficial Owner”	2
	 	SECTION 1.8	“Business Day”	2
	 	SECTION 1.9	“Commission”	2
	 	SECTION 1.10	“Company”	2
	 	SECTION 1.11	“Corporate Trust Office”	2
	 	SECTION 1.12	“Custodian”	2
	 	SECTION 1.13	“Deliver” and “Delivery”	3
	 	SECTION 1.14	“Deposit Agreement”	3
	 	SECTION 1.15	“Depositary”	3
	 	SECTION 1.16	“Deposited Securities”	3
	 	SECTION 1.17	“Dollars” and “$”	3
	 	SECTION 1.18	“DRS/Profile”	3
	 	SECTION 1.19	“DTC”	3
	 	SECTION 1.20	“Exchange Act”	3
	 	SECTION 1.21	“Foreign Currency”	3
	 	SECTION 1.22	“Foreign Registrar”	3
	 	SECTION 1.23	“Holder”	3
	 	SECTION 1.24	“Indemnified Person” and “Indemnifying Person”	4
	 	SECTION 1.25	“Losses”	4
	 	SECTION 1.26	“Memorandum”	4
	 	SECTION 1.27	“Opinion of Counsel”	4
	 	SECTION 1.28	“Receipt(s); “American Depositary Receipt(s)”; and “ADR(s)”	4
	 	SECTION 1.29	“Registrar”	4
	 	SECTION 1.30	“Restricted Securities”	4
	 	SECTION 1.31	“Securities Act”	4
	 	SECTION 1.32	“Share(s)”	5
	 	SECTION 1.33	“United States” or “U.S.”	5
	 	 	 	 
	ARTICLE II.	APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	5
	 	 	 	 
	 	SECTION 2.1	Appointment of Depositary	5
	 	SECTION 2.2	Form and Transferability of Receipts	5
	 	SECTION 2.3	Deposits	7
	 	SECTION 2.4	Execution and Delivery of Receipts	8
	 	SECTION 2.5	Transfer of Receipts; Combination and Split-up of Receipts	8
	 	SECTION 2.6	Surrender of Receipts and Withdrawal of Deposited Securities	9
	 	SECTION 2.7	Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.	10
	 	SECTION 2.8	Lost Receipts, etc.	11
	 	SECTION 2.9	Cancellation and Destruction of Surrendered Receipts; Maintenance of Records	11
	 	SECTION 2.10	Maintenance of Records	11

 

    61

     

    

 

	ARTICLE III.	CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS	12
	 	 	 	 
	 	SECTION 3.1	Proofs, Certificates and Other Information	12
	 	SECTION 3.2	Liability for Taxes and Other Charges	13
	 	SECTION 3.3	Representations and Warranties on Deposit of Shares	13
	 	SECTION 3.4	Compliance with Information Requests	13
	 	 	 	 
	ARTICLE IV	THE DEPOSITED SECURITIES.	14
	 	 	 	 
	 	SECTION 4.1	Cash Distributions	14
	 	SECTION 4.2	Distribution in Shares	14
	 	SECTION 4.3	Elective Distributions in Cash or Shares	15
	 	SECTION 4.4	Distribution of Rights to Purchase Shares	16
	 	SECTION 4.5	Distributions Other Than Cash, Shares or Rights to Purchase Shares	17
	 	SECTION 4.6	Conversion of Foreign Currency	18
	 	SECTION 4.7	Fixing of Record Date	19
	 	SECTION 4.8	Voting of Deposited Securities	19
	 	SECTION 4.9	Changes Affecting Deposited Securities	21
	 	SECTION 4.10	Available Information	21
	 	SECTION 4.11	Reports	22
	 	SECTION 4.12	List of Holders	22
	 	SECTION 4.13	Taxation; Withholding	22
	 	 	 	 
	ARTICLE V.	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	23
	 	 	 	 
	 	SECTION 5.1	Maintenance of Office and Transfer Books by the Registrar	23
	 	SECTION 5.2	Exoneration	24
	 	SECTION 5.3	Standard of Care	25
	 	SECTION 5.4	Resignation and Removal of the Depositary; Appointment of Successor Depositary	26
	 	SECTION 5.5	The Custodian	27
	 	SECTION 5.6	Notices and Reports	27
	 	SECTION 5.7	Issuance of Additional Shares, ADSs etc.	28
	 	SECTION 5.8	Indemnification	29
	 	SECTION 5.9	Fees and Charges of Depositary	30
	 	SECTION 5.10	Restricted Securities Owners/Ownership Restrictions	31
	 	 	 	 
	ARTICLE VI.	AMENDMENT AND TERMINATION	32
	 	 	 	 
	 	SECTION 6.1	Amendment/Supplement	32
	 	SECTION 6.2	Termination	33
	 	 	 	 
	ARTICLE VII.	MISCELLANEOUS	34
	 	 	 	 
	 	SECTION 7.1	Counterparts	34
	 	SECTION 7.2	No Third-Party Beneficiaries	34
	 	SECTION 7.3	Severability	34
	 	SECTION 7.4	Holders and Beneficial Owners as Parties; Binding Effect	34
	 	SECTION 7.5	Notices	34
	 	SECTION 7.6	Governing Law and Jurisdiction	35
	 	SECTION 7.7	Assignment	37
	 	SECTION 7.8	Agents	37
	 	SECTION 7.9	Affiliates etc	37
	 	SECTION 7.10	Exclusivity	38
	 	SECTION 7.11	Compliance with U.S. Securities Laws	38
	 	SECTION 7.12	Titles	38
	EXHIBIT A	 	 	40
	EXHIBIT B	 	 	49

  

    62

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]