Document:

Series A Shares Subscription Agreement dated November 1, 2006

 Exhibit 4.4 
 TIME SHARE MEDIA CO., LTD 
 SHARE SUBSCRIPTION AGREEMENT 
 THIS SHARE SUBSCRIPTION AGREEMENT is made and entered into as of November 1, 2006 by and among: 
  

	(1)	Time Share Media Co., Ltd, an exempted company incorporated under the laws of the Cayman Islands (the “Company”); 

  

	(2)	

, a wholly foreign-owned enterprise organized as a limited liability company under the laws of the PRC (the “PRC WFOE”); 

  

	(3)	

, a limited liability company organized under the laws of the PRC (the “PRC Co.”); 

  

	(4)	Insighting Holdings Limited, a company incorporated under the laws of the British Virgin Islands; 

  

	(5)	Knowrience Holdings Limited, a company incorporated under the laws of the British Virgin Islands; 

 (each of the parties (4) and (5) an “Ordinary Shareholder” and together, the “Ordinary Shareholders”) 
  

	(6)	He Ji Lun (

) (PRC ID No. 510 132 1972 0220 0077), an individual (“Mr. He”); 

  

	(7)	Fang Yun Feng (

) (PRC ID No. 320 482 1968 1123 0837), an individual; 

  

	(8)	Zhu Xian Zhou (

) (PRC ID No. 513 031 1974 0326 0034), an individual; 

  

	(9)	Zeng Jia Ju (

) (PRC ID No. 512 222 72 0120 139), an individual; 

  

	(10)	Zhou Chang Wen (

) (PRC ID No. 510 222 1972 0219 7210), an individual; 

  

	(11)	Zhong Hong (

) (PRC ID No. 510 132 1970 0727 5735), an individual; 

  

	(12)	Wang Ying (

) (PRC ID No. 410 105 1954 0620 0528), an individual; (together with He Ji Lun, Fang Yun Feng, Zhu Xian Zhou, Zeng Jia Ju, Zhou Chang Wen and Zhong Hong and their respective successors, the
“Founders”, and each a “Founder”); 

  

	(13)	He Da En (

) (PRC ID No. 512 323 1937 0717 1812), an individual; 

 (each of He Da En and
Mr. He, a “PRC Co. Shareholder” and together, the “PRC Co. Shareholders”); 
  

	(14)	Carlyle Asia Growth Partners III, L.P. (“Carlyle”); and 

	(15)	CAGP III Co-Investment, L.P. (“CAGP”) 

 (each of
parties (13) and (14) an “Investor” and together, the “Investors”). 
 For the purpose of this
Agreement, the Company, the PRC WFOE, the PRC Co. 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.” 
 RECITALS 
 WHEREAS, the Company desires to issue and allot to the Investors and the Investors desire to subscribe for up to twelve million five hundred thousand (12,500,000) convertible and redeemable Series A-1 preferred shares, with a par value
US$0.0001 per share (the “Series A-1 Shares”), and up to nine million nine hundred twenty thousand six hundred thirty-five (9,920,635) convertible and redeemable Series A-2 preferred shares of the Company, each with par value
US$0.0001 per share (the “Series A-2 Shares”) (together with the Series A-1 Shares, the “Series A Shares”) on 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: 
  

			
	“Action”	  	shall mean an action, suit, proceeding, claim, arbitration or investigation.
		
	“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
Investor (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.
		
	“Agreement”	  	shall mean this Share Subscription Agreement.
		
	“Applicable Law”	  	shall mean, with respect to any Person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates or orders of any Governmental Authority applicable to such
Person or any of its assets or property or to which such Person or any of its assets or property is subject, and all judgments, injunctions, orders and decrees of all courts and arbitrators in proceedings or actions in which such Person is a party
or by which it or any of its assets or properties is or may be bound or subject.

			
		
	“Associate”	  	shall mean with respect to any person, (1) a corporation or organization (other than the Group Companies) of which such person is an officer or partner or is, directly or indirectly, the
beneficial owner of 10 percent or more of any class of equity securities, (2) any trust or other estate in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar capacity, and (3) any
relative or spouse of such person, or any relative of such spouse, who has the same home as such person.
		
	“Board”	  	shall mean the board of directors of the Company.
		
	“Business Day”	  	shall mean any day (excluding Saturdays, Sundays and public holidays in Hong Kong and the PRC) on which banks generally are open for business in Hong Kong and the PRC.
		
	“Carlyle”	  	shall have the meaning set forth in the Preamble.
		
	“Carlyle Asia”	  	shall have the meaning set forth in Section 10.16.
		
	“Carlyle Manager”	  	shall have the meaning set forth in Section 10.16.
		
	“CAGP”	  	shall have the meaning set forth in the Preamble.
		
	“Closing”	  	shall mean any of the First Closing or Second Closing.
		
	“Closing Date”	  	shall mean the date of each respective Closing.
		
	“Company”	  	shall have the mean set forth in the Preamble.
		
	“Competing Business”	  	shall have the meaning set forth in Section 6.11(a).
		
	“Constitutional Documents”	  	shall have the meaning set forth in Section 4.13.
		
	“Covenantors”	  	shall mean the Company, the Founders, the Ordinary Shareholders, the PRC Co. Shareholders, the PRC WFOE and the PRC Co.
		
	“Disclosure Schedule”	  	shall have the meaning set forth in Section 4 and shall be attached hereto as Exhibit C.
		
	“Financial Statements”	  	shall have the meaning set forth in Section 4.5.
		
	“First Closing”	  	shall have the meaning set forth in Section 3.1.
		
	“Governmental Authority”	  	shall mean any government or political subdivision thereof, whether on a federal, central, state, provincial, municipal or local level and whether executive, legislative or judicial in nature,
including any agency, authority, board, bureau, commission, court, department or other instrumentality thereof.
		
	“Group Company” or “Group Companies”	  	shall have the meaning set forth in the Preamble.

			
	“Group Company Contracts”	  	shall have the meaning set forth in Section 4.13.
		
	“Initial Series A-1 Valuation”	  	shall mean the post-money valuation of the Company for subscription of Series A-1 Shares set at US$40,000,000.
		
	“Initial Series A-2 Conversion Price”	  	shall mean the initial price at which each Series A-2 Share can be converted to an Ordinary Share, which shall be equal to the Subscription Price for each Series A-2 Share, namely US$1.2096.

		
	“Initial Series A-2 Valuation”	  	shall have the meaning set forth in Section 3.2.
		
	“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.
		
	“Investor” or “Investors”	  	shall have the meaning set forth in the Preamble.
		
	“knowledge”	  	shall mean actual 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.
		
	“Lien”	  	shall mean any lien, encumbrance, mortgage, pledge, hypothecation, charge (whether fixed or floating or otherwise), right of first refusal, lease, license, adverse claim, or other conflicting
ownership affecting title or resulting in a charge against real or personal property, or security interest of any kind (including, without limitation, any conditional sale or other title retention agreement, any lease in the nature thereof, any
option or other agreement to sell).
		
	“Losses”	  	shall mean all losses, liabilities, damages, deficiencies, suits, debts, obligations, interest, penalties, expenses, judgments or settlements of any nature or kind, including all costs and
expenses related thereto, including without 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.
		
	“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 war or an act of terrorism, (ii) any issue or condition which has been disclosed in the Disclosure Schedule, or (iii) any material change in Applicable
Law.

			
	“Net Income of 2007”	  	shall mean the consolidated net income for the 2007 calendar year of the Company excluding (i) extraordinary gain or revenue and excluding any revenue from Affiliates of the Covenantors that are
not Group Companies as audited by a “big 4” accounting firm in accordance with US GAAP; (ii) any reasonable fees and expenses incurred or to be incurred with respect to this Agreement and the transactions contemplated hereby, including all
legal, accounting, financial advisory or other similar fees; (iii) any compensation charge recorded in the consolidated financial statements of the Group Companies in relation to any options issued to employees of the Group Companies pursuant to a
share option plan, provided that, such share option plan, option grant and exercise price has been adopted or approved, or will be adopted or approved by the Board, including at least one (1) Series A Director; (iv) any costs, expenses or
charges recorded or to be recorded in the Company’s income statement as a result of the equity financing contemplated herein being determined to be a loan for accounting purpose; and (v) for the first half of 2007 calendar year of the Company
only, all fees and expenses associated with creating, implementing and executing a systematic training program on United States laws in connection with anti-corruption and anti-bribery for all directors, officers, agents, employees, representatives
or any other Persons associated with or acting for or on behalf of the foregoing of the Group Companies.
		
	“Ordinary Shareholder” or “Ordinary Shareholders”	  	shall have the meaning set forth in Preamble.
		
	“Ordinary Shares”	  	shall mean the Company’s ordinary shares, par value US$0.0001 per share.
		
	“Person”	  	shall mean any natural person, corporation, limited liability company, general partnership, limited partnership, proprietorship, other business organization, trust, union, association or
Governmental Authority.
		
	“Plan”	  	shall mean the Company’s employee share option plan described in this Agreement.
		
	“PRC”	  	shall mean the People’s Republic of China, excluding Hong Kong, Macau, and Taiwan.
		
	“PRC Co.”	  	shall have the meaning set forth in the Preamble.
		
	“PRC WFOE”	  	shall have the meaning set forth in the Preamble.
		
	“Purchased Shares”	  	shall have the meaning set forth in Section 2.2.
		
	“Regulation S”	  	shall have the meaning set forth in Section 4.23.
		
	“Restated Articles”	  	shall have the meaning set forth in Section 2.1.
		
	“Restricted Period”	  	shall have the meaning set forth in Section 6.11.
		
	“Restructuring Agreements”	  	shall mean the agreements listed in Exhibit F.

			
	“Rights Agreement”	  	shall have the meaning set forth in Section 4.2(d).
		
	“SAFE Circular”	  	shall have the meaning set forth in Section 6.15.
		
	“Second Closing”	  	shall have the meaning set forth in Section 3.2.
		
	“Second Tranche Milestone”	  	 shall mean all of the following:
  
 (i)     The net income for the first half of the 2007 calendar year of the Company as audited by a
“big 4” accounting firm in accordance with US GAAP shall be no less than US$4,000,000; provided that, net income shall exclude (i) extraordinary gain or revenue and excluding any revenue from Affiliates of the Covenantors that are not
Group Companies as audited by a “big 4” accounting firm in accordance with US GAAP; (ii) any reasonable fees and expenses incurred or to be incurred with respect to this Agreement and the transactions contemplated hereby, including all
legal, accounting, financial advisory or other similar fees; (iii) any compensation charge recorded in the consolidated financial statements of the Group Companies in relation to any options issued to employees of the Group Companies pursuant to a
share option plan, provided that, such share option plan, option grant and exercise price has been adopted or approved, or will be adopted or approved by the Board, including at least one (1) Series A Director; (iv) any costs, expenses or
charges recorded or to be recorded in the Company’s income statement as a result of the equity financing contemplated herein being determined to be a loan for accounting purposes; and (v) for the first half of 2007 calendar year of the Company
only, all fees and expenses associated with creating, implementing and executing a systematic training program on United States laws in connection with anti-corruption and anti-bribery for all directors, officers, agents, employees, representatives
or any other Persons associated with or acting for or on behalf of the foregoing of the Group Companies.
  
 (ii)    Punctual and complete performance by the Group Companies of all the obligations set out in the
Transaction Agreements; and
  
 (iii)  No Material Adverse Effect following the First Closing.

		
	“Securities Act”	  	shall mean the United States Securities Act of 1933, as amended.
		
	“Series A Directors”	  	shall mean the two (2) directors of the Company designated exclusively by the Investors.
		
	“Series A Shares”	  	shall have the meaning set forth in the Recital.
		
	“Series A-1 Shares”	  	shall have the meaning set forth in the Recital.

			
	“Series A-2 Shares”	  	shall have the meaning set forth in the Recital.
		
	“Subscription Price”	  	shall have the meaning set forth in Section 2.2.
		
	“Transaction Agreements”	  	shall have the meaning set forth in Section 4.4.
		
	“UNCITRAL Rules”	  	shall have the meaning set forth in Section 10.13(b).
		
	“US GAAP”	  	shall mean the generally accepted accounting principles in the United States.
		
	“US$”	  	shall mean United States dollars.

  

	2.	AGREEMENT TO SUBSCRIBE FOR AND ALLOT SHARES. 

 2.1.
Authorization. As of the First Closing, the Company will have authorized the issuance, pursuant to the terms and conditions of this Agreement, of up to thirteen million (13,000,000) Series A-1 Shares and up to ten million
(10,000,000) Series A-2 Shares of the Company 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 B (the
“Restated Articles”). 
 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 each Investor, and such Investor hereby agrees to subscribe from the Company, on the date of each respective Closing, up to that number and series of Series A Shares set forth
opposite its name on Exhibits A-1 to A-2 for the subscription price set forth thereon (the “Subscription Price”), and an aggregate subscription price for all Closings of up to twenty million U.S. Dollars (US$20,000,000). The
Series A Shares to be subscribed pursuant to this Agreement will be collectively hereinafter referred to as the “Purchased Shares”. The Subscription Price shall be paid by wire transfer of funds to a designated account of the
Company, provided that wire transfer instructions are delivered to the Investors at least seven (7) Business Days prior to each respective Closing Date. 
  

	3.	CLOSINGS; DELIVERY. 

 3.1. First Closing.
Subject to the fulfillment of the conditions to closing as set forth in Section 7 (or the waiver thereof by the Investors) other than the conditions to closing as set forth in Section 7.14, the sale of twelve million five hundred thousand
(12,500,000) Series A-1 Shares (the “First Closing”) at an initial post-money valuation of forty million U.S. dollars (US$40,000,000) (the “Initial Series A-1 Valuation”) for the aggregate Subscription Price
set forth on Exhibit A-1 shall take place remotely via the exchange of documents and signatures on the date hereof, or at another time and date and at another location to be mutually agreed to by the parties, subject to Section 10.15.

 3.2. Second Closing. Subject to the fulfillment of the conditions to closing as set forth in Section 7 (or the waiver thereof
by the Investors), on or prior to August 31, 2007, the Investors shall subscribe, and the Company shall issue and allot, up to an additional nine million nine hundred twenty thousand six hundred thirty-five (9,920,635) Series A-2 Shares
(the “Second Closing”) for the 

 
Subscription Price set forth on Exhibit A-2 at an initial post-money valuation of ninety-six million U.S. dollars (US$96,000,000) (the
“Initial Series A-2 Valuation”), subject to the following conditions: 
 (a) if the Second Tranche Milestone is satisfied on
or prior to June 30, 2007, subject to the fulfillment of the conditions to closing as set forth in Section 7 (or the waiver thereof by the Investors), the Investors shall accelerate the Second Closing on a date selected by the Investors on
or prior to June 30, 2007, or as soon as practicable after June 30, 2007; 
 (b) if one or more conditions of the Second Tranche
Milestone is not satisfied, the Investors shall have the right but not the obligation to complete the Second Closing on or prior to August 31, 2007; and 
 (c) if the Investors do not complete the Second Closing on or prior to August 31, 2007, then the Investors shall be automatically deemed to have forfeited their rights to complete the Second Closing. 

3.3.   Delivery. At each Closing, each Investor will deliver the Subscription Price for the Series A Shares to be subscribed for
by it by wire transfer or cancellation of indebtedness, and the Company shall, forthwith, issue a share certificate representing the respective Series A-1 Shares and Series A-2 Shares subscribed for by such Investor, enter such subscription in its
Register of Members and deliver to the Investors a copy of the Register of Members certified by a director of the Company reflecting the issuance of the respective Series A Shares. 
 3.4.   Financial Target and Series A-2 Conversion Price Adjustment. Immediately after the Company’s Net Income of 2007 becomes
available, the number of Ordinary Shares issuable upon conversion of each Series A-2 Share (initially one) shall be subject to a one-time adjustment upwards or downwards in accordance with the following schedule and conditions: 
 (a) If the Net Income of 2007 is greater than or equal to US$8,000,000, the new Series A-2 Conversion Price (as defined in the Restated Articles) shall be
adjusted to equal the then-existing Series A-2 Conversion Price times a fraction, the numerator of which shall be the Net Income of 2007 and the denominator of which shall be US$8,000,000, provided that, any adjustment pursuant to this
Section 3.4(a) shall not cause the new Series A-2 Conversion Price to be adjusted to an amount greater than US$1.73; or 
 (b) If the
Net Income of 2007 is less than US$8,000,000, the new Series A-2 Conversion Price (as defined in the Restated Article) shall be adjusted to equal the lower of (i) the then-existing Series A-2 Conversion Price or (ii) the Initial Series A-2
Conversion Price times a fraction, the numerator of which shall be the Net Income of 2007 and the denominator of which shall be US$8,000,000, provided that, any adjustment pursuant to this Section 3.4(b)(ii) shall not cause the new
Series A-2 Conversion Price to be adjusted to an amount lower than US$0.93. 

 4.      REPRESENTATIONS AND WARRANTIES OF THE COVENANTORS. 
 The Covenantors, jointly and severally, hereby represent and warrant to each Investor, except as set forth in the Disclosure Schedule (the
“Disclosure Schedule”) attached to this Agreement as Exhibit C and as limited below, as of the date hereof and, where appropriate, the date of each Closing, as set forth in this Section 4 (except that the Disclosure
Schedule may be subject to updating in connection with the First and Second Closing to the satisfaction of the Investors). 
 4.1.
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 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 in each jurisdiction where failure to be so qualified would have a Material Adverse Effect. 
 4.2. Capitalization. Immediately prior to the First Closing, the authorized share capital of the Company consists of the following: 
 (a) Ordinary Shares. A total of one hundred million (100,000,000) authorized Ordinary Shares, of which 50,000,000 Ordinary Shares are issued and outstanding. 
 (b) Series A-1 Shares. A total of thirteen million (13,000,000) authorized Series A-1 Shares, none of which are issued and outstanding
immediately prior to the First Closing. 
 (c) Series A-2 Shares. A total of ten million (10,000,000) authorized Series A-2
Shares, none of which are issued and outstanding immediately prior to the First Closing. 
 (d) Options, Warrants, Reserved Share. The
Company has reserved twenty-six million (26,000,000) Ordinary Shares for issuance upon the conversion of the Series A Shares. Except for (i) the conversion privileges of the Series A Shares, (ii) the preemptive rights provided in the
Rights Agreement to be entered into at the First Closing, a form of which is attached hereto as Exhibit D (the “Rights Agreement”), and (iii) six million nine hundred forty-four thousand four hundred forty-four
(6,944,444) Ordinary Shares reserved for issuance to employees pursuant to the Plan, there are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to subscribe
to any of the shares of the Company. No shares (including the Purchased Shares) of the Company’s outstanding share capital, or shares issuable upon exercise or exchange of any outstanding options or other shares issuable by the Company, are
subject to any preemptive rights, rights of first refusal or other rights to subscribe to such shares (whether in favor of the Company or any other person). Other than the Rights Agreement and certain Restructuring Agreements (as defined below),
there are no other agreements between the Ordinary Shareholders with respect to the Ordinary Shares or the shares of any other Group Company. 
 (e) PRC WFOE Registered Capital. Immediately after the First Closing, PRC WFOE’s registered capital and total investment will be US$8,000,000 and US$20,000,000, respectively, which registered capital will be contributed in full.
The 

 
Company will own 100% of the registered capital of the PRC WFOE, and such registered capital will not be subject to any encumbrance. The PRC WFOE is not a
party to or bound by any option, 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 the PRC WFOE. 
 (f) PRC Co. Registered Capital. Immediately prior to the First Closing, the PRC Co.’s registered capital is RMB1,600,000, which registered
capital has been contributed in full. The shareholders and their relative percentage ownership of the registered capital of the PRC Co. are as follows: Mr. He holds 98% and He Da En holds 2% of the PRC Co.’s registered capital,
respectively. the PRC Co.’s registered capital is not subject to any Lien except with respect to certain Restructuring Agreements. The PRC Co. is not a party to or bound by any option, 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 the PRC Co except with respect to certain Restructuring Agreements. 
 4.3. Subsidiaries. Except for the Company’s ownership of the PRC WFOE and the PRC WFOE’s contractual control of the PRC Co., no Group
Company presently owns or controls, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, association or other entity. 
 4.4. Due Authorization. All corporate action on the part of the Group Companies and, as applicable, their respective officers, directors and shareholders necessary for (i) the authorization, execution and
delivery of, and the performance of all obligations of the Group Companies under this Agreement, the Rights Agreement, the list of restructuring documents attached hereto as Exhibit F (the “Restructuring Agreements”), and any
other agreements to which it is a party and the execution of which is contemplated hereunder (together the “Transaction Agreements”), and (ii) the authorization, issuance, reservation for issuance and delivery of all of the
Purchased Shares being sold under this Agreement at each Closing and of the Ordinary Shares issuable upon conversion of such Purchased Shares has been taken or will be taken prior to each respective Closing. Each of the Transaction Agreements is a
valid and binding obligation of the Group Companies, as applicable, enforceable in accordance with its 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. 
 4.5. Financial Statements. The Group Companies have delivered
to the Investors its unaudited consolidated financial statements (including balance sheets, income statements and cashflow statements) for the second six months of 2005 ended December 31, 2005 and the first six months of 2006 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 as of the respective dates
thereof and the results of operations of the Group Companies for the periods covered thereby. 
 4.6. Valid Issuance of Series A Shares
and Ordinary 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 non-assessable. 

 (b) The Ordinary Shares when issued upon conversion of the Series A Shares will be duly and validly
authorized and issued, credited as fully paid and non-assessable. 
 (c) The outstanding capital shares of the Company prior to the First
Closing are duly and validly authorized and issued, credited as fully paid and non-assessable, have been issued in accordance with all Applicable Law, the Company’s Memorandum and Articles of Association in effect prior to the First Closing and
any relevant securities laws or pursuant to valid exemptions therefrom. 
 4.7. Compliance with Laws; Consents and Permits.

 (a) None of the Group Companies is in violation of Applicable Law in respect of the conduct of its business or the ownership of its
properties. 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 each Closing, the absence of which would prevent or materially delay the consummation of
the transactions contemplated hereunder. Each Group Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business as currently 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 or other similar authority. 
 (b) For purposes of this Section, “Government Official” means any officer or employee of any Governmental Authority of the PRC, or any person acting in an official capacity for or on behalf of any Governmental Authority of
the PRC. No Group Company or any director, officer, agent, employee, representative or any other Person associated with or acting for or on behalf of the foregoing, has, offered, paid, promised to pay, or authorized the payment of any money, or
offered, given a promise to give, or authorized the giving of anything of value, to any Government Official, political party or official thereof (or to any Person where such Group Company, director, officer, agent, employee, representative or other
Person knew that all or a portion of such money or thing of value would be offered, given or promised, directly or indirectly, to any Government Official, political party or party official) in violation of the Applicable Law of the PRC , for the
purposes of: 
 (i) (x) influencing any act or decision of such Government Official, political party of the PRC or party official of the PRC
in his or its official capacity, (y) inducing such Government Official, political party of the PRC or party official of the PRC to do or omit to do any act in violation of the lawful duty of such Government Official, political party, or party
official, or (z) securing any improper advantage in violation of the Applicable Law of the PRC, or 
 (ii) inducing such Government
Official, political party of the PRC, or party official of the PRC to use his or its influence with any Government Authority to affect or influence any act or decision of such Government Authority, in order to assist the Company or such Group
Company in obtaining or retaining business for or with, or directing business to the Company or any Group Company in violation of the Applicable Law of the PRC. 

 4.8. Title to Properties and Assets. 
 (a) The Group Companies possess valid and legal title to, and own or have valid leasehold interests or rights to use of, all of the assets and property
reflected in the Financial Statements and all of the property and assets used in or useful to its business (including without limitation all land use rights) (each asset or property, an “Asset,” and collectively, the
“Assets”), in each case free and clear of all Liens or right of any third parties; 
 (b) Each Group Company has obtained
all necessary approvals, certificates, licenses and permits necessary to own, develop, lease, manage and operate each Asset, and no Group Company is, or has received any notice that it is, in default (or with the giving of notice or lapse of time or
both, would be in default) under any of such approvals, certificates, licenses and permits; 
 (c) There is no condemnation or other
government action pending, or to the best of its knowledge, threatened, to seize any portion of any Asset owned by any Group Company which could have a material adverse effect upon such Asset; 
 (d) The Group Company has the right to manage its Assets, and no party any right to interfere with such right; 
 (e) There is no material structural or material physical defect with respect to any Asset, including improvements, fixtures, mechanical systems, water
and sewerage systems, or other apparatus comprising or located upon land or buildings owned by any Group Company. No Group Company has ever received any notice from Governmental Authorities requesting it to improve or restrict the usage of its land
or building and the Warrantors covenant to the Investors that the Investors shall be promptly notified upon receipt of the aforesaid notice. Each Group Company’s land and building (i) is in compliance with requirements set forth in its
land grant contract; (ii) is in compliance with approvals, licenses, permits, certificates, and consents issued by the relevant Governmental Authorities; and (iii) is in compliance with all relevant Applicable Laws; and 
 (f) The land use rights grant contract for each parcel of land owned by each Group Company is in full force and effect and all land grant premium and
other payments required to be made have been made. There has been no default under any land grant contract and the use, development, construction and operation of such land has been and is in full compliance with the applicable land grant contract.

 4.9.   Leased Property. 
 (a) Section 4.9 of the Disclosure Schedule sets out all rights and interests of the land or premises rented, occupied or otherwise used by the Group Companies (the “Leased Properties”),
and the related information is true, accurate and complete in all material respect. 

 (b) The Leased Properties comprise all the land and premises owned, rented, occupied or otherwise used by
the Group Companies or in which any Group Company has any right or interest. 
 (c) A list of all tenancy agreements or leases entered into
by the Group Companies and relevant information in respect of the Leased Properties has been disclosed to the Investors in Section 4.9 of the Disclosure Schedule and the information set out therein is true, accurate and complete in all
material respect. 
 (d) The Group Companies have paid the rent, rates and all other charges for which a tenant is responsible under the
tenancy agreements or leases of the Leased Properties up to the last payment date and have observed and performed the covenants on the part of the tenant and the conditions contained in the tenancy agreements or leases and all such tenancies or
leases are valid, binding and in full force. 
 (e) The Leased Properties are held by the Group Companies under the terms of a lease or
tenancy agreement. Such lease or tenancy agreement is valid and binding on the parties thereto and contains no right for the lessor or landlord to terminate the lease prior to the expiry of its terms other than for non-payment of rent or breach of
the terms of such lease. 
 (f) All necessary consents for the grant of the lease or tenancy agreement have been obtained and remain in full
force and effect and the relevant Group Company, being the lessee, has satisfactory evidence of the lessor’s or landlord’s title to grant such lease or tenancy agreement. 
 (g) For Leased Properties in the PRC, all registration or filing requirements have been complied with under the relevant regulations and the appropriate
authorities have issued or granted the relevant registration or filing certificates and such documents do not contain any unusual or onerous provision or condition. 
 (h) All covenants and conditions contained in the leases or tenancy agreement, or in any license, consent or other document entered into supplementing to the lease or tenancy agreement, whether on the part of the
landlord or the tenant, have been observed and performed to date in all material respects and no material breaches have been waived or acquiesced in and the lease is valid and in full force. 
 (i) All permits, licenses, consents and approvals required from any government authorities, landlords, superior landlords and mortgages (where necessary)
in respect of any of the tenancies or leases of the Leased Properties have been obtained and the covenants on the part of the landlord and/or the tenant contained in such permits, licenses, consents and approvals have been duly performed and
observed. 
 (j) No notice affecting any of the Leased Properties or other use has been given or served by any government authority or any
other authority or Person or body and there are no circumstances that are likely to result in the forfeiture or any of the tenancies or leases in respect of the Leased Properties. 
 (k) No rent is currently under review or in dispute in any material respect. 

 4.10. Intellectual Property. 
 (a) To the knowledge of the Covenantors, each Group Company has sufficient title and ownership of or licenses to the Intellectual Property necessary for
its business as now conducted (including, without limitation, Intellectual Property with respect to electronic or digital media or content distributed, circulated or made available for access by any Group Company) 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, 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’ executive officers (the “Officers”) or
the Group Companies’ mid-level to senior-level managers (the “Key Employees”) as set forth in Exhibit E 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 materially interfere with the use of his or her best efforts to promote the interests of the Group Companies. 
 (f) To the knowledge of the Covenantors, neither the execution nor delivery of this Agreement and the Transaction Agreements, nor the carrying on of the
Group Companies’ business by the Officers and Key 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. 
 4.11.
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 Companies; or (iii) involve contracts to acquire or sell time share capacity, other than agreements entered into by or on
behalf of the PRC WFOE in the ordinary course of business, are listed in the Disclosure Schedule attached hereto as Exhibit C and have been made available for inspection by the Investors and their counsel. For purposes of this
Section 4.11, “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$50,000 in the current fiscal
year, (ii) 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, or (iii) an agreement the termination of which would be reasonably likely to have a Material Adverse Effect. 
 4.12.
Litigation. There is no 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. 
 4.13. Compliance with Other Instruments and Agreements.
None of the Group Companies is in, nor shall the conduct of its business as currently 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 thereby
will not result in any 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 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. 
 4.14. Disclosure. Each of the
Covenantors has provided the Investors with all the information that the Investors have reasonably requested in deciding whether to subscribe for Series A Shares. 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. The Covenantors have not, in connection with the negotiation or execution of this Agreement, knowingly delivered to the Investors any documents
containing any untrue statement of a material fact, or omit 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, except any information that has been subsequently corrected or amended. 
 4.15. Registration Rights. Except as provided
in the Rights 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 this Agreement, the Rights Agreement and the Restated Articles, there are no voting or similar agreements that relate to the Company’s securities. 

4.16. 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 C. 
 4.17. Changes in Condition. Except as specifically set forth in this Agreement or in the Disclosure Schedule and with respect to each Closing, 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,
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), which is in excess of
US$100,000; 
 (d) any waiver by any Group Company of a valuable right or a material debt, which is valued in excess of US$100,000;

 (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$100,000, 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$100,000, 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 Key Employee 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$100,000; 
 (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 or the Ordinary Shareholders 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$25,000 or in excess of US$100,000 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 transactions with any of Group Company, its officers, directors or employees, or any members of their immediate families, or any entity controlled by any of such individuals which is in excess of US$10,000
apart from the service or employment contracts entered into with such officers, directors or employees; 
 (n) any other event or condition
of any character which has a Material Adverse Effect; or 
 (o) any agreement or commitment by a Group Company to do any of the things
described in this Section 4.17. 
 4.18. Tax Matters. 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 material 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. 
 4.19. Interested Party Transactions. No Ordinary
Shareholder, officer or director of a Group Company or any Affiliate or Associate of any such person has any agreement with the Company (except for employment contracts and certain Restructuring Agreements), 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).
No Ordinary Shareholder, or 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. No Affiliate or Associate of any Ordinary Shareholder nor any officer or director of a Group Company is directly or indirectly interested in any material contract with a Group Company. No
Ordinary Shareholder, nor any 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. There is no
agreement between any Ordinary Shareholder and any other shareholder with respect to the ownership or control of any Group Company other than the Rights Agreement. 
 4.20. Employee Matters. 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. 
 4.21. Financial Advisor Fees. Except for the agreement between the Company and Bank of China International (acting as the Company’s financial
advisor) pursuant to which a fee equal to five percent (5%) of the total amount that the Investors invest in the Company under this Agreement shall be payable by the Company to Bank of China International (the “Financial Advisor
Agreement”), 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. 
 4.22. Restructuring Agreements. The PRC WFOE has not entered into any contracts
similar in substance to any Transaction Agreement with any party other than the other Group Companies, the Investors, the Founders and the PRC Co. Shareholders. 
 4.23. Offshore Transaction. Neither the Company nor any of its Affiliates nor any person acting on behalf of the Company or any of its Affiliates has engaged or will engage in “directed selling
efforts” (as such term is defined in Rule 902 of Regulation S promulgated under the Securities Act (“Regulation S”)) with respect to the Series A Shares and the Company has complied and will comply with the offering
restrictions of Regulation S. As of the Closing, the Company reasonably believes that no “substantial U.S. market interest” (as such term is defined in Rule 902 of Regulation S) exists in the Series A Shares or in any security of the
Company which is of the same class or series as the Series A Shares. 

 5. REPRESENTATIONS AND WARRANTIES OF THE INVESTORS. 
 Each Investor severally, and not jointly and severally, represents and warrants to the Company in respect of itself as follows: 
 5.1. Authorization. Each Investor has all requisite power, authority and capacity to enter into this Agreement and the Rights Agreement, and to
perform its obligations under this Agreement and the Rights Agreement. This Agreement and the Rights Agreement has been duly authorized, executed and delivered by such Investor. This Agreement and the Rights Agreement, when executed and delivered by
such Investor, will constitute valid and legally binding obligations of such 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. 
 5.2. Accredited Investor. Each Investor is an Accredited Investor within the
definition set forth in Rule 501(a) under Regulation D of the Securities Act. 
 5.3. Purchase for Own Account. Series A Shares and
Ordinary Shares issuable upon conversion of Series A Shares will be acquired for each 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. 
 5.4. Exempt from Registration; Restricted Securities. Each Investor understands that Series A Shares and Ordinary 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. Each Investor understands that Series A Shares and Ordinary 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 Ordinary 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. 
 6. COVENANTS OF THE COMPANY, THE PRC WFOE, THE ORDINARY SHAREHOLDERS AND THE FOUNDERS 
 Each of the Covenantors jointly and severally covenants to the Investors as follows: 
 6.1. Use of Proceeds from the Subscription for Series A Shares. The proceeds from the subscription for Series A Shares shall be used only by the
Company for direct and indirect investment in the Group Companies and by the Group Companies to acquire outdoor media resources, improve the Group Companies’ information management system and for working capital and other general business
activities. 

 6.2. Business of the Company. The business of the Company shall be restricted to the holding and
management of its equity interest in, and other assets used by, the PRC WFOE. 
 6.3. Business of the PRC WFOE. The business of the
PRC WFOE shall be restricted to software development and technical services, technology transfer, technical consulting services, management consulting services, investment consulting services and other related business within the stated business
scope of the PRC WFOE’s business license. 
 6.4. Business of the PRC Co. The business of the PRC Co. shall be restricted to
advertising within the stated business scope of the PRC Co.’s business license. 
 6.5. Governance of Subsidiaries. In accordance
with and subject to any limitations under Applicable Law of the PRC, all directors of the PRC WFOE and any other direct or indirect subsidiary of the Group Companies shall be appointed and removed only by the Company pursuant to approval by the
Board (which shall include the approval of one (1) of the directors designated by the Investors). 
 6.6. Confidentiality, Invention
Assignment, Non-Compete, Non-Solicit and Employment Agreement. The Group Companies shall cause all of their Officers and Key Employees and any future officers and Key Employees to enter into standard form confidentiality, invention assignment,
non-compete, non-solicit and employment agreements with the applicable Group Company, in form and substance reasonably satisfactory to the Investors. 
 6.7. Equity Compensation. The Company shall not, directly or indirectly, issue Ordinary Shares, share options or other forms of equity of the Company to employees, directors or consultants except in accordance
with the Plan or other employee equity compensation plans approved by the Board and the Investors. 
 6.8. Milestones. The Group
Companies, the Ordinary Shareholders and the Founders shall use their best efforts to achieve the Second Tranche Milestone and to complete the Second Closing. 
 6.9. Additional Covenants. Except as required by this Agreement, no resolution of the directors or shareholders of any Group Company shall be passed, nor shall any contract or commitment be entered into, in
each case, prior to the First Closing without the prior written consent of the Investors, except that the Company may carry on its business in the same manner as heretofore conducted and the Group Companies may pass resolutions and enter into
contracts as long as they are effected in the ordinary course of business; provided that the transactions with respect to which the resolutions are passed and contracts are entered into are made on an arms-length basis with disinterested third
parties and the value of each of such transaction is no greater than US$100,000. 
 6.10. Representations and Warranties. If at any
time prior to each Closing, the Company, the PRC WFOE, the Ordinary Shareholders or the Founders 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 Company, the
PRC WFOE, the Ordinary Shareholders or the Founders, then the Company, the PRC WFOE, such Ordinary Shareholder or such Founder shall give immediate written notice thereof to the Investors in which event each Investor may within ten
(10) Business Days of receiving such notice terminate this Agreement by written notice without any penalty whatsoever. 

 6.11. Fulfillment of Closing Conditions. The Group Companies, the Ordinary Shareholders and the
Founders shall use their best efforts to fulfill all conditions contained in Section 7 of this Agreement. 
 6.12. Non-Competition
Covenant. In accordance with and subject to any limitations under Applicable Law of the PRC, the Group Companies, the Ordinary Shareholders and the Founders agree to procure that from the signing of this Agreement until the date twelve
(12) months after the termination of employment (for any reason) of any Officer, or Key Employee of any Group Company (the “Restricted Period”) such Officer or Key Employee, shall not, directly or indirectly, either for himself
or for any other person or entity: 
 (a) anywhere in the PRC where the Group Companies engage from time to time in business, (i) engage
or participate in, (ii) assist, advise or be connected with (including as an employee, owner, partner, shareholder, officer, director, advisor, consultant, agent or (without limitation by the specific enumeration of the foregoing) otherwise),
or (iii) render services for, any outdoor advertising business, including in-building advertising and LCD advertising business (a “Competing Business”), except pursuant to the business conducted by the Group Companies;

 (b) take any action which might divert the Group Companies from any opportunity which would be within the scope of its current business
but shall rather offer each such opportunity to the Group Companies, which the Group Companies may, in its sole discretion, decide to pursue; 
 (c) solicit, attempt to solicit, aid in the solicitation of, accept any orders from, or provide any products or services to, any person or entity who is or has been a customer of the Group Companies, at any time during the period beginning
one year prior to the date hereof through the Restricted Period, to purchase products or services from any Competing Business; 
 (d)
solicit, attempt to solicit or aid in the solicitation of any person or entity who is or has been a customer, supplier, licensor, licensee or person or entity having any other business relationship with the Group Companies, at any time during the
period beginning one year prior to the date hereof through the Restricted Period, to cease doing business with or alter its business relationship with the Group Companies; 
 (e) solicit or hire any person or entity who is a director, officer, employee, independent contractor or agent of the Group Companies to perform services
for any person or entity other than the Group Companies or to terminate his or her employment with the Group Companies; or 
 (f) breach any
confidentiality agreement, expressed or implied, with any Group Company. 
 6.13. Appointment of CFO. Within six (6) months of
the date of the First Closing, Mr. He shall select a candidate to be the Chief Financial Officer (“CFO”) for the Company and the Board shall appoint such candidate to be CFO of the Company provided that such candidate is
reasonably qualified for such position. In the event that the Mr. He fails to select a candidate to be CFO within the 

 
prescribed period, the Investors shall select a candidate to be CFO and the Board shall appoint such candidate to be the CFO provided that such candidate is
reasonably qualified for such position. 
 6.14. Appointment of Independent Director. Within eighteen (18) months of the date of
the First Closing, Mr. He and the Investors shall jointly select an independent director (deemed “independent” under the rules of the New York Stock Exchange or NASDAQ) to serve on the Board, upon which the Company shall increase the
size of the Board by one director. 
 6.15. Audited Financials. The Group Companies shall provide audited annual consolidated
financial statements and management reports, within ninety (90) days after the end of the 2007 fiscal year, prepared by a “big 4” accounting firm in accordance with US GAAP; 
 6.16. SAFE Compliance. Each of the Founders shall, at his own expense, fully comply with all requirements and obligations of the PRC authorities
with respect to their holding of the Ordinary Shares or other securities in the Ordinary Shareholders on a continuing basis, including, but not limited to receiving all approval, consents and permits from and fulfilling the reporting requirements
with the Sichuan Branch of the State Administration of Foreign Exchange (

, “SAFE”), in a timely manner, as required under the Circular of the State Administration of Foreign Exchange on Relevant Issues concerning Foreign Exchange Administration of Financing and Inbound
Investment through Offshore Special Purpose Companies by PRC Residents (the “SAFE Circular”), and other relevant obligations imposed by the PRC authorities and obtaining all consents, approvals and permits required by the PRC
authorities in connection therewith). 
 6.17. Restructure Plan. The Group Companies, the Ordinary Shareholders and the Founders shall
use their respective best efforts to fulfill the restructure and reorganization of the Group Companies to the satisfaction of the Investors as described in the Restructure Plan attached hereto as Exhibit G. 
 6.18. Registered Capital of PRC WFOE. Within fifteen (15) Business Days after the First Closing, the Company shall contribute one hundred
percent (100%) of the registered capital of the PRC WFOE (i.e., US$8,000,000). 
 6.19. Foreign Corrupt Practices Act. Within six
(6) months after the First Closing, the Company shall create and implement a systematic training program on United States laws in connection with anti-corruption and anti-bribery for all directors, officers, agents, employees, representatives
or any other Persons associated with or acting for or on behalf of the foregoing of the Group Companies. The Company shall be responsible for any and all costs and expenses associated with creating, implementing and executing such training program.

 7. CONDITIONS TO INVESTORS’ OBLIGATIONS AT EACH CLOSING. 
 The obligation of each Investor to subscribe for Series A Shares at each Closing is subject to the fulfillment or valid written waiver signed by such Investor, on or prior to such Closing (unless otherwise indicated
below), of the following conditions: 

 7.1. Representations and Warranties True and Correct. The representations and warranties made by
the Company, the PRC WFOE, the Ordinary Shareholders, and the Founders in Section 4 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 each 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. 
 7.2.
Performance of Obligations. Each of the Company, the PRC WFOE, the Ordinary Shareholders and the Founders shall have performed and complied in all material respects 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 each Closing. 
 7.3. Proceedings and Documents. All
corporate approvals and other proceedings in connection with the transactions contemplated hereby and all documents and instruments incidental to such transactions shall be completed and reasonably satisfactory in substance and form to the
Investors, and the Investors shall have received all such counterpart originals or certified or other copies of such documents as they may reasonably request. 
 7.4. 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 this Agreement, including,
but not limited to all permits, authorizations, approvals, consents or permits of any Governmental Authority or regulatory body. 
 7.5.
Compliance Certificate. The Company, the PRC WFOE, the Ordinary Shareholders and the Founders shall have delivered to the Investors certificates, dated each respective Closing Date, signed by a Company director or Chief Executive Officer, the
legal representatives of the PRC WFOE, a director of the Ordinary Shareholders and each Founder certifying that the conditions specified in Sections 7.1 and 7.2 have been fulfilled. 
 7.6. Securities Laws. The allotment and issuance of Series A Shares, and the issuance of Ordinary Shares upon conversion of Series A Shares shall
be exempt from the registration and/or qualification requirements of all applicable securities laws in any jurisdiction. 
 7.7. 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. 
 7.8. Designation of Company and PRC WFOE Directors. As of the First Closing and Second Closing, the Board shall consist of six (6) directors, of which two (2) director shall have been designated by
the Investors and four (4) directors shall have been designated by Mr. He. The Board of Directors of the PRC WFOE shall be identical to the Board as at each Closing. 
 7.9. Execution of Rights Agreement. The Company shall have delivered to the Investors the Rights Agreement, in substantially the form attached
hereto as Exhibit D, duly executed by the Company and all other parties thereto (other than the Investors). 

 7.10. Confidentiality, Invention Assignment, Non-Compete, Non-Solicit and Employment Agreement.
Each of Officers and Key Employees of the Group Companies set forth on Exhibit E shall have entered into a confidentiality, invention assignment, non-compete, non-solicit and employment agreement with his or her respective Group Company in
form and substance reasonably satisfactory to the Investors. 
 7.11. No Material Adverse Effect. There shall have been no Material
Adverse Effect since the date of this Agreement. 
 7.12. Submission of Operating Plan. The Group Companies shall have submitted to
the Investors a detailed operating plan (including any capital expenditure budget, operating budget and financing plan) and business plan for the twelve (12) months following the First Closing. 
 7.13. Legal Opinions. With respect to the First Closing only, legal opinions dated as of the date of the First Closing and addressed to the
Investors by PRC counsel and Cayman Island counsel in form and substance reasonably satisfactory to the Investors and the Company shall have been delivered to the Investors, forms of which are attached hereto as Exhibits I and J.

 7.14. Milestones. With respect to the Second Closing only, the Second Tranche Milestone shall have been completed. 
 7.15. Approval by Carlyle Investment Committee. The Investors shall have obtained any and all approvals and consents necessary for consummation of
the transactions contemplated by this Agreement from their internal investment committees. 
 7.16. Approval of Employee Option Plan.
With respect to the First Closing only, the Company shall have reserved six million nine hundred forty-four thousand four hundred forty-four (6,944,444) Ordinary Shares for the Company’s stock option pool. Immediately after the First
Closing, the Company shall establish and approve a Plan with respect to the reserved shares in its stock option pool, and such Plan and its form of option agreement shall be in form and substance reasonably satisfactory to the Investors. 

7.17. SAFE Approvals. Each of the Founders shall have fulfilled, at his own expense, all requirements and obligations of the PRC authorities
with respect to their holding of the Ordinary Shares or other securities in the Ordinary Shareholders, including, but not limited to receiving all approval, consents, permits or official determinations that no registration is required from and
fulfilling the reporting requirements with the Sichuan Branch of the SAFE, as required under the SAFE Circular, and other relevant obligations imposed by the PRC authorities and obtaining all consents, approvals and permits required by the PRC
authorities in connection therewith). 
 7.18. Restructure Plan. The restructure and reorganization of the Group Companies as
described in the Restructure Plan attached hereto as Exhibit G shall be completed to the reasonable satisfaction of the Investors. 
 7.19. Disclosure Schedule. As of the First Closing, the issues identified by the Investors with respect to the disclosures set forth in Schedule 4.7 (exceptions to Section 4.7 Compliance with Laws; Consents and Permits),
Schedule 4.8 (exceptions to Section 4.8 Title to Properties and Assets) and Schedule 4.9 (exceptions to Section 4.9 Leased Properties) of the Disclosure Schedule shall be 

 
remedied to the reasonable satisfaction of the Investors, and such disclosures in the Disclosure Schedule shall be updated accordingly. Nothing in this
Section 7.19 shall limit the Investor’s right to identify additional issues in the Disclosure Schedule to be remedied to the reasonable satisfaction of the Investors by the First Closing. 
 8. CONDITIONS TO COMPANY’S OBLIGATIONS AT THE CLOSINGS. 
 The obligations of the Company under this Agreement with respect to the Investors are subject to the fulfillment or valid written waiver by the Company at or before each Closing of the following conditions:

 8.1. Representations and Warranties. The representations and warranties of the Investors contained in Section 5 hereof shall be
true and correct as of each Closing. 
 8.2. Payment of Subscription Price. The Investors shall have delivered to the Company the
Subscription Price in accordance with Sections 2 and 3. 
 8.3. Restated Articles Effective. The Restated Articles shall have been
duly adopted by the Company by all necessary corporate action of its Board and shareholders. 
 8.4. Securities Exemptions. The
allotment and issuance of Series A Shares and issuance of Ordinary Shares upon conversion of Series A Shares shall be exempt from the registration and/or qualification requirements of all applicable securities laws. 
 8.5. Execution of Rights Agreement. The Investors shall have executed and delivered to the Company the Rights Agreement in substantially the form
attached hereto as Exhibit D. 
 9. INDEMNIFICATION. 
 9.1. Survival of Representations and Warranties. The representations and warranties made herein shall only survive for eighteen (18) months
after the First Closing. 
 9.2. Indemnification. The Covenantors shall, jointly and severally, indemnify, defend and hold harmless
the Investors, 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 agreement contained in the Transaction Agreements or in any other documents or agreements contemplated hereby. The agreements in this Section 9 shall survive any termination of this
Agreement. 
 9.3. Payment. At the absolute discretion of the Investors, all claims asserted hereunder against the Covenantors shall
be settled by cash and, to the extent not settled by cash, by the Company’s allotment and issuance of such number of Ordinary Shares so that its allotment and issuance hereunder shall be grossed up and shall not have any dilutive effect on the
Investors with reference to the then valuation of the Company as determined in good faith by the Board. 

 9.4. Threshold for Indemnification; Limits. The Covenantors shall have no liability under this
Section 9.4 until the aggregate amount of Losses incurred by the Investors and/or their Affiliates exceeds an amount equal to US$100,000, in which case the Investors shall be entitled to indemnification of the entire amount of the Losses. The
amount of Losses for which Investors may be indemnified shall be limited to the aggregate Subscription Price paid by the Investors at the time such indemnification is made. 
 10. MISCELLANEOUS. 
 10.1. 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. 
 10.2. 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 Investors 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 all Investors. 
 10.3. Entire
Agreement. This Agreement, the Rights Agreement, any other Transaction Agreements, 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. 
 10.4. 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) five
(5) 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 in Exhibit H attached hereto; or (iv) three (3) Business Days after
deposit with an overnight delivery service, postage prepaid, addressed to the parties as set forth 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. A party may change or supplement the addresses given above, or designate additional
addresses, for purposes of this Section 10.4 by giving, the other party written notice of the new address in the manner set forth above. 

 10.5. Amendments and Waivers. Any term of this Agreement may be amended only with the written
consent of the Group Companies, the Investors and Mr. He; provided that Mr. He has been granted powers of attorney or otherwise been authorized by the Ordinary Shareholders and He Da En to consent on their behalf to any amendment of or
waiver with respect to this Agreement. Any amendment or waiver effected in accordance with this Section 10.5 shall be binding upon all of the parties hereto, and their respective assigns. 
 10.6. 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. 
 10.7. Finder’s Fees.
Each party represents and warrants to the other parties hereto that it has retained no finder or broker in connection with the transactions contemplated by this Agreement (other than that the Company has engaged the Bank of China International to
act as its financial advisor pursuant to the Financial Advisor Agreement) and hereby agrees to indemnify and to hold harmless the other parties hereto from and against any liability for any commission or compensation in the nature of a finder’s
fee of any broker or other person or firm (and the costs and expenses of defending against such liability or asserted liability) for which the indemnifying party or any of its employees or representatives are responsible. 
 10.8. 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. 
 10.9. 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. 
 10.10. 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. 

 10.11. Confidentiality and Non-Disclosure. The parties hereto agree to be bound by the
confidentiality and non-disclosure provisions of Section 6 of the Rights Agreement. 
 10.12. 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. 
 10.13. 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 10.13(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 the Hong Kong International Arbitration Centre in accordance with the UNCITRAL Arbitration Rules (the “UNCITRAL Rules”) then 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 languages of the arbitration shall be English and Chinese, in which all of the arbitrators shall be fluent. The parties understand
and agree that this provision regarding arbitration shall not prevent any party from pursuing preliminary equitable or injunctive relief in a judicial forum pending arbitration in order 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.

 10.14. Expenses. The Company and the Investors 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 the First Closing, then the Company shall reimburse the Investors for their fees and expenses related to this transaction, which
amount shall be deducted from the Subscription Price to be delivered at the First Closing and shall not exceed US$150,000. 
 10.15.
Termination. If the First Closing has not been consummated as of the earlier of (i) two (2) months from the date first written above or (ii) December 31, 2006, this Agreement shall terminate in any and all respects and the
Company, the PRC WFOE and the Investors each shall take any and all action necessary to remove Xiao Feng and Wayne Tsou from the board of directors of the PRC WFOE, unless otherwise mutually agreed to by all the parties. Such termination under this
Section 10.15 shall be without prejudice to any claims for damages or other remedies that the parties may have under this Agreement or applicable law. 
 10.16. Carlyle Rights. Any rights of Carlyle or CAGP under this Agreement may, without prejudice to the rights of the Investors to exercise any such rights, be exercised by Carlyle Asia Investment Advisors
Limited (“Carlyle Asia”) or any other fund manager of 

 
Carlyle or their nominees (“Carlyle Manager”), unless Carlyle or CAGP has (i) given notice to the other parties that any such rights
cannot be exercised by Carlyle Asia or a Carlyle Manager; and (ii) not given notice to the other parties that such notice which is given under this Section 10.16 has been revoked. 
 — REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK — 

 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
	
	Time Share Media Co., Ltd
		
	By:	 	 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Director
	
	PRC WFOE
	
	

		
	By:	 	 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Legal Representative
	
	PRC CO.
	
	

		
	By:	 	 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Legal Representative
	
	ORDINARY SHAREHOLDERS:
	
	Insighting Holdings Limited
		
	By:	 	 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Director

  
 [SIGNATURE PAGE TO
THE SHARE SUBSCRIPTION AGREEMENT] 

			
	Knowrience Holdings Limited
		
	By:	 	 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Director
	
	FOUNDERS
	
	 /s/ He Ji Lun

	He Ji Lun
	
	 /s/ Fang Yun Feng

	Fang Yun Feng
	
	 /s/ Zhu Xian Zhou

	Zhu Xian Zhou
	
	 /s/ Zeng Jia Ju

	Zeng Jia Ju
	
	 /s/ Zhou Chang Wen

	Zhou Chang Wen
	
	 /s/ Zhong Hong

	Zhong Hong
	
	 /s/ Wang Ying

	Wang Ying

  
 [SIGNATURE PAGE TO
THE SHARE SUBSCRIPTION AGREEMENT] 

	
	PRC CO. SHAREHOLDERS:
	
	 /s/ He Ji Lun

	He Ji Lun
	
	 /s/ He Da En

	He Da En

  
  
  
  
 [SIGNATURE PAGE TO THE SHARE SUBSCRIPTION AGREEMENT] 

 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. 
  

			
	INVESTORS:
	
	Carlyle Asia Growth Partners III, L.P.
		
	By:	 	 /s/ John F. Hams

	Name:	 	 John F. Hams

	Title:	 	 Director

	
	CAGP III Co-Investment, L.P.
		
	By:	 	 /s/ John F. Hams

	Name:	 	 John F. Hams

	Title:	 	 Director

  
  
  
 [SIGNATURE PAGE TO THE SHARE SUBSCRIPTION AGREEMENT] 

 LIST OF EXHIBITS 
  

			
	Exhibit A	  	Schedule of Investors
		
	Exhibit B	  	Restated Articles
		
	Exhibit C	  	Disclosure Schedule
		
	Exhibit D	  	Rights Agreement
		
	Exhibit E	  	Employee List
		
	Exhibit F	  	List of Restructuring Documents
		
	Exhibit G	  	Restructure Plan
		
	Exhibit H	  	Notice
		
	Exhibit I	  	Form of Cayman Islands Legal Opinion
		
	Exhibit J	  	Form of PRC Legal Opinion

 EXHIBIT A-1 
 SCHEDULE OF INVESTORS 
 FIRST CLOSING 
  

								
	 Investors
	 	  	  	Number of Series A-1
Shares Subscribed
	  	Subscription Price
for Series A-1 Shares
	 Carlyle Asia Growth Partners III, L.P.
	 		  	12,020,625	  	US$	7,693,200
	 CAGP III Co-Investment, L.P.
	 		  	479,375	  	US$	306,800
		 		  	 	  	 	 
	 TOTAL
	 		  	12,500,000	  	US$	8,000,000

 EXHIBIT A-2 
 SCHEDULE OF INVESTORS 
 SECOND CLOSING 
  

								
	 Investors
	 	  	  	Number of Series A-2
Shares Subscribed	  	Subscription Price
for Series A-2 Shares
	 Carlyle Asia Growth Partners III, L.P.
	 		  	9,540,179	  	US$	11,539,800
	 CAGP III Co-Investment, L.P.
	 		  	380,456	  	US$	460,200
		 		  	 	  	 	 
	 TOTAL
	 		  	9,920,635	  	US$	12,000,000

 EXHIBIT B 
 RESTATED ARTICLES 

 EXHIBIT C 
 DISCLOSURE SCHEDULE 

 EXHIBIT D 
 RIGHTS AGREEMENT 

 EXHIBIT E 
 OFFICERS AND KEY EMPLOYEES LIST 
  

	1.	

 CEO 

  

	2.	

 

  

	3.	

 

  

	4.	

 

  

	5.	

 

  

	6.	

 

  

	7.	

 

  

	8.	

 

  

	9.	

 

  

	10.	

 

  

	11.	

 

  

	12.	

 

  

	13.	

 

  

	14.	

 

 

 : 
 

 COO 
 

 
 Update: 070704 

 EXHIBIT F 
 LIST OF RESTRUCTURING DOCUMENTS 
  

	1.	

 

  

	2.	

 

  

	3.	

 

  

	4.	

 

  

	5.	

 

 EXHIBIT G 
 RESTRUCTURE PLAN 

 EXHIBIT H 
 NOTICE 
 If to the Investors: 
 Suite 2801 
 2 Pacific Place 
 88 Queensway, 

Hong Kong 
 Attn: Wayne Tsou 
 P: +852 2878 7000 
 F: +852 2878 7007 
 with a copy to: 
 2418 South Office Tower 
 Beijing Kerry Centre 
 No.1 Guang Hua Road 
 Chaoyang District 
 Beijing 100020 
 People’s Republic of China 
 Attn: Xiao Feng 
 P: +86 10 8529 8823 
 F: +86 10 8529 9877 
 If to the Company, the PRC WFOE, the PRC Co., the Ordinary Shareholders, the Founders and the PRC Co. Shareholders: 
 TIME SHARE MEDIA CO. LTD. 
 Address: 
 Dayu Building, Beijing Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China 
 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: He Ji Lun 

 

 
 Address: 
 Dayu Building, Beijing
Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China

 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: He Ji Lun 
 

 
 Address: 
 Dayu Building, Beijing
Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China

 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: He Ji Lun 
 INSIGHTING HOLDINGS LIMITED 
 Address: 
 Dayu Building, Beijing Representative Office of Sichuan Provincial
Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China 
 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: He Ji Lun 
 KNOWRIENCE HOLDINGS LIMITED 
 Address: 
 Dayu Building, Beijing Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing
100078 
 The People’s Republic of China 
 Tel: +86 10 8769
5559 
 Fax: + 86 10 8769 7911 
 Attention: He Ji Lun 

 HE JI LUN 
 Address:

 Dayu Building, Beijing Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China 
 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: He Ji Lun 
 FANG YUN FENG 
 Address: 
 Dayu Building, Beijing Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China 
 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: Fang Yun Feng 
 ZHU XIAN ZHOU 
 Address: 
 Dayu Building, Beijing Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China

 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: Zhu Xian Zhou 
 ZENG JIA JU 
 Address: 
 Dayu Building, Beijing Representative Office of Sichuan Provincial
Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China 
 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: Zeng Jia Ju 

 ZHOU CHANG WEN 
 Address: 
 Dayu Building, Beijing Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing
100078 
 The People’s Republic of China 
 Tel: +86 10 8769
5559 
 Fax: + 86 10 8769 7911 
 Attention: Zhou Chang Wen

 ZHONG HONG 
 Address: 
 Dayu Building, Beijing Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China 
 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: Zhong Hong 
 WANG YING 
 Address: 
 Dayu Building, Beijing Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China

 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: He Ji Lun 
 HE DA EN 
 Address: 
 Dayu Building, Beijing Representative Office of Sichuan Provincial
Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China 
 Tel: +86 10 8769 5559 
 Fax: + 86 10 8769 7911 
 Attention: He Ji Lun 

 EXHIBIT I 
 FORM OF CAYMAN ISLANDS LEGAL OPINION 

 EXHIBIT J 
 FORM OF PRC LEGAL OPINIONSeries A Shares Rights Agreement dated November 1, 2006

 Exhibit 4.5 
 TIME SHARE MEDIA CO., LTD. 
 RIGHTS AGREEMENT 
 THIS RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of November 1, 2006 by and among: 
  

	(1)	Time Share Media Co., Ltd, an exempted company incorporated under the laws of the Cayman Islands (the “Company”); 

  

	(2)	

, a wholly foreign-owned enterprise organized as a limited liability company under the laws of the PRC (the “PRC WFOE”); 

  

	(3)	

, a limited liability company organized under the laws of the PRC (the “PRC Co.”); 

  

	(4)	Insighting Holdings Limited, a company incorporated under the laws of the British Virgin Islands; 

  

	(5)	Knowrience Holdings Limited, a company incorporated under the laws of the British Virgin Islands; 

 (each of the parties (4) and (5) an “Ordinary Shareholder” and together, the “Ordinary Shareholders”) 
  

	(6)	He Ji Lun (

) (ID No. 510 132 1972 0220 0077), an individual (“Mr. He”); 

  

	(7)	Fang Yun Feng (

) (PRC ID No. 320 482 1968 1123 0837), an individual; 

  

	(8)	Zhu Xian Zhou (

) (PRC ID No. 513 031 1974 0326 0034), an individual; 

  

	(9)	Zeng Jia Ju (

) (PRC ID No. 512 222 72 0120 139), an individual; 

  

	(10)	Zhou Chang Wen (

) (PRC ID No. 510 222 1972 0219 7210), an individual; 

  

	(11)	Zhong Hong (

) (PRC ID No. 510 132 1970 0727 5735), an individual; 

  

	(12)	Wang Ying (

) (PRC ID No. 410 105 1954 0620 0528), an individual; (together with He Ji Lun, Fang Yun Feng, Zhu Xian Zhou, Zeng Jia Ju, Zhou Chang Wen and Zhong Hong and their respective successors, the
“Founders”, and each a “Founder”); 

  

	(13)	He Da En (

) (PRC ID No. 512 323 1937 0717 1812), an individual; 

 (each of He Da En and
Mr. He, a “PRC Co. Shareholder” and together, the “PRC Co. Shareholders”); 

	(14)	Carlyle Asia Growth Partners III, L.P. (“Carlyle”); and 

  

	(15)	CAGP III Co-Investment, L.P. (“CAGP”). 

 (each of
parties (14) and (15) an “Investor” and together, the “Investors”). 
 For the purpose of this
Agreement, the Company, the PRC WFOE, the PRC Co., 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”; the People’s Republic of China, excluding Hong Kong, Macau and Taiwan shall be referred to as “PRC;” and the term “Closing” shall have the meaning given to it in the Subscription Agreement
(defined below). 
 RECITALS 
 A. The Investors have agreed to subscribe for from the Company, and the Company has agreed to issue and allot to the Investors, up to an aggregate of twelve million five hundred thousand (12,500,000) convertible and redeemable Series
A-1 preferred shares, with a par value US$0.0001 per share (the “Series A-1 Shares”) and up to nine million nine hundred twenty thousand, six hundred thirty-five (9,920,635) convertible and redeemable Series A-2 preferred
shares of the Company, par value US$0.0001 per share (the “Series A-2 Shares”) (collectively, the “Series A Shares”), subject to the terms and conditions set forth in that certain Share Subscription Agreement, dated
as of November 1, 2006, by and among the Group Companies, the Ordinary Shareholders, the Founders, the PRC Co. Shareholders and the Investors (the “Subscription Agreement”) (such transaction the “Series A
Financing”); 
 B. The Subscription Agreement provides that the execution and delivery of this Agreement by the parties shall be a
condition precedent to the consummation of the transactions contemplated under the Subscription Agreement; and 
 C. In order to induce the
Group Companies to enter into the Subscription Agreement and to induce the Investors to invest funds in the Company pursuant to the Subscription Agreement, the parties desire to set forth certain rights and obligations of the Founders, the PRC Co.
Shareholders, the Ordinary Shareholders, the Investors and the Group Companies as hereinafter provided. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing, 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 RIGHTS. 

  

	 	1.1	Information and Inspection Rights. 

         (a) Information Rights. The Group Companies covenant and agree that, commencing on the date on which the first Series A Share is issued, the Group Companies will deliver to each holder
of Series A Shares (a “Series A Holder”), for so long as such Series A Holder holds no less than fifty percent (50%) of the Series A Shares that such Series A Holder subscribed for at each Closing: 
 (i) audited annual consolidated financial statements, within ninety (90) days after the end of each fiscal year, prepared in accordance with
generally accepted accounting principles in the United States (“US GAAP”) or an international accounting standard to be decided by the board of directors of the Company (the “Board”) and approved by the Investors;

 (ii) 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 quarterly results with the results projected by the Company’s annual budget; 
 (iii) an annual consolidated budget for the following fiscal year as approved by the Board, within thirty (30) days prior to the end of each fiscal year; and 
 (iv) upon the written request by any Series A Holder, such other information as such holder shall reasonably request (the above rights, collectively,
the “Information Rights”). 
 All financial statements to be provided to Series A Holders pursuant to this
Section 1.1(a) shall include (i) an income statement and a cash flow statement for the period then-ended as well as for year-to-date and (ii) a balance sheet as of the end of such period compared to the last audited balance sheet. All
audits will be performed by an international “Big 4” accounting firm in accordance with US GAAP or in accordance with an international accounting standard to be decided by the Board and approved by the Investors, including at least
one (1) Series A Director (as hereinafter defined) designated by the Investors below. 
 (b) Inspection Rights. The Group
Companies further covenant and agree that, commencing upon the First Closing, for so long as each Series A Holder holds no less than fifty percent (50%) of the Series A Shares that such Series A Holder subscribed for at each Closing, such
Series A Holder 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 the costs
and expenses of the Company on reasonable prior notice to the Company. The Group Companies agree to provide to such Series A Holder other information and access as may be mutually agreed upon from time to time. 
 (c) Termination of Rights. The Information Rights and Inspection Rights shall terminate upon the closing of a firm commitment underwritten public
offering of ordinary shares of the Company (the “Ordinary Shares”) and the listing of such Ordinary Shares on a reputable international stock exchange (including without limitation stock exchanges in the United States, Hong Kong,
NASDAQ, Singapore, London and Japan, or any other stock exchange that is approved by the Board (consisting of at least one (1) Series A Director) at a public offering price of at least three (3) times the weighted average per share
Subscription Price of the 

 
Series A Shares (regardless of whether Series A-2 Shares are ultimately subscribed for), based upon the terms of the Subscription Agreement (as adjusted for
share splits, combinations, share dividends and so forth) and with aggregate gross proceeds to the Company (after payment of underwriters’ discounts, commissions and offering expenses) in excess of forty million U.S. dollars (US$40,000,000) (a
“Qualified Public Offering”). 
  

	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 for so long as such Holders hold no less than fifty percent (50%) of the Series A Shares that such Holders subscribed for at each Closing. 
  

	 	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 (as defined below). 
 (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 Section 2 only, the term “Holder” or “Holders” means any person
or persons owning 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) Shareholder or Shareholders. For purposes of this Agreement, the term
“Shareholder” or “Shareholders” shall mean any person or persons owning any Ordinary Shares or Series A Shares of the Company. 
 (f) 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. 
 (g) SEC.
The term “SEC” or “Commission” means the United States Securities and Exchange Commission. 
 (h)
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 (1) counsel for the Holder not to exceed US$30,000, “blue sky” fees 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). 
 (i) 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. 
 (j) Exchange Act. The term “Exchange Act” shall mean the Securities Exchange
Act of 1934, as amended, and any successor statute. 
 (k) Securities Act. The term “Securities Act” means the
Securities Act of 1933, as amended, and any successor statute. 
 (l) 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 Qualified Public Offering, receive a written request from the Holders of at least fifty percent (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 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 Holders of a majority of
the Registrable Securities being registered and reasonably acceptable to the Company. 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 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 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; provided further, that at least twenty-five percent (25%) of shares of Registrable Securities requested by the Holders to be included in such underwriting and registration shall be so included. 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
two (2) such demand registrations 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 President or 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 one hundred and twenty (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 general consent to service of process in effecting such registration, qualification or compliance. 
  

	 	2.4	Piggyback Registrations. 

 (a) The Company shall
notify all Holders 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 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. 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 twenty-five percent (25%) 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 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; 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$1,000,000; 
 (iii) if the Company shall furnish to the Holders a certificate signed by the
President or 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 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 one hundred and twenty (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 one hundred and twenty (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 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: 
 (a) Registration Statement. Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its 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. 
 (g) Opinion and Comfort Letter. Furnish, at the request of any Holder requesting registration of
Registrable Securities, on the date that such Registrable Securities are delivered to the underwriter(s) for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date
that the registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily
given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable
Securities and (ii) letters dated as of (x) the effective date of the registration statement covering such Registrable Securities and (y) the closing date of the offering, from the independent certified public accountants of the
Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration,
addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities. 
 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
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 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 such 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 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; 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 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 (5) 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, 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. Except
with respect to Registrable Securities permitted to be Registered in the initial public offering, each Shareholder 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 one hundred and eighty (180) days 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); 
 (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 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; and 
 (d) At the request of the Investors, the
Company shall use its best efforts to enable the Investors to sell the maximum number of Registrable Securities permitted under Rule 144, including without limitation, promptly issuing appropriate instructions to the Company’s share
transfer agent to remove legends from the Investors’ share certificates, causing the Company’s counsel to issue legal opinions to support such instructions, and if applicable, promptly issuing appropriate instructions to the
Company’s share 

 
registrar and depository agent to convert the Investors’ shares into depository receipts or similar instruments to be deposited into the Investors’
brokerage account(s). The Company acknowledges that time is of the essence with respect to its obligations under this section, and that any delay (whether intentional) will cause the Investors irreparable harm and constitutes a material breach
of its obligations hereunder. 
 2.14 Re-sale Rights. The Company shall use its best efforts to assist each Holder in the sale or
disposition of its Registrable Securities after a Qualified Public Offering, including the prompt delivery of applicable instruction letters by the Company and legal opinions from the Company’s counsels in forms reasonably satisfactory to the
Holder’s counsel. In the event the Company has depositary receipts listed or traded on any stock exchange or inter-dealer quotation system, the Company shall pay all costs and fees related to such depositary facility, including conversion fees
and maintenance fees for Registrable Securities held by the Holders. 
 3. PREEMPTIVE RIGHT TO NEW SHARES. 
 Subject to the terms and conditions specified in this Section 3, the Company hereby grants to each Series A Holder, a preemptive right with respect
to future issues by the Company of its New Shares (as hereinafter defined) for so long as such Series A Holder holds no less than fifty percent (50%) of the Series A Shares that such Series A Holder subscribed for at each Closing. 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 Series A Holder in accordance with the following provisions: 
 3.1 The Company shall deliver a notice to such Series A 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, each such Series A Holder 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 (a) the number of Ordinary Shares issued and held, or issuable upon conversion of Series A Shares then
held by such Series A Holder (calculated on an as-converted and fully-diluted basis), bears to (b) the total number of Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis). 
 3.3 After the expiration of the period provided in Section 3.2 hereof, the Company may, during the ninety (90) day period following the
expiration of such period, 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 or offerees thereof 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 such Series A Holders in accordance herewith. 

 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 of the following securities: 
 (a) Ordinary Shares issued or issuable
upon conversion of Series A Shares authorized herein or upon the exercise or conversion of options or warrants outstanding as of the First Closing; 
 (b) not more than 6,944,444 Ordinary Shares (as adjusted for any share dividends, combinations, splits, recapitalization and including any such shares which are repurchased) issuable or issued to officers, directors, employees, consultants,
or advisors of the Company pursuant options issued under the Share Option Plan (as hereinafter defined); 
 (c) as a dividend or distribution
on Series A Shares or in connection with any event for which adjustment is made pursuant to Articles 52(3)(m) and (n) of the Amended and Restated Articles of Association (the “Restated Articles”); 
 (d) any share split, share dividend, recapitalization or similar transaction for which proportional adjustments are made; 
 (e) Series A-2 Shares and Ordinary Shares issued or issuable upon conversion of any such Series A-2 Shares; 
 (f) Ordinary Shares or any evidences of indebtedness, shares (other than Series A Shares and Ordinary Shares) or other securities directly or indirectly
convertible into or exchangeable for Ordinary Shares (“Convertible Securities”) issued in a bona fide acquisition, merger consolidation, strategic alliance, license of technology or similar business combination or strategic
transaction, the terms of which are approved by the Board (including at least one (1) Series A Director); 
 (g) Ordinary Shares issued
in an underwritten public offering; 
 (h) Ordinary Shares or Convertible Securities issued for business purposes that are approved by the
Board, including the affirmative vote of at least one (1) Series A Director; 
 (i) Ordinary Shares or Convertible Securities issued to
third-party service providers in exchange for or as partial consideration for services rendered to the Company that are approved by the Board, including the affirmative vote of at least one (1) Series A Director; and 
 (j) Ordinary Shares or Convertible Securities issued to customers, partners, vendors or providers of the Company that are approved by the Board,
including the affirmative vote of at least one (1) Series A Director. 
 3.5 Term. Notwithstanding the foregoing, the preemptive rights
as provided 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 Ordinary Shareholder’s Transfer. Unless an Ordinary Shareholder has obtained the prior written consent of all the Series A
Holders, prior to a Qualified Public Offering, such Ordinary Shareholder shall not, directly or indirectly, sell, transfer, pledge or otherwise dispose of or permit the sale, transfer, pledge, or other disposition of any Equity Securities (as
hereinafter defined) held by such Ordinary Shareholder (each disposition referenced in this Section 4, a “Transfer”); provided, however, Mr. He (or his Affiliate if Mr. He held the Ordinary Shares through his
Affiliate) may Transfer, without first complying with Section 4.2, up to five million (5,000,000) Ordinary Shares (as adjusted for share splits, combinations, share dividends and so forth) held or beneficially owned by him to individuals
or institutions that are critical to the development of the business of the Company (excluding professional investment funds or institutions unless otherwise approved by the Investors), provided, further, that such Transfer shall be completed within
at least six (6) months prior to a Qualified Public Offering. Any permitted transferee must agree in writing to be bound by the restrictions contained herein on the Ordinary Shareholder 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. Subject to the limitations imposed
on the Ordinary Shareholder as provided in Section 4.1, if at any time (i) any Ordinary Shareholder of the Company (or his or her executor) (a “Selling Shareholder”) proposes to Transfer his or her Equity Securities, in
whole or in part, to one (1) 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 Series A Holder a written notice of the intention to make such Transfer (the “Transfer Notice”). Such 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) Series A Holder’s Right of First Refusal. 
       (i) Each Series A Holder shall have the right of first refusal, exercisable upon giving written notice to the Selling Shareholder (the “Purchase and Co-Sale
Notice”) within thirty (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 Series
A 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), so long as such Series A Holder
holds no less than fifty percent (50%) of the Series A Shares that such Series A Holder subscribed for at each Closing. The Purchase and Co-Sale Notice shall state (i) whether such Series A 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 such Series A Holder elects not to purchase any of the Offered Shares but 

 
wishes to sell a portion of the securities held by such Series A Holder pursuant to Section 4.2(c) of this Agreement and the number of securities to be
sold (subject to Section 4.2(c)(ii)). Such Series A Holder has 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
Series A Holder who either does not deliver a Purchase and Co-Sale Notice or indicates in the Purchase and Co-Sale Notice that such Series A 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 Equity Securities held by such Purchasing Holder and the denominator of which is the total number of Equity Securities held by all Purchasing Holders calculated
immediately prior to the time of the purchase hereunder from the Selling Shareholder; provided, however, that with respect to the Remaining Shares, the denominator shall be total number 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 Shareholder 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 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 Series A 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, 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 Series A Holders who wish to purchase the Offered Shares (acting together)
cannot agree on the cash value of such property within ten (10) days after such Series A 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 Series A Holder (acting together). If they cannot agree on an appraiser within twenty (20) days after receipt of the Transfer Notice by the Series A Holders, within a further five-day period, the Selling Shareholder
and such Series A Holders (acting together) shall each select an appraiser of recognized standing and the two (2) 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 (1) month from its appointment, and such determination shall be final and binding on the Selling Shareholder and such Series A Holders.
The cost of such appraisal shall be shared equally by the Selling Shareholder, on the one hand, and such Series A Holder, on the other hand (each Series A Holder shall pay its pro-rata portion of such costs based on the number of Offered Shares
acquired by each such Series A Holder). If the thirty (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 such thirty (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) Series A 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 Series A Holder who previously notified the Selling Shareholder in the Purchase and Co-Sale Notice of such Series A Holder’s desire to sell a
portion of his, her or its shares with the Selling Shareholder (such Series A Holder, a “Co-Sale Participant”) shall have the right to participate in the sale of any Offered Shares that were not purchased by Series A Holders
pursuant to Section 4.2(b), on the same terms and conditions as specified in the Transfer Notice, so long as such Series A Holder holds no less than fifty percent (50%) of the Series A Shares that such Series A Holder subscribed for at
each Closing; provided however, that no Series A 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 (1) or more Series A 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 Shareholder 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 (x) the Selling Shareholder and (y) 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 Shareholder for transfer to the prospective purchaser one (1) 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
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 the purpose of this Agreement, the term “Equity Securities” shall mean the Ordinary Shares or Series A Shares, 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 Ordinary Shares or Series A Shares, and a reference to a number of Equity Securities at a given time shall be a reference
to (a) the number of Ordinary Shares comprised in such Equity Securities at that time, and (b) the number of Ordinary Shares into which Series A Shares, warrants, options, rights, or securities convertible into or exercisable for Ordinary
Shares comprised in such Equity Securities are convertible into or exercisable for at that time. 
 4.3 Non-Exercise of Rights. To the
extent that the Series A Holders have not exercised their rights to purchase all the Offered Shares subject to the Transfer, such Selling Shareholder 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 Shareholder 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 Series A 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 Series A Holders to purchase Offered Shares by such Selling Shareholder shall not adversely affect such Series A 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 Series A Holders and shall require compliance by the relevant Selling Shareholder 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 Transfers made pursuant to Section 4.6 and Section 11; 
 (c) Any transfers by any shareholders of the Ordinary Shareholders to the ancestors, descendants or spouse, siblings, spouse’s ancestors and
siblings, or to trusts for the benefit of such persons, of such shareholders for bona fide estate planning purposes. Any such permitted transferee must agree in writing to be bound by the restrictions contained herein on the Ordinary Shareholders
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. 
  

	 	4.5	Prohibited Transfers. 

 (a) In the event that a
Selling Shareholder should sell any Offered Shares in contravention of the purchase rights of the Series A Holders under Section 4.2 (a “Prohibited Transfer”), (i) the Company agrees that it shall not update the
Company’s Register of Members to reflect such Prohibited Transfer, and (ii) the Series A 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 Series A
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 Series A 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 Series A 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 Series A Holder’s rights under Section 4. 
 (ii) Within ninety
(90) days after the later of the dates on which the Series A Holder (A) received notice of the Prohibited Transfer or (B) otherwise became aware of the Prohibited Transfer, each Series A 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 Series 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 Series A 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 equity interest of
the Series A Holders. 
 4.6 Drag-Along Rights. 
       (a) For only so long as the Series A Holders hold no less than fifty percent (50%) of the Series A Shares that such Series A Holders subscribed for at each Closing, if, at any
time after January 1, 2008, holders of a majority of the Series A Shares (the “Dragging Holders”) approve an offer to purchase all or substantially all of the equity or assets of any or all of the Group Companies, or the
business conducted by them (a “Drag-Along Sale”) with total gross proceeds (before expenses) of not less than forty (40) times the audited consolidated net income of the Company for the last available preceding year (determined
in accordance with US GAAP), in cash or other consideration, then all other shareholders of the Company (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. The Dragged Holders shall also use commercially reasonable efforts to 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 4.6. 
 (i) 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. 
 (ii) 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 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 (the “Dragging Holder Shares”); and (v) the number of shares of the Dragged Holders to be included in the Drag-Along Sale. 
 (iii) 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. 
 (iv) 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 4.6, 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. 
 (b) In the event the Dragging Holders exercise the drag-along rights
provided in Section 4.6(a) above, and the Ordinary Shareholder delivers written notice within five (5) business days following receipt of a Drag Along Notice that they will purchase all, but not less than all, of the Dragging Holder
Shares, at the same price as each Dragging Holder would have received for the sale of its Dragging Holder Shares in the Drag-Along Sale, the Dragging Holders shall sell such Dragging Holder Shares to such Ordinary Shareholder, provided that the
Dragging Holders in such sale will make no representations and warranties except those in relation to their ownership interests in the Dragging Holder Shares. Payment shall be made to each Dragging Holder via cashier’s check or wire transfer
within ten (10) business days of the Ordinary Shareholder’s notification to the Dragging Holders of their agreement to purchase all of the Dragging Holder Shares. In the event the Ordinary Shareholder delivers written notice to the
Dragging Holders to purchase all of the Dragging Holder Shares, but fails to deliver the payment or complete the purchase within said ten (10) business days, such Ordinary Shareholder shall be liable to Dragging Holders for all damages relating
to or arising from such failure. 
 (c) Notwithstanding anything in Section 4.6 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 4.6 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, including at least one (1) of the Series A Directors, 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. 
 4.7   Term. Notwithstanding the
foregoing, the restrictions on Ordinary Shareholder’s Transfers, right of first refusal, right of co-sale and drag-along right as provided in this Section 4 shall terminate and cease to be in effect upon the closing of a Qualified Public
Offering. 
  

	5.	ASSIGNMENT AND AMENDMENT. 

  

	 	5.1	Assignment. 

 (a) Notwithstanding anything herein to
the contrary, the rights of each party hereunder may be assigned (but only with all related obligations) to any transferee or assignee of such party, provided, in each case, that: (i) 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 rights are being assigned; (ii) such transferee or assignee agrees in writing to be bound by and
subject to all the terms and conditions of this Agreement, and (iii) such Transfer is permitted by and complies with the terms of this Agreement. 
 (b) PRC Co. Shareholders’ Rights and Obligations. Each PRC Co. Shareholder agrees that if it holds any Ordinary Share at any time in the future, that it shall be bound to this Agreement as if it were an
Ordinary Shareholder hereunder. 
 (c) Legend. Each existing or replacement certificate for any shares now owned or hereinafter
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 AGREEMENT, A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 
 Each holder of the Series A Shares and
the Ordinary Shares 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 Company, all
Investors and Mr. He; provided that Mr. He has been granted powers of attorney or otherwise authorized by the Ordinary Shareholders and He Da En to consent on their behalf to any amendment of or waiver with respect to this Agreement. Any
amendment or waiver effected in accordance with this Section 5.2 shall be binding upon the Group Companies, the Investors, the Ordinary Shareholders, and the PRC Co. 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, all exhibits and schedules attached to such agreements, including their existence, and any information received by any party during the course of
due diligence or otherwise in connection with the transactions contemplated by the Transaction Agreements (as defined in the Subscription Agreement), relating to any other party including, without limitation, any business, financial, technical or
operational information, or any information regarding the strategic alliances of such party (collectively, the “Financing Terms”), 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. 
 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 all of 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 First 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 First Closing, the Investors shall be entitled to disclose their respective investments in the Company and the terms thereof to third parties or to
the public, and after the Investors have 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 Investors. Without limiting the
generality of the foregoing, the Investors and the directors of the Company designated by the holders of Series A Shares 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 provisions of this Section 6 shall be in
addition to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by any of the parties with respect to the transactions contemplated hereby. 
 6.6     Notices. All notices required under this section shall be made pursuant to Section 13.1 of this Agreement.

  

	7.	PROTECTIVE PROVISIONS. 

 7.1     Acts Requiring Super-Majority Approval of Series A Shares. In addition to such other limitations as may be provided in each Group Company’s constitutional documents, any of the
following acts of any of the Group Companies shall require the prior written approval of the holders of at least two-thirds (2/3) of the issued and outstanding Series A Shares, voting together as a single class for so long as each Series A
Holder hold no less than fifty (50%) of the Series A Shares that such Series A Holder subscribed for at each Closing: 
 (a) any
amendment to or change in the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of, the Series A Shares; 
 (b) any increase or decrease in the authorized share capital of the Company, the registered capital of the PRC WFOE or PRC Co., or any equity in any of the Group Companies; 
 (c) any action that authorizes, creates or issues shares of any class or equity interests or securities convertible into shares or other equity interests
in any Group Company, except for the issuance of any securities that are specifically excluded from the definition of “New Shares” as set forth in Section 3.4 above; 
 (d) any action that reclassifies any outstanding securities, registered capital or other equity interests in any Group Company; 
 (e) any adoption, variation, amendment or waiver of any provision of the Company’s Memorandum of Association or Articles of Association or of any of
the charter documents of any Group Company; 
 (f) any merger, consolidation, acquisition or any other form of business combination of the
Company or any Group Company with one or more companies, except for those whose principal business is related to outdoor billboards, TV or broadcasting channels, advertising airtime and other media resources; 
 (g) sale, lease or other disposition of fixed assets of the Company or any Group Company in excess of US$100,000 during any twelve (12) months,
except where the purchaser’s principal business is related to outdoor billboards, TV or broadcasting channels, advertising airtime and other media resources in the ordinary course of business; 
 (h) the liquidation or dissolution of the Company or any Group Company; 
 (i) the adoption of any business plan or annual budget of the Company or any Group Company, and any material change to such plan or budget; 

 (j) incurrence of interest-bearing indebtedness in excess of an aggregate of US$500,000 during any
calendar year by the Group Companies; 
 (k) the purchase of any real estate; 
 (l) any transaction between the Company or any Group Company and their respective related or affiliated parties, shareholders, employees or directors,
except for transactions between the Company and Chengdu Dayu Weiye Advertising Co., Ltd. if the value of each transaction is below RMB600,000 and that of all transactions in aggregate during any calendar year is below RMB6 million; 
 (m) hiring and firing of the Chief Executive Officer or the Chief Financial Officer of the Company except as is otherwise provided in Section 8.3;

 (n) an increase of more than twenty-five percent (25%) in the total compensation of the five (5) most highly compensated
employees of any Group Company in any twelve (12) month period; 
 (o) the extension of any loan or guaranty to any party that is not
incurred in the ordinary course of business; 
 (p) the subscription or purchase of any shares, registered capital or other equity securities
in any company or entity, including the securities of any Group Company; 
 (q) any increase or decrease in the authorized size of the board
of directors of any Group Company; 
 (r) the adoption or material amendment of any share option plan or scheme; and 
 (s) the adoption or amendment of any agreement, understanding or arrangement between the Company and any of its related or affiliated parties,
shareholders, employees or directors. 
 Notwithstanding the foregoing, (a) the preemptive rights as provided in this Section 7.1 shall terminate
and cease to be in effect upon the closing of a Qualified Public Offering; and (b) all Series A Holders shall approve or be deemed to have approved, or waive their rights to approve or be deemed to have waived their rights to approve any
subsequent round of equity financing (a “Subsequent Financing”) including, without limitation, any action taken under (a) to (e) above in connection with such Subsequent Financing as long as the per share price of such
Subsequent Financing is at least fifty percent (50%) higher than the Subscription Price per share contemplated under the Second Closing (whether or not such Second Closing occurs), provided that (i) each investor of the Subsequent
Financing is a reputable international institution; (ii) the rights, preferences, and privileges of any series or class of shares granted to the investor(s) in such Subsequent Financing shall not be more favorable than those granted to the
Series A Shares or the Series A Holders; and (iii) the Series A Holders shall have preemptive rights to purchase up to their pro-rata share of the shares offered in the Subsequent Financing in accordance with Section 3. 

 7.2 Governance of Group Companies. In accordance with and subject to any limitations under the
Applicable Law (as defined in the Subscription Agreement) of the PRC. Each of the Group Companies, the Ordinary Shareholders and the PRC Co. Shareholders shall procure that all directors of the PRC WFOE, PRC Co. and any other direct or indirect
subsidiary of the Group Companies shall be appointed and removed only as approved by the Board, including at least one (1) of the Series A Directors. 
 7.3 No Impairment. The shareholders of the Company will not, by the amendment of the Restated Articles or through any reorganization, transfer of assets, consolidation, merger, dissolution, issuance or sale of
securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under the Restated Articles but will at all times in good faith assist in the carrying out of all the
provisions of the Restated Articles and in the taking of all such action as may be necessary or appropriate in order to protect the conversion rights of the holders of the Series A Shares against impairment. 
  

	8.	BOARD OF DIRECTORS. 

  

	 	8.1	Election of Directors. 

 (a)
     The Restated Articles shall provide that the Board shall consist of not more than seven (7) directors. Any change to the size of the Board beyond seven (7) directors shall require an amendment to the Restated
Articles. Subject to Section 8.1(c) below, the Board shall initially consist of six (6) directors. 
 (b)
     The shareholders of the Company shall take all actions (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 and the appointment of such directors shall be effective on the date of the First Closing (as defined in the Subscription Agreement): 
 (i)     Two (2) directors designated exclusively by the Investors (the “Series A Directors”); provided that the
Investors shall have such right to designate Series A Directors for only so long as the Investors hold no less than fifty percent (50%) of the Series A Shares that the Investors subscribed for at each Closing; and further provided that such
right of the Investors to designate directors shall terminate and cease to be in effect upon the closing of a Qualified Public Offering. The initial Series A Directors shall be Wayne W. Tsou and Xiao Feng; and 
 (ii)     Four (4) directors designated by Mr. He (the “Ordinary Shareholder Directors”). The initial
Ordinary Shareholder Directors shall be Mr. He, Zhou Chang Wen, Zhong Hong and Zeng Jia Ju. 
 (c)
      In addition to the six (6) directors referenced above, the shareholders of the Company, within eighteen (18) months of the date of the First Closing, shall take all actions (including, without
limitation, voting the shares owned by each, calling extraordinary meetings of shareholders and executing and delivering written consents) necessary to elect one (1) independent director jointly designated by Mr. He and the Investors
(deemed “independent” under the rules of the New York Stock Exchange or NASDAQ). 

 (d) The Series A Directors and the Ordinary Shareholder Directors shall be entitled to appoint alternates
to serve at any meeting of the Board or of any committee thereto, and such alternates shall be permitted to attend all meetings of the Board or of any committee and vote on the director’s behalf. 
 (e) Whenever a candidate for appointment to the Board is to be designated by a group of shareholders, if shares are held and voted by such shareholders
in such proportion that no majority vote is obtained, then the candidates with the greatest number of votes shall be deemed designated (up to the number of candidates to be selected by such group of shareholders). The candidate(s) so designated
shall be the designated candidate(s) for that group of shareholders and the shareholders agree to vote for such individuals. No director shall be removed except by the affirmative vote of the group of shareholders entitled to designate such
director, and no director may be so removed if the votes cast against such director’s removal would be sufficient (assuming that each of such group’s designated directors were being chosen) to designate such director for such group of
shareholders, other than a removal due to the bad faith, willful misconduct or fraud of any director; which removal may be effected pursuant to an ordinary resolution. 
 (f) 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. 
 (g) There shall be no
shareholding qualification for directors. 
 8.2    Quorum. A quorum of the Board shall consist of four
(4) directors, including at least one (1) of the Series A Directors and at least one (1) of the Ordinary Shareholder Directors. An alternate director or proxy appointed by a director shall be counted in a quorum at a meeting if his
appointor is not present. If within half an hour from the time appointed for the meeting a quorum is not present, the meeting shall stand adjourned to the same day in the next week at the same time and place or to such other time or such other place
as the directors may determine and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting, the directors for the time being present (in person or by alternate) shall constitute a quorum.
Subject to the Applicable Law (as defined in the Subscription Agreement) of the PRC, the quorum requirements of the board of directors of the PRC WFOE shall be the same as the quorum requirements for the Board under this Section 8.2.

 8.3    Chief Financial Officer Appointment. Within six (6) months of the date of the First Closing, Mr. He
shall select a candidate to be the Chief Financial Officer (“CFO”) for the Company and the Board shall appoint such candidate to be CFO of the Company provided that such candidate is reasonably qualified for such position. In the
event that the Mr. He fails to select a candidate to be CFO within the prescribed period, the Investors shall select a candidate to be CFO and the Board shall appoint such candidate to be the CFO provided that such candidate is reasonably
qualified for such position. 
 8.4    Insurance. After the closing of an initial public offering and subject to the
Board’s approval, the Company shall purchase and maintain director’s and officer’s indemnity insurance policies for the benefit of all the directors of the Board on terms and in amounts approved by the Board. 

	9.	EMPLOYEE SHARE OPTION PLAN. 

 9.1 Grant of Share
Options. The Company covenants and agrees that immediately prior to the First Closing, the Company shall have reserved six million nine hundred forty-four thousand four hundred forty-four (6,944,444) Ordinary Shares for the Company’s
stock option pool. Immediately after the First Closing, the Company shall establish and cause to be approved by the Board and the shareholders a bona fide employment-related share purchase or option plan in the form attached to the Subscription
Agreement (the “Share Option Plan”) pursuant to which the Company may grant options, warrants or other rights (“Options”) to its employees, officers, directors, advisors or consultants (collectively,
“Employees” and individually, an “Employee”) to subscribe for up to six million nine hundred forty-four thousand four hundred forty-four (6,944,444) Ordinary Shares. 
 9.2 Share Option Vesting. Except as expressly approved by the Board by unanimous votes, options granted to the Employees after the First Closing
pursuant to the Share Option Plan shall be vested during a four-year vesting period, with twenty-five percent (25%) of the options vested on the first anniversary of the date of grant and the remainder vested in equal annual installments over
the next three years after the first anniversary until fully vested. 
 9.3 Repurchase Option. To the extent permissible under
applicable laws and except as otherwise approved by a majority of the Board, Ordinary Shares acquired by any Employees by exercising the share options or other rights granted under the Share Option Plan prior to their vesting shall be subject to a
repurchase option exercisable by the Company or its assignee if the employment of such Employee with the Company is terminated with or without cause. 
  

	10.	OPTION TO PURCHASE DOMESTIC COMPANY. 

 The PRC Co.
Shareholders hereby grant the PRC WFOE an option, exercisable by the PRC WFOE in its sole discretion at any time, to purchase one hundred percent (100%) of their equity interests in the PRC Co., pursuant to the terms of a transfer agreement in
form and substance reasonably satisfactory to the Investors; provided, however that, the total consideration shall be the lowest price permitted under applicable law or any governmental order of the PRC. In the event the total consideration
is required by law or any governmental order to exceed the net tangible asset value determined in accordance with the proceeding sentence, the PRC Co. Shareholders agree to donate to the PRC Co. their pro rata shares of the amount of such
consideration received from the Company that exceeds such net tangible asset value; provided that all taxes and expenses arising from the receipt and donation of such additional consideration shall be borne by the PRC Co. 
  

	11.	REDEMPTION; PUT OPTION AND ORDINARY SHAREHOLDER’S SHARE PLEDGE. 

 11.1 Redemption. At any time after the fourth anniversary of the date of First Closing and for only so long as the Series A Holders hold no less than fifty percent (50%) of the Series A Shares that such
Series A Holders subscribed for at each Closing upon written request by holders of a majority of the Series A Shares then in issue, the Company shall redeem up to all of the Series A 

 
Shares held by the requesting Series A Holders in accordance with Article 52(4) of the Restated Articles, provided that the right of redemption under this
Section 11 shall terminate and cease to be in effect upon the closing of a Qualified Public Offering. 
 11.2 Share Pledge. If,
following a redemption in accordance with Section 11.1, the Company fails to redeem up to fifty percent (50%) of the Series A Shares requested to be redeemed, Mr. He (or his Affiliate if Mr. He held the Ordinary Shares through
his Affiliate) shall pledge, or cause any third party designated by him to pledge, to the Investors that number of shares equal to the Redemption Price (as defined in the Restated Articles) of the Series A Shares requested but failed to be redeemed
(the “Pledged Shares”). A notation regarding the pledge of the Pledged Shares shall be made in the Company’s register of members and Mr. He (or his Affiliate if Mr. He held the Ordinary Shares through his Affiliate)
or any third party designated by him shall deliver at such time to the Investors an instrument of transfer with respect to the Pledged Shares, endorsed in blank. If within twelve (12) months after the Redemption Date (as defined in the Restated
Articles), neither the Company nor Mr. He (or his Affiliate if Mr. He held the Ordinary Shares through his Affiliate) or any third party designated by Mr. He (or his Affiliate if Mr. He held the Ordinary Shares through his
Affiliate) has paid to the Investors the Redemption Price for the unredeemed Series A Shares, the Pledged Shares shall be transferred to the Investors on a pro-rata basis based upon the number of unredeemed Series A Shares held by each Investor.

 11.3 Change of Board. If, following a redemption in accordance with Section 11.1, the Company fails to redeem over fifty
percent (50%) of the Series A Shares requested to be redeemed on the Redemption Date (as defined in the Restated Articles), the provisions regarding the designation of candidates for appointment to the Board provided in Section 8.1 shall
automatically be amended to provide that a majority of the directors elected shall be candidates designated exclusively by the holders of the Series A Shares and Ordinary Shares issuable upon conversion of Series A Shares. The shareholders shall be
obligated to take timely and necessary action to procure the resignation or removal of any director to be replaced hereunder. 
 12.    NO
INVESTMENT IN COMPANY’S COMPETITORS. For so long as the Investors hold any Series A Shares or Ordinary Shares of the Company and except with respect to their existing investment in Focus Media Holding Limited, the Investors shall not and
shall cause Carlyle Asia Investment Advisors Limited (“Carlyle Asia”), any other fund manager of the Investors or their nominees (“Carlyle Manager”) and any partner, parent corporation, subsidiary, affiliate,
affiliated fund, affiliated special purpose vehicle for investment purposes, the fund manager thereof or other funds managed by the fund manager thereof, or special purpose vehicle affiliated with the partners of such funds of the Investors to
refrain from directly or indirectly investing in, entering into any strategic alliance with, or otherwise holding any equity or other stake in any company that either (i) engages in the outdoor advertising business in the PRC which has a
business model similar to the PRC Co., including, but not limited to, any business that involves outdoor billboards, light boxes or neon lighting; or (ii) directly competes with the business of the PRC Co. as now conducted or as may be
conducted in the future, except for any investment held by the Investors as of the date hereof. 

	13.	GENERAL PROVISIONS. 

 13.1 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 as set forth in the Exhibit H of the Subscription Agreement; 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. A party may change or supplement the addresses given above, or
designate additional addresses, for purposes of this Section 13.1 by giving the other party written notice of the new address in the manner set forth above. 
 13.2 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. 
 13.3 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. 
 13.4 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. 
 13.5 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. Notwithstanding the foregoing, any rights of the Investors under this Agreement
may, without prejudice to the rights of the Investors to exercise any such rights, be exercised by Carlyle Asia Investment Advisors Limited (“Carlyle Asia”) or any other fund manager of the Investors or their nominees
(“Carlyle Manager”), unless the Investors have (i) given notice to the other parties that any such rights cannot be exercised by Carlyle Asia or a Carlyle Manager; and (ii) not given notice to the other parties that such
notice which is given under this Section 13.5 has been revoked. 

 13.6 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. 
 13.7
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. 
 13.8 Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument. 
 13.9 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. 
 13.10 Aggregation of Shares. All Series A Shares or Ordinary Shares held or
acquired by more than one (1) Affiliate shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 13.11 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. 
 13.12 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 13.12(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 the Hong Kong International Arbitration Centre in accordance with the UNCITRAL
Arbitration Rules (the “UNCITRAL Rules”) then 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 languages of the arbitration shall be English and Chinese, in which all of the 

 
arbitrators shall be fluent. The parties understand and agree that this provision regarding arbitration shall not prevent any party from pursuing preliminary
equitable or injunctive relief in a judicial forum pending arbitration in order 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. 
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 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
	
	Time Share Media Co., Ltd
		
	By:	 	 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Director
	
	PRC WFOE
	
	

		
	By:	 	 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Legal Representative
	
	PRC CO.
	
	

		
	By:	 	 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Legal Representative
	
	ORDINARY SHAREHOLDERS:
	
	Insighting Holdings Limited
		
	By:	 	 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Director

  
 [SIGNATURE PAGE TO
THE RIGHTS AGREEMENT] 

			
	Knowrience Holdings Limited
		
	By:	 	 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Director

			
	
	FOUNDERS
	
	 /s/ He Ji Lun

	He Ji Lun
	
	 /s/ Fang Yun Feng

	Fang Yun Feng
	
	 /s/ Zhu Xian Zhou

	Zhu Xian Zhou
	
	 /s/ Zeng Jia Ju

	Zeng Jia Ju
	
	 /s/ Zhou Chang Wen

	Zhou Chang Wen
	
	 /s/ Zhong Hong

	Zhong Hong
	
	 /s/ Wang Ying

	Wang Ying

  
 [SIGNATURE PAGE TO
THE RIGHTS AGREEMENT] 

	
	PRC CO. SHAREHOLDERS:
	
	 /s/ He Ji Lun

	He Ji Lun
	 /s/ He Da En

	He Da En

  
  
 [SIGNATURE PAGE TO THE RIGHTS AGREEMENT] 

			
	INVESTORS:
	
	Carlyle Asia Growth Partners III, L.P.
		
	By:	 	 /s/ Daniel A. D’Aniello

	Name:	 	Daniel A. D’Aniello
	Title:	 	Director
	
	CAGP III Co-Investment, L.P.
		
	By:	 	 /s/ Daniel A. D’Aniello

	Name:	 	Daniel A. D’Aniello
	Title:	 	Director

  
 [SIGNATURE PAGE TO
THE RIGHTS AGREEMENT]

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