Document:

Share Subscription Agreement among JA Development, JingAo Solar & Mitsubishi

 Exhibit 4.5 
 Execution Copy 
 SHARE SUBSCRIPTION AGREEMENT 
 THIS SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into as of August 18, 2006 by and among:

  

	(1)	JA Development Co., Ltd., a company incorporated under the laws of the British Virgin Islands (the “Company”); 

  

	(2)	JingAo Solar Co., Ltd.

, a foreign-invested enterprise established under the laws of the PRC (“JingAo China”); 

 (parties (1) and (2) and all other direct or indirect subsidiaries of the foregoing are hereinafter referred to collectively as “Group Companies” and each individually as a
“Group Company”); and 
  

	(3)	Mitsubishi Corporation, a company incorporated under the laws of Japan (the “Investor”). 

 RECITALS 
 WHEREAS, the Company
desires to issue and allot to the Investor and the Investor desires to subscribe for up to 233 Series A Preference Shares of the Company, without par value (“Series A Shares”) at an aggregate subscription price of
US$4,000,000, subject to the terms and conditions set forth in this Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. DEFINITIONS. For purposes of this
Agreement the following terms shall have the following meanings: 
 1.1. “Affiliates” shall mean any individual,
partnership, corporation, trust or other entity that directly or indirectly controls, or is controlled by, or is under common control with, such person, where control means the direct or indirect ownership of more than 50% of the outstanding shares
or other ownership interests having ordinary voting power to elect directors or the equivalent and, in the case of any shareholder that is an investment fund or account (or a subsidiary of any such investment fund or account), the term
“Affiliates” shall include any other investment fund or account (or a subsidiary of any such investment fund or account) managed by the manager of such shareholder (or, if such shareholder is a subsidiary of an investment fund or account,
the investment fund or account of which such shareholder is a subsidiary) and any person who succeeds such manager as the manager of such investment fund or account, as applicable. 

 1.2. “Board” shall mean the board of directors of the Company. 
 1.3. “Business Day” shall mean any day (excluding Saturdays, Sundays and public holidays in the PRC) on which banks generally are
open for business in the PRC. 
 1.4. “Company Account” shall mean the bank account set out in Exhibit F. 

1.5. “Intellectual Property” shall mean all intellectual property, including, without limitation, patents, trademarks, trade
names, copyrights, proprietary information and rights, service marks, domain names, mask works, trade secrets, know-how, business processes, all computer software including the codes, inventions, information, processes, formulas, applications,
design, drawings, technical data, and all documentation related to any of the foregoing. 
 1.6. “Key Shareholders”
shall have the meaning given to it in Exhibit C hereto. 
 1.7. “Material Adverse Effect” shall mean any
change, event or effect (“Effect”) that may be materially adverse to the general affairs, business, operations, assets, condition (financial or otherwise), or results of operations of the Group Companies taken as a whole;
provided, however, that in no event shall any of the following be deemed, either alone or in combination, to constitute, nor shall any of the following be taken into account in determining whether there has been, a Material Adverse
Effect: (i) any Effect that results from changes in general economic conditions or as a result of war or an act of terrorism, (ii) any Effect that results from any action taken pursuant to or in accordance with this Agreement or at the
request of the Investor provided that in carrying out such action which was requested by the Investor, any of the relevant Group Companies was not negligent, fraudulent or in willful default, or (iii) any issue or condition which the Company
may reasonably demonstrate was known to the Investor prior to the date of this Agreement or has been disclosed in the Disclosure Schedule. 
 1.8. “Plan of Restructuring” shall mean the Plan of Restructuring attached hereto as Exhibit E. 
 1.9. “PRC” shall mean the People’s Republic of China. 
 1.10. “Share Option
Plan” shall mean the share option plan attached hereto as Exhibit D. 
 1.11. “US GAAP” shall
mean the generally accepted accounting principles in the United States. 
 1.12. “US$” shall mean United States
dollars. 
 2. AGREEMENT TO SUBSCRIBE FOR AND ALLOT SHARES. 
 2.1. Authorization. As of the Closing (as defined below), the Company will have authorized the issuance, pursuant to the terms and conditions of
this Agreement, of 815 Series A Shares having the rights, preferences, privileges and restrictions as set forth in the Amended and Restated Memorandum and Articles of Association of the Company attached hereto as Exhibit A (the
“Restated Articles”). 
  

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 2.2. Agreement to Subscribe for and Allot Series A Shares. Subject to the terms and conditions
hereof, the Company hereby agrees to issue and allot to the Investor, and the Investor hereby agrees to subscribe for from the Company, on the Closing Date (as defined below), 233 Series A Shares for an aggregate subscription price of US$4,000,000
(the “Subscription Amount”). 
 2.3. Closing and Delivery. Subject to the fulfillment or valid waiver of the
conditions set forth in Section 6 on or before 12:00pm Tokyo time on August 21, 2006, the closing of the subscription for Series A Shares by the Investor (the “Closing”) shall be held at the offices of Skadden,
Arps, Slate, Meagher & Flom LLP, in Beijing, the PRC, on August 21, 2006, or at such other time and place as the parties hereto may agree upon. If the Closing does not occur on August 21, 2006, this Agreement shall expire unless
the parties hereto otherwise agree. At the Closing, the Investor shall irrevocably instruct its correspondent bank to wire transfer the Subscription Amount to the Company Account and deliver a confirmation notice to the Company that such transfer
has been made or will be made, by the latest, one business day after the date of the Closing. Upon the payment of the Subscription Amount, the Company shall, forthwith, issue a share certificate representing the Series A Shares subscribed for by the
Investor, enter such subscription in its Register of Members and deliver to the Investor a certified copy of the Register of Members reflecting the issuance of the Series A Shares. 
 3. REPRESENTATIONS AND WARRANTIES OF THE GROUP COMPANIES. 
 The Group Companies (collectively, the “Covenantors”), jointly and severally, hereby represent and warrant to the Investor, except as set forth in the Disclosure Schedule (the
“Disclosure Schedule”) attached to this Agreement as Exhibit B, and as limited below, as of the date hereof and as of the date of the Closing, as set forth in this Section 3. The Investor acknowledges that the
Disclosure Schedule may be revised and delivered to the Investor prior to Closing, provided that any such amendment shall not relate to any fact or matter having a Material Adverse Effect. In this Agreement, any reference to a party’s
“knowledge” means such party’s actual current knowledge after due and diligent inquiries of officers, directors and other employees of such party reasonably believed to have knowledge of the matter in question.

 3.l. Organization, Standing and Qualification. Each Group Company is duly organized, validly existing and in good standing (or
equivalent status in the relevant jurisdiction) under, and by virtue of, the laws of the place of its incorporation or establishment and has all requisite power and authority to own its properties and assets and to carry on its business as now
conducted and as proposed to be conducted, and to perform each of its obligations hereunder and under any agreement contemplated hereunder to which it is a party. Each Group Company is qualified to do business and is in good standing (or equivalent
status in the relevant jurisdiction) in each jurisdiction where failure to be so qualified would have a Material Adverse Effect. 
  

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 3.2. Capitalization. 
 (a) Immediately prior to the Closing, (A) the authorized share capital of the Company consists of a total of (i) 49,185 ordinary shares without
par value (the “Common Shares”), of which 10,000 shares are issued and outstanding; and (ii) 815 authorized Series A Shares, of which none are issued and outstanding, and (B) the issued share capital of the Company
and the holders thereof are as set out in the Disclosure Schedule. 
 Except for the Share Option Plan attached hereto as Exhibit D,
there are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to purchase any of the shares of the Company. Any options granted outside of the Share Option Plan shall
be deducted from the number of shares reserved for issuance under the Share Option Plan. Except as provided in the Restated Articles, no shares of the Company’s outstanding share capital, or shares issuable by the Company, are subject to any
preemptive rights, rights of first refusal or other rights to purchase such shares (whether in favor of the Company or any other person). 
 (b) Immediately prior to the Closing, JingAo China’s registered capital is RMB¥120,000,000, which has been paid in full. At the completion of the restructuring as set forth in the Plan of Restructuring, the Company which will be
the sole shareholder of JingAo China. The registered capital is not subject to any encumbrance. 
 JingAo China is not a party to or bound
by any contract, agreement or arrangement to allot or issue or sell or create any lien on any of its registered capital or any other security convertible into any registered capital or other security of JingAo China, other than the Transaction
Agreements (as defined below). Except as provided for in the Transaction Agreements, there are no outstanding rights of first refusal or other rights, options, warrants, conversion privileges, subscriptions or other rights or agreements to purchase
or otherwise acquire or issue any registered capital of JingAo China, or obligating JingAo China to issue, transfer, grant or sell any registered capital in JingAo China. Except for the Shareholders Agreement (as defined below), there are no
shareholders agreements in respect of the Company or JingAo China. 
 3.3. Subsidiaries. Except for the Company’s ownership of
JingAo China and as set forth in the Disclosure Schedule, no Group Company presently owns or controls, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, association or other entity. 
 3.4. Due Authorization. All corporate action on the part of the Group Companies and, as applicable, their respective officers, directors and
shareholders necessary for the authorization, execution and delivery of this Agreement and the Shareholders Agreement in substantially the form attached hereto as Exhibit C (the “Shareholders Agreement”) (this
Agreement and the Shareholders Agreement collectively the “Transaction Agreements”), and the performance of all obligations of the Group Companies hereunder and thereunder, the authorization, issuance, reservation for
issuance, allotment and delivery of (i) all Series A Shares being sold hereunder, and (ii) the Common Shares issuable upon conversion of such Series A Shares, has been or will be taken prior to the Closing. Each of the Transaction
Agreements is a valid and binding obligation of the Group Companies, enforceable in accordance with their respective terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws
affecting creditors’ rights generally and to general equitable principles. 
  

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 3.5. Financial Statements. The Company has delivered to the Investor the unaudited consolidated
financial statements for the period from its inception to December 31, 2005 and for the six months ended June 30, 2006 (collectively, the “Financial Statements”). The Financial Statements are accurate and complete in all material
respects and present fairly the financial position of the Group Companies based on the Company’s best knowledge as of the respective dates thereof and the results of operations of the Group Companies for the periods covered thereby. 

3.6. Valid Issuance of Series A Shares and Common Shares. 
 (a) The Series A Shares, when issued, sold and delivered in accordance with the terms of this Agreement and following receipt of any subscription monies owing to the Company, will be duly and validly authorized and
issued, credited as fully paid and nonassessable. 
 (b) The Common Shares when issued upon conversion of the Series A Shares will be duly
and validly authorized and issued, credited as fully paid and nonassessable. 
 (c) The outstanding capital shares of the Company are duly
and validly authorized and issued, credited as fully paid and nonassessable, have been issued in accordance with all applicable laws, the Company’s Memorandum and Articles of Association and any relevant securities laws or pursuant to valid
exemptions therefrom. 
 3.7. Compliance with Laws; Consents and Permits. None of the Group Companies is in violation of any
applicable statute, rule, regulation, order or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the ownership of its properties, except for any violations which,
individually or in the aggregate, would not be reasonably likely to have a Material Adverse Effect. All consents, permits, approvals, orders, authorizations or registrations, qualifications, designations, declarations or filings by or with any
governmental authority and any third party which are required to be obtained or made by each Group Company in connection with the consummation of the transactions contemplated hereunder shall have been obtained or made prior to and be effective as
of the Closing, the absence of which would prevent or materially delay the consummation of the transactions contemplated hereunder. Except as set forth in Section 3.7 of the Disclosure Schedule, each Group Company has all franchises, permits,
licenses, registrations and any similar authority necessary for the conduct of its business as currently conducted and as proposed to be conducted, the absence of which would be reasonably likely to have a Material Adverse Effect. None of the Group
Companies is in default under any of such franchises, permits, licenses, registrations or other similar authority. 
 3.8. Title to
Properties and Assets. Each Group Company has good and marketable title to its properties and assets held free and clear of any mortgage, pledge, lien, encumbrance, security interest or charge of any kind except such encumbrances or liens that
arise in the ordinary course of business that do not materially impair such Group Company’s ownership or use of such property or 

  

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assets. With respect to the property and assets it leases, each Group Company is in compliance with such leases and, to the best of its knowledge, such Group
Company holds valid leasehold interests in such assets free of any liens, encumbrances, security interests or claims of any party other than the lessors of such property and assets. 
 3.9. Intellectual Property. 
 (a)
Each Group Company has sufficient title and ownership of or licenses to the Intellectual Property necessary for its business as now conducted or proposed to be conducted without any conflict with or infringement of the rights of others, except for
such items as have yet to be conceived or developed or that are expected to be available for licensing on reasonable terms from third parties. 
 (b) There are no outstanding options, licenses or agreements of any kind relating to the Intellectual Property used by the Group Companies, nor is any of the Group Companies bound by or a party to any options, licenses or agreements of any
kind with respect to any Intellectual Property rights of any other person or entity, except, in either case, for end-user, object code, internal-use software license and support/maintenance agreements, and non-disclosure agreements. 
 (c) Each Group Company has taken all commercially reasonable security measures to protect the secrecy, confidentiality, and value of all the
Intellectual Property required to conduct its business. 
 (d) None of the Group Companies has received any written communications alleging
that any of the Group Companies has violated or, by conducting its business (including as proposed to be conducted by such Group Companies), would violate any of the Intellectual Property rights of any other person or entity. 
 (e) To the knowledge of the Covenantors, none of the Group Companies’ employees or consultants is obligated under any contract (including licenses,
covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of his or her best efforts to promote the interests of the Group
Companies or that would conflict with the business of the Group Companies as proposed to be conducted. 
 (f) To the knowledge of the
Covenantors, neither the execution nor delivery of any of the Transaction Agreements, nor the carrying on of the Group Companies’ business by the employees of the Group Companies, nor the conduct of the Group Companies’ business as
proposed, will conflict with or result in a breach of the terms, conditions or provisions of, or constitute a default under, any contract, covenant or instrument under which any of such employees or consultants is now obligated. The Group Companies
do not believe it is or will be necessary to utilize any inventions of any of their employees or consultants (or people it currently intends to hire) made prior to or outside the scope of their relationship with the Group Companies. All of the Group
Companies’ registered patents, copyrights, trademarks and service marks are in full force and effect, are not subject to any taxes, and the Group Companies are current on all the maintenance fees with respect thereto. 
  

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 3.10. Material Contracts and Obligations. All material agreements, contracts, leases, licenses,
instruments, commitments, indebtedness, liabilities and other obligations to which each Group Company is a party or by which it is bound and which (i) are material to the conduct and operations of its business and properties, (ii) involve
any of the officers, consultants, directors, employees or shareholders of the Group Company; or (iii) obligate such Group Company to share, license or develop any product or technology (except licenses granted in the ordinary course of
business), are listed in the Disclosure Schedule attached hereto as Exhibit B and have been made available for inspection by the Investor and its counsel. For purposes of this Section 3.10, “material” shall mean
(i) reasonably likely to result in consideration to any Group Company, or imposing liability or contingent liability on any Group Company, in excess of US$5,000,000 in the current fiscal year, (ii) which cannot be performed within its
terms within 12 months after the date on which it was entered into or cannot be terminated on less than 12 months’ notice, (iii) containing exclusivity, non-competition, or similar clauses that impair, restrict or impose conditions on any
Group Company’s right to offer or sell products or services in specified areas, during specified periods, or otherwise, (iv) transferring or licensing any Intellectual Property to or from any Group Company (other than licenses granted in
the ordinary course of business or licenses for commercially readily available “off the shelf” computer software), (v) entered into not in the ordinary course of business or not on arm’s length terms or (vi) an agreement the
termination of which would be reasonably likely to have a Material Adverse Effect. 
 3.11. Litigation. Except as set forth in the
Disclosure Schedule, there is no action, suit, proceeding, claim, arbitration or investigation (“Action”) pending (or, to the knowledge of the Covenantors, currently threatened) against any of the Group Companies, any Group
Company’s activities, properties or assets or, to the best of the Covenantors’ knowledge, against any officer, director or employee of each Group Company in connection with such officer’s, director’s or employee’s
relationship with, or actions taken on behalf of, the Company, or otherwise that is likely to result, individually or in the aggregate, in any Material Adverse Effect on the business, properties, assets, financial condition, affairs of any Group
Company. By way of example, but not by way of limitation, there are no Actions pending against any of the Group Companies or, to the knowledge of the Covenantors, threatened against any of the Group Companies, relating to the use by any employee of
any Group Company of any information, technology or techniques allegedly proprietary to any of their former employers, clients or other parties. None of the Group Companies is a party to or subject to the provisions of any order, writ, injunction,
judgment or decree of any court or government agency or instrumentality and there is no Action by any Group Company currently pending or which it intends to initiate. 
 3.12. Compliance with Other Instruments and Agreements. None of the Group Companies is in, nor shall the conduct of its business as currently or proposed to be conducted result in, violation, breach or default
of any term of its constitutional documents (the “Constitutional Documents”), or in any material respect of any term or provision of any mortgage, indenture, contract, agreement or instrument to which the Group Company is a
party or by which it may be bound, (the “Group Company Contracts”) or of any provision of any judgment, decree, order, statute, rule or regulation applicable to or binding upon the Group Company, and where the occurrence of
such violation, breach or default would be reasonably likely to have a Material Adverse Effect. None of the activities, agreements, commitments or rights of any Group Company is ultra vires or unauthorized. The execution, delivery and performance of
and compliance with the Transaction Agreements and the consummation of the transactions contemplated hereby and 

  

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thereby will not result in any such violation, breach or default, or be in conflict with or constitute, with or without the passage of time or the giving of
notice or both, either a default under any Group Company’s Constitutional Documents or any Group Company Contract, or, to the knowledge of the Covenantors, a violation of any statutes, laws, regulations or orders, or an event which results in
the creation of any lien, charge or encumbrance upon any asset of any Group Company and where the occurrence of such violation, breach of default would be reasonably likely to have a Material Adverse Effect, or prevent or materially delay the
consummation of the transactions contemplated thereon. 
 3.13. Disclosure. Each of the Covenantors has provided the Investor with all
the information that the Investor has reasonably requested in deciding whether to subscribe for Series A Shares and all such information is accurate in all material respects and not misleading in any material respect. No representation or warranty
by the Covenantors in this Agreement contains any untrue statement of a material fact, or omits to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which
they are made, not materially misleading. 
 3.14. Registration Rights. Except as provided in the Shareholders Agreement, neither the
Company nor any other Group Company has granted or agreed to grant any person or entity any registration rights (including piggyback registration rights) with respect to, nor is the Company obliged to list, any of the Company’s shares on any
securities exchange. Except as contemplated under the Transaction Agreements, there are no voting or similar agreements that relate to the Company’s securities. 
 3.15. Material Liabilities. The Group Companies, taken as a whole, do not have any material liability or obligation, absolute or contingent (individually or in the aggregate), except (i) obligations and
liabilities reflected on the Financial Statements, (ii) obligations incurred in the ordinary course of business that would not be required to be reflected in financial statements prepared in accordance with US GAAP, and
(iii) obligations and liabilities disclosed in the Disclosure Schedule attached hereto as Exhibit B. 
 3.16. Changes in
Condition. Except as specifically set forth in this Agreement or in the Disclosure Schedule, since June 30, 2006, there has not been, other than those transactions and matters contemplated or implemented in accordance with the Transaction
Agreements: 
 (a) any material adverse change in the assets, liabilities, financial condition or operating results of the Group Companies,
taken as a whole, from that reflected in the most recent Financial Statements, if applicable, except changes in the ordinary course of business that have not been, individually or in the aggregate, materially adverse to the Group Companies, taken as
a whole; 
 (b) any material change in the contingent obligations of the Group Companies, taken as a whole, by way of guarantee,
endorsement, indemnity, warranty or otherwise; 
 (c) any damage, destruction or loss, whether or not covered by insurance, materially and
adversely affecting the assets, properties, financial condition, operating results or business of the Group Companies, taken as a whole (as presently conducted and as presently proposed to be conducted), which is in excess of US$1,000,000;

  

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 (d) any waiver by any Group Company of a valuable right or of a material debt; 
 (e) any satisfaction or discharge of any lien, claim or encumbrance or payment of any obligation by any Group Company which is in excess of
US$1,000,000, except such satisfaction, discharge or payment made in the ordinary course of business to the assets, properties, financial condition, operating results or business of such Group Company; 
 (f) any material change or amendment to a material contract or arrangement by which any Group Company or any of its assets or properties is bound or
subject which is valued in excess of US$1,000,000, except for changes or amendments which are expressly provided for or disclosed in this Agreement; 
 (g) any material change in any compensation arrangement or agreement with any present or prospective employee, contractor or director; 
 (h) any sale, assignment or transfer of any material Intellectual Property or other material intangible assets of any Group Company which is valued in excess of US$1,000,000; 
 (i) any resignation or termination of any member of the Group Companies’ senior management; 
 (j) any mortgage, pledge, transfer of a security interest in, or lien created by any Group Company with respect to, any of such Group Company’s
properties or assets, except liens for taxes not yet due or payable and except created in the normal course of business; 
 (k) any debt,
obligation, or liability incurred, assumed or guaranteed by any Group Company individually in excess of US$500,000 or in excess of US$1,000,000 in the aggregate except where it is incurred, assumed or guaranteed pursuant to the then current business
plan or budget; 
 (l) any declaration, setting aside or payment or other distribution in respect of any Group Company’s share capital,
or any direct or indirect redemption, purchase or other acquisition of any of such share capital by any Group Company; 
 (m) any failure to
conduct business in the ordinary course in any material respect; 
 (n) any other event or condition of any character which could reasonably
be expected to have a Material Adverse Effect; or 
 (o) any agreement or commitment by a Group Company to do any of the things described in
this Section 3.16. 
  

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 3.17. Tax Matters. Except as set forth in the Disclosure Schedule, the provisions for taxes in the
respective Financial Statements are sufficient for the payment of all accrued and unpaid applicable taxes of each Group Company. There have been no examinations or audits of any tax returns or reports by any applicable governmental agency. Each
Group Company has duly filed all tax returns required to have been filed by it and paid all taxes shown to be due on such returns. Further, each Group Company has duly withheld individual income taxes and adequately paid mandatory contributions to
the statutory welfare or social security funds on behalf of all its employees in material compliance with the applicable regulations in each respective jurisdiction such that there shall be no material default or underpayment in respect of
individual income taxes and mandatory contributions to the statutory social security funds. No Group Company is subject to any waivers of applicable statutes of limitations with respect to the taxes for any year. Since incorporation, none of the
Group Companies has incurred any taxes or similar assessments other than in the ordinary course of business. 
 3.18. Related Party
Transactions. Except as set forth in the Disclosure Schedule, no officer or director of a Group Company or any “Affiliate” or “Associate” (as those terms are defined in Rule 405 promulgated under
the United States Securities Act of 1933, as amended (the “Securities Act”)) of any such person has any agreement, understanding, proposed transaction with, or is indebted to, any Group Company, nor is any Group Company
indebted (or committed to make loans or extend or guarantee credit) to any of such persons (other than for accrued salaries, reimbursable expenses or other standard employee benefits). Except as set forth in the Disclosure Schedule, no officer or
director of a Group Company has any direct or indirect ownership interest in any firm or corporation with which a Group Company is affiliated or with which a Group Company has a business relationship, or any firm or corporation that competes with a
Group Company. Except as set forth in the Disclosure Schedule, no Affiliate or Associate of any officer or director of a Group Company is directly or indirectly interested in any material contract with a Group Company. Except as set forth in the
Disclosure Schedule, no officer or director of a Group Company or any Affiliate or Associate of any such person has had, either directly or indirectly, a material interest in: (i) any person or entity which purchases from or sells, licenses or
furnishes to a Group Company any goods, property, intellectual or other property rights or services; or (ii) any contract or agreement to which a Group Company is a party or by which it may be bound or affected. 
 3.19. Employee Matters. Except as set forth in the Disclosure Schedule, each Group Company has complied in all material aspects with all
applicable employment and labor laws. To the knowledge of the Covenantors, none of the Group Companies’ officers or key employees intends to terminate their employment with any Group Company, nor does any Group Company have a present intention
to terminate the employment of any officer or key employee. 
 3.20. Financial Advisor Fees. There exists no agreement or
understanding between any Group Company or any of its Affiliates and any investment bank or other financial advisor under which such Group Company may owe any brokerage, placement or other fees relating to the subscription of Series A Shares.

  

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 4. REPRESENTATIONS AND WARRANTIES OF THE INVESTOR. 
 The Investor represents and warrants to the Company as follows: 
 4.1. Authorization. The Investor has all requisite power, authority and capacity to enter into the Transaction Agreements, and to perform its obligations under the Transaction Agreements. This Agreement has
been duly authorized, executed and delivered by the Investor. The Transaction Agreements, when executed and delivered by the Investor, will constitute valid and legally binding obligations of the Investor, subject, as to enforcement of remedies, to
applicable bankruptcy, insolvency, moratorium, reorganization and similar laws affecting creditors’ rights generally and to general equitable principles. 
 4.2. Accredited Investor. The Investor is an Accredited Investor within the definition set forth in Rule 501(a) under Regulation D of the Securities Act. 
 4.3. Purchase for Own Account. Series A Shares and Common Shares issuable upon conversion of Series A Shares will be acquired for the
Investor’s own account, not as a nominee or agent, and not with a view to or in connection with the sale or distribution of any part thereof. 
 4.4. Exempt from Registration; Restricted Securities. The Investor understands that Series A Shares and Common Shares issuable upon conversion of Series A Shares will not, when issued, be registered under the Securities Act or
registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the Securities Act or the registration or listing
requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on the Investor’s representations set forth in this Agreement. The Investor understands that
Series A Shares and Common Shares issuable upon conversion of Series A Shares are restricted securities within the meaning of Rule 144 under the Securities Act and that Series A Shares and Common Shares issuable upon conversion of Series A Shares
are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available. 
 5. COVENANTS OF THE GROUP COMPANIES. 
 The Group Companies jointly and severally covenant to the Investor as follows: 
 5.1. Use of Proceeds from the Subscription for
Series A Shares. The proceeds from the subscription for Series A Shares (the “Proceeds”) shall be used by the Company for working capital and other general corporate purposes. 
 5.2. Restructuring of the Company. The Group Companies shall use all commercially reasonable efforts to take, or cause to be taken, all
actions, and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective the Plan of Restructuring and the other transactions contemplated by this Agreement. The Group
Companies shall use all commercially reasonable efforts to comply as promptly as practicable with any Laws of any Governmental Authority that are applicable to the Plan of Restructuring or any of the other transactions contemplated hereby or by the
Subscription Agreement and pursuant to which any consent, approval, order or authorization of, or registration, declaration or filing with, any 

  

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Governmental Authority or any other Person in connection with such transactions is necessary. The Group Companies shall use all commercially reasonable
efforts to keep the Investor apprised of the status of any communications with, and any inquiries or requests for additional information from, any Governmental Authority (or other Person regarding the Plan of Restructuring of any of the other
transactions contemplated by this Agreement or the Transaction Agreements) in respect of any such filing, registration or declaration and shall comply promptly with any such inquiry or request (and, unless precluded by law, provide copies of any
such communications that are in writing). 
 5.3. Confidentiality and Employment Agreement. The Group Companies shall cause all of
their present and future officers and employees to enter into a standard form confidentiality and employment contract with the Company or JingAo China, as the case may be in form and substance approved by the Board. 
 5.4. Additional Covenants. If at any time prior to the Closing, the Group Companies come to know of any fact or event which is in any way
materially inconsistent with any of the representations and warranties given by the Group Companies or which would render any of the representations and warranties, if given at that time, untrue or inaccurate, then the Group Companies shall give
immediate written notice thereof to the Investor in which event the Investor may within ten (10) Business Days of receiving such notice terminate this Agreement by written notice without any penalty whatsoever. 
 5.5. Fulfillment of Closing Conditions. The Group Companies shall use their best efforts to fulfill all conditions contained in Section 6 of
this Agreement. 
 5.6. Qualified Public Offering. Subject to applicable Laws, each of the Group Companies shall use commercially
reasonable best efforts to effectuate the closing of a Qualified Public Offering (as defined in Exhibit C) prior to the second (2nd) anniversary of the Closing Date. 
 5.7 Key Management. The Group Companies shall procure that the Key Management as set forth in the Disclosure Schedules listed each undertakes and
covenants that (a) during his employment he will not directly or indirectly engage in any activity which the Board reasonably considers may be, or become, harmful to the interests of any Group Company or which might reasonably be considered to
interfere with the performance of his duties; and (b) he shall not, whether directly or indirectly, on his own behalf or on behalf of or in conjunction with any other person, firm, company or other entity for the period of 1 year following the
termination of his employment with the relevant Group Company, carry on, set up, be employed, engaged or interested in a business anywhere in the PRC which is in competition with the business of any Group Company. 
 5.7 Conduct Post-Closing. The Company shall ensure that the affairs of each Group Company and their respective subsidiaries are conducted in the
ordinary and usual course of business, and that all reasonable steps are taken to preserve and protect the assets of each Group Company and their respective subsidiaries and to preserve and retain their goodwill. 
  

 12 

 6. CONDITIONS TO INVESTOR’S OBLIGATIONS AT THE CLOSING. 
 The obligation of the Investor to subscribe for Series A Shares at the Closing is subject to the fulfillment or valid written waiver signed by the
Investor, on or prior to such Closing, of the following conditions: 
 6.1. Representations and Warranties True and Correct. The
representations and warranties made by the Group Companies in Section 3 hereof shall be true and correct in all material respects when made, and shall be true and correct in all material respects as of the date of the Closing with the same
force and effect as if they had been made on and as of such date, subject to changes contemplated by this Agreement, except for those representations and warranties (a) that contain any materiality qualification or otherwise make reference to a
Material Adverse Effect, which representations and warranties, to the extent so qualified, shall instead be true and correct in all respects as of such respective dates and (b) that address matters only as of a particular date, which
representations will have been true and correct in all material respects (subject to clause (a)) as of such particular date. 
 6.2.
Performance of Obligations. Each of the Group Companies shall have performed and complied with all agreements, obligations and conditions contained in the Transaction Agreements that are required to be performed or complied with by it on or
before the Closing. 
 6.3. Proceedings and Documents. All corporate approvals and other proceedings in connection with the
transactions contemplated by the Transaction Agreements and all documents and instruments incidental to such transactions shall be completed and reasonably satisfactory in substance and form to the Investor, and the Investor shall have received all
such counterpart originals or certified or other copies of such documents as it may reasonably request. 
 6.4. Approvals, Consents and
Waivers. Each Group Company shall have obtained any and all approvals, consents and waivers necessary for consummation of the transactions contemplated by the Transaction Agreements, including, but not limited to, (i) all permits,
authorizations, approvals, consents or permits of any governmental authority or regulatory body, unless otherwise agreed by the parties, and (ii) the waiver by the existing shareholders of the Company of any anti-dilution rights, rights of
first refusal, preemptive rights and all similar rights that may exist in connection with the issuance of the Series A Shares. 
 6.5.
Compliance Certificate. The Group Companies shall have delivered to the Investor certificates, dated the Closing Date, signed by a Company director and the legal representative JingAo China certifying that the conditions specified in Sections
6.1, 6.2, 6.4, 6.6 and 6.8 have been fulfilled and stating that there has been no Material Adverse Effect. 
 6.6. Amendment to
Constitutional Documents. The Restated Articles shall have been duly adopted by the Company by all necessary corporate action of its Board and its shareholders. 
 6.7. Execution of Shareholders Agreement. The Group Companies, the Investor and the Key Shareholders (as defined in Exhibit C) shall have executed and delivered the Shareholders Agreement, in
substantially the form attached hereto as Exhibit C. 
  

 13 

 6.8. No Material Adverse Effect. There shall have been no Material Adverse Effect since the date
of this Agreement. 
 6.9 Legal Opinions. The Group Companies shall have delivered to the Investor legal opinions from:
(a) Conyers Dill & Pearman and (b) Tian Yuan Law Firm in forms reasonably satisfactory to the Investor. 
 7.
CONDITIONS TO COMPANY’S OBLIGATIONS AT THE CLOSING. 
 The obligations of the Company under this Agreement with respect to the
Investor are subject to the fulfillment or valid written waiver by the Company at or before the Closing of the following conditions: 
 7.1.
Representations and Warranties. The representations and warranties of the Investor contained in Section 4 hereof shall be true and correct as of the Closing. 
 7.2. Securities Exemptions. The allotment and issuance of Series A Shares and issuance of Common Shares upon conversion of Series A Shares shall be exempt from the registration and/or qualification requirements
of all applicable securities laws. 
 7.3. Execution of Shareholders Agreement. The Group Companies, the Investor and the Key
Shareholders shall have executed and delivered the Shareholders Agreement, in substantially the form attached hereto as Exhibit C. 
 8. INDEMNIFICATION. 
 8.1. Survival of Representations and Warranties. The representations and warranties made herein
shall survive for a period of eighteen (18) months after the Closing Date. 
 8.2. Indemnification. 
 (a) To the fullest extent permitted by applicable law, the Covenantors shall, jointly and severally, indemnify, defend and hold harmless the Investor,
from and against any and all Losses arising out of, relating to, connected with or incidental to: (i) any breach of any representation or warranty made by any of the Covenantors in the Transaction Agreements, or (ii) any failure by the
Covenantors to comply with any covenant or term of the agreement contained in the Transaction Agreements or in any other documents or agreements contemplated hereby. 
 (b) The maximum amount of aggregate Losses that shall be payable by the Covenantors pursuant to this Section 8.2 shall be capped at the Subscription Amount. 
 8.3. Definition of Losses. As used in this Agreement, “Losses” means all losses, liabilities, damages, deficiencies, suits
or claims (whether brought by shareholders of the Group Companies or other third parties), debts, obligations, interest, penalties, expenses, judgments or settlements of any nature or kind, including all costs and expenses related thereto, including
without 

  

 14 

 
limitation reasonable attorneys’ fees and disbursements, court costs, amounts paid in settlement and expenses of investigation, whether at law or in
equity, whether known or unknown, foreseen or unforeseen, of any kind or nature. 
 9. MISCELLANEOUS. 
 9.1. Governing Law. Except with respect to the references in this Agreement to the Securities Act, this Agreement shall be governed by and
construed exclusively in accordance with the laws of the State of New York without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the laws of New York to the rights and duties of
the parties hereunder. 
 9.2. Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall
inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto whose rights or obligations hereunder are affected by such amendments. This Agreement and the rights and obligations
therein may not be assigned by the Investor without the written consent of the Company except to a parent corporation, a subsidiary or an Affiliate. This Agreement and the rights and obligations therein may not be assigned by the parties hereto
without the written consent of the Investor. 
 9.3. Entire Agreement. This Agreement, the Shareholders Agreement, and the schedules
and exhibits hereto and thereto, which are hereby expressly incorporated herein by this reference constitute the entire understanding and agreement between the parties with regard to the subject matter hereof and thereof; provided, however, that
nothing in this Agreement or related agreements shall be deemed to terminate or supersede the provisions of any confidentiality and nondisclosure agreements executed by the parties hereto prior to the date hereof, which agreements shall continue in
full force and effect until terminated in accordance with their respective terms. 
 9.4. Notices. Except as may be otherwise provided
herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (i) when hand delivered to the other party, upon delivery;
(ii) when sent by facsimile, upon receipt of confirmation of error-free transmission; (iii) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the other
party as set forth on the signature page hereto; or (iv) three (3) Business Days after deposit with an overnight delivery service, postage prepaid, with next business-day delivery guaranteed, provided that the sending party receives a
confirmation of delivery from the delivery service provider. Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed each communication made by it by
facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. The initial address and facsimile number of each party are as shown below the signature of such party on the signature page of
this Agreement. A party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section 9.4 by giving the other party written notice of the new address in the manner set forth above.

  

 15 

 9.5. Amendments and Waivers. Any term of this Agreement may be amended only with the written
consent of all of the parties hereto. Any amendment or waiver effected in accordance with this Section 9.5 shall be binding upon all of the parties hereto, and their respective assigns. 
 9.6. Delays or Omissions. No delay or omission in exercising any right, power or remedy accruing to any party hereto, upon any breach or default
of any party hereto under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach of default thereafter
occurring; nor shall it be construed to be a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach of default under
this Agreement or any waiver on the part of any party hereto of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this
Agreement, or by law or otherwise afforded to the parties hereto shall be cumulative and not alternative. 
 9.7. Interpretation; Titles
and Subtitles. This Agreement shall be construed according to its fair language. The rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The
titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein are
to Sections and Exhibits of this Agreement. 
 9.8. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be an original, but all of which together shall constitute one instrument. 
 9.9. Severability. If any provision of
this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on
substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed
provision is essential to the rights or benefits intended by the parties. In such event, the parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement that most nearly effects the
parties’ intent in entering into this Agreement. 
 9.10. Confidentiality and Non-Disclosure. The parties hereto agree to be
bound by the confidentiality and non-disclosure provisions of Section 6 of the Shareholders Agreement. 
 9.11. Further
Assurances. Each party shall from time to time and at all times hereafter make, do, execute, or cause or procure to be made, done and executed such further acts, deeds, conveyances, consents and assurances without further consideration, which
may reasonably be required to effect the transactions contemplated by this Agreement. 
  

 16 

 9.12. Dispute Resolution. 
 (a) Negotiation Between Parties. The parties agree to negotiate in good faith to resolve any dispute between them regarding this Agreement. If the
negotiations do not resolve the dispute to the reasonable satisfaction of all parties within thirty (30) days, Section 9.12(b) shall apply. 
 (b) Arbitration. In the event the parties are unable to settle a dispute between them regarding this Agreement in accordance with subsection (a) above, such dispute shall he referred to and finally settled
by arbitration at the Hong Kong International Arbitration Centre in accordance with the UNCITRAL Arbitration Rules (the “UNCITRAL Rules”) in effect, which rules are deemed to be incorporated by reference into this subsection
(b). The arbitration tribunal shall consist of three arbitrators to be appointed according to the UNCITRAL Rules. The language of the arbitration shall be English. The parties understand and agree that this provision regarding arbitration shall not
prevent any party from pursuing equitable or injunctive relief in a judicial forum to compel another party to comply with this provision, to preserve the status quo prior to the invocation of arbitration under this provision, or to prevent or halt
actions that may result in irreparable harm. A request for such equitable or injunctive relief shall not waive this arbitration provision. 
 9.13. Expenses. The Company and the Investor will bear their respective legal and accountants’ fees and expenses with respect to this Agreement and the transactions contemplated hereby; provided however, if the transaction
proceeds to Closing, then the Company shall reimburse the Investor for its reasonable fees and expenses related to this transaction, which amount shall be deducted from the Subscription Amount to be delivered at Closing. 
 9.14. Termination. This Agreement may be terminated by any party hereto by written notice to the other parties. Such termination under this
Section 9.14, as well as the expiry of this Agreement shall be without prejudice to any claims for damages or other remedies that the parties may have under this Agreement or applicable law. 
 — REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK — 
  

 17 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized representatives to
execute this Agreement as of the date and year first above written. 
  

			
	JA Development Co., Ltd.
		
	By:	 	 /s/ Yang Huaijin

	Name:	 	Yang Huaijin
	Title:	 	Attorney-in-fact

  

			
	Address:	 	Romasco Place, Wickhams Cay 1,
		 	P.O. Box 3140, Road Town,
		 	Tortola, British Virgin Islands
	Facsimile:	 	86-319-5800754

			
	
	JingAo Solar Co., Ltd.
	

		
	By:	 	 /s/ Yang Huaijin

	Name:	 	Yang Huaijin
	Title:	 	Chief Executive Officer

  

			
	Address:	 	Jinglong Industrial Park,
		 	Jinglong Street, Ningjin County,
		 	Hebei Province, 055550, PRC
	Facsimile:	 	86-319-5800754

  

 18 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized representatives to
execute this Agreement as of the date and year first above written. 
  

			
	Mitsubishi Corporation
		
	By:	 	 /s/ Yoshimitsu Futai

	Name:	 	Yoshimitsu Futai
	Title:	 	General Manager,
		 	Head of Business Creation Department, Innovation Center

			
	Address:	 	 Mitsubishi Corporation, 3-1,
 Marunouchi 2-Chome,
Chiyoda-Ku,
 Tokyo 100-8086, Japan

	Facsimile:	 	+81-3-3210-8591

  

 19 

 LIST OF EXHIBITS 
  

			
	Exhibit A	  	 Restated Articles

		
	Exhibit B	  	 Disclosure Schedule

		
	Exhibit C	  	 Shareholders Agreement

		
	Exhibit D	  	 Employee Share Option Plan

		
	Exhibit E	  	 Plan of Restructuring

		
	Exhibit F	  	 Company Account

  

 20 

 EXHIBIT A 
 RESTATED ARTICLES 
  

 A - 1 

 TERRITORY OF THE BRITISH VIRGIN ISLANDS 
 THE BVI BUSINESS COMPANIES ACT 2004 
 AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION

 OF 
 JA Development
Co., Ltd. 
 A COMPANY LIMITED BY SHARES 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Memorandum of Association and the attached Articles of Association, if not inconsistent with the subject or context: 

 “Act” means the BVI Business Companies Act, 2004 (No. 16 of 2004) and includes the regulations made under the Act. 
 “Additional Ordinary Shares” means all Ordinary Shares issued by the Company; provided that the term “Additional Ordinary
Shares” does not include (i) Employee Compensation Shares; (ii) Ordinary Shares issued or issuable in connection with any share split, share dividend, combination, recapitalization or other similar transaction of the Company;
(iii) Ordinary Shares issued or issuable upon conversion or exercise of the Series A Preference Shares or upon conversion or exercise of any convertible notes, warrants or options outstanding on the Original Series A Issue Date;
(iv) Ordinary Shares issued in connection with a bona fide business acquisition by the Company of another business, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise; or (v) Ordinary Shares issued in
connection with a Qualified Public Offering. 
 “Applicable Conversion Price” has the meaning specified in
Section 4 of Schedule A hereto. 
 “Articles” means the attached Articles of Association of the Company.

 “Auditors” means the Persons for the time being performing the duties of auditors of the Company. 
 “Board” means the board of directors of the Company. 
 “Chairman of the Board” has the meaning specified in Article 16.8 of the Articles. 
 “Company” means JA Development Co., Ltd., a company organized and existing under the laws of the British Virgin Islands. 
 “Control” means, when used with respect to any Person, power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and
the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  

 A - 2 

 “Conversion Share” has the meaning specified in Section 4(c) of Schedule
A hereto. 
 “Debenture” means debenture stock, mortgages, bonds and any other such securities of the Company whether
constituting a charge on the assets of the Company or not. 
 “Director” means a member of the Board. 
 “Distribution” in relation to a distribution by the Company to a Shareholder means the direct or indirect transfer of an asset, other
than Shares, to or for the benefit of the Shareholder, or the incurring of a debt to or for the benefit of a Shareholder, in relation to Shares held by a Shareholder, and whether by means of a purchase of an asset, the purchase, redemption or other
acquisition of Shares, a distribution of indebtedness or otherwise, and includes a dividend. 
 “Eligible Person” means
individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons. 
 “Employee Compensation Share” means up to 1082 Ordinary Shares (as adjusted for share splits, subdivision, consolidation, recapitalizations, reclassifications, and similar transactions prior to such date) issued or issuable
to employees, consultants or directors of the Company either in connection with the provision of services to the Company or on exercise of any options to purchase Employee Compensation Shares granted under a share incentive plan or other arrangement
approved by the Company’s Board, including without limitation in connection with a restricted stock or other equity compensation plan or arrangement approved by the Company’s Board. 
 “Equity Securities” means any Ordinary Shares or Ordinary Share Equivalents of the Company. 
 “Future Issuance Price” has the meaning specified in Section 4(e)(5) of Schedule A hereto. 
 “Liquidation Event” has the meaning specified in Section 2(b) of Schedule A hereto. 
 “Memorandum” means this Memorandum of Association of the Company to be adopted by resolution in writing of all Shareholders. 

“Ordinary Shares” has the meaning specified in Section 6.1 of the Memorandum. 
 “Ordinary Share Equivalents” means warrants, options and rights exercisable for Ordinary Shares or securities convertible into or
exchangeable for Ordinary Shares, including, without limitation, the Series A Preference Shares. 
 “Original Series A Issue
Date” means the date of issuance by the Company of its first Series A Preference Share pursuant to the Subscription Agreement. 
 “Original Series A Issue Price” means US$17,177.914 per share. 
 “paid-up” means paid-up
and/or credited as paid-up. 
 “Person” or “person” means any individual, sole proprietorship, partnership,
firm, joint venture, estate, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or governmental or regulatory authority or other entity of any kind or nature. 
  

 A - 3 

 “Qualified Public Offering” means a firm commitment underwritten registered public
offering by the Company of its Ordinary Shares, equal to at least fifteen percent (15%) of the Company’s total issued shared capital post-offering on a fully-diluted basis and listing, on a reputable international stock exchange (including
without limitation stock exchanges in the United States, Hong Kong and Singapore, or any other stock exchange that is approved by the Board) with a total market capitalization of the Company following completion of the public offering of not less
than US$540,000,000. 
 “Redemption Amount” has the meaning specified in Section 4(c)(i) of Schedule A
hereto. 
 “Redemption Closing” has the meaning specified in Section 5(a)(iii)(3) of Schedule A hereto.

 “Redemption Price” has the meaning specified in Section 5(a)(iii)(2) of Schedule A hereto. 

“Redemption Notice” has the meaning specified in Section 5(a)(iii)(1) of Schedule A hereto. 
 “Registered office” means the registered office for the time being of the Company. 
 “Registrar” means the Registrar of Corporate Affairs appointed under section 229 of the Act. 
 “Related Party Transaction” means any transaction, contract, agreement or arrangement between the Company, on the one hand, and any
Director, officer or Shareholder, or an entity Controlled by any Director, officer or Shareholder, on the other hand. 
 “Resolution
of Directors” means either: 
  

	 	(a)	a resolution approved at a duly convened and constituted meeting of directors of the Company or of a committee of directors of the Company by the affirmative vote of a majority of
the directors present at the meeting who voted except that where a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority; or 

  

	 	(b)	a resolution consented to in writing by all directors or by all members of a committee of directors of the Company, as the case may be. 

 “Resolution of Shareholders” means either: 
  

	 	(a)	a resolution approved at a duly convened and constituted meeting of the Shareholders of the Company by the affirmative vote of a majority of in excess of fifty percent (50%) of
the votes of the Shares entitled to vote thereon which were present at the meeting and were voted; or 

  

	 	(b)	a resolution consented to in writing by a majority of in excess of fifty percent (50%) of the votes of Shares entitled to vote thereon. 

 “Schedule A” means Schedule A to the Memorandum. 
 “Seal” means any seal which has been duly adopted as the common seal of the Company. 
 “Securities” means Shares and debt obligations of every kind of the Company, and including without limitation options, warrants and rights to acquire shares or debt obligations. 
  

 A - 4 

 “Secretary” includes an Assistant Secretary and any person appointed to perform the
duties of Secretary of the Company. 
 “Series A Conversion Price” has the meaning specified in Section 4(d)
of Schedule A hereto. 
 “Series A Preference Shares” has the meaning specified in Section 6.1 of the
Memorandum. 
 “Subscription Agreement” means that certain Share Subscription Agreement entered into by and among the
Company, Leeway Asia L.P. and the other parties thereto, dated on or about August 9, 2006, regarding the issuance of Series A Preference Shares. 
 “Subsidiary” means, with respect to any specified Eligible Person, any Eligible Person of which the specified Eligible Person, directly or indirectly, owns more than fifty percent (50%) of the
issued and outstanding authorized capital, share capital, voting interests or registered capital. 
 “Share” has the meaning
specified in Section 6.1 of this Memorandum and may also be referenced as “share” and includes any fraction of a share. 
 “Shareholder” means an Eligible Person whose name is entered in the register of members of the Company as the holder of one or more Shares or fractional Shares. 
  

	1.2	In the Memorandum and the Articles, unless the context otherwise requires a reference to: 

  

	 	(a)	a “Regulation” is a reference to a regulation of the Articles; 

  

	 	(b)	a “Clause” is a reference to a clause of the Memorandum; 

  

	 	(c)	“Written” or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical,
electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and “in writing” shall be construed accordingly; 

  

	 	(d)	The term “day” means “calendar day”; 

  

	 	(e)	voting by Shareholders is a reference to the casting of the votes attached to the Shares held by the Shareholder voting; 

  

	 	(f)	the Act, the Memorandum or the Articles is a reference to the Act or those documents as amended or, in the case of the Act, any re-enactment thereof; 

  

	 	(g)	importing the masculine gender also include the feminine gender and vice-versa; and 

  

	 	(h)	the singular includes the plural and vice versa. 

  

	1.3	Any words or expressions defined in the Act unless the context otherwise requires bear the same meaning in the Memorandum and the Articles unless otherwise defined herein.

  

	1.4	Headings are inserted for convenience only and shall be disregarded in interpreting the Memorandum and the Articles. 

  

 A - 5 

	2.	NAME 

 The name of the Company is JA Development
Co., Ltd. 
  

	3.	STATUS 

 The Company is a company limited by shares.

  

	4.	REGISTERED OFFICE AND REGISTERED AGENT 

  

	4.1	The first registered office of the Company is Romasco Place, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands or at such other place as the Directors may
from time to time decide. 

  

	4.2	The first registered agent of the Company is Codan Trust Company (B.V.I.) Ltd. Of Romasco Place, Wickhams Cay 1, P.O.Box 3140, Road Town, Tortola, British Virgin Islands.

  

	4.3	The Company may by Resolution of Shareholders or by Resolution of Directors change the location of its registered office or change its registered agent. 

  

	4.4	Any change of registered office or registered agent will take effect on the registration by the Registrar of a notice of the change filed by the existing registered agent or a legal
practitioner in the British Virgin Islands acting on behalf of the Company. 

  

	5.	CAPACITY AND POWERS 

  

	5.1	Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate benefit: 

  

	 	(a)	full capacity to carry on or undertake any business or activity, do any act or enter into any transaction, including but not limited to the following: 

  

	 	(i)	To carry on the business of an investment company and to act as promoters and entrepreneurs and to carry on business as financiers, capitalists, concessionaires, merchants, brokers,
traders, dealers, agents, importers and exporters and to undertake and carry on and execute all kinds of investment, financial, commercial, mercantile, trading and other operations. 

  

	 	(ii)	To carry on whether as principals, agents or otherwise howsoever the business of realtors, developers, consultants, estate agents or managers, builders, contractors, engineers,
manufacturers, dealers in or vendors of all types of property including services. 

  

	 	(iii)	To exercise and enforce all rights and powers conferred by or incidental to the ownership of any shares, stock, obligations or other securities including but without prejudice to
the generality of the foregoing all such powers of veto or control as may be conferred by virtue of the holding by the Company of some special proportion of the issued or nominal amount thereof, to provide managerial and other executive, supervisory
and consultant services for or in relation to any company in which the Company is interested upon such terms as may be thought fit. 

  

	 	(iv)	 To purchase or otherwise acquire, to sell, exchange, surrender, lease, mortgage, charge, convert, turn to account, dispose of and deal with real and personal
property and rights of all kinds and, in particular, mortgages, 

  

 A - 6 

	 	 
debentures, produce, concessions, options, contracts, patents, annuities, licenses, stocks, shares, bonds, policies, book debts, business concerns,
undertakings, claims, privileges and choses in action of all kinds. 

  

	 	(v)	To subscribe for, conditionally or unconditionally, to underwrite, issue on commission or otherwise, take, hold, deal in and convert stocks, shares and securities of all kinds and
to enter into partnership or into any arrangement for sharing profits, reciprocal concessions or cooperation with any person or company and to promote and aid in promoting, to constitute, form or organize any company, syndicate or partnership of any
kind, for the purpose of acquiring and undertaking any property and liabilities of the Company or of advancing, directly or indirectly, the objects of the Company or for any other purpose which the Company may think expedient.

  

	 	(vi)	To stand surety for or to guarantee, support or secure the performance of all or any of the obligations of any person, firm or company whether or not related or affiliated to the
Company in any manner and whether by personal covenant or by mortgage, charge or lien upon the whole or any part of the undertaking, property and assets of the Company, both present and future, including its uncalled capital or by any such method
and whether or not the Company shall receive valuable consideration therefor. 

  

	 	(vii)	To engage in or carry on any other lawful trade, business or enterprise which may at any time appear to the Directors of the Company capable of being conveniently carried on in
conjunction with any of the aforementioned businesses or activities or which may appear to the Directors of the Company likely to be profitable to the Company. 

 In the interpretation of this Memorandum of Association in general and of this Article in particular no object, business or power specified or mentioned
shall be limited or restricted by reference to or inference from any other object, business or power, or the name of the Company, or by the juxtaposition of two or more objects, businesses or powers and that, in the event of any ambiguity in this
Article or elsewhere in this Memorandum of Association, the same shall be resolved by such interpretation and construction as will widen and enlarge and not restrict the objects, businesses and powers of and exercisable by the Company. 

 

	 	(b)	for the purposes of paragraph (a), full rights, powers and privileges. 

  

	5.2	For the purposes of section 9(4) of the Act, there are no limitations on the business that the Company may carry on. Except as prohibited or limited by the Act, the Company shall
have full power and authority to carry out any object and shall have and be capable of from time to time and at all times exercising any and all of the powers at any time or from time to time exercisable by a natural person or body corporate in
doing in any part of the world whether as principal, agent, contractor or otherwise whatever may be considered by it necessary for the attainment of its objects and whatever else may be considered by it as incidental or conducive thereto or
consequential thereon, including, but without in any way restricting the generality of the foregoing, the power to make any alterations or amendments to this Memorandum of Association and the Articles of Association of the Company considered
necessary or convenient in the manner set out in the Articles of Association of the Company, and the power to do any of the following acts or things, viz: 

  

 A - 7 

 to pay all expenses of and incidental to the promotion, formation and incorporation of the Company; to
register the Company to do business in any other jurisdiction; to sell, lease or dispose of any property of the Company; to draw, make, accept, endorse, discount, execute and issue promissory notes, debentures, bills of exchange, bills of lading,
warrants and other negotiable or transferable instruments; to lend money or other assets and to act as guarantors; to borrow or raise money on the security of the undertaking or on all or any of the assets of the Company including uncalled capital
or without security; to invest money of the Company in such manner as the Directors determine; to promote other companies; to sell the undertaking of the Company for cash or any other consideration; to distribute assets in specie to Shareholders of
the Company; to make charitable or benevolent donations; to pay pensions or gratuities or provide other benefits in cash or kind to Directors, officers, employees, past or present and their families; to purchase Directors and officers liability
insurance and to carry on any trade or business and generally to do all acts and things which, in the opinion of the Company or the Directors, may be conveniently or profitably or usefully acquired and dealt with, carried on, executed or done by the
Company in connection with the aforesaid business provided that the Company shall only carry on the businesses for which a license is required under the laws of the British Virgin Islands when so licensed under the terms of such laws.

  

	5.3	The liability of each Shareholder is limited to the amount from time to time unpaid on such Shareholder’s shares. 

  

	6.	AUTHORISED SHARES 

  

	6.1	The Company is authorised to issue a maximum of 50,000 Shares comprising of 49,185 Ordinary Shares without par value (the “Ordinary Shares”) and 815 Series A
Preference Shares without par value (the “Series A Preference Shares”), with power for the Company insofar as is permitted by applicable law, this Memorandum (including Schedule A) and the Articles to redeem or purchase any
of its shares and to increase or reduce the said capital and to issue any part of its capital, whether original, redeemed or increased with or without any preference, priority or special privilege or subject to any postponement of rights or to any
conditions or restrictions and so that unless the conditions of issue shall otherwise expressly declare every issue of shares whether declared to be preference or otherwise shall be subject to the powers hereinbefore contained. The Ordinary Shares
and the Series A Preference Shares are collectively referred to herein as the “Shares.” 

  

	6.2	The Shares in the Company shall be issued in the currency of the United States of America. 

  

	6.3	Subject to the provisions of Schedule A and the other rights attaching to the Series A Preference Shares in these Memorandum and Articles of Association, each Ordinary Share
in the Company confers on the holder: 

  

	 	(a)	the right to one vote at a meeting of the members of the Company or on any resolution of the members of the Company; 

  

	 	(b)	the right to an equal share in any dividend paid by the Company in accordance with the Act; and 

  

	 	(c)	the right to an equal share in the distribution of the surplus assets of the Company. 

  

	6.4	In addition to any other rights attaching to the Series A Preference Shares, each Series A Preference Share in the Company confers on the holder the rights set out in Schedule
A attached hereto. For the sake of clarity, Schedule A forms part of the Memorandum. In the event of any conflict between the conditions in the Memorandum and Schedule A, Schedule A shall prevail. 

 

 A - 8 

	6.5	Subject to the provisions of the Act, the Memorandum and the Articles, shares may be issued on the terms that they are, or at the option of the Company or the holder are, to be
redeemed on such terms and in such manner as the Company, before the issue of the shares, may by resolution determine. 

  

	6.6	Subject to the provisions of the Act, the Memorandum and the Articles, the Company may purchase its own shares (including fractions of a share), including any redeemable shares,
provided that the manner of purchase has first been authorized by the Company in general meeting and may make payment therefore in any manner authorized by the Act, including out of capital. 

  

	7.	VARIATION OF RIGHTS 

 Subject to Schedule
A, if at any time the share capital of the Company is divided into different classes or series of shares, the rights attached to any class or series (unless otherwise provided by the terms of issue of the shares of that class or series)
may not, whether or not the Company is being wound-up, be varied without the consent in writing of the holders of at least a majority of the issued shares of that class or series, or without the sanction of a Resolution of Shareholders passed at a
general meeting of the holders of the shares of that class or series. 
 The provisions of this Memorandum and the Articles relating to
general meetings shall apply to every such general meeting of the holders of one class of shares except that the necessary quorum shall be one (1) person holding or representing by proxy at least one-third of the issued shares of the class and
that any holder of shares of the class present in person or by proxy may demand a poll. 
  

	8.	RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU 

 Subject to Schedule A, the rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed
to be varied by the creation or issue of further shares ranking pari passu therewith. 
  

	9.	REGISTERED SHARES 

  

	9.1	Subject to the provisions, if any, in that behalf in this Memorandum (including but not limited to Schedule A) and in the Articles and to any direction that may be given by
the Company in a general meeting and without prejudice to any special rights previously conferred on the holders of existing shares, the Directors may allot, issue, grant options over or otherwise dispose of shares of the Company (including
fractions of a share) with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper.
The Company shall not issue shares in bearer form. The Company shall issue registered shares only. 

  

	9.2	The Company is not authorised to issue bearer shares, convert registered shares to bearer shares or exchange registered shares for bearer shares. 

  

 A - 9 

	10.	TRANSFER OF SHARES 

 Subject to any agreements
binding on the Company, shares are transferable, and the Company will only register transfers of shares that are made in accordance with such agreements (if any) and will not register transfers of shares that are not made in accordance with such
agreements (if any). The instrument of transfer of any share shall be in writing and shall be executed by or on behalf of the transferor, and the transferor shall be deemed to remain the holder of a share until the name of the transferee is entered
in the register in respect thereof. 
  

	11.	AMENDMENT OF THE MEMORANDUM AND THE ARTICLES 

  

	11.1	Subject to the provisions of the Act and these Articles (including but not limited to Schedule A), the Company may from time to time alter or amend its Memorandum with
respect to any objects, powers or other matters specified therein to: 

  

	 	(a)	increase the share capital by such sum to be divided into shares of such amount or without nominal or par value as the resolution shall prescribe and with such rights, priorities
and privileges annexed thereto, as the Company in general meeting may determine; 

  

	 	(b)	to consolidate and divide all or any of its share capital into shares of larger amount than its existing shares; 

  

	 	(c)	divide or subdivide all or any of its share capital into shares of smaller amount than is fixed by the Memorandum or into shares without nominal or par value; or

  

	 	(d)	cancel any shares which at the date of the passing of the resolution have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the
amount of the shares so cancelled. 

  

	11.2	Any amendment of the Memorandum or the Articles will take effect on the registration by the Registrar of a notice of amendment, or restated Memorandum and Articles, filed by the
registered agent. 

  

 A - 10 

 SCHEDULE A 
 The holders of Series A Preference Shares shall, in addition to any other rights conferred on them under these Memorandum and Articles of Association have the following rights: 
  

	1.	Dividends 

  

	 	(a)	Subject to the provisions of these Articles (including but not limited to the other requirements of this Schedule A), no dividends (other than those payable solely in
Ordinary Shares) shall be declared or paid on the Ordinary Shares or any future series of preferred shares, unless and until a dividend in like amount is declared or paid on each outstanding Series A Preference Share (on an as-if-converted basis).

  

	 	(b)	The holders of Series A Preference Shares shall be entitled to receive on a pari passu basis, when, as and if declared at the sole discretion of the Board, but only out of
funds that are legally available therefor, cash dividends at the rate or in the amount as the Board considers appropriate. 

  

	2.	Liquidation Preference 

  

	 	(a)	Liquidation Preferences. Upon any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary: 

  

	 	(i)	Before any distribution or payment shall be made to the holders of any Ordinary Shares, each holder of Series A Preference Shares shall be entitled to receive an amount equal to one
hundred percent (100%) of the Original Series A Issue Price (adjusted for any share splits, share dividends, combinations, recapitalizations and similar transactions), plus all dividends accrued and unpaid with respect thereto (as adjusted for
any share splits, share dividends, combinations, recapitalizations and similar transactions) per Series A Preference Share then held by such holder. If, upon any such liquidation, distribution, or winding up, the assets of the Company shall be
insufficient to make payment of the foregoing amounts in full on all Series A Preference Shares, then such assets shall be distributed among the holders of Series A Preference Shares, ratably in proportion to the full amounts to which they would
otherwise be respectively entitled thereon. 

  

	 	(ii)	After distribution or payment in full of the amount distributable or payable on the Series A Preference Shares pursuant to Section 2(a)(i) of Schedule A, the
remaining assets of the Company available for distribution to Shareholders shall be distributed ratably among the holders of outstanding Ordinary Shares and holders of Series A Preference Shares on an as-converted basis. 

  

	 	(b)	Liquidation on Sale or Merger. The following events shall be treated as a liquidation (each, a “Liquidation Event”) under this
Section 2(b) of Schedule A unless waived by the holders of at least fifty percent (50%) of the then outstanding Series A Preference Shares, voting together as a single class on an as-converted basis: 

 

	 	(i)	 any consolidation, amalgamation or merger of the Company with or into any Person, or any other corporate reorganization, including a sale or acquisition of Equity
Securities of the Company, in which the Shareholders of the Company immediately before such transaction own less than fifty percent (50%) of the Company’s voting 

  

 A - 11 

	 	 
power immediately after such transaction (excluding any transaction effected solely for tax purposes or to change the Company’s domicile);

  

	 	(ii)	a sale of all or substantially all of the assets of the Company; or 

  

	 	(iii)	the exclusive licensing of all or substantially all of the Company’s intellectual property to a third party; 

 and upon any such event, any proceeds resulting to the shareholders of the Company therefrom shall be distributed in accordance with the terms of
paragraph (a) of this Section 2 of Schedule A. 
  

	 	(c)	In the event the Company proposes to distribute assets other than cash in connection with any liquidation, dissolution or winding up of the Company, the value of the assets to be
distributed to any holder of Series A Preference Shares and Ordinary Shares shall be determined in good faith by the Board, or by a liquidator if one is appointed. Any securities not subject to investment letter or similar restrictions on free
marketability shall be valued as follows: 

  

	 	(i)	If traded on a securities exchange, the value shall be deemed to be the average of the security’s closing prices on such exchange over the thirty (30) day period ending
one (1) day prior to the distribution; 

  

	 	(ii)	If traded over-the-counter, the value shall be deemed to be the average of the closing bid prices over the thirty (30) day period ending three (3) days prior to the
distribution; and 

  

	 	(iii)	If there is no active public market, the value shall be the fair market value thereof as determined in good faith by the Board. 

 The method of valuation of securities subject to investment letter or other restrictions on free marketability shall be adjusted to make an appropriate
discount from the market value determined as above in clauses (i), (ii) or (iii) to reflect the fair market value thereof as determined in good faith by the Board, or by a liquidator if one is appointed. 
  

	3.	Voting Rights 

 Subject to the provisions of the
Memorandum and these Articles, at all general meetings of the Company: (i) the holder of each Ordinary Share issued and outstanding shall have one vote in respect of each Ordinary Share held, and (ii) the holder of each Series A Preference
Share shall be entitled to such number of votes as equals the whole number of Ordinary Shares into which such holder’s collective Series A Preference Shares are convertible immediately after the close of business on the record date of the
determination of the Company’s Shareholders entitled to vote or, if no such record date is established, at the date such vote is taken or any written consent of the Company’s shareholders is first solicited. Subject to provisions to the
contrary elsewhere in the Memorandum and these Articles, or as required by the Act, the holders of Series A Preference Shares shall vote together with the holders of Ordinary Shares, and not as a separate class or series, on all matters put before
the Shareholders. 
  

 A - 12 

	4.	Conversion Rights 

 The holders of the Series A
Preference Shares shall have the following rights described below with respect to the conversion of the Series A Preference Shares into Ordinary Shares. Subject to the provisions of Section 4(e) of Schedule A, the number of
Ordinary Shares to which a holder shall be entitled upon conversion of any Series A Preference Share shall be the quotient of the Original Series A Issue Price divided by the then-effective Series A Conversion Price. For the avoidance of doubt,
subject to the provisions of Section 4(b) of Schedule A, the initial conversion ratio for Series A Preference Shares to Ordinary Shares shall be 1:1, and all shall be subject to adjustment based on adjustments of the Series A
Conversion Price, as applicable (the “Applicable Conversion Price” and each a “Conversion Price”), as set forth below: 
  

	 	(a)	Optional Conversion. 

  

	 	(i)	Subject to and in compliance with the provisions of this Section 4(a) of Schedule A, and subject to compliance with the requirements of the Act, any Series A
Preference Share may, at the option of the holder thereof, be converted at any time into fully-paid and nonassessable Ordinary Shares based on the then-effective Applicable Conversion Price. 

  

	 	(ii)	The holder of any Series A Preference Shares who desires to convert such shares into Ordinary Shares shall surrender the certificate or certificates therefor, duly endorsed, at the
principal office of the Company or any transfer agent for the Series A Preference Shares, and shall give written notice to the Company at such office that such holder has elected to convert such shares. Such notice shall state the number of Series A
Preference Shares being converted. Thereupon, the Company shall promptly issue and deliver to such holder at such office a certificate or certificates for the number of Ordinary Shares to which the holder is entitled. No fractional Ordinary Shares
shall be issued upon conversion of the Series A Preference Shares, and the number of Ordinary Shares to be so issued to a holder of Series A Preference Shares upon the conversion of such Series A Preference Shares (after aggregating all fractional
Ordinary Shares that would be issued to such holder) shall be rounded to the nearest whole share (with one-half being rounded upward). Such conversion shall be deemed to have been made at the close of business on the date of the surrender of the
certificates representing the Series A Preference Shares to be converted, and the person entitled to receive the Ordinary Shares issuable upon such conversion shall be treated for all purposes as the record holder of such Ordinary Shares on such
date. 

  

	 	(b)	Automatic Conversion. 

  

	 	(i)	Without any action being required by the holder of such share and whether or not the certificates representing such share are surrendered to the Company or its transfer agent, each
Series A Preference Share shall automatically be converted into Ordinary Shares immediately prior to the closing of a Qualified Public Offering, based on the then-effective Applicable Conversion Price. 

  

	 	(ii)	 The Company shall not be obligated to issue certificates for any Ordinary Shares issuable upon the automatic conversion of any Series A Preference Shares unless the
certificate or certificates evidencing such Series A Preference Shares is either delivered as provided below to the Company or any transfer agent for the Series A 

  

 A - 13 

	 	 
Preference Shares, or the holder notifies the Company or its transfer agent that such certificate has been lost, stolen or destroyed and executes an
agreement satisfactory to the Company to indemnify the Company from any loss incurred by it in connection with such certificate. The Company shall, as soon as practicable after receipt of certificates for Series A Preference Share, or satisfactory
agreement for indemnification in the case of a lost certificate, promptly issue and deliver at its principal office to the holder thereof a certificate or certificates for the number of Ordinary Shares to which the holder is entitled. No fractional
Ordinary Shares shall be issued upon conversion of the Series A Preference Shares, and the number of Ordinary Shares to be so issued to a holder of converting Series A Preference Share (after aggregating all fractional Ordinary Shares that would be
issued to such holder) shall be rounded to the nearest whole share (with one-half being rounded upward). Any person entitled to receive Ordinary Shares issuable upon the automatic conversion of the Series A Preference Shares shall be treated for all
purposes as the record holder of such Ordinary Shares on the date of such conversion. 

  

	 	(c)	Mechanics of Conversion. The conversion hereunder of any Series A Preference Share (the “Conversion Share”) shall be effected in the following manner and in
accordance with the Act: 

  

	 	(i)	The Company shall redeem the Conversion Share for aggregate consideration (the “Redemption Amount”) equal to (a) the aggregate par value of any capital shares
of the Company to be issued upon such conversion and (b) the aggregate value, as determined by the Board, of any other assets which are to be distributed upon such conversion. 

  

	 	(ii)	Concurrent with the redemption of the Conversion Share, the Company shall apply the Redemption Amount for the benefit of the holder of the Conversion Share to pay for any capital
shares of the Company issuable, and any other assets distributable, to such holder in connection with such conversion. 

  

	 	(iii)	Upon application of the Redemption Amount, the Company shall issue to the holder of the Conversion Share all capital shares issuable, and distribute to such holder all other assets
distributable, upon such conversion. 

  

	 	(d)	Initial Conversion Price. The “Series A Conversion Price” shall initially equal the Original Series A Issue Price, and shall be adjusted from time to time as
provided below in Section 4(e) of Schedule A. 

  

	 	(e)	Adjustments to Conversion Price. 

  

	 	(i)	Adjustment for Share Splits and Combinations. If the Company shall at any time, or from time to time, effect a subdivision of the outstanding Ordinary Shares, the Series A
Conversion Price in effect immediately prior to such subdivision shall be proportionately decreased. Conversely, if the Company shall at any time, or from time to time, combine the outstanding Ordinary Shares into a smaller number of shares, the
Series A Conversion Price in effect immediately prior to the combination shall be proportionately increased. Any adjustment under this paragraph shall become effective at the close of business on the date the subdivision or combination becomes
effective. 

  

 A - 14 

	 	(ii)	Adjustment for Ordinary Share Dividends and Distributions. If the Company makes (or fixes a record date for the determination of holders of Ordinary Shares entitled to
receive) a dividend or other distribution to the holders of Ordinary Shares payable in Additional Ordinary Shares, the Series A Conversion Price then in effect shall be decreased as of the time of such issuance (or in the event such record date is
fixed, as of the close of business on such record date) by multiplying such Conversion Price then in effect by a fraction (i) the numerator of which is the total number of Ordinary Shares issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date, and (ii) the denominator of which is the total number of Ordinary Shares issued and outstanding immediately prior to the time of such issuance or the close of business on such record
date plus the number of Ordinary Shares issuable in payment of such dividend or distribution. 

  

	 	(iii)	Adjustments for Other Dividends. If the Company at any time, or from time to time, makes (or fixes a record date for the determination of holders of Ordinary Shares entitled
to receive) a dividend or other distribution payable in securities of the Company other than Ordinary Shares or Ordinary Share Equivalents, then, and in each such event, provision shall be made so that, upon conversion of any Series A Preference
Share thereafter, the holder thereof shall receive, in addition to the number of Ordinary Shares issuable thereon, the amount of securities of the Company which the holder of such share would have received had the Series A Preference Shares been
converted into Ordinary Shares immediately prior to such event, all subject to further adjustment as provided herein. 

  

	 	(iv)	Reorganizations, Mergers, Consolidations, Reclassifications, Exchanges, Substitutions. If at any time, or from time to time, any capital reorganization or reclassification of
the Ordinary Shares (other than as a result of a share dividend, subdivision, split or combination otherwise treated above) occurs or the Company is consolidated, merged or amalgamated with or into another Person (other than a consolidation, merger
or amalgamation treated as a Liquidation Event), then in any such event, provision shall be made so that, upon conversion of any Series A Preference Share thereafter, the holder thereof shall receive the kind and amount of shares and other
securities and property which the holder of such share would have received had the Series A Preference Shares been converted into Ordinary Shares on the date of such event, all subject to further adjustment as provided herein, or with respect to
such other securities or property, in accordance with any terms applicable thereto. 

  

	 	(v)	Sale of Shares below the Conversion Price. 

  

	 	(A)	Full Ratchet Adjustment. If, after the Original Series A Issue Date, the Company shall issue Additional Ordinary Shares for a consideration per share (the
“Future Issuance Price”) less than the Series A Conversion Price in effect on the date of, and immediately prior to, such issuance, then and in such event, the Series A Conversion Price shall be reduced concurrently with
such issuance to a price equal to the Future Issuance Price. 

  

	 	(B)	Determination of Consideration. For the purpose of making any adjustment to any Conversion Price or the number of Ordinary Shares issuable upon conversion of the
Series A Preference Shares, as provided above: 

  

 A - 15 

	 	i)	To the extent it consists of cash, the consideration received by the Company for any issue or sale of securities shall be computed at the net amount of cash received by the Company
after deduction of any underwriting or similar commissions, compensations, discounts or concessions paid or allowed by the Company in connection with such issue or sale; 

  

	 	ii)	To the extent it consists of property other than cash, consideration other than cash received by the Company for any issue or sale of securities shall be computed at the fair market
value thereof (as determined in good faith by a majority of the Board), as of the date of the adoption of the resolution specifically authorizing such issue or sale, irrespective of any accounting treatment of such property; and

  

	 	iii)	If Additional Ordinary Shares or Ordinary Share Equivalents exercisable, convertible or exchangeable for Additional Ordinary Shares are issued or sold together with other stock or
securities or other assets of the Company for consideration which covers both, the consideration received for the Additional Ordinary Shares or such Ordinary Share Equivalents shall be computed as that portion of the consideration received (as
determined in good faith by a majority of the Board) to be allocable to such Additional Ordinary Shares or Ordinary Share Equivalents. 

  

	 	(C)	No Exercise. If all of the rights to exercise, convert or exchange any Ordinary Share Equivalents shall expire without any of such rights having been exercised, the Series A
Conversion Price as adjusted upon the issuance of such Ordinary Share Equivalents shall be readjusted to the Series A Conversion Price which would have been in effect had such adjustment not been made. 

  

	 	(vi)	Adjustment based on Actual 2006 PAT 

 Upon the delivery by the Company of the Company’s audited consolidated financial statements for the fiscal year ending December 31, 2006 (“2006 Financial Statements”) audited by a “Big 4” accounting firm in
accordance with United States generally accepted accounting principles, if and only if (i) a Qualified Public Offering has not completed at the time the 2006 Financial Statements are issued, and (ii) the Actual 2006 PAT is less than the
Anticipated 2006 PAT minus US$2,000,000, the New Conversion Price shall be adjusted according to the following formula: 
  

							
	New Conversion Price = Initial Purchase Price ×	 	(	  	Actual 2006 PAT	 	)
	 	  	Anticipated 2006 PAT	 

 WHERE: 
  

 A - 16 

 “Actual 2006 PAT” = the Company’s audited profit after tax for the
financial year ending December 31, 2006, after paying all relevant taxes for such period, expressed in U.S. dollars, calculated in accordance with U.S. GAAP, disregarding the following, to the extend included or deducted in calculating profit
after tax: (a) any extraordinary or non-recurring gains or losses; and (b) the cumulative effect of any change or changes in accounting principles. 
 “Anticipated 2006 PAT” = US$22,500,000. 
 “Initial Purchase Price” = $17,177.914 per share for each share of Series A Preference Shares purchased by Investor
pursuant to the Share Subscription Agreement, as adjusted for stock splits, reverse stock splits, stock dividends, recombinations and the like. 
 Any adjustment to the Conversion Price made pursuant to this Section 4(e)(vi) shall be in addition to, and not in substitution for, any other prior or subsequent adjustments made to the Conversion Price pursuant
to this Section 4(e). 
  

	 	(vii)	Certificate of Adjustment. In the case of any adjustment or readjustment of a Conversion Price, the Company, at its sole expense, shall compute such adjustment or
readjustment in accordance with the provisions hereof and prepare a certificate showing such adjustment or readjustment, and shall mail such certificate, by first class mail, postage prepaid, to each registered holder of such series of Series A
Preference Shares at such holder’s address as shown in the Company’s books. The certificate shall set forth such adjustment or readjustment, showing in detail the facts upon which such adjustment or readjustment is based, including a
statement of (i) the consideration received or deemed to be received by the Company for any Additional Ordinary Shares issued or sold or deemed to have been issued or sold, (ii) the number of Additional Ordinary Shares issued or sold or
deemed to be issued or sold, (iii) the Series A Conversion Price in effect before and after such adjustment or readjustment, and (iv) the number of Ordinary Shares and the type and amount, if any, of other property which would be received
upon conversion of such series of Series A Preference Shares after such adjustment or readjustment. 

  

	 	(viii)	Notice of Record Date. In the event the Company shall propose to take any action of the type or types requiring an adjustment to a Conversion Price or the number or character
of the Series A Preference Shares as set forth herein, the Company shall give notice to the holders of such series of Series A Preference Shares, which notice shall specify the record date, if any, with respect to any such action and the date on
which such action is to take place. Such notice shall also set forth such facts with respect thereto as shall be reasonably necessary to indicate the effect of such action (to the extent such effect may be known at the date of such notice) on the
Series A Conversion Price and the number, kind or class of shares or other securities or property which shall be deliverable upon the occurrence of such action or deliverable upon the conversion of Series A Preference Shares. In the case of any
action which would require the fixing of a record date, such notice shall be given at least twenty (20) days prior to the date so fixed, and in the case of all other actions, such notice shall be given at least thirty (30) days prior to
the taking of such proposed action. 

  

	 	(ix)	 Reservation of Shares Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued Ordinary Shares,
solely for the purpose of effecting the conversion of the Series A 

  

 A - 17 

	 	 
Preference Share, such number of its Ordinary Shares as shall from time to time be sufficient to effect the conversion of all outstanding Series A Preference
Share. If at any time the number of authorized but unissued Ordinary Shares shall not be sufficient to effect the conversion of all then outstanding Series A Preference Share, the Company will take such corporate action as may, in the opinion of its
counsel, be necessary to increase its authorized but unissued Ordinary Shares to such number of shares as shall be sufficient for such purpose. 

  

	 	(x)	Notices. Any notice required or permitted pursuant to this Section 4 of Schedule A shall be given in writing and shall be given either personally or by
sending it by next-day or second-day courier service, fax, electronic mail or similar means to each holder of record at the address of such holder appearing on the books of the Company. Where a notice is sent by next-day or second-day courier
service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation of
delivery, and to have been effected at the expiration of two (2) days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly
addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid. 

  

	5.	Redemption 

  

	 	(a)	(i) Subject to the provisions of the Act, the Memorandum and the Articles, shares may be issued on the terms that they are, or at the option of the Company or the holder are,
to be redeemed on such terms and in such manner as the Company, before the issue of the shares, may by resolution determine. 

  

	 	(ii)	Subject to the provisions of the Act, the Memorandum and the Articles, the Company may purchase its own shares (including fractions of a share), including any redeemable shares,
provided that the manner of purchase has first been authorized by the Company in general meeting and may make payment therefore in any manner authorized by the Act, including out of capital. 

  

	 	(iii)	Notwithstanding any provisions to the contrary in this Schedule A, the Series A Preference Shares shall be redeemable at the option of holders of the Series A Preference
Shares as provided herein: 

  

	 	(1)	Optional Redemption Date. At any time commencing five (5) years after the Original Series A Issue Date, if a Qualified Public Offering has not been consummated, any
holder of Series A Preference Shares may, upon written request to the Company (a “Redemption Notice”), require that the Company redeem some or all of such holder’s then outstanding Series A Preference Shares, in accordance with
the following terms. 

  

	 	(2)	 Redemption Price. The redemption price for each Series A Preference Share redeemed pursuant to this Section 5(a)(iii)(2) of Schedule A
shall be equal to the Original Series A Issue Price, plus a premium 

  

 A - 18 

	 	 
equal to the interest that would have accrued on a debt instrument with a principal amount equal to the Series A Original Issue Price, accruing daily (on the
basis of a 365-day year) from Original Series A Issue Date at the Redemption Rate (as defined below) and compounding annually, plus all dividends accrued and unpaid with respect to such shares (as adjusted for any share splits, share dividends,
combinations, recapitalizations or similar transactions) (the “Redemption Price”). For purposes of the foregoing, “Redemption Rate” shall mean a rate of five percent (5%) per annum.

  

	 	(3)	Procedure. The closing (the “Redemption Closing”) of the redemption of any Series A Preference Shares pursuant to this Section 5(a) of
Schedule A will take place within one hundred and twenty (120) days of the date of the Redemption Notice at the principal office of the Company, or such earlier date or other place as the holder requesting redemption of then outstanding
Series A Preference Shares and the Company may mutually agree in writing. At the Redemption Closing, subject to applicable law, the Company will, from any source of assets or funds legally available therefor, redeem each Series A Preference Share by
paying in cash therefor the Redemption Price against surrender by such holder at the Company’s principal office of the certificate representing such share. From and after the Redemption Closing, if the Company makes the Redemption Price
available to a holder of a Series A Preference Share, all rights of the holder of such Series A Preference Share (except the right to receive the Redemption Price therefor) will cease with respect to such Series A Preference Share, and such Series A
Preference Share will not thereafter be transferred on the books of the Company or be deemed outstanding for any purpose whatsoever. 

  

	 	(b)	Insufficient Funds. If the Company’s assets or funds which are legally available on the date that any redemption payment under this Section 5 of Schedule
A is due are insufficient to pay in full all redemption payments to be paid at the Redemption Closing, or if the Company is otherwise prohibited by applicable law from making such redemption, those assets or funds which are legally available
shall be used to the extent permitted by applicable law to pay all redemption payments due on such date ratably in proportion to the full amounts to which the holders to which such redemption payments are due would otherwise be respectively entitled
thereon. Thereafter, all assets or funds of the Company that become legally available for the redemption of shares shall immediately be used to pay the redemption payment which the Company did not pay on the date that such redemption payments were
due. Without limiting any rights of the holders of Series A Preference Shares which are set forth in these Articles, or are otherwise available under law, the balance of any shares subject to redemption hereunder with respect to which the Company
has become obligated to pay the redemption payment but which it has not paid in full shall continue to have all the powers, designations, preferences and relative participating, optional, and other special rights (including, without limitation,
rights to accrue dividends) which such shares had prior to such date, until the redemption payment has been paid in full with respect to such shares. 

  

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 TERRITORY OF THE BRITISH VIRGIN ISLANDS 
 THE BVI BUSINESS COMPANIES ACT 2004 
 AMENDED AND RESTATED ARTICLES OF
ASSOCIATION 
 OF 
 JA
Development Co., Ltd. 
 A COMPANY LIMITED BY SHARES 
  

	1.	REGISTERED SHARES 

  

	1.1	Every Shareholder is entitled to a certificate signed by a director of the Company, or any other person authorised by Resolution of Directors, or under the Seal specifying the
number of Shares held by him and the signature of the director, officer or authorised person and the Seal may be facsimiles. 

  

	1.2	Any Shareholder receiving a certificate shall indemnify and hold the Company and its directors and officers harmless from any loss or liability which it or they may incur by reason
of any wrongful or fraudulent use or representation made by any person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn out certificate or on satisfactory proof of its
loss together with such indemnity as may be required by Resolution of Directors. 

  

	1.3	If several Eligible Persons are registered as joint holders of any Shares, any one of such Eligible Persons may give an effectual receipt for any Distribution.

  

	2.	SHARES 

  

	2.1	Subject to any restrictions on the issuing of Shares and other Securities contained herein, Shares and other Securities may be issued at such times, to such Eligible Persons, for
such consideration and on such terms as the directors may by Resolution of Directors determine. 

  

	2.2	Section 46 of the Act (Pre-emptive rights) does not apply to the Company. 

  

	2.3	A Share may be issued for consideration in any form, including money, a promissory note, or other written obligation to contribute money or property, real property, personal
property (including goodwill and know-how), services rendered or a contract for future services. 

  

	2.4	No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been passed stating: 

  

	 	(a)	the amount to be credited for the issue of the Shares; 

  

	 	(b)	their determination of the directors of the reasonable present cash value of the non-money consideration for the issue; and 

  

 A - 20 

	 	(c)	that, in the opinion, of the directors, the present cash value of the non-money consideration for the issue is not less than the amount to be credited for the issue of the Shares.

  

	2.5	The Company shall keep a register (the “register of members”) containing: 

  

	 	(a)	the names and addresses of the Eligible Persons who hold Shares; 

  

	 	(b)	the number of each class and series of Shares held by each Shareholder; 

  

	 	(c)	the date on which the name of each Shareholder was entered in the register of members; and 

  

	 	(d)	the date on which any Eligible Person ceased to be a Shareholder. 

  

	2.6	The register of members may be in any such form as the directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to produce
legible evidence of its contents. Until the directors otherwise determine, the magnetic, electronic or other data storage form shall be the original register of members. 

  

	2.7	A Share is deemed to be issued when the name of the Shareholder is entered in the register of members. 

  

	3.	NON RECOGNITION OF TRUSTS 

 No person shall be
recognized by the Company as holding any share upon any trust, and the Company shall not be bound by or be compelled in any way to recognize (even when having notice thereof), any equitable, contingent, future, or partial interest in any share, or
any interest in any fractional part of a share, or (except only as is otherwise provided by these Articles or the Act) any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder. 
  

	4.	REGISTRATION OF EMPOWERING INSTRUMENTS 

 The Company
shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the registration of every probate, letters of administration, certificate of death or marriage, power of attorney, or other instrument. 
  

	5.	COMMISSION ON SALE OF SHARES 

 Subject to the
provisions of the Act and these Articles (including but not limited to Schedule A to the Memorandum), the Company may (i) pay a commercially reasonable commission to any person in consideration of his subscribing or agreeing to subscribe
whether absolutely or conditionally for any shares of the Company, which commissions may be satisfied by the payment of cash or the lodgment of fully or partly paid-up shares or partly in one way and partly in the other and (ii) pay, on any
issue of shares, such brokerage fees as may be lawful and commercially reasonable. 
  

	6.	REDEMPTION OF SHARES AND TREASURY SHARES 

  

	6.1	 Subject to Schedule A of the Memorandum, the Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company may not
purchase, redeem or otherwise acquire its own Shares without the consent of Shareholders 

  

 A - 21 

	 	 
whose Shares are to be purchased, redeemed or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or
Articles to purchase, redeem or otherwise acquire the Shares without their consent. 

  

	6.2	Subject to Schedule A of the Memorandum, the Company may only offer to purchase, redeem or otherwise acquire Shares if the Resolution of Directors authorising the purchase,
redemption or other acquisition contains a statement that the directors are satisfied, on reasonable grounds, that immediately after the acquisition the value of the Company’s assets will exceed its liabilities and the Company will be able to
pay its debts as they fall due. 

  

	6.3	Sections 60 (Process for acquisition of own shares), 61 (Offer to one or more shareholders) and 62 (Shares redeemed otherwise than at the option of
company) of the Act shall not apply to the Company. 

  

	6.4	Shares that the Company purchases, redeems or otherwise acquires pursuant to this Article 6 may be cancelled or held as Treasury Shares except to the extent that such Shares
are in excess of fifty percent (50%) of the issued Shares in which case they shall be cancelled but they shall be available for reissue. 

  

	6.5	All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the Company while it holds the Share as a Treasury Share.

  

	6.6	Treasury Shares may be transferred by the Company on such terms and conditions (not otherwise inconsistent with the Memorandum and the Articles) as the Company may by Resolution of
Directors determine. 

  

	6.7	Where Shares are held by another body corporate of which the Company holds, directly or indirectly, shares having more than fifty percent (50%) percent of the votes in the
election of directors of the other body corporate, all rights and obligations attaching to the Shares held by the other body corporate are suspended and shall not be exercised by the other body corporate. 

  

	7.	MORTGAGES AND CHARGES OF SHARES 

  

	7.1	Subject to any agreements to which the Company is a party, Shareholders may mortgage or charge their Shares. 

  

	7.2	There shall be entered in the register of members at the written request of the Shareholder: 

  

	 	(a)	a statement that the Shares held by him are mortgaged or charged; 

  

	 	(b)	the name of the mortgagee or chargee; and 

  

	 	(c)	the date on which the particulars specified in subparagraphs (a) and (b) are entered in the register of members. 

  

	7.3	Where particulars of a mortgage or charge are entered in the register of members, such particulars may be cancelled: 

  

	 	(a)	with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf; or 

  

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	 	(b)	upon evidence satisfactory to the directors of the discharge of the liability secured by the mortgage or charge and the issue of such indemnities as the directors shall consider
necessary or desirable. 

  

	7.4	Whilst particulars of a mortgage or charge over Shares are entered in the register of members pursuant to this Regulation: 

  

	 	(a)	no transfer of any Share the subject of those particulars shall be effected; 

  

	 	(b)	the Company may not purchase, redeem or otherwise acquire any such Share; and 

  

	 	(c)	no replacement certificate shall be issued in respect of such Shares; 

 without the written consent of the named mortgagee or chargee. 
  

	8.	FORFEITURE 

  

	8.1	Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation and for this purpose Shares issued for a promissory note, other written
obligation to contribute money or property or a contract for future services are deemed to be not fully paid. 

  

	8.2	A written notice of call specifying the date for payment to be made shall be served on the Shareholder who defaults in making payment in respect of the Shares.

  

	8.3	The written notice of call referred to in Article 8.2 shall name a further date not earlier than the expiration of 14 days from the date of service of the notice on or before
which the payment required by the notice is to be made and shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them, in respect of which payment is not made will be liable to be
forfeited. 

  

	8.4	Where a written notice of call has been issued pursuant to Article 8.3 and the requirements of the notice have not been complied with, the directors may, at any time before
tender of payment, forfeit and cancel the Shares to which the notice relates. 

  

	8.5	The Company is under no obligation to refund any moneys to the Shareholder whose Shares have been cancelled pursuant to Article 8.3 and that Shareholder shall be discharged
from any further obligation to the Company. 

  

	9.	TRANSMISSION OF SHARES 

  

	9.1	In case of the death of a Shareholder, the survivor or survivors where the deceased was a joint holder, and the legal personal representatives of the deceased where he was a sole
holder, shall be the only persons recognized by the Company as having any title to his interest in the shares, but nothing herein contained shall release the estate of any such deceased holder from any liability in respect of any shares which had
been held by him solely or jointly with other persons. 

  

	9.2	 Any person becoming entitled to a share in consequence of the death or bankruptcy or liquidation or dissolution of a Shareholder (or in any other way than by
transfer) may, upon such evidence being produced as may from time to time be required by the Directors and, subject as hereinafter provided, elect either to be registered himself as holder of the share or to make such transfer of the share to such
other person nominated by him as the deceased or bankrupt person could have made 

  

 A - 23 

	 	 
and to have such person registered as the transferee thereof, but the Directors shall, in either case, have the same right to decline or suspend registration
as they would have had in the case of a transfer of the share by that Shareholder before his death or bankruptcy as the case may be. If the person so becoming entitled shall elect to be registered himself as holder, such person shall deliver or send
to the Company a notice in writing signed by such person so stating such election. 

  

	9.3	A person becoming entitled to a share by reason of the death or bankruptcy or liquidation or dissolution of the holder (or in any other case than by voluntary transfer) shall be
entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share, except that he shall not, before being registered as a Shareholder in respect of the share, be entitled in respect of it
to exercise any right conferred by membership in relation to meetings of the Company; provided that the Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the share and if the
notice is not complied with within ninety days the Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the share until the requirements of the notice have been complied with.

  

	10.	AMENDMENT OF MEMORANDUM OF ASSOCIATION, ALTERATION OF CAPITAL & CHANGE OF LOCATION OF REGISTERED OFFICE 

  

	10.1	Subject to the provisions of the Act, the Memorandum (including but not limited to Schedule A), and these Articles the Company may from time to time alter or amend its
Memorandum with respect to any objects, powers or other matters specified therein to: 

  

	 	(a)	by Resolution of Shareholders increase the share capital by such sum to be divided into shares of such amount or without nominal or par value as the resolution shall prescribe and
with such rights, priorities and privileges annexed thereto, as the Company in general meeting may determine; 

  

	 	(b)	by Resolution of Shareholders consolidate and divide all or any of its share capital into shares of larger amount than its existing shares; 

  

	 	(c)	by Resolution of Shareholders divide or subdivide all or any of its share capital into shares of smaller amount than is fixed by the Memorandum or into shares without nominal or par
value; or 

  

	 	(d)	by Resolution of Shareholders cancel any shares which at the date of the passing of the resolution have not been taken or agreed to be taken by any person and diminish the amount of
its share capital by the amount of the shares so cancelled. 

  

	10.2	All new shares created hereunder shall be subject to the same provisions with reference to transfer, transmission, and otherwise as the shares in the original share capital.

  

	10.3	Subject to the provisions of the Act, the Memorandum (including but not limited to Schedule A), and these Articles, the Company may by Resolution of Shareholders reduce its
share capital and any capital redemption reserve fund. 

  

	10.4	Subject to the provisions of the Act, the Memorandum (including but not limited to Schedule A), and these Articles, the Company may by resolution of the Directors change the
location of its registered office. 

  

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	11.	TRANSFER OF SHARES 

  

	11.1	Subject to any agreements binding on the Company, shares are transferable, and the Company will only register transfers of shares that are made in accordance with such agreements
(if any) and will not register transfers of shares that are not made in accordance with such agreements (if any). The instrument of transfer of any share shall be in writing and shall be executed by or on behalf of the transferor, and the transferor
shall be deemed to remain the holder of a share until the name of the transferee is entered in the register in respect thereof. 

  

	11.3	If the directors of the Company are satisfied that an instrument of transfer relating to Shares has been signed but that the instrument has been lost or destroyed, they may resolve
by Resolution of Directors: 

  

	 	(a)	to accept such evidence of the transfer of Shares as they consider appropriate; and 

  

	 	(b)	that the transferee’s name should be entered in the register of members notwithstanding the absence of the instrument of transfer. 

  

	11.4	Subject to the Memorandum, the personal representative of a deceased Shareholder may transfer a Share even though the personal representative is not a Shareholder at the time of the
transfer. 

  

	12.	MEETINGS AND CONSENTS OF SHAREHOLDERS 

  

	12.1	The Company may hold a general meeting as its annual general meeting but shall not (unless required by the Act) be obliged to hold an annual general meeting. The annual general
meeting, if held, shall be held at such time and place as the Directors shall appoint and if no other time and place is prescribed by them, it shall be held at the principal executive offices of the Company on the second Wednesday in December of
each year at ten o’clock in the morning. At these meetings the report of the Directors (if any) shall be presented. 

  

	12.2	The Directors may call general meetings, and they shall, on the requisition of Shareholders holding at the date of deposit of the requisition not less than ten percent (10%) of
the paid up capital of the Company, which carries the right of voting at general meetings of the Company (a “Requesting Shareholder” or collectively, the “Requesting Shareholders”), forthwith proceed to convene an
extraordinary general meeting of the Company. 

  

	12.3	The requisition must state the objectives of the meeting and must be signed by each of the Requesting Shareholders and be deposited at the registered office of the Company and may
consist of several documents in like form each signed by one or more of the Requesting Shareholders. 

  

	12.4	If the Directors do not within twenty-one (21) days from the date of the deposit of the requisition duly proceed to convene a general meeting, the Requesting Shareholders, or
any of them representing not less than a majority of the aggregate voting rights of all of them, may themselves convene a general meeting, but any meeting so convened shall not be held after the expiration of three (3) months after the
expiration of the said twenty-one (21) days. 

  

	12.5	A general meeting convened as aforesaid by the Requesting Shareholders shall be convened in the same manner as nearly as possible as that in which general meetings are to be
convened by Directors. 

  

	12.6	 At least five (5) days’ notice shall be given of an annual general meeting and at least twenty (20) days’ notice shall be given of any other
general meeting unless such notice is waived either before, at or after such annual or other general meeting (a) in the 

  

 A - 25 

	 	 
case of a general meeting called as an annual general meeting, by all the Shareholders entitled to attend and vote thereat or their proxies; and (b) in
the case of any other general meeting, by holders of not less than the minimum number of Shares required to approve the actions submitted to the Shareholders for approval at such meeting, or their proxies (collectively, the “Required
Consenters”). Every notice shall be exclusive of the day on which it is given or deemed to be given and shall specify the place, the day and the hour of the meeting and the general nature of the business and shall be given in the manner
hereinafter mentioned; provided that any general meeting of the Company shall, whether or not the notice specified in this regulation has been given and whether or not the provisions of Articles 12.1-12.5 have been complied with, be
deemed to have been duly convened if it is so agreed by the Required Consenters. 

  

	12.7	The director convening a meeting shall give not less than seven (7) days’ notice of a meeting of Shareholders to: 

  

	 	(a)	those Shareholders whose names on the date the notice is given appear as Shareholders in the register of members of the Company and are entitled to vote at the meeting; and

  

	 	(b)	the other directors. 

  

	12.8	The Directors may fix in advance a date as the record date for any determination of Shareholders entitled to notice of or to attend or vote at a meeting of the Shareholders. For the
purpose of determining the Shareholders entitled to receive payment of any dividend, the Directors may, at or within ninety (90) days prior to the date of declaration of such dividend, fix a subsequent date as the record date for such
determination. 

 If no record date is fixed for the determination of Shareholders entitled to notice of or to attend or vote at
a meeting of Shareholders or Shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall
be the record date for such determination of Shareholders. When a determination of Shareholders entitled to attend or receive notice of, attend or vote at any meeting of Shareholders has been made as provided in this Article 12.8, such
determination shall apply to any adjournment thereof. 
  

	12.9	A meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders holding at least ninety percent (90%) of the total voting rights on
all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which that Shareholder holds.

  

	12.10	The inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Shareholder or another director, or the fact that a Shareholder or another director has
not received notice, does not invalidate the meeting. 

  

	12.11	A Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and vote on behalf of the Shareholder. 

  

	 	(a)	The instrument appointing a proxy shall be in writing and shall be executed under the hand of the appointor or of his attorney duly authorized in writing, or, if the appointor is a
corporation under the hand of an officer or attorney duly authorized in that behalf. A proxy need not be a Shareholder of the Company. 

  

 A - 26 

	 	(b)	The instrument appointing a proxy shall be deposited at the registered office of the Company or at such other place as is specified for that purpose in the notice convening the
meeting no later than the time for holding the meeting, or adjourned meeting. 

  

	 	(c)	The instrument appointing a proxy may be in any usual or common form and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked.

  

	 	(d)	A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the proxy or of
the authority under which the proxy was executed, or the transfer of the share in respect of which the proxy is given provided that no intimation in writing of such death, insanity, revocation or transfer as aforesaid shall have been received by the
Company at the registered office before the commencement of the general meeting, or adjourned meeting at which it is sought to use the proxy. 

  

	 	(e)	The instrument appointing a proxy shall be in substantially the following form or such other form as the chairman of the meeting shall accept as properly evidencing the wishes of
the Shareholder appointing the proxy. 

 [Name of Company] 
 I/We being a Shareholder of the above Company HEREBY APPOINT
                                        
of
                                        
or failing him
                                        
of
                                        
to be my/our proxy to vote for me/us at the meeting of Shareholders to be held on the      day of
                    , 20     and at any adjournment thereof. 
 (Any restrictions on voting to be inserted here.) 
 Signed this      day of                     , 20     
  

					
		 		 	  

		 		 	Shareholder

  

	12.12	Any corporation which is a Shareholder of record of the Company may in accordance with the Articles or other governing documents, or in the absence of such provision by resolution
of its directors or other governing body, authorize such person as it thinks fit to act as its representative at any meeting of the Company or of any class of Shareholders of the Company, and the person so authorized shall be entitled to exercise
the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual Shareholder of record of the Company. 

  

	12.13	The following applies where Shares are jointly owned: 

  

	 	(a)	if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting of Shareholders and may speak as a Shareholder; 

 

	 	(b)	if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners; and 

  

 A - 27 

	 	(c)	if two or more of the joint owners are present in person or by proxy they must vote as one. 

  

	12.14	A Shareholder shall be deemed to be present at a meeting of Shareholders if he participates by telephone or other electronic means and all Shareholders participating in the meeting
are able to hear each other. 

  

	12.15	No business shall be transacted at any general meeting unless a quorum of Shareholders is present at the time when the meeting proceeds to business. The holders of at least fifty
percent (50%) of the aggregate voting power of all of the Shares (on an as-converted basis) entitled to notice of and to attend and vote at such general meeting present in person or by proxy or if a company or other non-natural person by its
duly authorized representative shall be a quorum. 

  

	12.16	A person shall be deemed to be present at a general meeting if he participates by telephone or other electronic means and all persons participating in the meeting are able to hear
each other. 

  

	12.17	If within thirty (30) minutes from the time appointed for the meeting a quorum is not present, the meeting shall be dissolved; in any other case it shall stand adjourned to the
next business day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one hour from the
time appointed for the meeting in person or by proxy not less than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but
otherwise the meeting shall be dissolved. 

  

	12.18	The Chairman of the Board, if any, shall preside as chairman at every general meeting of the Company, or if there is no such chairman, or if he shall not be present within fifteen
(15) minutes after the time appointed for the holding of the meeting, or is unwilling to act, the members present shall elect one (1) of their number to be chairman of the meeting. 

  

	12.19	The Chairman of the Board may, with the consent of any general meeting duly constituted hereunder at which a quorum is present (and shall if so directed by the meeting), adjourn the
meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a general meeting is adjourned for
thirty (30) days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice. 

  

	12.20	Subject to Article 12.34, at any general meeting, a resolution put to the vote of the meeting shall be decided by the vote of the requisite majority pursuant to a poll of the
Shareholders. Unless otherwise required by the Act or these Articles, such requisite majority shall be a simple majority of votes cast. 

  

	12.21	Subject to these Articles (including but not limited to Article 12.34, every Shareholder of record present or, if such Shareholder is a corporation or other non-natural
person, such Shareholder is present by its duly authorized representative, shall have one (1) vote for each share registered in his name in the register of Shareholders. 

  

	12.22	In the case of joint holders of record, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint
holders, and for this purpose seniority shall be determined by the order in which the names stand in the register of Shareholders. 

  

 A - 28 

	12.23	A Shareholder of unsound mind, or in respect of whom an order has been made by any court, having jurisdiction in lunacy, may vote by his committee, receiver, curator bonis, or other
person in the nature of a committee, receiver or curator bonis appointed by that court, and any such committee, receiver, curator bonis, or other person may vote by proxy. 

  

	12.24	No Shareholder shall be entitled to vote at any general meeting unless he is registered as a Shareholder of the Company on the record date for such meeting nor unless all calls or
other sums presently payable by him in respect of shares in the Company have been paid. 

  

	12.25	No objection shall be raised to the qualification of any voter except at the general meeting or adjourned general meeting at which the vote objected to is given or tendered and
every vote not disallowed at such general meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the determination of the chairman of the general meeting to be exercised in his or her reasonable discretion.

  

	12.26	Votes may be given either personally or by proxy. 

  

	12.27	At any meeting of the Shareholders the chairman is responsible for deciding in such manner as he considers appropriate whether any resolution proposed has been carried or not and
the result of his decision shall be announced to the meeting and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall cause a poll to be taken of all votes cast upon
such resolution. If the chairman fails to take a poll then any Shareholder present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such announcement demand that a poll be taken
and the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced to the meeting and recorded in the minutes of the meeting. 

  

	12.28	Subject to the specific provisions contained in this Regulation for the appointment of representatives of Eligible Persons other than individuals the right of any individual to
speak for or represent a Shareholder shall be determined by the law of the jurisdiction where, and by the documents by which, the Eligible Person is constituted or derives its existence. In case of doubt, the directors may in good faith seek legal
advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the directors may rely and act upon such advice without incurring any liability to any Shareholder or the Company.

  

	12.29	Any Eligible Person other than an individual which is a Shareholder may by resolution of its directors or other governing body authorise such individual as it thinks fit to act as
its representative at any meeting of Shareholders or of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Eligible Person which he represents as that Eligible Person could
exercise if it were an individual. 

  

	12.30	The chairman of any meeting at which a vote is cast by proxy or on behalf of any Eligible Person other than an individual may call for a notarially certified copy of such proxy or
authority which shall be produced within seven (7) days of being so requested or the votes cast by such proxy or on behalf of such Eligible Person shall be disregarded. 

  

	12.31	Directors of the Company may attend and speak at any meeting of Shareholders and at any separate meeting of the holders of any class or series of Shares. 

 

	12.32	 An action that may be taken by the Shareholders at a meeting may also be taken by a resolution of members consented to in writing or by telex, telegram, cable,
facsimile or other written electronic communication, without the need for any notice, but if any resolution of members is adopted otherwise than by the unanimous written consent of all members, a copy of such 

  

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resolution shall forthwith be sent to all members not consenting to such resolution. The consent may be in the form of counterparts, each counterpart being
signed by one or more members. 

  

	12.33	Shares of its own capital belonging to the Company or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting and shall not be counted in
determining the total number of outstanding shares at any given time. 

  

	12.34	Majority Consent of Series A Preference Shares. The Company shall not take any of the following actions without the consent of the majority of the holders of the
then-outstanding Series A Preference Shares: 

  

	 	(a)	amend or change the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of the holders of any class of Shares; 

  

	 	(b)	take any action that authorizes, creates or issues shares of any class or series, or securities or instruments convertible or exchangeable into shares of any class or series;

  

	 	(c)	take any action that reclassifies any outstanding securities of the Company into securities having preferences or priority as to dividends or assets senior to the preferences
reserved for the Series A Preference Shares; 

  

	 	(d)	increase the share capital of any Subsidiary by means of an issue shares or equity interests or securities or instruments convertible or exchangeable into shares or equity
interests; 

  

	 	(e)	dispose all or substantially all of the assets of or shares or equity interests in any Group Company or any subsidiary of any Group Company; 

  

	 	(f)	enter into any transaction or arrangement or agreement with a Director or Shareholder or any of their respective Affiliates, other than on arms length terms in the ordinary course
of business of consideration in excess of US$5,000,000, except for any transaction or arrangement or agreement with Jinglong disclosed in the Disclosure Schedules of the Subscription Agreement; or 

  

	 	(g)	make any loan or advance or giving any guarantee or indemnity or providing any credit, other than in the normal course of business. 

  

	13.	DIRECTORS 

  

	13.1	Subject to any subsequent amendment to change the number of directors, the number of the directors shall be not more than seven (7) persons (the “Maximum
Number”), unless increased by a resolution adopted by a resolution of the majority of the Board. The “Directors” shall mean all of the members of the Board. 

  

	13.2	 The Directors shall be entitled to be paid traveling, hotel and other expenses properly incurred by them in going to, attending and returning from meetings of the
Directors, or any committee of the Directors, or general meetings of the Company, or otherwise in connection with the business of the Company, or to receive a fixed allowance in respect thereof as may be determined by the Directors from time to
time, or a combination partly of one such method and partly the other. Subject to these Memorandum and Articles (including but not limited to Schedule A of the Memorandum), the Directors may by resolution award special remuneration to any
Director of the Company undertaking any special work or services for, or 

  

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undertaking any special mission on behalf of, the Company other than his ordinary routine work as a Director. Any fees paid to a Director who is also counsel
or solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition to his remuneration as a Director. 

  

	13.3	Each director holds office until his successor takes office or until his earlier death resignation or removal. 

  

	13.4	Subject to the Memorandum (including but not limited to Schedule A) and these Articles, a Director may hold any other office or place of profit under the Company (other than
the office of Auditor) in conjunction with his office of Director for such period and on such terms as to remuneration and otherwise as the Directors may determine. 

  

	13.5	Subject to the Memorandum (including but not limited to Schedule A) and these Articles, a Director may act by himself or his firm in a professional capacity for the Company
and he or his firm shall be entitled to remuneration for professional services as if he were not a Director. 

  

	13.6	A shareholder qualification for Directors may be fixed by the Company in general meeting, but unless and until so fixed no qualification shall be required. 

 

	13.7	Subject to the Memorandum (including but not limited to Schedule A) and these Articles, a Director of the Company may be or become a director or other officer of or otherwise
interested in any company promoted by the Company or in which the Company may be interested as shareholder or otherwise and no such Director shall be accountable to the Company for any remuneration or other benefits received by him as a director or
officer of, or from his interest in, such other company. 

  

	13.8	In addition to any further restrictions set forth in the Memorandum (including but not limited to Schedule A) and these Articles, no person shall be disqualified from the
office of Director or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or any contract or transaction entered into by or on behalf of the Company in which any Director
shall be in any way interested be or be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realized by any such contract or transaction by reason of such Director
holding office or of the fiduciary relation thereby established. A Director shall be at liberty to vote in respect of any contract or transaction in which he is interested; provided that the nature of the interest of any Director in any such
contract or transaction shall be disclosed by him at or prior to its consideration and any vote thereon. 

  

	13.9	A general notice or disclosure to the Directors or otherwise contained in the minutes of a Meeting or a written resolution of the Directors or any committee thereof that a Director
is a member of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient disclosure under Article 19 and after such general notice it shall not be necessary to give
special notice relating to any particular transaction. 

  

	13.10	A director may be removed from office, with or without cause, by the Shareholders who elected such director and such Shareholder may also replace any director so removed.

  

	13.11	The office of a Director shall be vacated if he or she gives notice in writing to the Company that he or she resigns the office of Director, if he or she dies or if he or she is
found a lunatic or becomes of unsound mind, and such vacated office may be filled only pursuant to Article 14.1(a), 14.1(b) or 14.1(c), as applicable. 

  

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	13.12	A director may resign his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received by the Company or
from such later date as may be specified in the notice. A director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the Act. 

  

	13.13	The Company shall keep a register of Directors containing: 

  

	 	(a)	the names and addresses of the persons who are Directors of the Company, or who have been nominated as reserve Directors of the Company; 

  

	 	(b)	the date on which each person whose name is entered in the register was appointed as a director of the Company, or nominated as a reserve director of the Company;

  

	 	(c)	the date on which each person named as a director ceased to be a director of the Company; 

  

	 	(d)	the date on which the nomination of any person nominated as a reserve director ceased to have effect; and 

  

	 	(e)	such other information as may be prescribed by the Act. 

  

	13.14	The register of Directors may be kept in any such form as the Directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to
produce legible evidence of its contents. Until a Resolution of Directors determining otherwise is passed, the magnetic, electronic or other data storage shall be the original register of directors. 

  

	13.15	The directors may, by Resolution of Directors, fix the emoluments of Directors with respect to services to be rendered in any capacity to the Company. 

  

	13.16	A Director is not required to hold a Share as a qualification to office. 

  

	14.	APPOINTMENT AND REMOVAL OF DIRECTORS 

  

	14.1	All Directors shall be elected by a majority vote of outstanding Ordinary Shares and Series A Preference Shares (voting together and not as separate classes), provided that:

  

	 	(a)	Jinglong Group Co. Ltd. shall be entitled to nominate and elect two (2) Directors to the Board, to remove any Director occupying such position and to fill any vacancy caused by
the resignation, death or renewal of any Director occupying such position. 

  

	 	(b)	Improve Forever Investment Ltd. shall be entitled to nominate and elect one (1) Directors to the Board, to remove any Director occupying such position and to fill any vacancy
caused by the resignation, death or renewal of any Director occupying such position. 

  

	 	(c)	Express Power Investment Ltd. shall be entitled to nominate and elect one (1) Director to the Board, to remove any Director occupying such position and to fill any vacancy
caused by the resignation, death or renewal of any Director occupying such position. 

  

	14.2	 Any vacancy on the Board occurring because of the death, resignation or removal of a Director elected by the holders of any class or series of shares shall be
filled by the vote or written consent of the holders of a majority of the shares of such class 

  

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or series of shares; provided, that the Directors shall have the power at any time and from time to time to appoint any person to be a Director in order to
fill a casual vacancy on the Board. 

  

	14.3	A Director who is present at a meeting of the Board at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be
entered in the Minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the Secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to such person
immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favor of such action. 

  

	15.	POWERS AND DUTIES OF DIRECTORS 

  

	15.1	The business of the Company shall be managed by the Directors (or a sole Director if only one is appointed) who may pay all expenses incurred in promoting, registering and setting
up the Company, and may exercise all such powers of the Company as are not inconsistent, from time to time by the Act, or by these Articles, or as may be prescribed by the Company in general meeting provided that no regulations made by the Company
in general meeting shall invalidate any prior act of the Directors which would have been valid if that regulation had not been made, and provided further that, for the avoidance of doubt and without limiting the generality of the foregoing, the
Directors shall undertake none of those acts described in Article 12.34 or in Article 7 of the Memorandum without the prior approval therein required. 

  

	15.2	Each Director shall exercise his powers for a proper purpose and shall not act or agree to the Company acting in a manner that contravenes the Memorandum, the Articles or the Act.
Each director, in exercising his powers or performing his duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company. 

  

	15.3	The Directors may from time to time and at any time by powers of attorney appoint any company, firm, person or body of persons, whether nominated directly or indirectly by the
Directors, to be the attorney or attorneys of the Company for such purpose and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors under these Articles) and for such period and subject to such
conditions as they may think fit, and any such powers of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorneys as the Directors may think fit and may also authorize any such attorney to
delegate all or any of the powers, authorities and discretions vested in him. 

  

	15.4	All checks, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed
or otherwise executed as the case may be in such manner as the Directors shall from time to time by resolution determine. 

  

	15.5	If the Company is the wholly owned subsidiary of a holding company, a director of the Company may, when exercising powers or performing duties as a director, act in a manner which
he believes is in the best interests of the holding company even though it may not be in the best interests of the Company. 

  

	15.6	Any director which is a body corporate may appoint any individual as its duly authorised representative for the purpose of representing it at meetings of the Directors, with respect
to the signing of consents or otherwise. 

  

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	15.7	The Directors shall cause minutes to be made in books provided for the purpose: 

  

	 	(a)	of all appointments of officers made by the Directors; 

  

	 	(b)	of the names of the Directors (including those represented thereat by proxy) present at each meeting of the Directors and of any committee of the Directors;

  

	 	(c)	of all resolutions and proceedings at all meetings of the Company and of the Directors and of committees of Directors. 

  

	15.7	Subject to Article 16.7, the continuing Directors may act notwithstanding any vacancy in their body. However, if and so long as their number is reduced below the number fixed
by or pursuant to these Articles as the necessary quorum of Directors, the continuing Directors or Director may act for the purpose of increasing the number of Directors to that number, or of summoning a general meeting of the Company, but for no
other purpose. 

  

	15.8	Subject to the Memorandum (including but not limited to Schedule A) and these Articles, the Directors on behalf of the Company may pay a gratuity or pension or allowance on
retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension
or allowance. 

  

	15.9	Subject to the Memorandum (including but not limited to Schedule A) and these Articles, the Directors may exercise all the powers of the Company to borrow money and to
mortgage or charge its undertaking, property and uncalled capital or any part thereof and to issue Debentures whether outright or as security for any debt, liability or obligation of the Company or of any third party. 

  

	15.10	Subject to the Memorandum (including but not limited to Schedule A) and these Articles: 

  

	 	(a)	The Directors may from time to time provide for the management of the affairs of the Company in such manner as they shall think fit and the provisions contained in the three next
following paragraphs shall be without prejudice to the general powers conferred by this paragraph. 

  

	 	(b)	The Directors from time to time and at any time may establish any committees, local boards or agencies for managing any of the affairs of the Company and may appoint any persons to
be members of such committees or local boards or any managers or agents and may fix their remuneration. 

  

	 	(c)	The Directors from time to time and at any time may delegate to any such committee, local board, manager or agent any of the powers, authorities and discretions for the time being
vested in the Directors and may authorize the members for the time being of any such local board, or any of them to fill up any vacancies therein and to act notwithstanding vacancies and any such appointment or delegation may be made on such terms
and subject to such conditions as the Directors may think fit and the Directors may at any time remove any person so appointed and may annul or vary any such delegation, but no person dealing in good faith and without notice of any such annulment or
variation shall be affected thereby. 

  

	 	(d)	Any such delegates as aforesaid may be authorized by the Directors to sub-delegate all or any of the powers, authorities, and discretions for the time being vested in them.

  

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	15.11	All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed
or otherwise executed, as the case may be, in such manner as shall from time to time be determined by Resolution of Directors. 

  

	15.12	For the purposes of Section 175 (Disposition of assets) of the Act, the Directors may by Resolution of Directors determine that any sale, transfer, lease,
exchange or other disposition is in the usual or regular course of the business carried on by the Company and such determination is, in the absence of fraud, conclusive. 

  

	16.	PROCEEDINGS OF DIRECTORS 

  

	16.1	Subject to the Memorandum (including but not limited to Schedule A) and these Articles, the Directors shall meet together for the dispatch of business, convening, adjourning
and otherwise regulating their meetings as they think fit, and questions arising at any meeting shall be decided by a majority of votes (unless a higher vote is required pursuant to the Act, the Memorandum (including but not limited to Schedule
A) or these Articles) of the Directors present at a meeting at which there is a quorum, with each having one (1) vote. 

  

	16.2	A Director may, and the secretary of the Company on the requisition of a Director, shall, at any time, summon a meeting of the Directors by at least five (5) days’ notice
in writing to every Director which notice shall set forth the general nature of the business to be considered; provided that notice is given pursuant to Article 27; provided further that notice may be waived on behalf of all of the Directors
before, after, or at the meeting by the vote or consent of all the Directors. 

  

	16.2	The Directors of the Company or any committee thereof may meet at such times and in such manner and places within or outside the British Virgin Islands as the Directors may
determine to be necessary or desirable. The Company shall provide that members of the Board or of any committee thereof may participate in a meeting of the Board or of such committee by means of conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this provision shall constitute presence in person at such meeting; provided that a meeting of a Board or committee
shall not be valid if the Company does not make such means of participation reasonably available to the members thereof. 

  

	16.3	A director is deemed to be present at a meeting of Directors if he participates by telephone or other electronic means and all Directors participating in the meeting are able to
hear each other. 

  

	16.4	A Director shall be given not less than three (3) days’ notice of meetings of Directors, but a meeting of Directors held without three (3) days’ notice having
been given to all Directors shall be valid if all the Directors entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a Director at a meeting shall constitute waiver by that Director. The
inadvertent failure to give notice of a meeting to a Director, or the fact that a Director has not received the notice, does not invalidate the meeting. 

  

	16.5	A Director may by a written instrument appoint an alternate who need not be a Director and the alternate shall be entitled to attend meetings in the absence of the Director who
appointed him and to vote in place of the Director until the appointment lapses or is terminated. 

  

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	16.6	A Director may be represented at any meetings of the Board by a proxy appointed by him in which event the presence or vote of the proxy shall for all purposes be deemed to be that
of the Director. The provisions of Article 12.11 shall apply, mutatis mutandis, to the appointment of proxies by Directors. 

  

	16.7	The quorum necessary for the transaction of the business of the Directors is four (4) Directors. For the purposes of this Article 16.7 a proxy appointed by a Director
shall only be counted in a quorum at a meeting at which the Director appointing him is not present; provided always that if there shall at any time be only a sole Director the quorum shall be one (1). For the purposes of this Article 16.7 a
proxy appointed by a Director shall be counted in a quorum at a meeting at which the Director appointing him is not present. 

  

	16.8	The Directors may elect a chairman of their board (“Chairman of the Board”) and determine the period for which he is to hold office, but if no such Chairman
of the Board is elected, or if at any meeting the Chairman of the Board is not present, the Directors present may choose one of their numbers to be chairman of the meeting. 

  

	16.9	At meetings of Directors at which the Chairman of the Board is present, he shall preside as chairman of the meeting. If there is no Chairman of the Board or if the Chairman of the
Board is not present, the Directors present shall choose one of their number to be chairman of the meeting. 

  

	16.10	A resolution in writing (in one or more counterparts), signed by all the Directors for the time being or all the members of a committee of Directors shall be as valid and effectual
as if it had been passed at a meeting of the Directors or committee as the case may be duly convened and held. 

  

	17.	COMMITTEES 

  

	17.1	Subject to the Memorandum (including but not limited to Schedule A) and these Articles, the Directors may delegate any of their powers (subject to any limitations imposed on
the Directors) to committees consisting of such member or members of the Board as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the Directors and by
these Articles or the Memorandum (including but not limited to Schedule A). A committee may meet and adjourn as it thinks proper. Questions arising at any committee meeting shall be determined by a majority of votes of the members present.

  

	17.2	The Directors have no power to delegate to a committee of Directors any of the following powers: 

  

	 	(a)	to amend the Memorandum or the Articles; 

  

	 	(b)	to designate committees of Directors; 

  

	 	(c)	to delegate powers to a committee of Directors; 

  

	 	(d)	to appoint or remove Directors; 

  

	 	(e)	to appoint or remove an agent; 

  

	 	(f)	to approve a plan of merger, consolidation or arrangement; 

  

 A - 36 

	 	(g)	to make a declaration of solvency or to approve a liquidation plan; or 

  

	 	(h)	to make a determination that immediately after a proposed distribution the value of the Company’s assets will exceed its liabilities and the Company will be able to pay its
debts as they fall due. 

  

	17.3	Articles 17.2(b) and 17.2(c) do not prevent a committee of Directors, where authorised by the Resolution of Directors appointing such committee or by a subsequent
Resolution of Directors, from appointing a sub-committee and delegating powers exercisable by the committee to the sub-committee. 

  

	17.4	The meetings and proceedings of each committee of Directors consisting of two (2) or more Directors shall be governed mutatis mutandis by the provisions of the Articles
regulating the proceedings of Directors so far as the same are not superseded by any provisions in the Resolution of Directors establishing the committee. 

  

	17.5	Where the Directors delegate their powers to a committee of Directors they remain responsible for the exercise of that power by the committee, unless they believed on reasonable
grounds at all times before the exercise of the power that the committee would exercise the power in conformity with the duties imposed on Directors of the Company under the Act. 

  

	18.	OFFICERS 

 The Company may have a president, a
secretary or secretary-treasurer appointed by the directors who may also from time to time appoint such other officers as they consider necessary, all for such terms, at such remuneration and to perform such duties, and subject to such provisions as
to disqualification and removal as the Directors from time to time prescribe. 
  

	19.	CONFLICT OF INTERESTS 

  

	19.1	A Director of the Company shall, forthwith after becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the Company, disclose the
interest to all other Directors of the Company. 

  

	19.2	For the purposes of Article 19.1, a disclosure to all other Directors to the effect that a Director is a member, Director or officer of another named entity or has a
fiduciary relationship with respect to the entity or a named individual and is to be regarded as interested in any transaction which may, after the date of the entry into the transaction or disclosure, of the interest, be entered into with that
entity or individual, is a sufficient disclosure of interest in relation to that transaction. 

  

	19.3	A Director of the Company who is interested in a transaction entered into or to be entered into by the Company may: 

  

	 	(a)	vote on a matter relating to the transaction; 

  

	 	(b)	attend a meeting of Directors at which a matter relating to the transaction arises and be included among the Directors present at the meeting for the purposes of a quorum; and

  

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	 	(c)	sign a document on behalf of the Company, or do any other thing in his capacity as a Director, that relates to the transaction, 

 and, subject to compliance with the Act shall not, by reason of his office be accountable to the Company for any benefit which he derives from such
transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit. 
  

	20.	INDEMNIFICATION 

  

	20.1	To the maximum extent permitted by applicable law, the Directors and officers for the time being of the Company and any trustee for the time being acting in relation to any of the
affairs of the Company and their heirs, executors, administrators and personal representatives respectively shall be indemnified out of the assets of the Company from and against all actions, proceedings, costs, charges, losses, damages and expenses
which they or any of them shall or may incur or sustain by reason of any act done or omitted in or about the execution of their duty in their respective offices or trusts, except such (if any) as they shall incur or sustain by or through their own
willful neglect or willful default, and no such Director or officer or trustee shall be answerable for the acts, receipts, neglects or defaults of any other Director or officer or trustee or for joining in any receipt for the sake of conformity or
for the solvency or honesty of any banker or other persons with whom any monies or effects belonging to the Company may be lodged or deposited for safe custody or for any insufficiency of any security upon which any monies of the Company may be
invested or for any other loss or damage due to any such cause as aforesaid or which may happen in or about the execution of his office or trust unless the same shall happen through the willful neglect or willful default of such Director or officer
or trustee. 

  

	20.2	To the maximum extent permitted by applicable law, the Directors and officers for the time being of the Company and any trustee for the time being acting in relation to any of the
affairs of the Company and their heirs, executors, administrators and personal representatives respectively shall not be personally liable to the Company or its Shareholders for monetary damages for breach of their duty in their respective offices,
except such (if any) as they shall incur or sustain by or through their own willful neglect or willful default respectively. 

  

	21.	RECORDS 

  

	21.1	The Company shall keep the following documents at the office of its registered agent: 

  

	 	(a)	the Memorandum and the Articles; 

  

	 	(b)	the register of members, or a copy of the register of members; 

  

	 	(c)	the register of Directors, or a copy of the register of Directors; and 

  

	 	(d)	copies of all notices and other documents filed by the Company with the Registrar of Corporate Affairs in the previous ten (10) years. 

  

	21.2	Until the Directors determine otherwise by Resolution of Directors the Company shall keep the original register of members and original register of Directors at the office of its
registered agent. 

  

	21.3	If the Company maintains only a copy of the register of members or a copy of the register of Directors at the office of its registered agent, it shall: 

  

	 	(a)	within fifteen (15) days of any change in either register, notify the registered agent in writing of the change; and 

  

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	 	(b)	provide the registered agent with a written record of the physical address of the place or places at which the original register of members or the original register of Directors is
kept. 

  

	21.4	The Company shall keep the following records at the office of its registered agent or at such other place or places, within or outside the British Virgin Islands, as the Directors
may determine: 

  

	 	(a)	minutes of meetings and Resolutions of Shareholders and classes of Shareholders; 

  

	 	(b)	minutes of meetings and Resolutions of Directors and committees of Directors; and 

  

	 	(c)	an impression of the Seal. 

  

	21.5	Where any original records referred to in this Regulation are maintained other than at the office of the registered agent of the Company, and the place at which the original records
is changed, the Company shall provide the registered agent with the physical address of the new location of the records of the Company within 14 days of the change of location. 

  

	21.6	The records kept by the Company under this Regulation shall be in written form or either wholly or partly as electronic records complying with the requirements of the Electronic
Transactions Act (No. 5 of 2001) as from time to time amended or re-enacted. 

  

	22.	REGISTER OF CHARGES 

 The Company shall maintain at
the office of its registered agent a register of charges in which there shall be entered the following particulars regarding each mortgage, charge and other encumbrance created by the Company: 
  

	 	(a)	the date of creation of the charge; 

  

	 	(b)	a short description of the liability secured by the charge; 

  

	 	(c)	a short description of the property charged; 

  

	 	(d)	the name and address of the trustee for the security or, if there is no such trustee, the name and address of the chargee; 

  

	 	(e)	unless the charge is a security to bearer, the name and address of the holder of the charge; and 

  

	 	(f)	details of any prohibition or restriction contained in the instrument creating the charge on the power of the Company to create any future charge ranking in priority to or equally
with the charge. 

  

	23.	SEAL 

 The Company may, if the Directors so
determine, have a Seal which shall, subject to this Article 23, only be used by the authority of the Directors or of a committee of the Directors authorized by the Directors in that behalf and every instrument to 

  

 A - 39 

 
which the Seal has been affixed shall be signed by at least one (1) person who shall be either a Director or the secretary or secretary-treasurer or
some person appointed by the Directors for the purpose. The Company may have a duplicate Seal or Seals each of which shall be a facsimile of the Common Seal of the Company and, if the Directors so determine, with the addition on its face of the name
of every place where it is to be used. A Director, secretary or other duly authorized officer or representative or attorney may without further authority of the Directors affix the Seal of the Company over his signature alone to any document of the
Company required to be authenticated by him under Seal or to be filed with the Registrar in the British Virgin Islands or elsewhere wheresoever. 
  

	24.	DISTRIBUTIONS BY WAY OF DIVIDEND 

  

	24.1	Subject to the Act and the provisions of these Articles and the Memorandum (including but not limited to Section 1 of Schedule A), the Directors may from time to
time declare dividends (including interim dividends) and distributions on shares of the Company outstanding and authorize payment of the same out of the funds of the Company lawfully available therefore, if they are satisfied, on reasonable grounds,
that, immediately after the Distribution, the value of the Company’s assets will exceed its liabilities and the Company will be able to pay its debts as they fall due. 

  

	24.2	Subject to the Act and the provisions of these Articles and the Memorandum (including but not limited to Section 1 of Schedule A), the Directors may, before
declaring any dividends or distributions, set aside such sums as they think proper as a reserve or reserves which shall at the discretion of the Directors, be applicable for any purpose of the Company and pending such application may, at the like
discretion, be employed in the business of the Company. 

  

	24.3	Subject to the rights of persons, if any, with shares with special rights as to dividends or distributions, if dividends or distributions are to be declared on a class of shares
they shall be declared and paid according to the amounts paid or credited as paid on the shares of such class outstanding on the record date for such dividend or distribution as determined in accordance with these Articles but no amount paid or
credited as paid on a share in advance of calls shall be treated for the purpose of this Article 24.3 as paid on the share. 

  

	24.4	The Directors may deduct from any dividend or distribution payable to any Shareholder all sums of money (if any) presently payable by him to the Company on account of calls or
otherwise. 

  

	24.5	Subject to the Act and the provisions of these Articles and the Memorandum (including but not limited to Section 1 of Schedule A), the Directors may declare that
any dividend or distribution be paid wholly or partly by the distribution of specific assets and in particular of paid up shares or Debentures of any other company or in any one or more of such ways and where any difficulty arises in regard to such
distribution, the Directors may settle the same as they think expedient and in particular may issue fractional certificates and fix the value for distribution of such specific assets or any part thereof and may determine that cash payments shall be
made to any Shareholders upon the footing of the value so fixed in order to adjust the rights of all Shareholders and may vest any such specific assets in trustees as may seem expedient to the Directors. 

  

	24.6	 Any dividend, distribution, interest or other monies payable in cash in respect of shares may be paid by check or warrant sent through the post directed to the
registered address of the holder or, in the case of joint holders, to the holder who is first named on the register of Shareholders or to such person and to such address as such holder or joint holders may in writing direct. 

  

 A - 40 

	 	 
Every such check or warrant shall be made payable to the order of the person to whom it is sent. Any one of two or more joint holders may give effectual
receipts for any dividends, bonuses, or other monies payable in respect of the share held by them as joint holders. 

  

	24.7	Notice of any dividend that may have been declared shall be given to each Shareholder as specified in Article 24.1 and all dividends unclaimed for three (3) years after
having been declared may be forfeited by Resolution of Directors for the benefit of the Company. 

  

	24.8	No dividend shall bear interest as against the Company and no dividend shall be paid on Treasury Shares. 

  

	25.	CAPITALIZATION 

 Subject to these Articles
(including but not limited to Schedule A of the Memorandum), upon the recommendation of the Board, the Shareholders may by resolution authorize the Directors to capitalize any sum standing to the credit of any of the Company’s reserve
accounts (including share premium account and capital redemption reserve fund) or any sum standing to the credit of profit and loss account or otherwise available for distribution and to appropriate such sum to Shareholders in the proportions in
which such sum would have been divisible amongst them had the same been a distribution of profits by way of dividend and to apply such sum on their behalf in paying up in full unissued shares for allotment and distribution credited as fully paid up
to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to such capitalization, with full power to the Directors to make such provisions as they think fit for the case of
shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company rather than to the Shareholders concerned). Subject to these Articles and the Memorandum, the Directors may
authorize any person to enter into, on behalf of all of the Shareholders interested, an agreement with the Company providing for such capitalization and matters incidental thereto and any agreement made under such authority shall be effective and
legally binding on all concerned. 
  

	26.	BOOKS OF ACCOUNT AND AUDIT 

  

	26.1	The Directors shall cause proper books of account to be kept with respect to: 

  

	 	(a)	All sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place; 

  

	 	(b)	All sales and purchases of goods by the Company; and 

  

	 	(c)	The assets and liabilities of the Company. 

 Proper books
shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company’s affairs and to explain its transactions. 
  

	26.2	Subject to any agreement binding on the Company, the Directors shall from time to time determine whether and to what extent and at what times and places and under what conditions or
regulations the accounts and books of the Company or any of them shall be open to the inspection of Shareholders not being Directors, and no Shareholder (not being a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by Act or authorized by the Company. 

  

 A - 41 

	26.3	The Directors may from time to time cause to be prepared and to be laid before the Company in general meeting profit and loss accounts, balance sheets, group accounts (if any) and
such other reports and accounts as may be required by law. 

  

	26.4	Subject to these Articles and the Memorandum, the Board may at any time appoint or remove an Auditor or Auditors of the Company who shall hold office for a period specified by the
Board. The Board may appoint as Auditor either of PriceWaterhouseCoopers, KPMG, Deloitte & Touche or Ernst & Young to conduct an audit of the Company and its operating performance, with the subsequent issuance of an audit report.

  

	26.5	Every Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and
officers of the Company such information and explanation as may be necessary for the performance of the duties of the Auditors. 

  

	19.6	Auditors shall, following their appointment and at any other time during their term of office, upon request of the Directors, make a report on the accounts of the Company during
their tenure of office. 

  

	27.	NOTICES 

  

	27.1	Notices shall be in writing and may be given by the Company or any person entitled to give notice to any Shareholder either personally or by sending it by next-day or second-day
courier service, fax, electronic mail or similar means to him or to his address as shown in the register of Shareholders, such notice, if mailed, to be forwarded airmail if the address is outside the Cayman Islands. 

  

	27.2    	(a)       Where a notice is sent by next-day or second-day courier service, service of the notice shall be deemed to be effected by properly
addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation of delivery, and by two (2) days having passed after the letter containing
the same is sent as aforesaid. 

  

	 	(b)	Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected on the same day that it has been properly addressed and sent through a
transmitting organization, with a reasonable confirmation of delivery. 

  

	27.3	A notice may be given by the Company to the joint holders of record of a share by giving the notice to the joint holder first named on the register of Shareholders in respect of the
share. 

  

	27.4	A notice may be given by the Company to the person or persons which the Company has been advised are entitled to a share or shares in consequence of the death or bankruptcy of a
Shareholder by sending it, subject to Articles 27.2 and 27.3, to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt, or by any like description at the address supplied for that purpose by the
persons claiming to be so entitled, or at the option of the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not occurred. 

  

	27.5	Notice of every general meeting shall be given in any manner hereinbefore authorized to: 

  

	 	(a)	every person shown as a Shareholder in the register of Shareholders as of the record date for such meeting except that in the case of joint holders the notice shall be sufficient if
given to the joint holder first named in the register of Shareholders; and 

  

 A - 42 

	 	(b)	every person upon whom the ownership of a share devolves by reason of his being a legal personal representative or a trustee in bankruptcy of a Shareholder of record where the
Shareholder of record but for his death or bankruptcy would be entitled to receive notice of the meeting. 

  

	 	  	No other person shall be entitled to receive notices of general meetings pursuant to these Articles. 

  

	27.6	Any summons, notice, order, document, process, information or written statement to be served on the Company may be served by leaving it, or by sending it by registered mail
addressed to the Company, at its registered office, or by leaving it with, or by sending it by registered mail to, the registered agent of the Company. 

  

	27.7	Service of any summons, notice, order, document, process, information or written statement to be served on the Company may be proved by showing that the summons, notice, order,
document, process, information or written statement was delivered to the registered office or the registered agent of the Company or that it was mailed in such time as to admit to its being delivered to the registered office or the registered agent
of the Company in the normal course of delivery within the period prescribed for service and was correctly addressed and the postage was prepaid. 

  

	28.	VOLUNTARY LIQUIDATION 

  

	 	(a)	If the Company shall be wound up, any liquidator must be approved by the majority in voting power of the Series A Preference Shares (voting together as a separate class on an
as-converted basis). 

  

	 	(b)	If the Company shall be wound up, the assets available for distribution amongst the Shareholders shall be distributed in accordance with Section 2 of Schedule A
to the Memorandum; provided that no Shareholder shall be compelled to accept any shares or other securities whereon there is any liability. 

  

	29.	CONTINUATION 

 The Company may by Resolution of
Shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws. 
 The Company may, with the approval of (i) a resolution approved by the majority of the Board, and (ii) the holders of at least seventy-five
percent (75%) of the then outstanding Series A Preference Shares (voting together as a separate class on an as-converted basis), have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside
the British Virgin Islands and to be deregistered in the British Virgin Islands. 
  

	30.	FINANCIAL YEAR 

 Unless a majority of the Board
agrees otherwise, the financial year of the Company shall end on December 31 in each year and, following the year of incorporation, shall begin on January 1 in each year. 
  

 A - 43 

 EXHIBIT B 
 DISCLOSURE SCHEDULE 
 The section numbers in this Disclosure Schedule correspond to the section
numbers in the Agreement; provided, however, that any information disclosed herein under any section number shall be deemed to be disclosed and incorporated in any other sections of the Agreement where it is reasonably apparent on the face of such
disclosure that such information applies to such other sections. The disclosure of any information shall not be deemed to constitute an acknowledgment that such information is material, nor shall such information be deemed to establish a standard of
materiality for the purposes of the Agreement. Capitalized terms used in this Disclosure Schedule shall have the meanings ascribed to them in the Agreement unless otherwise defined herein. 
 The Investor acknowledges that certain information contained in this Disclosure Schedule may constitute material confidential information relating to the
Group Companies which may not be used for any purpose other than in connection with the Investor’s decision to consummate the transaction contemplated by the Agreement. 
  

 B - 1 

 Section 3.2 Capitalization 
 See attached. 
  

 B - 2 

					
	JA DEVELOPMENT CO., LTD.	 		 	Matter: 904167
	 Date: 7/28/2006
	 	Register of Members	 	
			
	 Class: Ordinary
	 		 	 Currency: U.S. DOLLARS
 Par Value: 0.0000              

													
						
	 Member
	  	Certificate
Number	  	Number of
Shares	  	Transfer
Details	  	% Paid	  	Date
	  	  	  	  	  	Entry as
Member	  	Cessation of
Membership
	 Jinglong Group Co., Ltd.
 Romasco Place
 Wickhams Cay 1
 P.O. Box 3140
 Road Town, Tortola
 British Virgin Islands
	  	1	  	1.0000	  		  	100.00	  	06 Jul 2006	  	
							
	 Jinglong Group Co., Ltd.
 Romasco Place
 Wickhams Cay 1
 P.O. Box 3140
 Road Town, Tortola
 British Virgin Islands
	  	2	  	5,499.0000	  		  	100.00	  	21 Jul 2006	  	
							
	 Express Power Investment Limited
 49 Combles Pde.
 Matraville NSW 2036
 New South Wales
 Australia
	  	3	  	1,500.0000	  		  	100.00	  	21 Jul 2006	  	
							
	 Marlins Fame Limited
 Room 2602, No.11
 Lane 1515 Zhang Yang Road
 Shanghai 200135
 People’s Republic of China
	  	4	  	1,000.0000	  		  	100.00	  	28 Jul 2006	  	
							
	 Improve Forever Investments Limited
 Suite 402, No.21
 Lane 519, Laohumin Road
 Shanghai 200237
 People’s Republic of China
	  	5	  	500.0000	  		  	100.00	  	21 Jul 2006	  	
							
	 Giant Fortune Development Limited
 Flat D, 12th Floor
 22 Robinson Road, Mid-Level
 Hong Kong
	  	6	  	450.0000	  		  	100.00	  	21 Jul 2006	  	
							
	 Super Shine International Limited
 411, 4th Floor
 World Commerce Centre
 Harbour City
 11 Canton Road
 Tsim Sha Tsui, Kowloon
 Hong Kong
	  	7	  	450.0000	  		  	100.00	  	21 Jul 2006	  	
							
	 Si Fab International, Ltd.
 79 Palne Street
 Maroubra
 2035 New South Wales
 Australia
	  	8	  	350.0000	  		  	100.00	  	21 Jul 2006	  	
							
	 Freshearn Investment Limited
 Room 1605, Building J
 No. 343 HuaiHai Xi Road
 Shanghai 200030
 People’s Republic of China
	  	9	  	250.0000	  		  	100.00	  	21 Jul 2006	  	
		  		  	 	  		  		  		  	
	 Total Shares:
	  		  	10,000.0000	  		  		  		  	
		  		  	 	  		  		  		  	

  

 B - 3 

 Section 3.3 Subsidiaries 
 Under the Plan of Restructuring (see Exhibit E), at the completion of the restructuring the Company will own 100% of JingAo China. 
  

 B - 4 

 Section 3.7 Compliance with Laws; Consents and Permits 
 JingAo China is currently applying for a Pollutant Discharging Permit

 and a Safety Appraisal 

 (a permit for the storage and use of hazardous chemicals). 
 JingAo China will apply for environment protection
examination and approval

 with relevant PRC environmental authority after JingAo China completes the construction of the manufacturing lines in Ningjin, Hebei for solar cell production. 
  

 B - 5 

 Section 3.10 Material Contracts and Obligations 
  

	(i)	Contracts involving consideration in excess of US$5,000,000: 

  

	1.	Long-term wafer supply agreement dated July, 2006 between JingAo China and Jinglong Group, with a term that ends on December 31, 2010. 

  

	2.	Sales contract dated July, 2006 between Zhangjiagang Yongneng and JingAo China for the sales of solar cells. 

  

	3.	Sales contract dated July, 2006 between Shanghai Huinong and JingAo China for the sales of solar cells. 

  

	4.	Sales contract dated July, 2006 between Wuxi Guofei and JingAo China for the sales of solar cells. 

  

	5.	Sales contract dated July, 2006 between Zhejiang Gongyuan and JingAo China for the sales of solar cells. 

  

	(ii)	Contracts that cannot be performed within its terms within 12 months after the date on which it was entered into: 

  

	1.	Long-term wafer supply agreement dated July, 2006 between JingAo China and Jinglong Group, with a term that ends on December 31, 2010. 

  

	2.	Lease Agreement between JingAo China and Jinglong Group, with a term that ends June 30, 2010. 

  

	(iii)	Contracts transferring or licensing any Intellectual Property: 

  

	1.	Technology Transfer Agreement dated as of October 24, 2005 between Australian PV Science & Engineering Co., represented by Dr. Ximing Dai, and JingAo China
regarding transferring the specialized technology in manufacturing of solar cells developed by Dr. Ximing Dai. 

  

 B - 6 

 Section 3.11 Litigation 
 None. 
  

 B - 7 

 Section 3.15 Material Liabilities 
 None. 
  

 B - 8 

 Section 3.16 Changes in Condition 
 None. 
  

 B - 9 

 Section 3.17 Tax Matters 
 None. 
  

 B - 10 

 Section 3.18 Related Party Transactions 
 Jinglong Industry and Commerce Group Co., Ltd. (“Jinglong Group”) holds 55% of shares of JingAo China. Jinglong Group has been one of JingAo China’s
principal silicon wafer suppliers and also leased to JingAo China its manufacturing facilities in Ningjin, Hebei. The agreements between Jinglong Group and JingAo China include: 
  

	1.	Long-term wafer supply agreement dated July, 2006 between JingAo China and Jinglong Group. 

  

	2.	Lease Agreement for Ningjin, Hebei Facilities dated July 1, 2006 between JingAo China and Jinglong Group. 

  

 B - 11 

 Section 3.19 Employee Matters 
 None. 
  

 B - 12 

 Section 5.7 Key Management 
  

			
	CEO	  	Mr. Huaijin Yang
		
	CTO	  	Dr. Ximing Dai
		
	CFO	  	Mr. Herman Zhao
		
	VP	  	Mr. Jincun Yan
		
	VP	  	Mr. Jinlin Liu
		
	VP	  	Mr. Zhilong Zhang

  

 B - 13 

 EXHIBIT C 
 SHAREHOLDERS AGREEMENT 
 Filed as Exhibit 4.6 to Form F-1. 
  

 C - 1 

 EXHIBIT D 
 EMPLOYEE SHARE OPTION PLAN 
 Filed as Exhibit 10.2 to Form F-1. 
  

 D - 1 

 EXHIBIT E 
 PLAN OF RESTRUCTURING 
 I. Corporate Structure Prior to Restructuring 
 JingAo Solar Co., Ltd. (“JingAo”) was established in May 2005 as a joint venture by Hebei Jinglong Industry and Commerce Group Co., Ltd.
(“Jinglong Group”), Australia PV Science & Engineering Company (“APV”) and Australia Solar Energy Development Company (“ASEDC”), with each party holding 55%, 15%, and 30% of the equity
interest of JingAo, respectively. Jinglong Group, APV and ASEDC are together referred to as the “JingAo Shareholders”. 
 The following
diagram illustrates the equity interest structure of JingAo prior to the restructuring: 
 

 
 II. Restructuring 
 The
contemplated restructuring will be carried out through the following steps: 
 Step 1. Establishment of Jinglong BVI by Shareholders of Jinglong
Group. 
  

	(1)	The eleven individual shareholders of Jinglong Group established Jinglong Group Co., Ltd. (“Jinglong BVI”) which was incorporated in the British Virgin Islands
(“BVI”) as a BVI Business Company on 29 June 2006. 

  

	(2)	 The existing shareholders of APV and ASEDC established the following BVI companies in June 2006: (a) Express Power 

  

 E - 1 

	 	 
Investment Ltd., (b) Marlins Fame Limited, (c) Super Shine International Ltd., (d) Si Fab International Ltd., (e) Freshearn Investment
Ltd., (f) Giant Fortune Development Ltd. and (g) Improve Forever Investment Ltd. (collectively, the “BVI Companies”). 

 Step 2. Establishment of the Company by Jinglong BVI and Other BVI Companies. 
  

	(1)	Jinglong BVI together with the BVI Companies established JA Development Co. Ltd. (the “Company”) which was incorporated in the BVI as a BVI Business Company on
6 July 2006. The shareholdings of the Company are as described under section 3.3 of the Disclosure Schedule. 

  

	Step	3. Share issuance by the Company and acquisition of the entire equity interest of JingAo by the Company. 

  

	(1)	The Company entered into a share transfer agreement (the “Share Transfer Agreement”) with the JingAo Shareholders dated July 18, 2006, pursuant to which the
Company agreed to acquire one hundred percent (100%) of the equity interests of JingAo from the JingAo Shareholders (the “Acquisition”) as follows: 

  

	 	(a)	fifty-five percent (55%) from Jinglong Group for a purchase price of US$8.25 million; and 

  

	 	(b)	forty-five percent (45%) from APV and ASEDC for an aggregate purchase price of US$6.75 million. 

  

	(2)	The Acquisition was approved by relevant PRC government authority and the Certificate of Approval for Establishment of Enterprises with Foreign Investment in the People’s
Republic of China issued by Hebei People’s Government dated August 16, 2006 indicates that the Company is the sole investor of JingAo, and that JingAo is a wholly foreign owned enterprise. 

  

	(3)	Pursuant to this Share Subscription Agreement, the Company shall issue a total of 582 Series A Preference shares for an aggregate subscription price of US$10 million to Leeway Asia
L.P. (the “Leeway Issuance”). 

  

	(4)	Pursuant to an additional share subscription agreement with Mitsubishi Corporation, the Company shall issue a total of 233 Series A Preference shares for an aggregate subscription
price of US$4 million to Mitsubishi Corporation (the “Mitsubishi Issuance”). 

  

 E - 2 

	(5)	US$8.25 million of the proceeds from the Leeway Issuance shall be paid by the Company to Jinglong Group in full satisfaction of the purchase price for the acquisition of the
fifty-five percent (55%) of the equity interests of JingAo from Jinglong Group pursuant to the Share Transfer Agreement as described in sub-paragraph (1) above. 

  

	(6)	The Company shall pay $6.75 million to APV and ASEDC or their respective permitted assignee in full satisfaction of the purchase price for the acquisition of the fifty-five percent
(45%) of the equity interests of JingAo from APV and ASEDC pursuant to the Share Transfer Agreement as described in sub-paragraph (1) above. 

  

	(7)	APV and ASEDC or their respective permitted assignee shall lend a total of US$3.7125 million to Jinglong BVI and Jinglong BVI will issue a promissory note to the respective lender.

  

	(8)	Jinglong BVI shall subscribe for 5499 new shares in the Company for an aggregate subscription price of US$3.7125 million. 

  

	(9)	BVI Companies shall subscribe for 4500 new shares in the Company for an aggregate subscription price of US$3.0375 million. 

  

	(10)	Following the completion of the steps set out in sub-paragraphs (1) through (9) above: 

  

	 	(a)	the Company will own one hundred percent (100%) of the equity interests of JingAo; and 

  

	 	(b)	the Company will have a net cash position of US$5.75 million. 

 Step 4.
Share Exchange between JA Cayman and the Company. 
  

	(1)	JA Solar Holdings Co., Ltd. (“JA Cayman”) was incorporated in the Cayman Islands as an Exempted Company on 6 July 2006. 

  

	(2)	JA Cayman will issue such numbers of ordinary shares and Series A Preference shares (collectively, “Shares”) to the existing shareholders of the Company in the same
proportions as their holdings in the Company, and the existing shareholders of the Company will, in exchange, transfer all shares they hold in the Company to JA Cayman as the consideration to purchase the Shares. 

  

	(3)	It is expected that JA Cayman will then carry out an initial public offering. 

  

 E - 3 

 III. Target Corporate Structure 
 Upon the completion of the restructuring set out in Step 1 through Step 4 above, JA Cayman will own one hundred percent (100%) of the equity interest of the Company, which will in turn hold one hundred percent
(100%) of the equity interest of JingAo. The following diagram illustrates the target corporate structure: 
 

 
  

 E - 4 

 EXHIBIT F 
 COMPANY ACCOUNT 
 Please Remit to: 
 Wachovia Bank, NA. 
 New York 
 SWIFT BIC: PNBPUS3NNYC 
 For Account of: 

Bank International Ningbo 
 Shanghai
Branch 
 Shanghai, PRC 
 SWIFT
BIC: BINHCN2NSHA 
 For Final Beneficiary: 
  

			
	Account Number:	  	1030211400011050
		
	Name:	  	JA DEVELOPMENT CO., LTD.
		
	Address:	  	Shanghai, China

  

 F - 1Shareholders' Agreement among JA Development Co., Ltd. and other parties

 Exhibit 4.6 
 Execution Copy 
 SHAREHOLDERS AGREEMENT 
 THIS SHAREHOLDERS AGREEMENT (the “Agreement”) is made and entered into as of August 21, 2006 by and among: 
  

	(1)	JA Development Co., Ltd., company organized under the laws of the British Virgin Islands (the “Company”); 

  

	(2)	JingAo Solar Co., Ltd.

, a foreign-invested enterprise established under the laws of the PRC (“JingAo China”); 

 (parties (1) and (2) and all other direct or indirect subsidiaries of the foregoing may hereinafter be referred to collectively as “Group Companies” and each individually as a
“Group Company”); 
  

	(3)	Jinglong Group Co., Ltd., a company organized under the laws of the British Virgin Islands (“Jinglong”); 

  

	(4)	Improve Forever Investments Limited, a company organized under the laws of the British Virgin Islands; 

  

	(5)	Express Power Investment Limited, a company organized under the laws of the British Virgin Islands; 

 (parties (3), (4) and (5) each a “Key Shareholders” and together the “Key Shareholders”);

  

	(6)	Leeway Asia L.P., a Cayman Islands limited partnership; and 

  

	(7)	Mitsubishi Corporation, a company incorporated under the laws of Japan; 

 (parties (6) and (7) each an “Investor” and together the “Investors”). 
 RECITALS 
 WHEREAS, the Investors have agreed to subscribe from the Company, and the Company has
agreed to issue and allot to the Investors, 815 Series A Preference Shares, without par value (the “Series A Shares”), subject to the terms and conditions set forth in the Share Subscription Agreements signed by each Investor
with the Company and JingAo China (the “Subscription Agreements”). 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

 1. INFORMATION AND INSPECTION RIGHTS. 
 1.1. Information Rights. The Group Companies covenant and agree that for so long as an Investor holds shares of the Company, the Group Companies
will deliver to such Investor: 
 (a) audited annual consolidated financial statements, within four (4) months days after the end of
each calendar year, prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) and audited by a “Big 4” accounting firm; 
 (b) unaudited monthly consolidated financial statements, within thirty (30) days of the end of each month, prepared in accordance with US GAAP
together with a comparison of such monthly results with the results projected by the Company’s annual budget; 
 (c) an annual
consolidated budget for the following fiscal year as approved by the Company’s Board of Directors (the “Board”), within thirty (30) days prior to the end of each fiscal year; 
 (d) upon the written request by any Investor, such other information as the Investors shall reasonably request 
 (the above rights, collectively, the “Information Rights”). 
 All financial statements provided to the Investors pursuant to the Information Rights shall include an income statement and a cash flow statement for
the period then ended as well as for year-to-date, as well as a balance sheet as of the end of such period compared with the last audited balance sheet. All audits will be performed by a “Big 4” accounting firm and the audited financial
statements will be prepared in accordance with US GAAP, or in accordance with an international accounting standard approved by the Board. 
 1.2 Inspection Rights. The Group Companies further covenant and agree that, for so long as an Investor holds shares of the Company, such Investor shall have (i) the right to inspect facilities, records and books of the Group
Companies and to make extracts therefrom, at any time during regular working hours on reasonable prior notice to the relevant Group Company, and (ii) the right to discuss the business, operations and conditions of any Group Company with its
respective directors, officers, employees, accountants, legal counsel and investment bankers (the “Inspection Rights”) at its own costs and expenses on reasonable prior notice to the Company. The Group Companies agree to
provide to the Investors other information and access as may be mutually agreed upon from time to time. 
 1.3 Termination of Rights.
The Information Rights and Inspection Rights shall terminate upon the closing of a firm commitment underwritten registered public offering by the Company and the listing of its Ordinary Shares, equal to at least fifteen percent (15%) of the
Company’s total issued shared capital post-offering on a fully-diluted basis, on a reputable international stock exchange (including without limitation stock exchanges in the United States, Hong Kong and Singapore, or any other stock exchange
that is approved by the Board) with a total market capitalization of the Company following completion of the public offering of not less than US$540,000,000 (a “Qualified Public Offering”). 
  

 2 

 2. REGISTRATION RIGHTS. 
 2.1. Applicability of Rights. The Company covenants and agrees that the Holders (as defined below) shall be entitled to the following rights with
respect to any potential public offering of the Company’s Ordinary Shares in the United States and shall be entitled to reasonably equivalent or analogous rights with respect to any other offering of the Company’s securities in any other
jurisdiction in which the Company undertakes to publicly offer or list such securities for trading on a recognized securities exchange. 
 2.2. Definitions. For purposes of this Section 2 and to the extent applicable under this Agreement: 
 (a)
Registration. The terms “register,” “registered,” and “registration” refer to a registration effected by filing a registration statement which is in a form which complies
with, and is declared effective by the SEC (as defined below) in accordance with, the Securities Act. 
 (b) Registrable Securities.
The term “Registrable Securities” means: (1) any Ordinary Shares of the Company issued or issuable upon conversion of any Series A Shares; (2) any Ordinary Shares issued (or issuable upon the conversion or exercise
of any warrant, right or other security which is issued) as a dividend or other distribution with respect to, or in exchange for or in replacement of, any Series A Shares or Ordinary Shares described in clause (1) of this subsection
(b) Notwithstanding the foregoing, “Registrable Securities” shall exclude any Registrable Securities sold by a person in a transaction in which rights under this Section 2 are not assigned in accordance with this Agreement, and
any Registrable Securities which are sold in a registered public offering under the Securities Act or analogous statute of another jurisdiction, or sold pursuant to Rule 144 promulgated under the Securities Act or analogous rule of another
jurisdiction. 
 (c) Registrable Securities Then Outstanding. The number of shares of “Registrable Securities then
outstanding” shall mean the number of Ordinary Shares of the Company that are Registrable Securities and are then issued and outstanding, issuable upon conversion of Series A Shares then issued and outstanding or issuable upon
conversion or exercise of any Holder’s warrant, right or other security then outstanding. 
 (d) Holder or Holders. For purposes
of this Agreement, the term “Holder” or “Holders” means any person or persons owning Registrable Securities or Series A Shares or other securities of the Company convertible or exchangeable into
Registrable Securities or any permitted assignee of record of such Registrable Securities to whom rights under this Agreement have been duly assigned in accordance with this Agreement. 
 (e) Form F-3. The term “Form F-3” means such respective form under the Securities Act or any successor registration form
under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
 (f) SEC. The term “SEC” or “Commission” means the United States Securities and Exchange
Commission. 
 (g) Registration Expenses. The term “Registration Expenses” shall mean all expenses incurred by
the Company in complying with Sections 2.3, 2.4 and 2.5 hereof, including, without limitation, all registration and filing fees, printing expenses, fees, and disbursements of counsel for the Company, reasonable fees and disbursements of one
counsel for the Holders, “blue sky” fees 

  

 3 

 
and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of
the Company which shall be paid in any event by the Company). 
 (h) Selling Expenses. The term “Selling
Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities pursuant to Sections 2.3, 2.4 or 2.5 hereof. 
 (i) Exchange Act. The term “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor
statute. 
 (j) Securities Act. The term “Securities Act” means the Securities Act of 1933, as amended, and
any successor statute. 
 (k) Business Day. The term “Business Day” means any day (excluding Saturdays,
Sundays and public holidays in Hong Kong) on which banks generally are open for business in Hong Kong. 
 2.3. Demand Registration.

 (a) Request by Holders. If the Company shall, at any time after six (6) months following the closing of the Company’s
first firm commitment underwritten public offering, receive a written request from the Holders of at least 50% of the Registrable Securities then outstanding that the Company file a registration statement under the Securities Act covering the
registration of Registrable Securities pursuant to this Section 2.3, then the Company shall, within ten (10) Business Days of the receipt of such written request, give written notice of such request (“Request
Notice”) to all Holders, and use its reasonable best efforts to effect, as soon as practicable, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered and included in such
registration by written notice given by such Holders to the Company within twenty (20) days after receipt of the Request Notice, subject only to the limitations of this Section 2.3; provided that the Company shall not be obligated to
effect any such registration if the Company has already twice, within the twelve (12) month period preceding the date of such request, effected a registration under the Securities Act pursuant to this Section 2.3 or Section 2.5 or in
which the Holders had an opportunity to participate pursuant to the provisions of Section 2.4, other than a registration from which the Registrable Securities of the Holders have been excluded (with respect to all or any portion of the
Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Section 2.4(a). For purposes of this Agreement, reference to registration of securities under the Securities Act and the Exchange Act
shall be deemed to mean the equivalent registration in a jurisdiction in which the Company has already effected a registration of such securities, it being understood and agreed that in each such case all references in this Agreement to the
Securities Act, the Exchange Act and rules, forms of registration statements and registration of securities thereunder, United States law and the SEC, shall be deemed to refer, to the equivalent statutes, rules, forms of registration statements,
registration of securities and laws of and equivalent government authority in the applicable non-United States jurisdiction. 
 (b)
Underwriting. If the Holders initiating the registration request under this Section 2.3 (the “Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an
underwriting, then they shall so advise the Company 

  

 4 

 
as a part of their request made pursuant to this Section 2.3 and the Company shall include such information in the Request Notice. In such event, the
right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless
otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting
agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Company and reasonably acceptable to the Holders of a majority of the Registrable Securities being registered. Notwithstanding any other
provision of this Section 2.3, if the underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable
Securities which would otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of
Registrable Securities on a pro rata basis according to the number of Registrable Securities then outstanding held by each Holder requesting registration (including the Initiating Holders); provided, however, that the number of shares of Registrable
Securities to be included in such underwriting and registration shall not be reduced unless all other securities are first entirely excluded from the underwriting and registration including, without limitation, Ordinary Shares or all other shares
that are not Registrable Securities and are held by any other person, including, without limitation, any person who is an employee, consultant, officer or director of the Company or any subsidiary of the Company If any Holder disapproves of the
terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any
Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 
 (c) Maximum
Number of Demand Registrations. The Company shall not be obligated to effect more than one (1) such demand registrations pursuant to this Section 2.3 provided that if the number of Registrable Securities which may be sold by Holders is
reduced pursuant to the operation of Section 2.3(b) above, the Company shall be obligated to effect one (1) additional demand registration pursuant to this Section 2.3. 
 (d) Deferral. Notwithstanding the foregoing, if the Company shall furnish to Holders requesting registration pursuant to this Section 2.3, a
certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed at such time,
then the Company shall have the right to defer such filing for a period of not more than 120 days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve
(12) month period; provided further, that the Company shall not register any other of its shares during such twelve (12) month period. A demand right shall not be deemed to have been exercised until such deferred registration shall have
been effected. 
 (e) Registration. The Company shall not be obligated to effect any such registration, qualification or compliance
pursuant to this Section 2.3 in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a 

  

 5 

 
general consent to service of process in effecting such registration, qualification or compliance. 
  

	2.4.	Piggyback Registrations. 

 (a) The Company shall
notify all Holders of Registrable Securities in writing at least thirty (30) days prior to filing any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not
limited to, registration statements relating to a Qualified Public Offering or secondary offerings of securities of the Company, but excluding registration statements relating to any registration under Section 2.3 or Section 2.5 of this
Agreement or to any employee benefit plan, corporate reorganization, exchange offer or offering of securities solely to the Company’s existing shareholders), and shall afford each such Holder an opportunity to include in such registration
statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall within twenty (20) days after
receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder
decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration
statement or registration statements as may be filed pursuant to Sections 2.3, 2.4, or 2.5 by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 
 (b) Underwriting. If a registration statement under which the Company gives notice under this Section 2.4 is for an underwritten offering,
then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this Section 2.4 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such
underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Agreement but subject to Section 2.12, if the
managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the underwriting, and the
Registrable Securities so included shall be apportioned pro rata among the selling Holders according to the total amount of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all
selling Holders; provided, however, that the right of the underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting as described in this Section 2.4(b) shall be restricted so that (i) the
number of Registrable Securities included in any such registration is not reduced below thirty percent (30%) of the aggregate number of shares of Registrable Securities for which inclusion has been requested; and (ii) all shares that are
not Registrable Securities, including, but not limited to, Ordinary Shares and are held by any other person, including, without limitation, any person who is an employee, consultant, officer or director of the Company (or any subsidiary of the
Company) shall first be excluded in entirety 

  

 6 

 
from such registration and underwriting before any Registrable Securities are so excluded. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or
withdrawn from such underwriting shall be excluded and withdrawn from the registration. 
 (c) Not Demand Registration. Registration
pursuant to this Section 2.4 shall not be deemed to be a registration as described in either Section 2.3 or Section 2.5. There shall be no limit on the number of times the Holders may request registration of Registrable Securities
under this Section 2.4. 
 (d) Registration Rights For Holders of Ordinary Shares. The Company may permit any holder of Ordinary
Shares to register all or a portion of the Ordinary Shares held by such holder pursuant to a registration statement filed by the Company in accordance with this Section 2.4; provided that such holder executes and delivers to the Company an
agreement to be bound by the restrictions and limitations hereof related to such registration; provided further that, if the managing underwriter(s) limits the number of Registrable Securities to be included in such registration pursuant to
Section 2.4(b), then all Ordinary Shares held by such holders shall be excluded from such registration first before any Registrable Securities held by any Holders are excluded from such registration. 
 2.5. Form F-3 Registration. In case that the Company shall receive from any Holder or Holders of a majority of all Registrable Securities then
outstanding a written request or requests that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, then the Company
will: 
 (a) Notice. Promptly give written notice of the proposed registration and the Holder’s or Holders’ request therefor,
and any related qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) Registration. As soon as
practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders or Holders’ Registrable Securities as
are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within twenty (20) days after the Company provides
the notice contemplated by Section 2.5(a); provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.5: 
 (i) if Form F-3 is not available for such offering by the Holders; 
 (ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an
aggregate price to the public of less than US$5,000,000; 
 (iii) if the Company shall furnish to the Holders a certificate signed by the
Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company 

  

 7 

 
and its shareholders for such Form F-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing of the
Form F-3 registration statement no more than once during any twelve (12) month period for a period of not more than 120 days after receipt of the request of the Holder or Holders under this Section 2.5; provided that the Company shall not
register any of its other shares during such 120 day period; 
 (iv) if the Company has twice, within the twelve (12) month period
preceding the date of such request, already effected a registration under the Securities Act other than a registration from which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the Registrable
Securities the Holders requested be included in such registration) pursuant to the provisions of Sections 2.3(b) and 2.4(a); or 
 (v) in
any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 
 Subject to the foregoing, the Company shall file a Form F-3 registration statement covering the Registrable Securities and other securities so requested to be registered
as soon as practicable after receipt of the request or requests of the Holders. 
 (c) Not Demand Registration. Form F-3 registrations
shall not be deemed to be demand registrations as described in Section 2.3 above. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this
Section 2.5. 
 2.6. Expenses. All Registration Expenses incurred in connection with any registration pursuant to Sections 2.3,
2.4 or 2.5 (but excluding Selling Expenses) shall be borne by the Company. Each Holder participating in a registration pursuant to Sections 2.3, 2.4 or 2.5 shall bear such Holder’s proportionate share (based on the total number of shares sold
in such registration other than for the account of the Company) of all Selling Expenses or other amounts payable to underwriter(s) or brokers, in connection with such offering by the Holders. Notwithstanding the foregoing, the Company shall not be
required to pay for any expenses of any registration proceeding begun pursuant to Section 2.3 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered,
unless the Holders of a majority of the Registrable Securities then outstanding agree that such registration constitutes the use by the Holders of one (1) demand registration pursuant to Section 2.3 (in which case such registration shall
also constitute the use by all Holders of Registrable Securities of one (1) such demand registration); provided further, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition,
business, or prospects of the Company not known to the Holders at the time of their request for such registration and have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, then the
Holders shall not be required to pay any of such expenses and such registration shall not constitute the use of a demand registration pursuant to Section 2.3. 
 2.7. Obligations of the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement the Company shall, as expeditiously as reasonably possible: 
  

 8 

 (a) Registration Statement. Prepare and file with the SEC a registration statement with respect to
such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration
statement effective for a period of up to ninety (90) days or, in the case of Registrable Securities registered under Form F-3 in accordance with Rule 415 under the Securities Act or a successor rule, until the distribution contemplated in the
registration statement has been completed; provided, however, that (i) such ninety (90) day period shall be extended for a period of time equal to the period any Holder refrains from selling any securities included in such registration at
the request of the underwriter(s), and (ii) in the case of any registration of Registrable Securities on Form F-3 which are intended to be offered on a continuous or delayed basis, such ninety (90) day period shall be extended, if
necessary, to keep the registration statement effective until all such Registrable Securities are sold. 
 (b) Amendments and
Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by such registration statement. 
 (c) Prospectuses. Furnish to the
Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by them that are included in such registration. 
 (d) Blue Sky. Use its best efforts to register and
qualify the securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in
connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may
be required by the Securities Act. 
 (e) Underwriting. In the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement.

 (f) Notification. Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of (i) the issuance of any stop order by the SEC in respect of such registration statement, or (ii) the happening of any event as a result of which the prospectus
included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of
the circumstances then existing. 
 2.8. Furnish Information. It shall be a condition precedent to the obligations of the Company to
take any action pursuant to Sections 2.3, 2.4 or 2.5 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable 

  

 9 

 
Securities held by them and the intended method of disposition of such securities as shall be required to timely effect the Registration of their Registrable
Securities. 
 2.9. Indemnification. In the event any Registrable Securities are included in a registration statement under Sections
2.3, 2.4 or 2.5: 
 (a) By the Company. To the extent permitted by law, the Company will indemnify and hold harmless each Holder, its
partners, officers, directors, legal counsel, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against
any losses, claims, damages, or liabilities (joint or several) (“Damages”) to which they may become subject under the Securities Act, the Exchange Act, or other United States federal or state law, insofar as such losses,
claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 
 (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or
final prospectus contained therein or any amendments or supplements thereto; 
 (ii) the omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements therein not misleading; or 
 (iii) any violation or
alleged violation by the Company of the Securities Act, the Exchange Act, any United States federal or state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any United States federal or state
securities law in connection with the offering covered by such registration statement; 
 and the Company will reimburse each such Holder, its partner,
officer, director, legal counsel, underwriter or controlling person for any legal or other expenses reasonably incurred by them, as such expenses are incurred, in connection with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the indemnity agreement contained in this subsection 2.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent (and only to the extent) that it arises out of or is based upon a
Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, officer, director, legal counsel, underwriter or controlling person of such
Holder, provided further, that the foregoing indemnity agreement is subject to the condition that, insofar as it relates to any such untrue statement, alleged untrue statement, omission or alleged omission made in a preliminary prospectus on file
with the SEC at the time the registration statement becomes effective or the amended prospectus filed with the SEC pursuant to Rule 424(b) (the “Final Prospectus”), such indemnity shall not inure to the benefit of
(i) any underwriter, if a copy of the Final Prospectus was not furnished to the person asserting the Damages at or prior to the time such action is required by the Securities Act, and if the Final Prospectus would have cured the defect giving
rise to the Damages or (ii) any Holder, if there is no underwriter and if a copy of the Final Prospectus was furnished to such Holder and was not subsequently furnished by such Holder to the Person asserting the Damages 

  

 10 

 
at or prior to the time that such action is required by the Securities Act, if the Final Prospectus would have cured the defect giving rise to the Damages.

 (b) By Selling Holders. To the extent permitted by law, each selling Holder will, if Registrable Securities held by Holder are
included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if
any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors, officers, legal counsel, or any
person who controls such Holder within the meaning of the Securities Act or the Exchange Act, against any Damages to which the Company or any such director, officer, legal counsel, controlling person, underwriter or other such Holder, partner or
director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other United States federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect
thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in
connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, partner, officer, director or
controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 2.9(b) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided, further, that in no event shall any indemnity under
this Section 2.9(b) exceed the net proceeds received by such Holder in the registered offering out of which the applicable Violation arises; and provided, further, that the foregoing indemnity agreement is subject to the condition that, insofar
as it relates to any such untrue statement, alleged untrue statement, omission or alleged omission made in a preliminary prospectus on file with the SEC at the time the Registration Statement becomes effective or in the Final Prospectus, such
indemnity shall not inure to the benefit of (i) any underwriter, if a copy of the Final Prospectus was not furnished to the person asserting the Damages at or prior to the time such action is required by the Securities Act, and if the Final
Prospectus would have cured the defect giving rise to the Damages or (ii) any Holder, if there is no underwriter and if a copy of the Final Prospectus was furnished to such Holder and was not subsequently furnished by such Holder to the person
asserting the Damages at or prior to the time that such action is required by the Securities Act, if the Final Prospectus would have cured the defect giving rise to the Damages. 
 (c) Notice. Promptly after receipt by an indemnified party under this Section 2.9 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9, deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the 

  

 11 

 
indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or
potential conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any
such action shall relieve such indemnifying party of liability to the indemnified party under this Section 2.9 to the extent the indemnifying party is prejudiced as a result thereof, but the omission to so deliver written notice to the
indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.9. 
 (d) Contribution. In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any indemnified party makes a claim for indemnification pursuant to this
Section 2.9 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be
enforced in such case notwithstanding the fact that this Section 2.9 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any indemnified party in circumstances for which
indemnification is provided under this Section 2.9; then, and in each such case, the indemnified party and the indemnifying party will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after
contribution from others) in such proportion so that a Holder (together with its related persons) is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered by and sold under the
registration statement bears to the public offering price of all securities offered by and sold under such registration statement, and the Company and other selling Holders are responsible for the remaining portion. The relative fault of the
indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however, that, in any such
case: (A) no Holder will be required to contribute any amount in excess of the net proceeds to such Holder from the sale of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement; and (B) no
person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

(e) Survival; Consents to Judgments and Settlements. The obligations of the Company and Holders under this Section 2.9 shall survive the
completion of any offering of Registrable Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. No indemnifying party, in the defense of any such claim or litigation,
shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a
release from all liability in respect to such claim or litigation. 
 2.10. Termination of the Company’s Obligations. The Company
shall have no obligations pursuant to Sections 2.3, 2.4 and 2.5 with respect to any Registrable Securities proposed to be sold by a Holder in a registration pursuant to Section 2.3, 2.4 or 2.5 if, in 

  

 12 

 
the reasonable opinion of counsel to the Company, all Registrable Securities may then be sold without registration pursuant to Rule 144 promulgated under the
Securities Act. In any event, the rights under Sections 2.3, 2.4 and 2.5 shall terminate five years after a Qualified Public Offering. 
 2.11. No Registration Rights to Third Parties. Without the prior written consent of the holders of a majority of the Series A Shares then outstanding, voting together as a single class, the Company covenants and agrees that it shall
not grant, or cause or permit to be created, for the benefit of any person or entity any registration rights of any kind (whether similar to the demand, “piggyback” or Form F-3 registration rights described in this Section 2, or
otherwise) relating to any securities of the Company. 
 2.12. Lockup. Each Holder agrees that, upon request by the underwriters
managing the initial public offering of the Company’s securities, such Holder will enter into a customary lockup agreement with the underwriters under which such Holder (individually the “Lockup Shareholder”, and
collectively, the “Lockup Shareholders”) shall agree, without the prior written consent of such underwriters, not to sell or otherwise transfer or dispose of any Series A Shares or Ordinary Shares issued upon conversion of
such Series A Shares (other than those permitted to be included in the registration and other transfers to Affiliates permitted by law) for a period of time specified by such underwriters no greater than twelve (12) months or such longer
period, not to exceed an additional twenty (20) days, necessary for the underwriters to comply with NASD on NYSE rules, from the effective date of the registration statement covering such initial public offering or the pricing date of such
offering as may be requested by the underwriters, provided that each of directors, officers and holders of Ordinary Shares of the Company signs substantially identical lockup agreements. Notwithstanding the foregoing, (i) each Lockup
Shareholder shall be released from the lockup to the extent that any other Lockup Shareholders are released; and (ii) each Lockup Shareholder may engage in private transfers of the securities to Affiliates, provided such Affiliates enter into
the same lockup agreement with such underwriters or agree in writing to be bound by the lockup agreements signed between the Lockup Shareholders and the underwriters. As used in this Agreement, “Affiliate” or
“Affiliates” shall have the meaning given in Rule 405 promulgated under the Securities Act. 
 2.13. Rule 144
Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may at any time permit the sale of the Registrable Securities to the public without registration or pursuant to a
registration on Form F-3, after such time as a public market exists for the Ordinary Shares, the Company agrees to: 
 (a) make and keep
public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its
securities to the general public; 
 (b) file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 
 (c) so long as a
Holder owns any Registrable Securities, to furnish to such Holder forthwith upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after

  

 13 

 
the effective date of the Company’s initial public offering), the Securities Act and the Exchange Act (at any time after it has become subject to such
reporting requirements), or its qualification as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such
other reports and documents of the Company as a Holder may reasonably request in availing itself of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form F-3. 
 3. PREEMPTIVE RIGHT TO NEW SHARES. 
 Subject to the terms and conditions specified in this Section 3, the Company hereby grants to each Holder a preemptive right with respect to future issues by the Company of its New Shares (as hereinafter defined). Each time the Company
proposes to offer any shares of, or securities convertible into or exchangeable or exercisable for any shares of, any class of its share capital (“New Shares”), the Company shall first make an offering of such New Shares to
each Holder in accordance with the following provisions: 
 3.1. The Company shall deliver a notice to the Holders stating (i) its bona
fide intention to offer such New Shares, (ii) the number of such New Shares to be offered, and (iii) the price and terms upon which it proposes to offer such New Shares. 
 3.2. By written notification received by the Company, within twenty (20) working days after receipt of the notice, Holders may elect to subscribe
for, at the price and on the terms specified in the notice, a portion of such New Shares that equals the proportion that the number of shares of Ordinary Shares issued and held, or issuable upon conversion of Series A Shares then held by such
Holders, bears to the total number of Ordinary Shares of the Company then issued and held, or issuable upon conversion of Series A Shares then held. The Company shall promptly, in writing, inform each Holder that elects to subscribe for all the New
Shares available to it (a “Participating Holder”) of any other Holder’s failure to do likewise. During the ten (10) working day period commencing after such information is given, each Participating Holder may elect
to subscribe for that portion of the New Shares for which Holders were entitled to subscribe for but which were not subscribed for by such Holders that is equal to the proportion that the number of Ordinary Shares issued and held, or issuable upon
conversion of Series A Shares then held, by such Participating Holder bears to the total number of Ordinary Shares issued and held, or issuable upon conversion of the Series A Shares then held, by all Participating Holders who wish to subscribe for
some of the unsubscribed New Shares. 
 3.3. If all New Shares that Holders are entitled to subscribe pursuant to Section 3.2 are not
elected to be subscribed for as provided in Section 3.2 hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in Section 3.2 hereof, offer the remaining unsubscribed portion of such
New Shares to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the Notice. If the Company does not enter into an agreement for the subscription of the New Shares within such
period, or if such agreement is not consummated within ninety (90) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Shares shall not be offered unless first re-offered to Holders in
accordance herewith. 
  

 14 

 3.4. For purposes of this Section 3, “New Shares” shall not include, and
therefore the preemptive right shall not be applicable to the issuance of, any securities that are specifically excluded from the definition of “Additional Ordinary Shares” in the Restated Articles as is in effect from time
to time. 
 3.5 The rights in this Section 3 shall terminate and cease to be in effect upon the closing of a Qualified Public Offering.

 4. TRANSFER RESTRICTIONS. 
 4.1. Restrictions on Key Shareholders’ Transfer. Each of the Key Shareholders shall not, directly or indirectly, sell, transfer, pledge or otherwise dispose of or permit the sale, transfer, pledge, or other disposition of (each
disposition referenced in this Section 4, a “Transfer”) its direct or indirect interest in the Company at any time prior to the Qualified Public Offering of the Company except as provided in Sections 4.2 through 4.7 or
otherwise approved in writing by the Investors, provided, however, that this restriction shall not apply to Transfers by the Key Shareholders to any of their respective Affiliates, provided that any such transferee agrees in writing to be bound by
the terms of this Shareholders Agreement and provided further that such Transfer does not, in the reasonable opinion of the Company’s legal counsel, prevent the Company from consummating its initial public offering. 
 4.2. Right of First Refusal and Right of Co-Sale. 
 (a) Transfer Notice. Prior to the closing of a Qualified Public Offering, if at any time (i) any shareholder of the Company (the “Selling Shareholder”) proposes to sell or Transfer
his or her Equity Securities (as defined below), in whole or in part, to one or more third parties or (ii) any Equity Securities held by the Selling Shareholder are Transferred involuntarily pursuant to divorce, legal separation, bankruptcy or
other proceedings, death or any other involuntary Transfer, then such Selling Shareholder (or his or her executor) shall give each Holder a written notice of the intention to make such Transfer (the “Transfer Notice”), which
Transfer Notice shall include (i) a description of the Equity Securities to be Transferred (the “Offered Shares”), (ii) the identity of the prospective transferee(s) and (iii) the consideration and the material
terms and conditions upon which the proposed Transfer is to be made. The Transfer Notice shall certify that such Selling Shareholder has received a firm offer from the prospective transferee(s) respectively and in good faith believes a binding
agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include a copy of any written proposal, term sheet or letter of intent or other agreement relating to the proposed Transfer.

 (b) Holder’s Right of First Refusal. 
 (i) Each Holder shall have the right of first refusal, exercisable upon giving written notice to the Selling Shareholders (the “Purchase and Co-Sale Notice”) within 30 days after its receipt of
the Transfer Notice, to purchase up to its pro rata share of the Offered Shares plus up to its pro rata share of any balance of the Offered Shares not purchased by any other Holders who elected not to exercise the right of first refusal (the
“Remaining Shares”) on the same terms and conditions as set forth in the Transfer Notice, subject to Section 4.2(b)(iii). The Purchase and Co-Sale Notice shall state (i) whether the Holder desires to purchase the
maximum amount of the Offered Shares available including his, her or its pro rata share of the Remaining Shares, and (ii) whether the Holder elects not to purchase any of the Offered Shares but wishes to sell a portion of the securities held by
such Holder pursuant 

  

 15 

 
to Section 4.2(c) of this Agreement and the number of securities to be sold (subject to Section 4.2(c)(ii)). A Holder has the option either to
purchase or to sell under this Section 4 and such right shall not be construed as an option to both purchase and sell with respect to the same Transfer. A Holder who either does not deliver a Purchase and Co-Sale Notice or indicates in the
Purchase and Co-Sale Notice that such Holder elects not to purchase any of the Offered Shares shall be referred to herein as a “Non-Purchasing Holder” and otherwise a “Purchasing Holder.” 

(ii) Each Purchasing Holder’s pro rata share shall be equal to a fraction, the numerator of which is the number of shares of Equity Securities
held by such Purchasing Holder and the denominator of which is the total number of shares of Equity Securities held by all Purchasing Holders calculated immediately prior to the time of the purchase hereunder from the Selling Shareholders, provided
however, that with respect to the Remaining Shares, the denominator shall be total number of shares of Equity Securities held by the Purchasing Holders that are purchasing the Remaining Shares. 
 (iii) In the event that the Transfer in question is by operation of law or another involuntary Transfer (including a Transfer incident to death,
divorce, legal separation or bankruptcy) the price per share shall be the greater of the original purchase price or conversion price paid by the Selling Shareholders for such Offered Shares (appropriately adjusted for share splits, share dividends,
combinations and the like) or the fair market value of such Offered Shares, which shall be a price set by the Board of Directors that will reflect the current value of the Offered Shares in terms of present earnings and future prospects of the
Company, determined within thirty (30) days after receipt by Holders of the Transfer Notice. In the event that the Selling Shareholder or his or her executor disagrees with such valuation as determined by the Board of Directors, the Selling
Shareholder or his or her executor shall be entitled to have the valuation determined by an independent appraiser to be mutually agreed upon by the Purchasing Holders and the Selling Shareholder or his or her executor, the fees of which appraiser
shall be borne equally by the Purchasing Holders and the Selling Shareholder or his or her estate. 
 (iv) In the event the consideration
for the Offered Shares specified in a Transfer Notice is payable in property other than cash and the Selling Shareholder and the Holders who wish to purchase the Offered Shares (acting together) cannot agree on the cash value of such property within
ten days after such Holders’ receipt of the Transfer Notice, the value of such property shall be determined by an appraiser of recognized standing selected jointly by the Selling Shareholder and such Holder (acting together). If they cannot
agree on an appraiser within 20 days after receipt of the Transfer Notice by the Holders, within a further five-day period, the Selling Shareholder and such Holders (acting together) shall each select an appraiser of recognized standing and the two
appraisers shall designate a third appraiser of recognized standing to determine the value of such property. The value of such property shall be determined by the appraiser selected pursuant to this Section 4.2(b)(iv) within one month from its
appointment, and such determination shall be final and binding on the Selling Shareholder and such Holders. The cost of such appraisal shall be shared equally by the Selling Shareholder, on the one hand, and such Holder, on the other hand (each
Holder shall pay its pro rata portion of such costs based on the number of Offered Shares acquired by each such Holder). If the 30-day period as specified in Section 4.2(b)(i) has expired but for the determination of the value of the
consideration for the Offered Shares offered by the Selling Shareholder, then 

  

 16 

 
such 30-day period shall be extended to the fifth Business Day after such valuation shall have been determined to be final and binding pursuant to this
Section 4.2(b)(iv). 
 (c) Holder’s Right of Co-Sale 
 (i) Following the expiration of the right of first refusal and purchase rights described in Sections 4.2(b), each Holder who previously notified the
Selling Shareholder in the Purchase and Co-Sale Notice of such Holder’s desire to sell a portion of his, her or its shares with the Selling Shareholders (such Holder, a “Co-Sale Participant”) shall have the right to
participate in the sale of any Offered Shares that were not purchased by Holders pursuant to Section 4.2(b), on the same terms and conditions as specified in the Transfer Notice; provided, however, that no Holders shall be entitled under this
Section 4.2(c) to participate in Transfers of Equity Securities by a Selling Shareholder incident to divorce, legal separation, bankruptcy or other proceedings, or death or in any other involuntary Transfers of Equity Securities by a Selling
Shareholder. To the extent one or more of Holders exercise such right of co-sale in accordance with the terms and conditions set forth below, the number of Equity Securities that the Selling Shareholders may sell in the Transfer shall be
correspondingly reduced. 
 (ii) Each Co-Sale Participant may sell all or any part of that number of Equity Securities issued upon
conversion equal to the product obtained by multiplying (i) the Offered Shares, less any Offered Shares purchased by the Purchasing Holders, by (ii) a fraction, the numerator of which shall be the number of Equity Securities owned by such
Co-Sale Participant and the denominator of which shall be the total number of Equity Securities held by all Co-Sale Participants, calculated immediately prior to the time of the Transfer. 
 (d) Each Co-Sale Participant shall effect its participation in the sale by promptly delivering to the Selling Shareholders for transfer to the
prospective purchaser one or more certificates, properly endorsed for transfer, which represent: 
 (i) the series and number of Series A
Shares which such Co-Sale Participant elects to sell; or 
 (ii) that number of Series A Shares which are at such time convertible into the
number of Ordinary Shares which such Co-Sale Participant elects to sell; provided, however, that if the prospective third-party purchaser objects to the delivery of Series A Shares in lieu of Ordinary Shares, such Co-Sale Participant shall first
convert such Series A Shares into Ordinary Shares and deliver Ordinary Shares as provided in this Section 4.2(d). The Company agrees to make any such conversion concurrent with the actual transfer of such shares to the purchaser and contingent
upon such transfer. 
 (e) The share certificate or certificates that the Co-Sale Participant delivers to such Selling Shareholder pursuant
to Section 4.2(d) shall be transferred to the prospective purchaser in consummation of the sale of the Offered Shares to the terms and conditions specified in the Transfer Notice, and such Selling Shareholder shall concurrently therewith remit
to such Co-Sale Participant that portion of the sale proceeds to which such Co-Sale Participant is entitled by reason of its participation in such sale. To the extent that any prospective purchaser or purchasers prohibits such assignment or
otherwise refuses to purchase shares or other securities from a Co-Sale Participant exercising its rights of co-sale hereunder, such Selling Shareholder shall not sell to such 

  

 17 

 
prospective purchaser or purchasers any Equity Securities unless and until, simultaneously with such sale, such Selling Shareholder shall purchase such
shares or other securities from such Co-Sale Participant for the same consideration and on the same terms and conditions as the proposed Transfer described in the Transfer Notice. 
 (f) Definition. For purpose of Sections 4.2, 4.3, 4.4 and 4.5, the term “Equity Securities” shall mean the Ordinary Shares
or Series A Shares of the Company, any warrant, option, right, or any security that is issued as a dividend or other distribution with respect to, or in exchange for, or in replacement of such Series A Shares or Ordinary Shares, or securities
convertible into or exercisable for Series A Shares and Ordinary Shares of the Company. 
 4.3. Non-Exercise of Rights. To the extent
that the Holders have not exercised their rights to purchase all the Offered Shares subject to the Transfer, such Selling Shareholders shall have a period of sixty (60) days from the expiration of such rights in which to sell any remaining
Offered Shares, upon terms and conditions (including the purchase price) no more favorable to the purchaser than those specified in the Transfer Notice, to the third-party transferee(s) identified in the Transfer Notice. The third-party
transferee(s) shall, as a condition to the effectiveness of Transfer of the Offered Shares, furnish the Company and the Selling Shareholders with a written agreement to be bound by and comply with this Agreement, including without limitation all
provisions of this Section 4, as if such transferee(s) were a Selling Shareholder hereunder, as well as the terms of the agreement pursuant to which such Offered Shares were issued. In the event a Selling Shareholder does not consummate the
sale or disposition of the Offered Shares within the sixty (60) day period from the expiration of these rights, the Holder’s right of first refusal hereunder shall continue to be applicable to any subsequent disposition by any Selling
Shareholder. Furthermore, the exercise or non-exercise by the Holders to purchase Offered Shares by such Selling Shareholder shall not adversely affect such Holder’s rights to make subsequent purchases from any Selling Shareholder. Any proposed
Transfer on terms and conditions different than those described in the Transfer Notice, as well as any subsequent proposed Transfer of any of the Offered Shares by a Selling Shareholder shall again be subject to the right of first refusal and
co-sale right of Holders and shall require compliance by the relevant Selling Shareholders with the procedures described in this Section 4. 
 4.4. Limitations on Right of First Refusal and Right of Co-Sale. 
 The provisions of Section 4.2 of this Agreement shall
not apply to: 
 (a) any repurchase of Equity Securities by the Company pursuant to the terms of Options issued under the Share Option Plan
(as these terms are defined below); 
 (b) any Transfer or series of Transfers by the Key Shareholders resulting in the disposition of no
more than an aggregate of five percent (5%) of the total number of shares of Equity Securities, held directly or indirectly as of the date of this Agreement, as contemplated by Section 4.1; and 
 (c) any Transfer or Transfers made pursuant to Section 4.7. 
  

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 (d) any Transfers by the Key Shareholders to the Key Shareholders’ respective Affiliates.

 4.5. Prohibited Transfers. 
 (a) In the event that a Selling Shareholder should sell any Offered Shares in contravention of the purchase rights of the Holders under Section 4.2 (a “Prohibited Transfer”), the Holders, in addition to such
other remedies as may be available at law, in equity or hereunder, shall have the put option provided below and such Selling Shareholder shall be bound by the applicable provisions of such option. 
 (b) In the event of a Prohibited Transfer, each Holder shall have the right to sell to such Selling Shareholder the type and number of Ordinary Shares or
Series A Shares equal to the number of shares each Selling Shareholder would have been entitled to Transfer to the third-party transferee(s) under Section 4.2 hereof had the Prohibited Transfer been effected pursuant to and in compliance with
the terms hereof (assuming no Holders had elected to become Purchasing Holders). Such sale shall be made on the following terms and conditions: 
 (i) The price per share at which the shares are to be sold to such Selling Shareholder shall be equal to the price per share paid by the third-party transferee(s) to such Selling Shareholder in the Prohibited Transfer. The Selling
Shareholder shall also reimburse each Holder for any and all fees and expenses, including reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Holder’s rights under Section 4. 

(ii) Within ninety (90) days after the later of the dates on which the Holder (A) received notice of the Prohibited Transfer or
(B) otherwise became aware of the Prohibited Transfer, each Holder shall, if exercising the option created hereby, deliver to such Selling Shareholder the certificate or certificates representing shares to be sold, each certificate to be
properly endorsed for transfer. 
 (iii) The Selling Shareholder shall, upon receipt of the certificate or certificates for the shares to be
sold by a Holder, pursuant to this Section 4.5, pay the aggregate purchase price therefor and the amount of reimbursable fees and expenses, as specified in Section 4.5(b)(i), in cash or by other means acceptable to such Holder. 

(iv) Notwithstanding the foregoing, any attempt by such Selling Shareholder to Transfer Offered Shares in violation of Section 4 hereof shall be
void and the Company agrees it will not effect such a Transfer nor will it treat any alleged transferee(s) as the holder of such shares without the written consent of a majority in interest of the Holders. 
 4.6. Prohibition on Transfers to Competitors. An Investor shall not transfer or dispose any of its interest in any Series A Shares or any Ordinary
Shares issued upon conversion thereof for a period of twelve (12) months following the Closing (as defined in the Subscription Agreement), provided, however, that this restriction shall not apply to transfers by the Investor to any of its
Affiliates. Thereafter, an Investor may transfer or dispose of its interests in any Series A Shares or any Ordinary Shares issued upon conversion thereof, to any person other than a person directly or indirectly conducting, or who directly or
indirectly owns more than thirty percent (30%) interest in, a business that the Investor knows to be a direct competitor of the Company (a “Competitor”) or to 

  

 19 

 
any third party acting on behalf of such Competitor. An Investor transferring or disposing of any Series A Shares or Ordinary Shares issued upon conversion
thereof shall give the Key Shareholders a right of first refusal, to which Section 4.2(b) shall apply mutatis mutandis as if the Investor were the Selling Shareholder and the Key Shareholders were the Holder thereunder. 
 4.7. Drag-Along Rights. 
 (a) If at
any time after twenty four (24) months from the Closing Date (as defined in the Subscription Agreement) a majority of the holders of Series A Shares (voting together as a single class) (the “Dragging Holders”) approve of
an offer to purchase all or substantially all of the equity or assets of any or all of the Group Companies (a “Drag-Along Sale”) with total gross proceeds (before expenses) of more than US$800 million in cash, upon terms and
conditions acceptable to a majority of the holders of Ordinary Shares (voting separately), then any other holders of Series A Shares and the Key Shareholders (the “Dragged Holders”) will agree to, and will vote in favor of,
such Drag-Along Sale and shall transfer their shares or ownership interest in the Group Company or Group Companies involved in such Drag-Along Sale as required to effect the Drag-Along Sale, provided that any Drag-Along Sale shall not be deemed a
Deemed Liquidation Event as defined in the Amended and Restated Memorandum and Articles of Association of the Company (the “Restated Articles”) and provided further that in such case the proceeds of the Drag-Along Sale are
distributed pro rata among the holders of the Ordinary Shares and the holders of the Series A Shares, on an as converted basis, notwithstanding the liquidation provisions of the Restated Articles. 
 (b) The Dragged Holders shall also procure all other shareholders of the relevant Group Companies to vote in favor of such Drag-Along Sale and to
transfer their shares or ownership interest in the Group Company or Group Companies involved in such Drag-Along Sale as required to effect the Drag-Along Sale. Notwithstanding any provision to the contrary, the share transfer restrictions as
provided in Section 4.1 and Section 4.2 of this Agreement shall not apply to any Transfers made pursuant to this Section 4.7. 
 (c) Any such sale or disposition by the Dragged Holders shall be on the same terms and conditions, including, without limitation, as to the form of consideration, as the proposed Drag-Along Sale by the Dragging Holders. The Dragged Holders
shall be required to make customary and usual representations and warranties in connection with the Drag-Along Sale, including, without limitation, as to their ownership and authority to sell, free of all liens, claims and encumbrances of any kind,
the shares proposed to be transferred or sold by such persons or entities and shall, without limitation as to time, indemnify and hold harmless to the full extent permitted by law, the Dragging Holders and the third party purchasers against all
obligations, cost, damages, expenses, losses, judgments, assessments, or other liabilities including, without limitation, any special, indirect, consequential or punitive damages, any court costs, costs of preparation, attorney’s fees or
expenses, or any accountant’s or expert witness’ fees arising out of, in connection with or related to any breach or alleged breach of any representation or warranty made by, or agreements, understandings or covenants of the Dragged
Holders as the case may be, under the terms of the agreements relating to such Drag-Along Sale. 
 (d) Prior to making any Drag-Along Sale in
which the Dragging Holders wish to exercise their rights under this Section, the Dragging Holders shall provide the Company and the Dragged Holders with written notice (the “Drag-Along Notice”) not 

  

 20 

 
less than thirty (30) business days prior to the proposed date of the Drag-Along Sale (the “Drag-Along Sale Date”). The
Drag-Along Notice shall set forth: (i) the name and address of the third party purchasers; (ii) the proposed amount and form of consideration to be paid per share, and the terms and conditions of payment offered by each of the third party
purchasers; (iii) the Drag-Along Sale Date; (iv) the number of shares held of record by the Dragging Holders on the date of the Drag-Along Notice which form the subject to be Transferred, sold or otherwise disposed of by the Dragging
Holders; and (v) the number of shares of the Dragged Holders to be included in the Drag-Along Sale. 
 (e) On the Drag-Along Sale Date,
the Dragged Holders shall each deliver or cause to be delivered a certificate or certificates evidencing its shares to be included in the Drag-Along Sale, duly endorsed for transfer with signatures guaranteed, to such third party purchasers in the
manner and at the address indicated in the Drag-Along Notice. 
 (f) If the Dragged Holders receive the purchase price for their shares or
such purchase price is made available to them as part of a Drag-Along Sale and, in either case they fail to deliver certificates evidencing their shares as described in this Section, they shall for all purposes be deemed no longer to be a
shareholder of the relevant Group Company (with the record books of the Group Company including, as appropriate, its register of members updated to reflect such status), shall have no voting rights, shall not be entitled to any dividends or other
distributions with respect to any shares held by them, shall have no other rights or privileges as a shareholder of the Group Company and, in the event of liquidation of the Group Company, their rights with respect to any consideration they would
have received if they had complied with this Section 4.7, if any, shall be subordinate to the rights of any equity holder. In addition, upon demand by the Dragging Holders and in addition to any other rights or remedies of the Dragging Holders
granted herein or otherwise, the relevant Group Company shall stop any subsequent Transfer of any such shares held by the Dragged Holders. 
 (g) Notwithstanding anything in Section 4.7 to the contrary, if the Company is actively pursuing a Qualified Public Offering and provides written notice thereof to the Dragging Holders within ten (10) business days following
receipt of a Drag Along Notice, the provisions of this Section 4.7 shall not apply so long as the Company is actively pursuing a Qualified Public Offering. As used hereunder, “actively pursuing” means that (i) the Board has
within the past six (6) months authorized the Company’s management to select and engage, on behalf of the Company, an investment bank to act as managing underwriter in connection with its initial public offering, or (ii) an investment
bank has been engaged as managing underwriter in connection with the Company’s initial public offering and continues to work on such offering. 
 4.8. Termination of Rights. All rights as provided in this Section 4, including the right of first refusal and the right of co-sale set out in Section 4.2, the drag-along rights set out in Section 4.7 and the
restrictions on transfers by the Investors set out in Section 4.6, shall terminate and cease to be in effect upon the closing of a Qualified Public Offering. 
 5. ASSIGNMENT AND AMENDMENT. 
 5.1. Assignment. Notwithstanding anything herein to the
contrary, 
  

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 (a) Information and Registration Rights. The information and inspection rights under
Section 1.1 and the registration rights under Section 2 may be assigned to any Holder, or to any person acquiring Registrable Securities from such Holder; provided, however, that in either case no party may be assigned any of the foregoing
rights unless the Company is given written notice by the assigning party stating the name and address of the assignee and identifying the securities of the Company as to which the rights in question are being assigned; and provided further, that any
such assignee or transferee shall receive such assigned rights subject to all the terms and conditions of this Agreement, including without limitation the provisions of this Section 5. 
 (b) Right of First Refusal and Right of Co-Sale. The right of first refusal and the right of co-sale as provided in Section 4.2 may be
assigned (but only with all related obligations) by a Holder to any transferee or assignee of such Holder’s securities who also qualifies as a Holder hereunder, provided, in each case, that: (a) the Company is, within a reasonable time
after such Transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such purchase and co-sale rights are being assigned; and (b) such transferee or assignee agrees
in writing to be bound by and subject to all the terms and conditions of this Agreement. 
 (c) Legend. Each existing or replacement
certificate for any shares now owned or hereafter acquired by a Holder and each certificate issued to any person in connection with a Transfer pursuant to Section 4 hereof may bear the following legend (or a substantially similar legend):

 “THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER SET FORTH IN A SHAREHOLDERS AGREEMENT, A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 
 Each Holder
agrees that the Company may instruct its transfer agent to impose transfer restrictions on the shares represented by certificates bearing the legend referred to above to enforce the provisions of this Agreement. 
 5.2. Amendment of Rights. Any term of this Agreement may be amended only with the written consent of the Group Companies, the Investors and the
Key Shareholders. Any amendment or waiver effected in accordance with this Section 5.2 shall be binding upon the Group Companies, the Investors and the Key Shareholders and their respective assigns. 
 6. CONFIDENTIALITY AND NON-DISCLOSURE. 
 6.1. Disclosure of Terms. The terms and conditions of this Agreement and the Subscription Agreement, and all exhibits and schedules attached to such agreements (collectively, the “Financing Terms”), including
their existence, shall be considered confidential information and shall not be disclosed by any party hereto to any third party except in accordance with the provisions set forth below; provided that such confidential information shall not include
any information that is in the public domain other than caused by the breach of the confidentiality obligations hereunder. 
  

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 6.2. Press Releases, Etc. Any press release issued by the Company shall not disclose any of the
Financing Terms and the final form of such press release shall be approved in advance in writing by the Investors. No other announcement regarding any of the Financing Terms in a press release, conference, advertisement, announcement, professional
or trade publication, mass marketing materials or otherwise to the general public may be made without the Investors’ prior written consent. 
 6.3. Permitted Disclosures. Notwithstanding the foregoing, after the Closing, the Company may disclose any of the Financing Terms to its investment bankers, lenders, accountants and attorneys on a need-to-know basis, in each case
only where such persons or entities are under appropriate nondisclosure obligations. After the Closing, each Investor shall be entitled to disclose its respective investment in the Company and the terms thereof to third parties or to the public, and
after an Investor has disclosed any of the Financial Terms to third parties or to the public, the Company shall have the option to disclose such information as may have already been disclosed by the Investor. Without limiting the generality of the
foregoing, the Investors shall be entitled to disclose the Financing Terms and other information related to the Group Companies for the purposes of fund reporting or inter-fund reporting or to their fund manager, other funds managed by their fund
manager and their respective auditors, counsel, directors, officers, employees, shareholders or investors. 
 6.4. Legally Compelled
Disclosure. In the event that any party is requested or becomes legally compelled (including without limitation, pursuant to securities laws and regulations) to disclose the existence of this Agreement and the Subscription Agreement, any of the
exhibits and schedules attached to such agreements, or any of the Financing Terms hereof in contravention of the provisions of this Section 6, such party (the “Disclosing Party”) shall, where practicable, provide the
other parties (the “Non-Disclosing Parties”) with prompt written notice of that fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the other parties a protective order, confidential
treatment or other appropriate remedy. In such event, the Disclosing party shall furnish only that portion of the information which is legally required to be disclosed and shall exercise reasonable efforts to keep confidential such information to
the extent reasonably requested by any Non-Disclosing Party. 
 6.5. Other Information. The Investors acknowledges that the
information received from the Group Companies pursuant to this Agreement may be confidential and is for its use only, and it will not use such information for purposes other than for purposes consistent with and in furtherance of this Agreement or
reproduce, disclose or disseminate any confidential information to any other person (other than its fund managers, employees, accountants and legal counsels having a need to know the contents of such information and under appropriate non-disclosure
obligations), except in connection with the exercise of its rights under this Agreement or the Subscription Agreement. 
 6.6.
Notices. All notices required under this section shall be made pursuant to Section 9.1 of this Agreement. 
 7. PROTECTIVE
PROVISIONS. 
 7.1. Stock Option Plan. The Company shall have authorized and adopted the Share Option Plan (as defined in the
Subscription Agreements) providing for issuance of shares or options or other securities to the employees, consultants, officers or directors of the Company or its Subsidiaries. 
  

 23 

 7.2 Qualified Public Offering. Subject to applicable Laws, each of the Group Companies and the Key
Shareholders shall use commercially reasonable best efforts to effectuate the closing of a Qualified Public Offering prior to the second (2nd) anniversary of the Closing Date (as defined in the Subscription Agreement). 
 7.3 Restructuring of the Company. The Group Companies and the Key Shareholders shall use all commercially reasonable efforts to take, or
cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective the Plan of Restructuring (as defined in the Subscription Agreement) and
the other transactions contemplated by this Agreement. The Group Companies and the Key Shareholders shall use all commercially reasonable efforts to comply as promptly as practicable with any Laws of any Governmental Authority that are applicable to
the Plan of Restructuring or any of the other transactions contemplated hereby or by the Subscription Agreement and pursuant to which any consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental
Authority or any other Person in connection with such transactions is necessary. The Group Companies and the Key Shareholders shall use all commercially reasonable efforts to keep the Investors apprised of the status of any communications with, and
any inquiries or requests for additional information from, any Governmental Authority (or other Person regarding the Plan of Restructuring of any of the other transactions contemplated by this Agreement or the Transaction Agreements) in respect of
any such filing, registration or declaration and shall comply promptly with any such inquiry or request (and, unless precluded by law, provide copies of any such communications that are in writing). 
 7.4 Reserved Matters. The Company shall not, and shall procure that any Group Company and their respective subsidiaries shall not, take any of the
following actions without the consent of the majority of the holders of the then-outstanding Series A Shares: 
 (a) amend or change the
rights, preferences, privileges or powers of, or the restrictions provided for the benefit of the holders of any class of Shares; 
 (b) take
any action that authorizes, creates or issues shares of any class or series, or securities or instruments convertible or exchangeable into shares of any class or series; 
 (c) take any action that reclassifies any outstanding securities of the Company into securities having preferences or priority as to dividends or assets senior to the preferences reserved for the Series A Preference
Shares; 
 (d) increase the share capital of any Subsidiary by means of an issue shares or equity interests or securities or instruments
convertible or exchangeable into shares or equity interests; 
 (e) dispose all or substantially all of the assets of or shares or equity
interests in any Group Company or any subsidiary of any Group Company; 
  

 24 

 (f) enter into any transaction or arrangement or agreement with a Director or Shareholder or any of their
respective Affiliates, other than on arms length terms in the ordinary course of business of consideration in excess of US$5,000,000, except for any transaction or arrangement or agreement with Jinglong disclosed in the Disclosure Schedules of the
Subscription Agreement; or 
 (g) make any loan or advance or giving any guarantee or indemnity or providing any credit, other than in the
normal course of business. 
 8. BOARD OF DIRECTORS 
 8.1. Election of Directors. 
 (a) The Board shall consist of a minimum of five (5) and a maximum
of seven (7) directors and any increase to the size of the Board beyond seven (7) shall require an amendment to the Restated Articles. 
 (b) The shareholders of the Company shall take all action (including, without limitation, voting the shares owned by each, calling extraordinary meetings of shareholders and executing and delivering written consents) necessary to elect the
following candidates as directors: 
 (i) At each election of the directors of the Board, so long as Jinglong holds not less than forty
percent (40%) of the total Ordinary Shares of the Company issued, after conversion of the Series A Shares (and as adjusted for any share splits, share dividends, recapitalizations or the like), Jinglong shall be entitled to elect two
(2) directors to the Board. 
 (ii) At each election of the directors of the Board, so long as Improve Forever Investments Limited
holds not less than two percent (2%) of the total Ordinary Shares of the Company issued, after conversion of the Series A Shares (and as adjusted for any share splits, share dividends, recapitalizations or the like), Improve Forever Investments
Limited shall be entitled to elect one (1) director to the Board. 
 (iii) At each election of the directors of the Board, so long as
Express Power Investment Limited holds not less than eight percent (8%) of the total Ordinary Shares of the Company issued, after conversion of the Series A Shares (and as adjusted for any share splits, share dividends, recapitalizations or the
like), Express Power Investment Limited shall be entitled to elect one (1) director to the Board. 
 (iv) At the election of the
directors of the Board, so long as an Investor holds Series A Shares that would, upon conversion, represent not less than five percent (5%) of the total Ordinary Shares of the Company issued, after conversion of the Series A Shares (and as
adjusted for any share splits, share dividends, recapitalizations or the like), such Investor shall be entitled to nominate one (1) independent director to the Board, as qualified under relevant laws and regulations. 
 (v) For so long as an Investor owns Shares equal to at least fifty percent (50%) of the Series A Shares issued to such Investor pursuant to the
respective Subscription Agreement (as adjusted for any share splits, reverse splits, share distributions, 

  

 25 

 
recapitalizations and the like and each such Investor holding such Series A Shares, an “Eligible Investor”), such Eligible Investor shall be
permitted to designate from time to time one representative to attend all meetings of the Board as an observer without any voting right, except where and when such meetings of the Board are required by applicable law to be held exclusively by the
directors. 
 (c) The holders of Ordinary Shares and Series A Shares, voting together as a single class, shall jointly designate up to three
(3) independent candidates (including one (1) candidate nominated by the Investor pursuant to clause (iv) above) within eighteen (18) months after the Closing. The shareholders of the Company shall upon each such designation
promptly take all action (including, without limitation, voting the Shares owned by each, calling extraordinary meetings of Shareholders and executing and delivering written consents) necessary to elect such independent candidates as Directors.

 (d) An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated
office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period; but no such term shall be implied in the absence of express provision. 
 (e) There shall be no shareholding qualification for directors. 
 8.2. Expenses. The Company shall reimburse the directors for all reasonable expenses relating to all Board activities, including, without limitation, expenses or fees incurred in relation to attending the Board
meetings or meetings of any committee. 
 8.3. Meetings. The Company shall hold Board meetings once every three (3) months either
physically or via a telephone conference. At least three business days prior to each Board meeting, the Company shall provide each director with a package of relevant information for such meeting. 
 8.4 Termination. The provisions of this Section 8 shall terminate and cease to be in effect upon the closing of a Qualified Public
Offering. 
 9. GENERAL PROVISIONS. 
 9.1. Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have
been duly given (i) when hand delivered to the other party, upon delivery; (ii) when sent by facsimile, upon receipt of confirmation of error-free transmission; (iii) seven (7) Business Days after deposit in the mail as air mail
or certified mail, receipt requested, postage prepaid and addressed to the other party; or (iv) three (3) Business Days after deposit with an international overnight delivery service, postage prepaid, with next Business Day delivery
guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider. Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such
communication was addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. The initial address and facsimile number of each party are as shown
below the signature of such party on the signature page of this Agreement. A party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section 9.1 by giving the other party written notice
of the new address in the manner set forth above. 
  

 26 

 9.2. Entire Agreement. This Agreement and the Subscription Agreement, any other Transaction
Agreements (as defined in the Subscription Agreement), together with all the exhibits hereto and thereto, constitute and contain the entire agreement and understanding of the parties with respect to the subject matter hereof and supersede any and
all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject matter hereof. 
 9.3. Governing Law. Except with respect to the references in this Agreement to the Exchange Act and the Securities Act, this Agreement shall be governed by and construed exclusively in accordance with the laws of the State of New
York without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the laws of the State of New York to the rights and duties of the parties hereunder. 
 9.4. Severability. If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the
extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as originally set forth herein, and if no feasible interpretation would save such
provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights or benefits intended by the parties. In such event, the parties shall use best
efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly effects the parties’ intent in entering into this Agreement. 
 9.5. Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto and their
permitted successors and assigns any rights or remedies under or by reason of this Agreement. 
 9.6. Successors and Assigns. Subject
to the provisions of Section 5.1, the provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto. 
 9.7. Interpretation; Captions. This Agreement shall be construed according to its fair language. The rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The captions to sections of this Agreement have been inserted for identification and reference purposes only and shall not be used to
construe or interpret this Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein are to Sections and Exhibits of this Agreement. Terms not otherwise defined herein shall have the meaning given them in
the Amended and Restated Memorandum and Articles of Association of the Company in effect upon the Closing under the Subscription Agreements. 
 9.8. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

 27 

 9.9. Adjustments for Share Splits, Etc. Wherever in this Agreement there is a reference to a
specific number of Series A Shares or Ordinary Shares of the Company, then, upon the occurrence of any subdivision, combination or share dividend of the Series A Shares or Ordinary Shares, the specific number of shares so referenced in this
Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of shares by such subdivision, combination or share dividend. 
 9.10. Aggregation of Shares. All Series A Shares or Ordinary Shares held or acquired by more than one Affiliate shall be aggregated together for
the purpose of determining the availability of any rights under this Agreement. 
 9.11. Shareholders Agreement to Control. If and to
the extent that there are inconsistencies between the provisions of this Agreement and those of the Restated Articles, the terms of this Agreement shall control. The parties agree to take all actions necessary or advisable, as promptly as
practicable after the discovery of such inconsistency, to amend the Restated Articles so as to eliminate such inconsistency. 
 9.12.
Dispute Resolution. 
 (a) Negotiation Between Parties; Mediations. The parties agree to negotiate in good faith to resolve any
dispute between them regarding this Agreement. If the negotiations do not resolve the dispute to the reasonable satisfaction of all parties within thirty (30) days, Section 9.12(b) shall apply. 
 (b) Arbitration. In the event the parties are unable to settle a dispute between them regarding this Agreement in accordance with subsection
(a) above, such dispute shall be referred to and finally settled by arbitration at Hong Kong International Arbitration Centre in accordance with the UNCITRAL Arbitration Rules (the “UNCITRAL Rules”) in effect, which
rules are deemed to be incorporated by reference into this subsection (b). The arbitration tribunal shall consist of three arbitrators to be appointed according to the UNCITRAL Rules. The language of the arbitration shall be English. The parties
understand and agree that this provision regarding arbitration shall not prevent any party from pursuing equitable or injunctive relief in a judicial forum to compel another party to comply with this provision, to preserve the status quo prior to
the invocation of arbitration under this provision, or to prevent or halt actions that may result in irreparable harm. A request for such equitable or injunctive relief shall not waive this arbitration provision. 
 — REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK — 
  

 28 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized representatives to
execute this Agreement as of the date and year first above written. 
  

			
	COMPANY
	
	JA Development Co., Ltd.
		
	By:	 	 /s/ Yang Huaijin

	Name:	 	Yang Huaijin
	Title:	 	Attorney-in-fact
	Address:	 	Romasco Place, Wickhams Cay 1,
		 	P.O. Box 3140, Road Town,
		 	Tortola, British Virgin Islands
	Facsimile:	 	86-319-5800754
	
	JingAo Solar Co., Ltd.
	

		
	By:	 	 /s/ Yang Huaijin

	Name:	 	Yang Huaijin
	Title:	 	Chief Executive Officer
	Address:	 	Jinglong Industrial Park,
		 	Jinglong Street, Ningjin County,
		 	Hebei Province, 055550, PRC
	Facsimile:	 	86-319-5800754

  

 29 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized representatives to
execute this Agreement as of the date and year first above written. 
  

			
	Leeway Asia Ltd.
	For and on behalf of Leeway Asia L.P.
		
	By:	 	 /s/ Sheldon Liu

	Name:	 	Sheldon Liu
	Title:	 	Director
	Address:	 	PO Box 908 GT
		 	George Town, Grand Cayman
		 	Cayman Islands
	Facsimile:	 	+86-10-8486-8563

  

 30 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized representatives to
execute this Agreement as of the date and year first above written. 
  

			
	Mitsubishi Corporation
		
	By:	 	 /s/ Yoshimitsu Futai

	Name:	 	Yoshimitsu Futai
	Title:	 	General Manager,
		 	Head of Business Creation Department, Innovation Center
	Address:	 	Mitsubishi Corporation, 3-1,
		 	Marunouchi 2-Chome, Chiyoda-Ku,
		 	Tokyo 100-8086, Japan
	Facsimile:	 	+81-3-3210-8591

  

 31 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives to execute
this Agreement as of the date and year first above written. 
  

			
	KEY SHAREHOLDERS
	
	Jinglong Group Co., Ltd.
		
	By:	 	 /s/ Jin Baofang

	Name:	 	Jin Baofang
	Title:	 	Sole Director
	Address:	 	Romasco Place, Wickhams Cay 1,
		 	P.O. Box 3140, Road Town,
		 	Tortola, British Virgin Islands
	Facsimile:	 	86-319-5800754
	
	Improve Forever Investments Limited
		
	By:	 	 /s/ Yang Huaijin

	Name:	 	Yang Huaijin
	Title:	 	Sole Director
	Address:	 	Suite 402, No. 21
		 	Lane 519, Laohumin Road
		 	Shanghai 200237
		 	People’s Republic of China
	Facsimile:	 	
	
	Express Power Investment Limited
		
	By:	 	 /s/ Dai Ximing

	Name:	 	Dai Ximing
	Title:	 	Sole Director
	Address:	 	49 Combles Pale,
		 	Matraville NSW 2036
		 	New South Walse
		 	Australia
	Facsimile:	 	

  

 32 

 AMENDED AND RESTATED SUBSCRIPTION AGREEMENT 
  

	TO:	The Board of Directors of JA Development Co., Ltd. (the “Company”, a business company incorporated under the laws of the British Virgin Islands)

 We refer to the Subscription Agreement between the Company and us dated July 21, 2006. The consideration for the 5,499 shares
without par value subscribed by us pursuant to the Subscription Agreement is to be amended as follows: 
 “US$3,712,500 and our agreement to cause each
of our shareholders to vote for Hebei Jinglong Industry and Commerce Group Co., Ltd.’s sale of its equity interests in JingAo Solar Co., Ltd. to the Company at such price as determined by the shareholders’ meeting of Hebei Jinglong
Industry and Commerce Group Co., Ltd.” 
 Payment for the consideration is hereby made and please update the share register of the Company accordingly.

  

	
	 /s/ Jin Baofang

	Jin Baofang, sole director
	For and on behalf of
	 Jinglong Group Co., Ltd.

	
	 Date: August 14, 2006

 AMENDED AND RESTATED SUBSCRIPTION AGREEMENT 
  

	TO:	The Board of Directors of JA Development Co., Ltd. (the “Company”, a business company incorporated under the laws of the British Virgin Islands)

 We refer to the Subscription Agreement between the Company and us dated July 21, 2006. The consideration for the 1,500 shares
without par value subscribed by us pursuant to the Subscription Agreement is to be amended as follows: 
 “US$1,012,500 and our agreement to vote for
Australia PV Science & Engineering Company’s sale of its equity interests in JingAo Solar Co., Ltd. to the Company at such price as determined by the shareholders of Australia PV Science and Technology Company.” 
 Payment for the consideration is hereby made and please update the share register of the Company accordingly. 
  

	
	 /s/ Dai Ximing

	Ximing Dai, Director
	For and on behalf of
	 Express Power Investments Limited

	
	 Date: August 14, 2006

 AMENDED AND RESTATED SUBSCRIPTION AGREEMENT 
  

	TO:	The Board of Directors of JA Development Co., Ltd. (the “Company”, a business company incorporated under the laws of the British Virgin Islands)

 We refer to the Subscription Agreement between the Company and us dated July 21, 2006. The consideration for the 1,000 shares
without par value subscribed by us pursuant to the Subscription Agreement is to be amended as follows: 
 “US$675,000 and our agreement to vote for
Australia Solar Energy Development Company’s sale of its equity interests in JingAo Solar Co., Ltd. to the Company at such price as determined by the shareholders’ meeting of Australia Solar Energy Development Company.” 
 Payment for the consideration is hereby made and please update the share register of the Company accordingly. 
  

	
	 /s/ Ming Yong Li

	Ming Yong Li, Director
	For and on behalf of
	 Marlins Fame Limited

	
	 Date: August 14, 2006

 AMENDED AND RESTATED SUBSCRIPTION AGREEMENT 
  

	TO:	The Board of Directors of JA Development Co., Ltd. (the “Company”, a business company incorporated under the laws of the British Virgin Islands)

 We refer to the Subscription Agreement between the Company and us dated July 21, 2006. The consideration for the 500 shares
without par value subscribed by us pursuant to the Subscription Agreement is to be amended as follows: 
 “US$337,500 and our agreement to vote for
Australia Solar Energy Development Company’s sale of its equity interests in JingAo Solar Co., Ltd. to the Company at such price as determined by the shareholders’ meeting of Australia Solar Energy Development Company.” 
 Payment for the consideration is hereby made and please update the share register of the Company accordingly. 
  

	
	 /s/ Yang Huaijin

	Huaijin Yang, Director
	For and on behalf of
	 Improve Forever Investments Limited

	
	 Date: August 14, 2006

 AMENDED AND RESTATED SUBSCRIPTION AGREEMENT 
  

	TO:	The Board of Directors of JA Development Co., Ltd. (the “Company”, a business company incorporated under the laws of the British Virgin Islands)

 We refer to the Subscription Agreement between the Company and us dated July 21, 2006. The consideration for the 450 shares
without par value subscribed by us pursuant to the Subscription Agreement is to be amended as follows: 
 “US$303,750 and our agreement to vote for
Australia Solar Energy Development Company’s sale of its equity interests in JingAo Solar Co., Ltd. to the Company at such price as determined by the shareholders’ meeting of Australia Solar Energy Development Company.” 
 Payment for the consideration is hereby made and please update the share register of the Company accordingly. 
  

	
	 /s/ Xu Chen

	Chen Xu, Director
	For and on behalf of
	 Giant Fortune Development Limited

	
	 Date: August 14, 2006

 AMENDED AND RESTATED SUBSCRIPTION AGREEMENT 
  

	TO:	The Board of Directors of JA Development Co., Ltd. (the “Company”, a business company incorporated under the laws of the British Virgin Islands)

 We refer to the Subscription Agreement between the Company and us dated July 21, 2006. The consideration for the 450 shares
without par value subscribed by us pursuant to the Subscription Agreement is to be amended as follows: 
 “US$303,750 and our agreement to vote for
Australia Solar Energy Development Company’s sale of its equity interests in JingAo Solar Co., Ltd. to the Company at such price as determined by the shareholders’ meeting of Australia Solar Energy Development Company.” 
 Payment for the consideration is hereby made and please update the share register of the Company accordingly. 
  

	
	 /s/ Sau Fang Tam

	Sau Fung Tam, Director
	For and on behalf of
	 Super Shine International Limited

	
	 Date: August 14, 2006

 AMENDED AND RESTATED SUBSCRIPTION AGREEMENT 
  

	TO:	The Board of Directors of JA Development Co., Ltd. (the “Company”, a business company incorporated under the laws of the British Virgin Islands)

 We refer to the Subscription Agreement between the Company and us dated July 21, 2006. The consideration for the 350 shares
without par value subscribed by us pursuant to the Subscription Agreement is to be amended as follows: 
 “US$236,250 and our agreement to vote for
Australia Solar Energy Development Company’s sale of its equity interests in JingAo Solar Co., Ltd. to the Company at such price as determined by the shareholders’ meeting of Australia Solar Energy Development Company.” 
 Payment for the consideration is hereby made and please update the share register of the Company accordingly. 
  

	
	 /s/ Anton Szpitalak

	Anton Szpitalak, Director
	For and on behalf of
	 Si Fab International, Ltd

	
	 Date: August 14, 2006

 AMENDED AND RESTATED SUBSCRIPTION AGREEMENT 
  

	TO:	The Board of Directors of JA Development Co., Ltd. (the “Company”, a business company incorporated under the laws of the British Virgin Islands)

 We refer to the Subscription Agreement between the Company and us dated July 21, 2006. The consideration for the 250 shares
without par value subscribed by us pursuant to the Subscription Agreement is to be amended as follows: 
 “US$168,750 and our agreement to vote for
Australia Solar Energy Development Company’s sale of its equity interests in JingAo Solar Co., Ltd. to the Company at such price as determined by the shareholders’ meeting of Australia Solar Energy Development Company.” 
 Payment for the consideration is hereby made and please update the share register of the Company accordingly. 
  

	
	 /s/ Wong Kok Fai

	Kok Fai Wong, Director
	For and on behalf of
	 Freshearn Investments Limited

	
	 Date: August 14, 2006

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