Document:

Exhibit 4.24

 

DEPOSIT
AGREEMENT FOR RESTRICTED SECURITIES

 

DEPOSIT AGREEMENT FOR RESTRICTED SECURITIES
dated as of February 4, 2019 (the “Agreement”) among NIO Inc., a company organized under the laws of the Cayman
Islands (the “Company”), Deutsche Bank Trust Company Americas as depositary (the “Depositary”), and all
Holders and Beneficial Owners from time to time of restricted American Depositary Shares (“Restricted ADSs”) issued
hereunder.

 

WITNESSETH:

 

WHEREAS, the Company and the Depositary entered
into a Deposit Agreement dated as of September 11, 2018 (the “Deposit Agreement”) for the purposes set forth therein;

 

WHEREAS, notwithstanding Section 3.3 and Section
5.10 of the Deposit Agreement and Article (7) of the form of American Depositary Receipt attached thereto, the Company has requested
that the Depositary accept one or more deposits of Class A ordinary shares of the Company (the “Shares”) which are
not freely transferable under the Securities Act at the time of deposit (such securities, the “Limited Transfer Securities”)
into the restricted American Depositary Receipt program (the “Restricted Program”) established under this Agreement
but incorporating certain provisions of the Deposit Agreement;

 

WHEREAS, the Company desires that, upon a
deposit of any Limited Transfer Securities, Restricted ADSs representing such Limited Transfer Securities be issued to or upon
the order of the Depositor (as defined below) upon compliance with the provisions of this Agreement; and

 

WHEREAS, the Company and the Depositary desire
to enter into this Agreement in order to permit the issuance of such Restricted ADSs from time to time under the Restricted Program
and the delivery thereof to or upon the order of the depositor of the relevant Limited Transfer Securities (such person or entity
being the “Depositor” and each such issuance being a “Transaction”).

 

    	 	1	 

    

    

 

NOW, THEREFORE, in consideration of the premises
and mutual agreements herein set forth and for other good and valuable consideration, the Company and the Depositary hereby agree
as follows:

 

Section 1.          Definitions.   Unless
otherwise defined in this Agreement, terms defined in the Deposit Agreement are used herein as so defined.

 

Section 2.          Incorporation
by Reference.     Except to the extent modified hereby, the provisions of Articles I through VII of the Deposit
Agreement are incorporated herein by reference and deemed to be a part hereof. For the avoidance of doubt, Exhibit A and Exhibit
B to the Deposit Agreement shall not be incorporated herein by reference nor deemed to be a part hereof. In such sections of the
Deposit Agreement incorporated by reference herein, all references to “American Depositary Shares” shall be deemed
to refer herein to “Restricted ADSs” and all references to “Receipts” shall be deemed to refer herein to
restricted American Depositary Receipts (“Restricted Receipts”) evidencing Restricted ADSs. References in the Deposit
Agreement to specified Articles of the form of Receipt shall be deemed to be references to the corresponding Article in the form
of Restricted Receipt attached hereto. References in the Deposit Agreement to DRS/Profile, and to the issuance of American Depositary
Shares or Receipts through DRS/Profile, are not incorporated herein by reference.

 

Section 3.          Issuance
and Transfer of Restricted ADSs     (a) The Depositary shall issue Restricted ADSs hereunder upon (i) the deposit
by the Depositor of Limited Transfer Securities with the Custodian in accordance with the provisions hereof, (ii) receipt by the
Depositary of a certification and issuance instructions from the Company in form and substance as the Depositary may reasonably
request, (iii) receipt by the Depositary of a certification and issuance instructions from the Depositor in form and substance
as the Depositary may reasonably request, (iv) receipt by the Depositary of appropriate legal opinions of Cayman Islands and U.S.
counsel, each in form and substance acceptable to the Depositary, with respect to the Company, the Shares being deposited and/or
this Agreement, and (v) compliance with any other applicable provisions of this Agreement (including compliance with the provisions
of the Deposit Agreement as incorporated herein and revised hereby) and the form of Restricted Receipt.

 

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(b) As a condition to any offer, sale, pledge
or other distribution, disposition or transfer of any Restricted ADSs, the transferor of such Restricted ADSs shall provide at
the Depositary’s request a legal opinion of U.S. counsel (including the related back-up certificates), in form and substance
reasonably satisfactory to the Depositary, to the effect that (i) the Shares represented by the Restricted ADSs have been registered
under the Securities Act or (ii) such Restricted ADSs and the Shares represented thereby may be offered and sold without registration
under the Securities Act pursuant to an applicable exemption from the registration requirements thereof. In the case of a transfer
under clause (ii), any transferee of the Restricted ADSs will be required to become a party to, agree to, and be bound by the provisions
of this Agreement by providing a certification in form and substance as the Depositary may reasonably request.

 

Section 4.          Legends.    Until such time as the Depositary
has received the Opinion (as defined in Section 5 hereof), the Restricted ADSs and any account on the books of the Depositary reflecting
the Restricted ADSs issued in connection with a Transaction or on the transfer, split-up or combination thereof shall contain a
restrictive legend/notation substantially to the following effect:

 

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THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO RESTRICTIONS
ON TRANSFER UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THE SECURITIES MAY NOT BE OFFERED, SOLD,
PLEDGED, OR OTHERWISE DISTRIBUTED OR TRANSFERRED EXCEPT (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
OR (ii) IN COMPLIANCE WITH RULE 144 UNDER THE ACT OR PURSUANT TO ANOTHER EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO
REGISTRATION UNDER THE ACT, AND, IN THE CASE OF (ii) ABOVE, UNLESS THE COMPANY AND DEPOSITARY HAVE RECEIVED AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO EACH OF THEM THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE ACT.

 

In addition to the legend set forth above, Restricted ADSs may
bear such additional legends as the Company and the Depositary may agree from time to time.

 

Section 5.          Cancellation
and Conversion of Restricted ADSs.     The Depositary shall cancel
surrendered Restricted ADSs and withdraw the underlying Deposited Securities or convert Restricted ADSs to unrestricted ADSs only
in compliance with the provisions of this Agreement and the Restricted Receipt.

 

(a) A Holder may convert Restricted ADSs
into unrestricted ADSs by surrendering the Restricted ADSs for cancellation and requesting the issuance of unrestricted American
Depositary Shares representing the Shares formerly represented by such Restricted ADSs, if such cancellation is (i) in connection
with a sale after a holding period of six months has elapsed with regard to the Restricted ADSs or (ii) after a holding period
of one year has elapsed with regard to the Restricted ADSs held by a non-affiliate of the Company, and in the case of (i) and (ii)
if the conversion is preceded or accompanied by a representation letter in such form and substance as the Depositary may reasonably
request signed by the Holder of the Restricted ADSs and by delivery of a legal opinion of U.S. counsel to the Company reasonably
acceptable to the Depositary (or, at the option of the Depositary, counsel to the Holder reasonably acceptable to the Depositary),
which opinion (including the related back-up certificates, the “Opinion”) shall be in form and substance reasonably
satisfactory to the Depositary, to the effect that (w) such Restricted ADSs and the Shares represented thereby may be freely offered
and sold without registration under the Securities Act pursuant to an applicable exemption from the registration requirements thereof,
(x) the Holder or any purchaser of such Restricted ADSs or Shares will receive securities that are not “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, (y) the Depositary may, under the Securities Act, issue to the Holder
or any purchaser, as applicable, new American Depositary Shares representing the Shares without any restrictive legends thereon,
and any stop-transfer instruction with respect to such new American Depositary Shares may be removed from the Depositary’s
records, and (z) such other matters as the Depositary may reasonably request. Upon receipt of the requirements set out in the preceding
sentence and cancellation of the Restricted ADSs, the Depositary shall move the Shares formerly represented by the Restricted ADSs
to the general pool of Shares represented by the unrestricted American Depositary Shares, and shall take all other steps reasonably
required to make the applicable Restricted ADSs fungible with the unrestricted American Depositary Shares issued under the Deposit
Agreement.

 

    	 	4	 

    

    

 

(b) Notwithstanding the foregoing, if a
Holder surrenders Restricted ADSs for cancellation and, in lieu of receiving unrestricted American Depositary Shares, wishes to
receive the underlying Deposited Securities represented by the Restricted ADSs, the Depositary shall cancel the surrendered Restricted
ADSs and deliver Deposited Securities to the Holder only (i) if preceded or accompanied by evidence reasonably satisfactory to
the Depositary that the Shares delivered on such withdrawal will be “restricted securities” within the meaning of Rule
144(a)(3) under the Securities Act and will bear restrictive legends to such effect and/or be subject to stop orders, and not be
deposited in any book-entry system that would make them fungible with Shares that are not “restricted securities” or
(ii) after a holding period of one year has elapsed with regard to Restricted ADSs held by a non-affiliate, upon (y) receipt of
a representation letter in such form and substance as the Depositary may reasonably request signed by the Holder of the Restricted
ADSs and (z) at the Depositary’s election, either (a) a letter of instruction from the Company authorizing and instructing
the Depositary to remove the restrictive legend or (b) an opinion of U.S. counsel reasonably acceptable to the Depositary substantially
to the effect of clauses (w), (x) and (z) in Section 5(a) above in relation to the Opinion.

 

Section 6.          Form
of Restricted ADSs.      Any Restricted ADSs to be issued in accordance herewith may be issued through a book-entry registration
system maintained by the Depositary specifically for such Restricted ADSs pursuant to this Section 6. The Restricted ADSs shall
not be eligible for inclusion in any other book-entry settlement system, including, without limitation, the facilities of the Depository
Trust Company, and shall not in any way be fungible with the American Depositary Shares issued under the terms of the Deposit Agreement
or any other agreement. The terms “deliver,” “execute,” “issue,” “register,” “surrender,”
“transfer” or “cancel,” when used with respect to book-entry Restricted Receipts, shall refer to an entry
or entries or an electronic transfer or transfers on the books of the Depositary.

 

Section 7.          Terms
and Conditions Applicable to Restricted ADSs.      Except to the extent modified hereby, the provisions of this Agreement shall
not amend, modify, impact or impair any of the provisions of the Deposit Agreement. Restricted Receipts evidencing Restricted ADSs
shall be in the form of Exhibit A and Exhibit B attached hereto.

 

Section 8.          Inconsistent
Provisions.     To the extent that any term or provision of this Agreement or the Restricted Receipts (as the case may be)
shall be inconsistent with a term or provision of the Deposit Agreement (as incorporated herein and revised hereby), the terms
and conditions of this Agreement shall take precedence.

 

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Section 9.          Assignment
and Transfer.     Notwithstanding anything to the contrary in the Deposit
Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under this Agreement and the
Deposit Agreement (including any cause of action arising in connection with them) to Deutsche Bank AG or any branch thereof or
any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.

 

Section 10.         Fees
and Expenses.     Holders of Restricted Receipts shall be subject to the
fees and expenses set forth in Article (9) of the form of Restricted Receipt set forth in Exhibit A and Exhibit B hereto. The
Company agrees to reimburse the Depositary for the reasonable legal fees and out-of-pocket expenses incurred in connection with
the establishment and maintenance of the Restricted Program covered by this Agreement for an aggregate amount of up to US$40,000.

 

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Section 11.         Procedures
related to Convertible Notes.      In connection with an issuance of
convertible notes (the “Notes”) by the Company, the Depositary shall, at the request and expense of the Company, establish
procedures enabling holders of such Notes to deposit Limited Transfer Securities hereunder and receive Restricted ADSs upon conversion
of such Notes (the “Conversion Shares” and the “Restricted Conversion ADSs” respectively). The Company
shall provide to the Depositary a signed letter (the “Procedures Letter”) setting out procedures agreed with the Depositary
in respect of the deposit of the Conversion Shares and the issuance, delivery, transfer, withdrawal and cancellation of the Restricted
Conversion ADSs. The Company shall assist the Depositary in the establishment of such procedures and it shall take all steps necessary
and reasonably satisfactory to the Depositary to insure that the establishment of such procedures does not violate the provisions
of the Securities Act or any other applicable laws. In the event that the provisions of the Procedures Letter conflict with the
provisions of this Agreement, the Procedures Letter shall prevail.

 

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IN WITNESS WHEREOF, NIO Inc. and Deutsche Bank Trust Company
Americas have duly executed and delivered this Agreement as of February 4, 2019 and all Holders and Beneficial Owners shall become
parties hereto upon acceptance by them of Restricted ADSs evidenced by Restricted Receipts issued in accordance with the terms
hereof.

 

	 	NIO INC. 
	 	 	 
	 	By 	/s/ Authorized Signatory
	 	Name:	Authorized Signatory
	 	Title: 	 

 

    	 	8	 

    

    

 

	 	DEUTSCHE
    BANK TRUST COMPANY AMERICAS
	 	 	 
	 	By	/s/
    Authorized Signatory
	 	Name:	Authorized
    Signatory
	 	Title:	 
	 	 	 
	 	By	/s/
    Authorized Signatory
	 	Name:	Authorized
    Signatory
	 	Title:	 

 

[Signature page to
the Deposit Agreement for Restricted Securities]

 

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EXHIBIT A

 

CUSIP 62914V 205

 

ISIN US62914V2051

 

		RESTRICTED AMERICAN 
 DEPOSITARY SHARES
 (Each Restricted American 
 Depositary
                                                                           Share represents
 one Fully Paid Class A 
 Ordinary Share)

 

[FORM OF FACE OF RESTRICTED
AMERICAN DEPOSITARY RECEIPT]

 

THE SECURITIES REPRESENTED
HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFER UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THE SECURITIES
MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE DISTRIBUTED OR TRANSFERRED EXCEPT (i) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR (ii) IN COMPLIANCE WITH RULE 144 UNDER THE ACT OR PURSUANT TO ANOTHER EXEMPTION FROM OR IN A TRANSACTION
NOT SUBJECT TO REGISTRATION UNDER THE ACT, AND, IN THE CASE (ii) ABOVE, UNLESS THE COMPANY AND DEPOSITARY HAVE RECEIVED AN OPINION
OF COUNSEL REASONABLY SATISFACTORY TO EACH OF THEM THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE ACT.

 

DEUTSCHE BANK TRUST COMPANY
AMERICAS

 

RESTRICTED AMERICAN DEPOSITARY
RECEIPT

EVIDENCING RESTRICTED AMERICAN DEPOSITARY SHARES

REPRESENTING CLASS A ORDINARY SHARES OF

PAR VALUE $0.00025 EACH

 

Of

 

NIO INC.

(INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS)

 

    	 	10	 

    

    

 

DEUTSCHE BANK TRUST COMPANY
AMERICAS, as depositary (herein called the “Depositary”), hereby certifies that ________________ is the owner
of ______________ Restricted American Depositary Shares (hereinafter “Restricted ADSs”), representing deposited
Class A ordinary shares, each of Par Value of U.S.$0.00025 including evidence of rights to receive such ordinary shares (the “Shares”)
of NIO Inc., a company incorporated under the laws of the Cayman Islands (the “Company”). As of the date hereof,
each Restricted ADS represents one Share deposited under the Deposit Agreement with the Custodian which at the date hereof is Deutsche
Bank AG, Hong Kong Branch (the “Custodian”). The ratio of Restricted ADSs to Shares is subject to subsequent
amendment as provided in Article IV of the Deposit Agreement. The Depositary’s Corporate Trust Office is located at 60 Wall
Street, New York, New York 10005, U.S.A.

 

(1)         The
Deposit Agreement. This Restricted American Depositary Receipt is one of an issue of Restricted American Depositary Receipts
(“Receipts”), all issued or to be issued upon the provisions set forth in the Deposit Agreement for Restricted
Securities dated as of February 4, 2019 (the “Deposit Agreement”) among the Company, the Depositary and all
Holders and Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt evidencing Restricted
ADSs agrees to become a party thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth
the rights and obligations of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other securities, property and cash from time to time, received in respect of
such Shares and held thereunder (such Shares, other securities, property and cash are herein called “Deposited Securities”)
and incorporates certain provisions of the deposit agreement dated as of September 11, 2018 among the Company, the Depositary and
all Holders and Beneficial Owners from time to time of American Depositary Receipts issued thereunder (as amended from time to
time, the “Unrestricted Deposit Agreement”). Copies of the Deposit Agreement and the Unrestricted Deposit Agreement
are on file at the Corporate Trust Office of the Depositary and the Custodian.

 

Each Holder and each Beneficial Owner,
upon acceptance of any Restricted ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit
Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable
Receipt(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take
any and all actions contemplated in the Deposit Agreement and the applicable Receipt(s), to adopt any and all procedures necessary
to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate
to carry out the purposes of the Deposit Agreement and the applicable Receipt(s) (the taking of such actions to be the conclusive
determinant of the necessity and appropriateness thereof).

 

The statements made on the face and reverse
of this Receipt are summaries of certain provisions of the Deposit Agreement and the Memorandum and Articles of Association (as
in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement,
to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings
ascribed thereto in the Deposit Agreement. To the extent there is any inconsistency between the terms of this Receipt and the terms
of the Deposit Agreement, the terms of the Deposit Agreement shall prevail. Prospective and actual Holders and Beneficial Owners
are encouraged to read the terms of the Deposit Agreement. The Depositary makes no representation or warranty as to the validity
or worth of the Deposited Securities.

 

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(2)         Surrender
of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of Restricted
ADSs evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment
of (i) the fees and charges of the Depositary for the making of withdrawals and cancellations of Deposited Securities and cancellation
of Receipts (as set forth in Section 5.9 of the Unrestricted Deposit Agreement and Article (9) hereof) and (ii) all fees, taxes
and/or governmental charges payable in connection with such surrender and withdrawal, and, subject to the terms and conditions
of the Deposit Agreement, including the conditions set forth in Section 5 of the Deposit Agreement, the Memorandum and Articles
of Association, Section 7.10 of the Unrestricted Deposit Agreement, Article (22) hereof and the provisions of or governing the
Deposited Securities and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery,
to him or upon his order, of the Deposited Securities represented by the Restricted ADSs so surrendered. Restricted ADSs may be
surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such Restricted ADSs (if held
in registered form) or by book-entry delivery of such Restricted ADSs to the Depositary.

 

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

 

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A Holder may convert Restricted ADSs into
unrestricted ADSs by surrendering the Restricted ADSs for cancellation and requesting the issuance of unrestricted American Depositary
Shares representing the Shares formerly represented by such Restricted ADSs, if such cancellation is (i) in connection with a sale
after a holding period of six months has elapsed with regard to the Restricted ADSs or (ii) after a holding period of one year
has elapsed with regard to the Restricted ADSs held by a non-affiliate of the Company, and in the case of (i) and (ii) if the conversion
is preceded or accompanied by a representation letter in such form and substance as the Depositary may reasonably request signed
by the Holder of the Restricted ADSs and by delivery of a legal opinion of U.S. counsel to the Company reasonably acceptable to
the Depositary (or, at the option of the Depositary, counsel to the Holder reasonably acceptable to the Depositary), which opinion
(including the related back-up certificates, the “Opinion”) shall be in form and substance reasonably satisfactory
to the Depositary, to the effect that (w) such Restricted ADSs and the Shares represented thereby may be freely offered and sold
without registration under the Securities Act pursuant to an applicable exemption from the registration requirements thereof, (x)
the Holder or any purchaser of such Restricted ADSs or Shares will receive securities that are not “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, (y) the Depositary may, under the Securities Act, issue to the Holder
or any purchaser, as applicable, new American Depositary Shares representing the Shares without any restrictive legends thereon,
and any stop-transfer instruction with respect to such new American Depositary Shares may be removed from the Depositary’s
records, and (z) such other matters as the Depositary may reasonably request. Upon receipt of the requirements set out in the preceding
sentence and cancellation of the Restricted ADSs, the Depositary shall move the Shares formerly represented by the Restricted ADSs
to the general pool of Shares represented by the unrestricted American Depositary Shares, and shall take all other steps reasonably
required to make the applicable Restricted ADSs fungible with the unrestricted American Depositary Shares issued under the Unrestricted
Deposit Agreement.

 

Notwithstanding the foregoing, if a Holder
surrenders Restricted ADSs for cancellation and, in lieu of receiving unrestricted American Depositary Shares, wishes to receive
the Deposited Securities represented by the Restricted ADSs, the Depositary shall cancel the surrendered Restricted ADSs and deliver
the underlying Deposited Securities to the Holder only in compliance with the provisions of the Deposit Agreement and this Receipt
and (i) if preceded or accompanied by evidence reasonably satisfactory to the Depositary that the Shares delivered on such withdrawal
will be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act and will bear restrictive
legends to such effect and/or be subject to stop orders, and not be deposited in any book-entry system that would make them fungible
with Shares that are not “restricted securities” or (ii) after a holding period of one year has elapsed with regard
to Restricted ADSs held by a non-affiliate, upon (y) receipt of a representation letter in such form and substance as the Depositary
may reasonably request signed by the Holder of the Restricted ADSs and (z) at the Depositary’s election, either (a) a letter
of instruction from the Company authorizing and instructing the Depositary to remove the restrictive legend or (b) an opinion of
U.S. counsel reasonably acceptable to the Depositary substantially to the effect of clauses (w), (x) and (z) above in relation
to the Opinion.

 

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(3)         Transfers,
Split-Ups and Combinations of Receipts. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register
transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof
in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the
case of Receipts issued through the book-entry system maintained by the Depositary pursuant to Section 6 of the Deposit Agreement,
receipt by the Depositary of proper instruments of transfer (including signature guarantees in accordance with standard industry
practice) and duly stamped as may be required by the laws of the State of New York, of the United States, of the Cayman Islands
and of any other applicable jurisdiction. Subject to the terms and conditions of the Deposit Agreement, including payment of the
applicable fees and expenses incurred by, and charges of, the Depositary, the Depositary shall execute and Deliver a new Receipt(s)
(and if necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled
to such Receipts evidencing the same aggregate number of Restricted ADSs as those evidenced by the Receipts surrendered. Upon surrender
of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts upon payment of the
applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary
shall execute and deliver a new Receipt or Receipts for any authorized number of Restricted ADSs requested, evidencing the same
aggregate number of Restricted ADSs as the Receipt or Receipts surrendered.

 

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

 

The issuance of Restricted
ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of Restricted
ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances
may be refused, or the registration of transfer of Receipts generally may be suspended, during any period when the transfer books
of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good
faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission,
or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities or any meeting of shareholders
of the Company or for any other reason, subject in all cases to Article (22) hereof.

 

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

 

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

 

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

 

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

 

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

 

(7)         Representations
and Warranties of Depositors. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent
and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable
and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares, have
been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented
for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares
presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up
agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up agreement has terminated
or the lock-up restrictions imposed thereunder have expired or been validly waived. Such representations and warranties shall survive
the deposit and withdrawal of Shares and the issuance, cancellation and transfer of Restricted ADSs. If any such representations
or warranties are false in any way, the Company and Depositary shall be authorized, at the cost and expense of the person depositing
Shares, to take any and all actions necessary to correct the consequences thereof.

 

    	 	15	 

    

    

 

(8)         Filing
Proofs, Certificates and Other Information. Any person presenting Shares for deposit shall provide, any Holder and any Beneficial
Owner may be required to provide, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary
such proof of citizenship or residence, taxpayer status, payment of all applicable taxes and/or other governmental charges, exchange
control approval, legal or beneficial ownership of Restricted ADSs and Deposited Securities, compliance with applicable laws and
the terms of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information as the Depositary
deems necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations
under the Deposit Agreement. The Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration
of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof,
or to the extent not limited by the terms of Article (22) hereof or the terms of the Deposit Agreement, the Delivery of any Deposited
Securities, until such proof or other information is filed or such certifications are executed, or such representations and warranties
are made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction.
The Depositary shall from time to time on the written request of the Company advise the Company of the availability of any such
proofs, certificates or other information and shall, at the Company’s sole expense, provide or otherwise make available copies
thereof to the Company upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and
Beneficial Owner agrees to provide any information requested by the Company or the Depositary pursuant to this paragraph. Nothing
herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial
Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

 

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

 

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

 

    	 	16	 

    

    

 

(9)         Charges
of Depositary. The Depositary reserves the right to charge the following fees for the services performed under the terms of
the Deposit Agreement:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	17	 

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	18	 

    

    

 

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

 

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

 

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

 

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

 

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

 

    	 	19	 

    

    

 

[FORM OF REVERSE OF RESTRICTED
AMERICAN DEPOSITARY RECEIPT]

 

SUMMARY OF CERTAIN ADDITIONAL
PROVISIONS

OF THE DEPOSIT AGREEMENT

 

(13)        Dividends
and Distributions in Cash, Shares, etc.     Whenever the Depositary receives confirmation from the Custodian
of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any
Shares, rights securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof
any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be
converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted such
dividend, distribution or proceeds into Dollars and will distribute promptly the amount thus received (net of applicable fees and
charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental
charges) to the Holders of record as of the Restricted ADS Record Date in proportion to the number of Restricted ADSs representing
such Deposited Securities held by such Holders respectively as of the Restricted ADS Record Date. The Depositary shall distribute
only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional
amounts shall be rounded down to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial
Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds three
or four decimal places (the number of decimal places used by the Depositary to report distribution rates). The excess amount may
be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing
hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary is required to withhold and
does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of
taxes, duties or other governmental charges, the amount distributed to Holders on the Restricted ADSs representing such Deposited
Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary
to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary
upon request. The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably
request to enable the Company or its agent to file with governmental agencies such reports as are necessary to obtain benefits
under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

 

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

 

    	 	20	 

    

    

 

In the event that (x) the
Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges
which the Depositary is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit
Agreement, has either (a) furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities
Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), or (b) fails
to timely deliver the documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale
(after deduction of taxes and/or governmental charges, and fees and charges of, and expenses incurred by, the Depositary and/or
a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms of the Deposit Agreement. The Depositary
shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement.

 

Upon timely receipt of
a notice indicating that the Company wishes an elective distribution to be made available to Holders upon the terms described in
the Deposit Agreement, the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including,
without limitation, any legal opinions the Depositary may request under the Deposit Agreement) determine whether such distribution
is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement,
establish a Restricted ADS Record Date according to Article (14) hereof and establish procedures to enable the Holder hereof
to elect to receive the proposed distribution in cash or in additional Restricted ADSs. If a Holder elects to receive the distribution
in cash, the dividend shall be distributed as in the case of a distribution in cash. If the Holder hereof elects to receive the
distribution in additional Restricted ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon
the terms described in the Deposit Agreement. If such elective distribution is not lawful or reasonably practicable or if the Depositary
did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by
law, distribute to Holders, on the basis of the same determination as is made in the Cayman Islands, in respect of the Shares for
which no election is made, either (x) cash or (y) additional Restricted ADSs representing such additional Shares, in
each case, upon the terms described in the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to
the Holder hereof a method to receive the elective dividend in Shares (rather than Restricted ADSs). There can be no assurance
that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the
holders of Shares.

 

    	 	21	 

    

    

 

Whenever the Company
intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give
notice thereof to the Depositary at least 60 days prior to the proposed distribution stating whether or not it wishes such rights
to be made available to Holders of Restricted ADSs. Upon timely receipt by the Depositary of a notice indicating that the Company
wishes such rights to be made available to Holders of Restricted ADSs, the Company shall determine whether it is lawful and reasonably
practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if
the Company shall have timely requested that such rights be made available to Holders, the Depositary shall have received the documentation
required by the Deposit Agreement, and the Depositary shall have determined that such distribution of rights is lawful and reasonably
practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions
set forth above are satisfied, the Depositary shall establish a Restricted ADS Record Date and establish procedures (x) to
distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders to exercise the rights (upon payment
of the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary
and taxes and/or governmental charges). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available
to the Holders a method to exercise such rights to subscribe for Shares (rather than Restricted ADSs). If (i) the Company
does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be
made available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines
it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are
not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to
sell such rights, and if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in a riskless
principal capacity or otherwise, at such place and upon such terms (including public and/or private sale) as it may deem proper.
The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and
expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges)
upon the terms hereof and in the Deposit Agreement. If the Depositary is unable to make any rights available to Holders or to arrange
for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary shall
not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to
Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such
sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with
the rights distribution.

 

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

 

    	 	22	 

    

    

 

There can be no assurance
that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions
as the holders of Shares or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement
in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register
or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.

 

Upon receipt of a notice
regarding property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of Restricted ADSs, the
Depositary shall determine, after consultation with the Company, whether such distribution to Holders is lawful and reasonably
practicable. The Depositary shall not make such distribution unless (i) the Company shall have timely requested the Depositary
to make such distribution to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement,
and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable. Upon satisfaction
of such conditions, the Depositary shall distribute the property so received to the Holders of record as of the Restricted ADS
Record Date, in proportion to the number of Restricted ADSs held by such Holders respectively and in such manner as the Depositary
may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges
of, and expenses incurred by, the Depositary, and (ii) net of any taxes and/or governmental charges. The Depositary may dispose
of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private
sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or
other governmental charges applicable to the distribution.

 

If the conditions above
are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places
and upon such terms as it may deem proper and shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable
fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes
and/or governmental charges) to the Holders upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to
sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances.

 

    	 	23	 

    

    

 

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

 

(15)      Voting
of Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which
the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited
Securities, the Depositary shall fix the Restricted ADS Record Date in respect of such meeting or such solicitation of consents
or proxies. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation
to take any further action if the request shall not have been received by the Depositary at least 30 Business Days prior to the
date of such vote or meeting) and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by regular,
ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing
from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the Restricted ADS Record
Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business
on the Restricted ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the
Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities (which provisions,
if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights,
if any, pertaining to the Deposited Securities represented by such Holder’s American Depositary Shares; and (c) a brief
statement as to the manner in which such voting instructions may be given to the Depositary, or in which instructions may be deemed
to have been given in accordance with this Article (15), including an express indication that instructions may be given (or be
deemed to have been given in accordance with the immediately following paragraph of this section if no instruction is received)
to the Depositary to give a discretionary proxy to a person or persons designated by the Company. Voting instructions may be given
only in respect of a number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely
receipt of voting instructions of a Holder on the Restricted ADS Record Date in the manner specified by the Depositary, the Depositary
shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company’s
Memorandum and Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian
to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in
accordance with such voting instructions.

 

    	 	24	 

    

    

 

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

 

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

 

Neither the Depositary nor the Custodian
shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt
to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, Deposited Securities
represented by Restricted ADSs except pursuant to and in accordance with such written instructions from Holders, including the
deemed instruction to the Depositary to give a discretionary proxy to a person designated by the Company. Deposited Securities
represented by Restricted ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii)
timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner
in which the Depositary is to vote the Deposited Securities represented by such Holder’s Restricted ADSs, shall be voted
in the manner provided in this Article (15). Notwithstanding anything else contained herein, and subject to applicable law, regulation
and the Memorandum and Articles of Association, the Depositary shall, if so requested in writing by the Company, represent all
Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders
as of the Restricted ADS Record Date) for the purpose of establishing quorum at a meeting of shareholders.

 

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

 

    	 	25	 

    

    

 

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

 

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

 

(17)       Exoneration.
None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the
provisions of the Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if
the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden
from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing
required by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present or future law or regulation
of the United States, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority
or stock exchange, or by reason of any provision, present or future of the Memorandum and Articles of Association or any provision
of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control, (including,
without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions,
explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in
the Deposit Agreement or in the Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii) for
any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance
upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial
Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice
or information, (iv) for any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or
other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement,
made available to Holders of Restricted ADS or (v) for any special, consequential, indirect or punitive damages for any breach
of the terms of the Deposit Agreement or otherwise. The Depositary, its controlling persons, its agents (including without limitation,
the Agents), any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon
any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the
proper party or parties. No disclaimer of liability under the Securities Act or the Exchange Act is intended by any provision of
the Deposit Agreement.

 

    	 	26	 

    

    

 

(18)       Standard
of Care. The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including
without limitation, the Agents) assume no obligation and shall not be subject to any liability under the Deposit Agreement or the
Receipts to Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Unrestricted Deposit
Agreement, provided, that the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents
(including without limitation, the Agents) agree to perform their respective obligations specifically set forth in the Deposit
Agreement without gross negligence or wilful misconduct. The Depositary and its directors, officers, Affiliates, employees and
agents (including without limitation, the Agents) shall not be liable for any failure to carry out any instructions to vote any
of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote. The Depositary shall not incur
any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content
of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof,
for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited
Securities or for any tax consequences that may result from the ownership of Restricted ADSs, Shares or Deposited Securities, for
the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure
or timeliness of any notice from the Company or for any action or non action by it in reliance upon the opinion, advice of or information
from legal counsel, accountants, any person presenting Shares for deposit, any Holder or any other person believed by it in good
faith to be competent to give such advice or information. The Depositary and its agents (including without limitation, the Agents)
shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission
of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided
that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without
gross negligence or willful misconduct while it acted as Depositary.

 

    	 	27	 

    

    

 

(19)       Resignation
and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary under
the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier
of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary
has been appointed by the Company, be entitled to take the actions contemplated in the Deposit Agreement), or (ii) the appointment
of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts,
fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise
agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation.
The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment,
not more than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement.
The Depositary may at any time be removed by the Company by written notice of such removal which notice shall be effective on
the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take
the actions contemplated in the Deposit Agreement if a successor depositary has not been appointed), or (ii) the appointment of
a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement save that, any amounts, fees,
costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed
in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal. In
case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint
a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York
and if it shall have not appointed a successor depositary the provisions referred to in Article (21) hereof and correspondingly
in the Deposit Agreement shall apply. Every successor depositary shall be required by the Company to execute and deliver to its
predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary,
without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor.
The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute
and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated
in the Deposit Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities
to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information
relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly
mail notice of its appointment to such Holders. Any corporation into or with which the Depositary may be merged or consolidated
shall be the successor of the Depositary without the execution or filing of any document or any further act and, notwithstanding
anything to the contrary in the Deposit Agreement, the Depositary may assign or otherwise transfer all or any of its rights and
benefits under the Deposit Agreement (including any cause of action arising in connection with it) to Deutsche Bank AG or any
branch thereof or any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.

 

    	 	28	 

    

    

 

(20)      Amendment/Supplement.
Subject to the terms and conditions of this Article (20), and applicable law, this Receipt and any provisions of the Deposit
Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary
in any respect which they may deem necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment
or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign
exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses), or which shall otherwise
materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to
outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding
Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific
amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice
invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial
Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission’s, the Depositary’s
or the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements
which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for the Restricted ADSs or Shares
to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges
to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every
Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold
such Restricted ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended or
supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and
receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable
law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment
or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the
Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement
to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to
Holders or within any other period of time as required for compliance with such laws, or rules or regulations.

 

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

 

    	 	29	 

    

    

 

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

 

(22)       Certain
Rights of the Depositary. The Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class
of securities of the Company and its Affiliates and in Restricted ADSs. The Depositary may issue Restricted ADSs against evidence
of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency
or other entity involved in ownership or transaction records in respect of the Shares. Persons are advised that in converting foreign
currency into U.S. dollars the Depositary may utilize Deutsche Bank AG or its affiliates (collectively, “DBAG”)
to effect such conversion by seeking to enter into a foreign exchange (“FX”) transaction with DBAG. When converting
currency, the Depositary is not acting as a fiduciary for the holders or beneficial owners of depositary receipts or any other
person. Moreover, in executing FX transactions, DBAG will be acting in a principal capacity, and not as agent, fiduciary or broker,
and may hold positions for its own account that are the same, similar, different or opposite to the positions of its customers,
including the Depositary. When the Depositary seeks to execute an FX transaction to accomplish such conversion, customers should
be aware that DBAG is a global dealer in FX for a full range of FX products and, as a result, the rate obtained in connection with
any requested foreign currency conversion may be impacted by DBAG executing FX transactions for its own account or with another
customer. In addition, in order to source liquidity for any FX transaction relating to any foreign currency conversion, DBAG may
internally share economic terms relating to the relevant FX transaction with persons acting in a sales or trading capacity for
DBAG or one of its agents. DBAG may charge fees and/or commissions to the Depositary or add a mark-up in connection with such conversions,
which are reflected in the rate at which the foreign currency will be converted into U.S. dollars. The Depositary, its Affiliates
and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs.

 

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

 

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

 

    	 	30Exhibit 4.25

 

Goldman Sachs International | Peterborough
Court | 133 Fleet Street | London EC4A 2BB | Tel: 020-7774-1000 | Telex: 887902 | Cable: GOLDSACHS LONDON | Registered in England
No. 2263951 | Registered Office as Above | Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority

 

January 30, 2019

	To: NIO Inc.
	Building 20, No. 56 AnTuo Road, Jiading District
	Shanghai, 201804
	People’s Republic of China
	Attention: Louis T. Hsieh, Chief Financial Officer
	Telephone No.:	+86 (21) 6908 3306
	Facsimile No.:	+86 (21) 3913 0192

 

	From:	Goldman Sachs International
	 	 
	A/C:	[____________]

 

Re: Base Call Option Transaction

 

The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction
entered into between Goldman Sachs International (“Dealer”) and NIO Inc. (“Counterparty”)
as of the Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation”
as referred to in the ISDA Master Agreement specified below. Each party further agrees that this Confirmation together with the
Agreement evidence a complete binding agreement between Counterparty and Dealer as to the subject matter and terms of the Transaction
to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications with respect
thereto.

 

The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain
defined terms used herein are based on terms that are defined in the Offering Memorandum dated January 30, 2019 (the “Offering
Memorandum”) relating to the 4.50% Convertible Senior Notes due 2024 (as originally issued by Counterparty, the “Convertible
Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) issued by Counterparty
in an aggregate initial principal amount of USD 650,000,000 (as increased by up to an aggregate principal amount of USD 100,000,000
if and to the extent that the Initial Purchasers (as defined herein) exercise their option to purchase additional Convertible Notes
pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture to be dated February 4, 2019 between Counterparty
and The Bank of New York Mellon, as trustee (the “Indenture”). In the event of any inconsistency between the
terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge
that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture
which are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein will
conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections of
the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum
will govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers used herein are
based on the draft of the Indenture last reviewed by Dealer as of the date of this Confirmation, and if any such section numbers
are changed in the Indenture as executed, the parties will amend this Confirmation in good faith to preserve the intent of the
parties. Subject to the foregoing, references to the Indenture herein are references to the Indenture as in effect on the date
of its execution, and if the Indenture is amended or supplemented following such date (other than any amendment or supplement (x) pursuant
to Section 10.01(i) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the description of
Convertible Notes in the Offering Memorandum, and (y) pursuant to Section 14.07(a) of the Indenture, subject, in the case of this
clause (y), to the second paragraph under “Method of Adjustment” in Section 3), any such amendment or supplement will
be disregarded for purposes of this Confirmation (other than as provided in Section 9(i)(iii) below) unless the parties agree otherwise
in writing. For the avoidance of doubt, adjustments pursuant to any Dilution Adjustment Provision shall not constitute amendment,
modification, supplement, or waiver in respect of any term of the Indenture or the Convertible Notes for any purpose under this
paragraph and under Section 9(i)(iii).

 

    	 	 	 

     

    

 

Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.

 

1.           This
Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which
this Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the
2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed an agreement in such
form (but without any Schedule except for (i) the election of the laws of the State of New York as the governing law (without reference
to choice of law doctrine) and (ii) the agreement of the parties hereto that, following the payment of the Premium and the delivery
to Dealer of the opinions of counsel as required pursuant to Section 9(a), the condition precedent in Section 2(a)(iii) of the
Agreement shall not apply to a payment or delivery owing by Dealer to Counterparty (it being understood that such condition precedent
will continue to apply and this clause (ii) will have no effect with respect to a Potential Event of Default, Event of Default
and/or Early Termination Date arising under, or with respect to, Section 5(a)(ii) or 5(a)(iv) of the Agreement)) on the Trade Date.

 

In the event of any inconsistency
between provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to
which this Confirmation relates. The parties hereby agree that no transaction other than the Transaction to which this Confirmation
relates shall be governed by the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation
or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer
and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or
any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under,
or otherwise governed by, such existing or deemed ISDA Master Agreement.

 

2.           The
terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms.

 

	Trade Date:	January 30, 2019
	 	 
	Effective Date:	The Trade Date.
	 	 
	Option Style:	“Modified American”, as described under “Procedures for Exercise” below
	 	 
	Option Type:	Call
	 	 
	Buyer:	Counterparty
	 	 
	Seller:	Dealer
	 	 
	Shares:	The American Depositary Shares of Counterparty issued or deemed issued under the Deposit Agreement (as defined below) (Symbol: “NIO”), each representing as of the date hereof one Underlying Share.
	 	 
	Underlying Shares:	The Class A ordinary shares of Counterparty, nominal value USD $0.00025 per Underlying Share.
	 	 
	Number of Options:	650,000.  For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty.  In no event will the Number of Options be less than zero.

 

    	 	2	 

     

    

 

	Underlying Shares Issuer:	Counterparty
	 	 
	Applicable Percentage:	50%
	 	 
	Option Entitlement:	A number equal to the product of the Applicable Percentage and 105.1359.
	 	 
	Strike Price:	USD 9.5115
	 	 
	Cap Price:	USD 14.9200
	 	 
	Premium:	USD 37,960,000
	 	 
	Premium Payment Date:	February 4, 2019
	 	 
	Exchange:	The New York Stock Exchange
	 	 
	Related Exchange(s):	All Exchanges
	 	 
	Excluded Provisions:	Section 14.04(h) and Section 14.03 of the Indenture.

 

Procedures for Exercise.

 

	Expiration Time:	The Valuation Time
	 	 
	Expiration Date:	February 1, 2024, subject to earlier exercise.
	 	 
	Multiple Exercise:	Applicable, as described under “Automatic Exercise” below.
	 	 
	Automatic Exercise:	Notwithstanding Section 3.4 of the Equity Definitions, all Options then outstanding as of 5:00 p.m. New York City time on the Expiration Date will be deemed to be automatically exercised; provided that, for the avoidance of doubt, no such automatic exercise pursuant to this paragraph will occur if the Relevant Price for each Valid Day during the applicable Settlement Averaging Period is less than or equal to the Strike Price.
	 	 
	 	Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.
	 	 
	Valuation Time:	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable discretion.
	 	 
	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:

 

    	 	3	 

     

    

 

	 	“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the Shares.”

 

Settlement Terms.

 

	Settlement Method Election:	Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting the word “Physical” in the sixth line thereof and replacing it with the words “Net Share”; and (ii) as of such notice delivery date, Counterparty shall be deemed to have made the following representations:
	 	 
	 	(A) Counterparty is not aware of any material non-public information with respect to Counterparty, the Underlying Shares Issuer (if other than Counterparty), the Underlying Shares or the Shares;
	 	 
	 	(B) Counterparty is electing Cash Settlement in good faith and not as part of a plan or scheme to evade compliance with the U.S. federal securities laws; Counterparty is not electing Cash Settlement to create actual or apparent trading activity in the Shares and/or Underlying Shares (or any security convertible into or exchangeable for the Shares and/or Underlying Shares) or to raise or depress or otherwise manipulate the price of the Shares and/or Underlying Shares (or any security convertible into or exchangeable for the Shares and/or Underlying Shares) or otherwise in violation of the Exchange Act; and Counterparty has not entered into or altered any hedging transaction relating to the Shares or the Underlying Shares corresponding to or offsetting the Transaction;
	 	 
	 	(C) such election and performance of its obligations under this Confirmation do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; and
	 	 
	 	(D)  any transaction that Dealer makes with respect to the Shares and/or the Underlying Shares during the period beginning at the time that Counterparty delivers such notice and ending at the close of business on the final day of the Settlement Averaging Period shall be made by Dealer at Dealer’s sole discretion for Dealer’s own account and Counterparty shall not have, and shall not attempt to exercise, any influence over how, when, whether or at what price Dealer effects such transactions, including, without limitation, the prices paid or received by Dealer per Share or Underlying Share pursuant to such transactions, or whether such transactions are made on any securities exchange or privately.

 

    	 	4	 

     

    

 

	Default Settlement Method:	Net Share Settlement
	 	 
	Settlement Method Election Date:	The third Scheduled Trading Day immediately preceding the first Scheduled Valid Day of the Settlement Averaging Period.
	 	 
	Net Share Settlement:	Dealer will deliver to Counterparty, on the relevant Settlement Date, a number of Shares equal to the Net Shares in respect of any Option exercised or deemed exercised hereunder.  In no event will the Net Shares be less than zero.
	 	 
	Net Shares:	In respect of any Option exercised or deemed exercised, a number of Shares equal to the sum of the quotients, for each Valid Day during the Settlement Averaging Period for such Option, of (i) (A) the Daily Option Value for such Valid Day, divided by (B) the Relevant Price on such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period.
	 	 
	 	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Shares valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
	 	 
	Cash Settlement:	If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period.  
	 	 
	Daily Option Value:	For any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day, multiplied by (ii) (A) the lesser of the Relevant Price on such Valid Day and the Cap Price, less (B) the Strike Price on such Valid Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero.  In no event will the Daily Option Value be less than zero.
	 	 
	Valid Day:	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.

 

    	 	5	 

     

    

 

	Scheduled Valid Day:	A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading.  If the Shares are not so listed or admitted for trading, “Scheduled Valid Day” means a Business Day.
	 	 
	Business Day:	Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.  
	 	 
	Relevant Price:	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “NIO <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day, as determined by the Calculation Agent using, if practicable, a volume-weighted average method).  The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
	 	 
	Settlement Averaging Period:	For any Option being exercised hereunder, the 40 consecutive Valid Days commencing on, and including, the 41st Scheduled Valid Day immediately prior to the Expiration Date.
	 	 
	Settlement Date:	For any Option, the second Business Day immediately following the final Valid Day of the Settlement Averaging Period for such Option.
	 	 
	Settlement Currency:	USD
	 	 
	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Net Share Settled”.  “Net Share Settled” in relation to any Option means that Net Share Settlement is applicable to that Option.
	 	 
	Representation and Agreement:	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions and limitations arising from Counterparty’s status as issuer of the Underlying Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form or restricted book-entry form, in each case, in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)).

 

    	 	6	 

     

    

 

3.            Additional
Terms applicable to the Transaction.

 

Adjustments applicable to the
Transaction:

 

	Potential Adjustment Events:	Notwithstanding Section 11.2(e) of the Equity Definitions (which Section shall not apply for the purposes of the Transaction, except as provided in Section 9(y) below), a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that requires an adjustment to be made under the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported Sale Price” (each as defined in the Indenture).  For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to holders of the Convertible Notes (upon conversion or otherwise) or (y) any other transaction in which holders of the Convertible Notes participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to the fourth sentence of the first paragraph of Section 14.04(c) of the Indenture or the fourth sentence of Section 14.04(d) of the Indenture).
	 	 
	Method of Adjustment:	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, (which Section shall not apply for the purposes of the Transaction, except as provided in Section 9(y) below) upon any Potential Adjustment Event, the Calculation Agent shall make an adjustment to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction corresponding to the adjustment required to be made pursuant to the Indenture.
	 	 
	 	Notwithstanding the foregoing and “Consequences of Merger Events / Tender Offers” below:

 

		(i)	if the Calculation Agent in good faith disagrees with any adjustment to the Convertible Notes that
involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section
14.05 of the Indenture, Section 14.07 of the Indenture or any supplemental indenture entered into thereunder or in connection with
any proportional adjustment or the determination of the fair value of any securities, property, rights or other assets), then in
each such case, the Calculation Agent will determine in good faith and in a commercially reasonable manner, the adjustment to be
made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise,
settlement or payment for the Transaction in a commercially reasonable manner; provided that, notwithstanding the foregoing,
if any Potential Adjustment Event occurs during the Settlement Averaging Period but no adjustment was made to any Convertible Note
under the Indenture because the relevant Holder (as such term is defined in the Indenture) was deemed to be a record owner of the
underlying Shares on the related Conversion Date (as such term is defined in the Indenture), then the Calculation Agent shall make
a commercially reasonable adjustment, as determined by it, to the terms hereof in order to account for such Potential Adjustment
Event;

 

    	 	7	 

     

    

 

		(ii)	in connection with any Potential Adjustment Event as a result of an event or condition set forth
in Section 14.04(b) of the Indenture or Section 14.04(c) of the Indenture where, in either case, the period for determining “Y”
(as such term is used in Section 14.04(b) of the Indenture) or “SP0” (as such term is used in Section 14.04(c)
of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to
such Potential Adjustment Event, then the Calculation Agent shall have the right to adjust any variable relevant to the exercise,
settlement or payment for the Transaction as appropriate to reflect the costs (to account solely for hedging mismatches and market
losses) and expenses incurred by Dealer in connection with its hedging activities, with such adjustments made assuming that Dealer
maintains commercially reasonable hedge positions, as a result of such event or condition not having been publicly announced prior
to the beginning of such period; and

 

		(iii)	if any Potential Adjustment Event is declared and (a) the event or condition giving rise to such
Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the “Conversion Rate” (as
defined in the Indenture) is otherwise not adjusted at the time or in the manner contemplated by the relevant Dilution Adjustment
Provision based on such declaration or (c) the “Conversion Rate” (as defined in the Indenture) is adjusted as a result
of such Potential Adjustment Event and subsequently re-adjusted (each of clauses (a), (b) and (c), a “Potential Adjustment
Event Change”) then, in each case, the Calculation Agent shall have the right to adjust any variable relevant to the
exercise, settlement or payment for the Transaction as appropriate to reflect the costs (to account solely for hedging mismatches
and market losses) and expenses incurred by Dealer in connection with its hedging activities, with such adjustments made assuming
that Dealer maintains commercially reasonable hedge positions, as a result of such Potential Adjustment Event Change.

 

    	 	8	 

     

    

 

	Dilution Adjustment Provisions:	Sections 14.04(a), (b), (c), (d) and (e) and Section 14.05 of the Indenture.

 

Extraordinary Events applicable
to the Transaction:

 

	Merger Events:	Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the definition of “Merger Event” in Section 14.07 of the Indenture.
	 	 
	Tender Offers:	Applicable; provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in Section 14.04(e) of the Indenture.  
	 	 
	Consequences of Merger Events/	 
	Tender Offers:	Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction to the extent that an analogous adjustment is required to be made pursuant to the Indenture in respect of such Merger Event or Tender Offer, subject to the second paragraph under “Method of Adjustment”; provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to any Excluded Provision; provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares or Underlying Shares, as applicable, includes (or, at the option of a holder of Shares, or Underlying Shares, as applicable, may include) shares of an entity or person that is not (1) a corporation or an entity that is treated as a corporation for U.S. federal income tax purposes or (2) organized under the laws of the Cayman Islands or (ii) the Counterparty to the Transaction following such Merger Event or Tender Offer will not be a corporation or an entity that is treated as a corporation for U.S. federal income tax purposes organized under the laws of the Cayman Islands, and/or will not be the Underlying Shares Issuer then, in any case, Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s commercially reasonable election; provided further that, for the avoidance of doubt, adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event or Tender Offer gives rise to an Early Conversion (as defined below).

 

    	 	9	 

     

    

 

	Consequences of Announcement Events:	If an Announcement Event occurs, the Calculation Agent shall determine the cumulative economic effect of such Announcement Event (it being understood that the Calculation Agent may take into account any changes to volatility in connection with such Announcement Event within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after such Announcement Event) on the Transaction on the earliest to occur of (i) the date on which the transaction described in such Announcement Event (as amended) is consummated or otherwise results in a Merger Date or Tender Offer Date, as applicable, (ii) the Valuation Date, or (iii) any earlier date of termination or cancellation with respect to any Option, and if the Calculation Agent determines that such economic effect is material and that making the relevant adjustment would be commercially reasonable, the Calculation Agent shall adjust the Cap Price to reflect such economic effect (but, for the avoidance of doubt, taking into account, and without duplication of, any other adjustment made pursuant to this “Consequences of Announcement Events” provision or pursuant to the provisions opposite the captions “Method of Adjustment”, “Consequences of Merger Events” or “Consequences of Tender Offers” above in respect of the transaction or intention giving rise to such Announcement Event).
	 	 
	Announcement Event:	(i) The public announcement by (x) any entity of any transaction or event that the Calculation Agent determines is reasonably likely to be completed and that, if completed, would constitute a Merger Event or Tender Offer (it being understood that Calculation Agent may make such determination by reference to the impact of such announcement on the market for the Shares and/or Underlying Shares or options relating to the Shares and/or Underlying Shares), (y) Underlying Shares Issuer or any subsidiary thereof of any potential acquisition or disposal by the Underlying Shares Issuer and/or its subsidiaries where the aggregate consideration payable or receivable exceeds 25% of the market capitalization of the Underlying Shares Issuer as of the date of such announcement (a “Transformative Transaction”) or (z) Underlying Shares Issuer, any subsidiary of the Underlying Shares Issuer or any Valid Third Party Entity of the intention to enter into a Merger Event or Tender Offer or a Transformative Transaction (in the case of a Valid Third-Party Entity, that the Calculation Agent determines is a bona fide intention, it being understood that the Calculation Agent may make such determination by reference to the impact of such announcement on the market for the Shares and/or Underlying Shares or options relating to the Shares and/or Underlying Shares), (ii) the public announcement by the Underlying Shares Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or a Transformative Transaction or (iii) any subsequent public announcement by any entity of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent.  For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. For purposes of this definition of “Announcement Event,” (A) “Merger Event” shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of “Merger Event” in Section 12.1(b) of the Equity Definitions following the definition of “Reverse Merger” therein shall be disregarded) and (B) “Tender Offer” shall mean such term as defined under Section 12.1(d) of the Equity Definitions; provided that Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “20%” in the third line thereof.

 

    	 	10	 

     

    

 

	Valid Third Party Entity:	In respect of any transaction or intention, any third party (i) whose announcement is reasonably determined by the Calculation Agent to have had a material economic effect on the Shares and/or Underlying Shares and/or options on the Shares and/or Underlying Shares and (ii) that is the entity, or an affiliate of the entity, that is, or would be, a party to the relevant transaction or event.
	 	 
	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.

 

    	 	11	 

     

    

 

 

	 	Section 12.1 of the Equity Definitions is hereby amended by deleting subsection (v) thereof in its entirety and replacing it with “(v) in the case of an Insolvency, the date of (A) the institution of a proceeding or presentation of a petition or the passing of a resolution (or the convening of a meeting to pass a resolution or the proposing of a written resolution) (in each case the occurrence of which shall be deemed its announcement) that leads to an Insolvency within the meaning of subsection (A) of the definition thereof, (B) the first public announcement of the institution of a proceeding or presentation of a petition or passing of a resolution (or other analogous procedure in any jurisdiction) that leads to the Insolvency or (C) the occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that Issuer”.
	 	 
	 	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) inserting “(A)” after “means” in the first line thereof and replacing “(A)” and “(B)” in the third and fourth lines thereof with “(1)” and “(2)” respectively, (2) deleting from the fourth line thereof the word “or” after the word “official” and inserting a comma therefor, (3) inserting at the end of renumbered subsection (2) thereof the following wording, “or, under the laws of the Cayman Islands, any other jurisdiction or otherwise, any other impediment to or restriction on the transfer of any Share arises or becomes applicable including, without limitation, where (x) any transfer of a Share or alteration of the status of the members of the Issuer would be void unless a court of the Cayman Islands or any other jurisdiction orders otherwise or (y) any transfer of a Share not being a transfer with the sanction of a liquidator, and any alteration in the status of the Issuer’s members, would be void” and (4) deleting the semi-colon at the end of renumbered subsection (2) thereof and inserting the following words therefor “or (B) at Dealer’s option, the occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that Issuer.”
	 	 
	Additional Disruption Events:	 
	 	 
	Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Position,” (iii) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized or mandated by existing statute)” and (iv) adding the words “provided that, in the case of clause (Y) hereof where such determination is based on Dealer’s policies and procedures, such policies and procedures have been adopted by Dealer in good faith and are generally applicable in similar situations and applied in a non-discriminatory manner;” after the semi-colon in the last line thereof.

 

    	 	12	 

     

    

 

	Failure to Deliver:	Applicable
	 	 
	Hedging Disruption:	Applicable; provided that:
	 	 
	 	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof,  after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.
	 	 
	Increased Cost of Hedging:	Not Applicable
	 	 
	Hedging Party:	For all applicable Additional Disruption Events, Dealer.
	 	 
	Determining Party:	For all applicable Extraordinary Events, Dealer; provided that when making any determination or calculation as “Determining Party,” Dealer shall make such determinations or calculations in good faith and in a commercially reasonable manner.
	 	 
	 	Following any determination or calculation by Determining Party hereunder, the Determining Party will, upon written request from Counterparty, promptly (but in any event within five Scheduled Trading Days) provide to Counterparty a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination or calculation (including any assumptions used in making such determination or calculation), it being understood that in no event will the Determining Party be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models used by it in making such determination or calculation or any information that is subject to an obligation not to disclose such information.
	 	 
	Non-Reliance:	Applicable
	 	 
	Agreements and Acknowledgments	 
	Regarding Hedging Activities:	Applicable
	 	 
	Additional Acknowledgments:	Applicable

 

    	 	13	 

     

    

 

	4.	Calculation Agent.	Dealer; provided that, following the occurrence and during the continuance of an Event of Default under Section 5(a)(vii) of the Agreement with respect to which Dealer is the Defaulting Party, Counterparty shall have the right to designate a nationally recognized independent equity derivatives dealer to replace Dealer as the Calculation Agent, and the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent.
	 	 	 
	 	 	Following any adjustment, determination or calculation by the Calculation Agent hereunder, the Calculation Agent will, upon written request from Counterparty, promptly (but in any event within five Scheduled Trading Days) provide to Counterparty by email a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such adjustment, determination or calculation (including any assumptions used in making such adjustment, determination or calculation), it being understood that in no event will the Calculation Agent be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models used by it in making such adjustment, determination or calculation or any information that is subject to an obligation not to disclose such information.
	 	 	 
	 	 	All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.

 

		5.	Account Details.

 

		(a)	Account for payments to Counterparty:

 

To be provided.

 

Account for delivery of Shares to Counterparty:

 

To be provided.

 

		(b)	Account for payments to Dealer:

 

To be provided.

 

Account for delivery of Shares from Dealer:

 

To be provided.

 

		6.	Offices.

 

		(a)	The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch
Party.

 

		(b)	The Office of Dealer for the Transaction is: London

 

    	 	14	 

     

    

 

		7.	Notices.

 

		(a)	Address for notices or communications to Counterparty:

 

	NIO Inc.
	Building 20, No. 56 AnTuo Road, Jiading District
	Shanghai, 201804
	People’s Republic of China
	Attention:	Louis T. Hsieh, Chief Financial Officer
	Telephone No.:	+86 (21) 6908 3306
	Facsimile No.:	+86 (21) 3913 0192

 

with a copy to:

 

	Nick Wang
	VP of Finance
	Telephone No.:	+86 (21) 6908-2002
	Email: Nick.Wang@nio.com

 

with a copy to:

 

	Fang Liu
	General Counsel
	Telephone No.:	+86 (21) 6908-2277
	Email: Fang.Liu@nio.com

 

with a copy to:

 

	Sabrina Shi
	Senior Corporate Counsel
	Telephone No.:	+86 (21) 6908-3391
	Email: Danting.Shi@nio.com

 

		(b)	Address for notices or communications to Dealer:

 

Goldman Sachs International

Peterborough Court

133 Fleet Street

London, UK, EC4A 2BB

Attention: Derivatives Legal

 

With a copy to:

 

Goldman, Sachs & Co.

200 West Street

New York, NY 10282-2198

Attention: Beesham Seecharan

Phone: +1-212-357-6337

Email: beesham.seecharan@ny.email.gs.com

 

Attention: Peter Petraro

Phone: +1-212-855-9818

Email: peter.petraro@ny.email.gs.com

 

And email notification to the following address:

 

ps-eq-structuring@gs.com

 

    	 	15	 

     

    

 

		8.	Representations and Warranties of Counterparty.

 

Each of the representations and
warranties of Counterparty set forth in Section 2 of the Purchase Agreement (the “Purchase Agreement”) dated
as of January 30, 2019, between Counterparty and Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley
& Co. LLC, and Goldman Sachs (Asia) LLC, as representatives of the Initial Purchasers party thereto (the “Initial
Purchasers”), are true and correct and are hereby deemed to be repeated to Dealer as if set forth herein. Counterparty
hereby further represents and warrants to Dealer on the date hereof and on and as of the Premium Payment Date, that:

 

		(a)	Counterparty (i) is duly incorporated and validly existing as an exempted company with limited
liability under the laws of the Cayman Islands and is in good standing under such laws, and (ii) has all necessary corporate power
and authority to execute, deliver and perform its obligations and exercise its rights in respect of the Transaction; such execution,
delivery, performance and exercise have been duly authorized by all necessary corporate action on Counterparty’s part; and
this Confirmation has been duly and validly executed and delivered by Counterparty and constitutes its valid and binding obligation,
enforceable against Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability,
to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of
whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification and contribution hereunder
may be limited by federal or state securities laws or public policy relating thereto.

 

		(b)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations
nor the exercise of rights of Counterparty hereunder will conflict with or result in a breach of the memorandum and articles of
association or by-laws (or any equivalent documents) of Counterparty, or any applicable law or regulation, or any order, writ,
injunction or decree of any court or governmental authority or agency, or any agreement or instrument to which Counterparty or
any of its subsidiaries is a party or by which Counterparty or any of its subsidiaries is bound or to which Counterparty or any
of its subsidiaries is subject, or constitute a default under, or result in the creation of any lien under, any such agreement
or instrument.

 

		(c)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body
or any court is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except
such as have been obtained or made and such as may be required under the Securities Act or state securities laws.

 

		(d)	Counterparty is not and, after consummation of the transactions contemplated hereby, will not be
required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

 

		(e)	Counterparty is an “eligible contract participant” (as such term is defined in Section
1a(18) of the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C)
of the Commodity Exchange Act).

 

		(f)	Counterparty is not, on the date hereof, aware of any material non-public information with respect
to Counterparty, the Underlying Shares Issuer (if other than Counterparty), the Underlying Shares or the Shares.

 

		(g)	To the knowledge of Counterparty, no state or local (including any non-U.S. jurisdiction’s)
law, rule, regulation or regulatory order applicable to the Shares and/or Underlying Shares would give rise to any reporting, consent,
registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity)
as a result of Dealer or its affiliates owning or holding (however defined) Shares and/or Underlying Shares (except for filings
of Form 13F, Schedule 13D or Schedule 13G under the Exchange Act); provided that Counterparty makes no representation or
warranty regarding any such requirement that is applicable generally to the ownership of equity securities by Dealer or any of
its affiliates solely as a result of it or any of such affiliates being a financial institution or broker-dealer.

 

    	 	16	 

     

    

 

		(h)	Counterparty (A) is capable of evaluating investment risks independently, both in general and with
regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment
in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer
in writing; (C) has total assets of at least USD 50 million; and (D) is acting for its own account, and it has made its own independent
decisions to enter into the Transaction and as to whether the Transaction is appropriate or proper for it (including as to any
legal, regulatory, tax, accounting or economic consequences arising from the Transaction) based upon its own judgment and upon
advice from such advisers as it has deemed necessary (including legal, financial and accounting advisors).

 

		(i)	Counterparty as of and immediately after the Trade Date and the Premium Payment Date (x) is not,
and shall not be after giving effect to the transactions contemplated hereby, “insolvent” (as such term is defined
in Section 101(32) of the Bankruptcy Code, (y) would be able to purchase 100,536,150 Shares and the Underlying Shares represented
by such number of Shares in compliance with the laws of the jurisdiction of Counterparty’s incorporation or organization,
and (z), for the purposes of Cayman Islands law, is able to pay its debts.

 

		(j)	Counterparty’s board of directors (the “Board”) has concluded that (A)
the Transaction is suitable for Counterparty, for its commercial benefit and in its best interests, in light of its own investment
objectives, financial condition and expertise and (B) the Transaction has been duly approved and authorized by the Board after
due consideration by the Board of the foregoing matters and those referred to in sub-paragraph (h)(D) above.

 

		9.	Other Provisions.

 

		(a)	Deliverables. Counterparty shall deliver to Dealer (A) an opinion of U.S. counsel
and (B) an opinion of Cayman counsel, each dated as of the Premium Payment Date, with respect to, among other things, the matters
set forth in Sections 8(a) through (c) of this Confirmation, it being understood that such opinions of counsel shall be limited
to the federal laws of the United States and the laws of the State of New York (in the case of clause (A) above) and the laws Cayman
Islands (in the case of clause (B) above) and may contain customary limitations, exceptions and qualifications for transactions
of the same type as the Transaction. Delivery of such opinions to Dealer shall be a condition precedent for the purpose of Section
2(a)(iii) of the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement; (C) a resolution of
the Board authorizing the Transaction; and (D) on or before the Premium Payment Date, a solvency certificate with respect to Counterparty
signed by a member of the Board, the chief executive officer or the chief financial officer of the Counterparty certifying the
solvency of Counterparty as of and immediately after the Premium Payment Date (after giving effect to Counterparty’s payment
of amounts required to be paid by Counterparty on such date under the Transaction and the other transactions described under “Use
of Proceeds” in the Offering Memorandum related to the offering of the Convertible Notes), which solvency certificate is
reasonably satisfactory to Dealer.

 

    	 	17	 

     

    

 

		(b)	Repurchase Notices. Counterparty shall, on or prior to the date that is one Scheduled
Trading Day following any date on which Counterparty effects any repurchase of Shares and/or Underlying Shares, promptly give Dealer
a written notice of such repurchase (a “Repurchase Notice”) on such day if following such repurchase, the number
of outstanding Underlying Shares as determined on such day is (i) less than 727.2 million (in the case of the first such notice)
or (ii) thereafter more than 37.8 million less than the number of Underlying Shares included in the immediately preceding Repurchase
Notice; provided that Counterparty may provide Dealer advance notice on or prior to any such day including the maximum number
of Shares and/or Underlying Shares that may be repurchased under a repurchase program entered into in reliance on Rule 10b5-1(c)
and the approximate periods during which such repurchases may occur, to the extent it expects that repurchases effected on such
day may result in an obligation to deliver a Repurchase Notice (and in such case, any such advance notice shall be deemed a Repurchase
Notice to the maximum extent of repurchases set forth in such advance notice as if Counterparty had executed such repurchases).
Counterparty agrees that, if Counterparty ceases to qualify as a “foreign private issuer” as defined in Rule 3b-4 under
the Exchange Act or the Shares or Underlying Shares, as applicable, otherwise become subject to the requirements of Section 16
of the Exchange Act, Counterparty will indemnify and hold harmless Dealer and its affiliates and their respective officers, directors,
employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against
any and all losses (including losses relating to Dealer’s hedging activities as a consequence of becoming, or of the risk
of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation
of hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities
and reasonable and documented out-of-pocket expenses (including reasonable attorney’s fees of one outside counsel in each
relevant jurisdiction), joint or several, which an Indemnified Person may become subject to, in each case, as a result of Counterparty’s
failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse,
within 30 days, upon written request, each of such Indemnified Persons for any reasonable legal or other out-of-pocket expenses
(to the extent supported by invoices or other documentation setting forth in reasonable detail such expenses) incurred in connection
with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing.
If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted
against the Indemnified Person as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice in accordance
with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the
Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person
and any others Counterparty may designate in such proceeding and shall pay the reasonable fees and expenses of such counsel related
to such proceeding. Counterparty shall not be liable to the extent that the Indemnified Person fails to notify Counterparty within
a commercially reasonable period of time after any action is commenced against it in respect of which indemnity may be sought hereunder.
In addition, Counterparty shall not have liability for any settlement of any such proceeding contemplated by this paragraph that
is effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty
agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty
shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding
contemplated by this paragraph in respect of which any Indemnified Person is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified
Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified
Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect
of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified
Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims,
damages or liabilities. The remedies provided for in this paragraph (b) are not exclusive and shall not limit any rights or remedies
which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained
in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction.

 

    	 	18	 

     

    

 

		(c)	Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as
such term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10)
and 102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading Day immediately following the Effective
Date, engage in any such distribution.

 

		(d)	No Manipulation. Counterparty is not entering into the Transaction to create actual
or apparent trading activity in the Shares and/or Underlying Shares (or any security convertible into or exchangeable for the Shares
and/or Underlying Shares) or to raise or depress or otherwise manipulate the price of the Shares and/or Underlying Shares (or any
security convertible into or exchangeable for the Shares and/or Underlying Shares) or otherwise in violation of the Exchange Act.

 

		(e)	Transfer or Assignment.

 

		(i)	Counterparty shall have the right to transfer or assign all or any of its rights and obligations
hereunder with respect to all, or any, of the Options hereunder (such Options, the “Transfer Options”) with
the prior written consent of Dealer, such consent not to be unreasonably withheld; provided that withholding of such consent
by Dealer shall not be considered unreasonable if such transfer or assignment does not meet any of the following conditions:

 

		(A)	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9(b) of this Confirmation;

 

		(B)	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by
such third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a
manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party
and Counterparty, as are reasonably requested and reasonably satisfactory to Dealer;

 

		(C)	Under the applicable law effective on
the date of such transfer or assignment, (1) Dealer will not, as a result of such transfer or assignment, be required to pay the
transferee or assignee on any payment date or delivery date an amount or a number of Shares, as applicable, under
Section 2(d)(i)(4) of the Agreement greater than the amount or the number of Shares, as applicable, that
Dealer would have been required to pay to Counterparty in the absence of such transfer or assignment and (2) Dealer will not, as
a result of such transfer or assignment, receive from the transferee or assignee on any payment date an amount under Section 2(d)(i)(4)
of the Agreement that is less than the amount that Dealer would have received from Counterparty in the absence of such transfer
or assignment;

 

		(D)	No Event of Default, Potential Event of Default or Termination Event will occur as a result of
such transfer and assignment;

 

		(E)	Counterparty shall cause the transferee to make such tax representations and to provide such tax
documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (C) and
(D) will not occur upon or after such transfer and assignment, including but not limited to providing tax documentation specified
in Section 9(bb) of this Confirmation and making the tax representations specified in Section 9(aa) of this Confirmation on or
prior to such transfer and at the other times specified in such Sections; and

 

    	 	19	 

     

    

 

		(F)	Counterparty shall be responsible for all reasonable and documented costs and expenses, including
reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment.

 

		(ii)	Dealer may, without Counterparty’s consent, transfer or assign all or any part of its rights
or obligations under the Transaction to any affiliate of Dealer (1) that has a long-term issuer rating that is equal to or better
than Dealer’s credit rating at the time of such transfer or assignment, or (2) whose obligations hereunder will be guaranteed,
pursuant to the terms of a customary guarantee in a form used by Dealer generally for similar transactions, by Dealer or The Goldman
Sachs Group, Inc.; provided that, in the case of any such transfer or assignment, under the applicable law effective on
the date of such transfer or assignment, (I) Counterparty will not, as a result of such transfer or assignment, be required to
pay the transferee or assignee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than the amount
that Counterparty would have been required to pay to Dealer in the absence of such transfer or assignment; (II) Counterparty will
not, as a result of such transfer or assignment, receive from the transferee or assignee on any payment or delivery date an amount
or a number of Shares, as applicable, under Section 2(d)(i)(4) of the Agreement that is less than the amount or the number of Shares
that Counterparty would have received from Dealer in the absence of such transfer or assignment; (III) Dealer shall cause the transferee
or assignee to make such tax representations and to provide such tax documentation as may be reasonably requested by Counterparty
to permit Counterparty to determine that events described in clauses (I) and (II) of this proviso will not occur upon or after
such transfer or assignment; and (IV) no Event of Default, Potential Event of Default or Termination Event will occur as a result
of such transfer and assignment. If at any time at which (A) the Section 13 Percentage exceeds 8.5%, (B) the Option Equity Percentage
exceeds 14.5%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses
(A), (B) or (C), an “Excess Ownership Position”), Dealer is unable after using its commercially reasonable efforts
to effect a transfer or assignment of Options to a third party on pricing terms reasonably acceptable to Dealer and within a time
period reasonably acceptable to Dealer such that no Excess Ownership Position exists, then Dealer may designate any Exchange Business
Day as an Early Termination Date with respect to a portion of the Transaction (the “Terminated Portion”), to
the extent necessary so that following such partial termination no Excess Ownership Position exists. In the event that Dealer so
designates an Early Termination Date with respect to a portion of the Transaction, a payment shall be made pursuant to Section
6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to
the Transaction and a Number of Options equal to the number of Options underlying the Terminated Portion, (2) Counterparty were
the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the sole Affected Transaction
(and, for the avoidance of doubt, the provisions of Section 9(m) shall apply to any amount that is payable by Dealer to Counterparty
pursuant to this sentence as if Counterparty was not the Affected Party). The “Section 13 Percentage” as of
any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Underlying Shares that Dealer and
any of its affiliates or any other person subject to aggregation with Dealer for purposes of the “beneficial ownership”
test under Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of
which Dealer is or may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without
duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act
applies with respect to the Shares or Underlying Shares, as applicable, and the rules and regulations thereunder results in a higher
number, such higher number) and (B) the denominator of which is the number of Underlying Shares outstanding on such day. The “Option
Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of
(1) the product of (x) the Number of Options (y) the Option Entitlement and (z) the number of Underlying Shares represented by
one Share and (2) the aggregate number of Underlying Shares underlying any other call option transaction sold by Dealer to Counterparty,
and (B) the denominator of which is the number of Underlying Shares outstanding. The “Share Amount” as of any
day is the number of Underlying Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer
(Dealer or any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order or organizational
documents or contracts of Counterparty that are, in each case, applicable to ownership of Underlying Shares (“Applicable
Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a
relevant definition of ownership under any Applicable Restriction, as determined by Dealer in its reasonable discretion. The “Applicable
Share Limit” means a number of Underlying Shares equal to (A) the minimum number of Underlying Shares that could give
rise to reporting or registration obligations (except for any filing requirements on Form 13F, Schedule 13D or Schedule 13G under
the Exchange Act, in each case, as in effect on the Trade Date) or other requirements (including obtaining prior approval from
any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under any Applicable Restriction,
as determined by Dealer in good faith and in its commercially reasonable discretion, minus (B) 1% of the number of Underlying
Shares outstanding.

 

    	 	20	 

     

    

 

		(iii)	Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing
Dealer to purchase, sell, receive or deliver any Shares, Underlying Shares or other securities, or make or receive any payment
in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares,
Underlying Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations
in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations
to Counterparty to the extent of any such performance.

 

		(f)	Staggered Settlement. If upon advice of counsel with respect to applicable legal
and regulatory requirements, including any requirements relating to Dealer’s hedging activities hereunder, Dealer reasonably
determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares
to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any
Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered
Settlement Date”) as follows:

 

		(i)	in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (the
first of which will be such Nominal Settlement Date and the last of which will be no later than the twentieth (20th)
Exchange Business Day following such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement
Date;

 

		(ii)	the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement
Date; and

 

		(iii)	if the Net Share Settlement terms set forth above were to apply on the Nominal Settlement Date,
then the Net Share Settlement terms will apply on each Staggered Settlement Date, except that the Shares otherwise deliverable
on such Nominal Settlement Date will be allocated among such Staggered Settlement Dates as specified by Dealer in the notice referred
to in clause (i) above.

 

		(g)	Reserved.

 

    	 	21	 

     

    

 

		(h)	QFC Stay Provisions. (i) (A) In the event that Dealer becomes subject to a proceeding
under (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder or (ii) Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act and the regulations promulgated thereunder (a “U.S. Special Resolution Regime”)
the transfer from Dealer of this Confirmation, and any interest and obligation in or under, and any property securing, this Confirmation,
will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Confirmation,
and any interest and obligation in or under, and any property securing, this Confirmation were governed by the laws of the United
States or a state of the United States. (B) In the event that Dealer or an Affiliate becomes subject to a proceeding under a U.S.
Special Resolution Regime, any Default Rights (as defined in 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable (“Default
Right”)) under this Confirmation that may be exercised against Dealer are permitted to be exercised to no greater extent
than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Confirmation were governed by the
laws of the United States or a state of the United States.

 

(ii) Notwithstanding
anything to the contrary in this Confirmation, the Parties expressly acknowledge and agree that: (A) Counterparty shall not be
permitted to exercise any Default Right with respect to this Confirmation or any Affiliate Credit Enhancement that is related,
directly or indirectly, to an Affiliate of Dealer becoming subject to receivership, insolvency, liquidation, resolution, or similar
proceeding (an “Insolvency Proceeding”), except to the extent that the exercise of such Default Right would
be permitted under the provisions of 12 C.F.R. 252.84, 12 C.F.R. 47.5 or 12 C.F.R. 382.4, as applicable; and (B) Nothing in this
Confirmation shall prohibit the transfer of any Affiliate Credit Enhancement, any interest or obligation in or under such Affiliate
Credit Enhancement, or any property securing such Affiliate Credit Enhancement, to a transferee upon or following an Affiliate
of Dealer becoming subject to an Insolvency Proceeding, unless the transfer would result in the Counterparty being the beneficiary
of such Affiliate Credit Enhancement in violation of any law applicable to the Counterparty.

 

(iii) If Counterparty
has previously adhered to, or subsequently adheres to, the ISDA 2018 U.S. Resolution Stay Protocol as published by the International
Swaps and Derivatives Association, Inc. as of July 31, 2018 (the “ISDA U.S. Protocol”), the terms of such protocol
shall be incorporated into and form a part of this Confirmation and the terms of the ISDA U.S. Protocol shall supersede and replace
the terms of this Section 9(h). For purposes of incorporating the ISDA U.S. Protocol, Dealer shall be deemed to be a Regulated
Entity, Counterparty shall be deemed to be an Adhering Party, and this Confirmation shall be deemed to be a Protocol Covered Agreement.
Capitalized terms used but not defined in this paragraph shall have the meanings given to them in the ISDA U.S. Protocol.

 

(iv) Dealer and
Counterparty agree that to the extent there are any outstanding “in-scope QFCs,” as defined in 12 C.F.R. § 252.82(d),
that are not excluded under 12 C.F.R. § 252.88, between Dealer and Counterparty that do not otherwise comply with the requirements
of 12 C.F.R. § 252.2, 252.81–8 (each such agreement, a “Preexisting In-Scope Agreement”), then each such
Preexisting In-Scope Agreement is hereby amended to include the foregoing provisions in this Section 9(h), with references to “this
Confirmation” being understood to be references to the applicable Preexisting In-Scope Agreement.

 

For purposes
of this Section 9(h):

 

“Affiliate”
is defined in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

 

“Credit
Enhancement” means any credit enhancement or credit support arrangement in support of the obligations of Dealer under
or with respect to this Confirmation, including any guarantee, collateral arrangement (including any pledge, charge, mortgage or
other security interest in collateral or title transfer arrangement), trust or similar arrangement, letter of credit, transfer
of margin or any similar arrangement.

 

    	 	22	 

     

    

 

		(i)	Additional Termination Events.

 

		(i)	Notwithstanding anything to the contrary in this Confirmation, upon any conversion of a Convertible
Note occurring prior to the 45th Scheduled Valid Day immediately prior to the Expiration Date (any such conversion, an “Early
Conversion”) in respect of which a Conversion Notice that is effective as to Counterparty has been delivered by the relevant
converting Holder:

 

		(A)	Counterparty may, within two Scheduled
Trading Days of the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies
all of the requirements for conversion thereof as set forth in Section 14.02 of the Indenture (the
“Conversion Date”) for such Early Conversion, provide written notice (an “Early Conversion Notice”)
to Dealer specifying the number of Convertible Notes surrendered for conversion on such Conversion Date (such Convertible Notes,
the “Affected Convertible Notes”), and the giving of such Early Conversion
Notice shall constitute an Additional Termination Event as provided in this clause (i) (provided that Counterparty
acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange
Act and the rules and regulations thereunder, in respect of any Early Conversion Notice);

 

		(B)	upon receipt of any such Early Conversion Notice, Dealer shall designate an Exchange Business Day
as an Early Termination Date (which Exchange Business Day shall be no earlier than one Scheduled Trading Day following the Conversion
Date for such Early Conversion) with respect to the portion of the Transaction corresponding to a number of Options (the “Affected
Number of Options”) equal to the lesser of (x) the number of Affected Convertible Notes and (y) the Number of Options
as of the Conversion Date for such Early Conversion;

 

		(C)	any payment hereunder with respect to such termination shall be calculated pursuant to Section
6 of the Agreement as if (x) an Early Termination Date had been designated in respect of a Transaction having terms identical to
the Transaction and a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole Affected Party
with respect to such Additional Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction;

 

		(D)	for the avoidance of doubt, in determining the amount payable
in respect of such Affected Transaction pursuant to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the
relevant Early Conversion and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of
Counterparty leading thereto had not occurred, (y) no adjustments to the Conversion Rate have occurred pursuant to any Excluded
Provision and (z) the corresponding Convertible Notes remain outstanding; and

 

		(E)	the Transaction shall remain in full force and effect, except that, as of the Conversion Date for
such Early Conversion, the Number of Options shall be reduced by the Affected Number of Options.

 

		(ii)	Notwithstanding anything to the contrary in this Confirmation if an event of default with respect
to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 6.01 of the Indenture and such event of
default results in the Convertible Notes being accelerated and declared due and payable, then such event of default shall constitute
an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty
shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall
be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement (which Early Termination
Date shall be on or as promptly as reasonably practicable after Dealer becomes aware of the occurrence of such acceleration).

 

    	 	23	 

     

    

 

		(iii)	Notwithstanding anything to the contrary in this Confirmation, the occurrence of an Amendment Event
shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination
Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected Transaction
and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. “Amendment
Event” means that Counterparty amends, modifies, supplements, waives or obtains a waiver in respect of any term of the
Indenture or the Convertible Notes governing the principal amount, coupon, maturity, repurchase obligation of Counterparty, tax
redemption right of Counterparty, any term relating to conversion of the Convertible Notes (including changes to the conversion
rate, conversion rate adjustment provisions, conversion settlement dates or conversion conditions), or any term that would require
consent of the holders of not less than 100% of the principal amount of the Convertible Notes to amend (other than, in each case,
any amendment or supplement (x) pursuant to Section 10.01(i) of the Indenture that, as determined by the Calculation Agent, conforms
the Indenture to the description of Convertible Notes in the Offering Memorandum or (y) pursuant to Section 14.07 of the Indenture),
in each case, without the consent of Dealer.

 

		(iv)	Promptly (but in any event within five Scheduled Trading Days) following any Repurchase Event (as
defined below), Counterparty shall notify Dealer of such Repurchase Event and the aggregate principal amount of Convertible Notes
subject to such Repurchase Event (any such notice, a “Convertible Notes Repurchase Notice”); provided
that any such Convertible Notes Repurchase Notice shall contain a repetition by Counterparty of the representation set forth in
Section 8(f) as of the date of such Convertible Notes Repurchase Notice and an acknowledgment by Counterparty of its responsibilities
under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act and the rules and regulations
thereunder, in respect of such Repurchase Event and the delivery of such Convertible Notes Repurchase Notice. The receipt by Dealer
from Counterparty of any Convertible Notes Repurchase Notice shall constitute an Additional Termination Event as provided in this
Section 9(i)(iv). Upon receipt of any such Convertible Notes Repurchase Notice, Dealer shall designate an Exchange Business Day
following receipt of such Convertible Notes Repurchase Notice (which Exchange Business Day shall be on or as promptly as reasonably
practicable following the settlement date for such Repurchase Event) as an Early Termination Date with respect to the portion of
the Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) the
aggregate principal amount of such Convertible Notes specified in such Convertible Notes Repurchase Notice, divided by USD
1,000 and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the Number
of Options shall be reduced by the number of Repurchase Options. Any payment hereunder with respect to such termination (the “Repurchase
Unwind Payment”) shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been
designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the number of
Repurchase Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the
terminated portion of the Transaction were the sole Affected Transaction (and, for the avoidance of doubt, in determining the amount
payable in respect of such Affected Transaction pursuant to Section 6 of the Agreement, Dealer shall assume that (x) the relevant
Repurchase Event and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty
leading thereto had not occurred, (y) no adjustments to the Conversion Rate have occurred pursuant to any Excluded Provisions and
(z) the corresponding Convertible Notes remain outstanding). “Repurchase Event” means that (i) any Convertible
Notes are repurchased or redeemed (whether pursuant to Section 15.01 of the Indenture, Section 15.02 of the Indenture, Section
16.01 of the Indenture or otherwise) by Counterparty or any of its subsidiaries, (ii) any Convertible Notes are delivered to Counterparty
in exchange for delivery of any property or assets of Counterparty or any of its subsidiaries (howsoever described), including
for the avoidance of doubt shares or American depositary shares of Issuer and/or cash, (iii) any principal of any of the Convertible
Notes is repaid prior to the final maturity date of the Convertible Notes (other than upon acceleration of the Convertible Notes
described in Section 9(i)(ii)), or (iv) any Convertible Notes are exchanged by or for the benefit of the holders thereof for any
other securities of Counterparty or any of its affiliates (or any other property, or any combination thereof) pursuant to any exchange
offer or similar transaction; provided that any conversion of Convertible Notes pursuant to the terms of the Indenture shall
not constitute a Repurchase Event. Counterparty acknowledges and agrees that if an Additional Termination Event has occurred under
this Section 9(i)(iv) that any related Convertible Notes subject to a Repurchase Event will be promptly cancelled under the applicable
provisions of the Indenture and, in any event, will be deemed to be cancelled and disregarded and no longer outstanding for all
purposes hereunder.

 

    	 	24	 

     

    

 

		(j)	Amendments to Equity Definitions.

 

		(i)	Solely in respect of adjustments to the Cap Price pursuant to Section 9(y), Section 11.2(e)(vii)
of the Equity Definitions is hereby amended by deleting the words “that may have a diluting or concentrative effect on the
theoretical value of the relevant Shares” and replacing them with the words “that is the result of a corporate event
involving the Underlying Shares Issuer or its securities that has a material economic effect on the Shares and/or the Underlying
Shares or options on the Shares and/or the Underlying Shares; provided that such event is not based on (a) an observable
market, other than the market for the Underlying Shares Issuer’s own stock or (b) an observable index, other than an
index calculated and measured solely by reference to the Underlying Shares Issuer’s own operations.”

 

		(ii)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) inserting “(1)”
immediately following the word “means” in the first line thereof and (2) inserting immediately prior to the semi-colon
at the end of subsection (B) thereof the following words: “or (2) the occurrence of any of the events specified in Section
5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that Issuer” provided that the period for dismissal,
discharge, stay or restraint therein shall be increased from “within 15 days” to “within 30 days.”

 

		(iii)	Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “either party
may elect” with “Dealer may elect” and (2) replacing “notice to the other party” with “notice
to Counterparty” in the first sentence of such section.

 

		(k)	Setoff. Neither party shall have the right to set off any obligation that it may
have to the other party under the Transaction against any obligation such other party may have to it, whether arising under the
Agreement, this Confirmation or any other agreement between the parties hereto, by operation of law or otherwise and each party
hereby waives any such right to setoff.

 

		(l)	Adjustments. For the avoidance of doubt, whenever the Calculation Agent is called
upon to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect
of an event (other than on adjustments made by reference to the Indenture), the Calculation Agent shall make such adjustment in
a commercially reasonable manner by reference to the effect of such event on Dealer, assuming that Dealer maintains a commercially
reasonable hedge position

 

    	 	25	 

     

    

 

		(m)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.
If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with
respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event, and
if Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant
to Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), Counterparty may request
Dealer to satisfy the Payment Obligation by the Share Termination Alternative (as defined below) (except as a result of (i) a Nationalization,
Insolvency or Merger Event in which the consideration to be paid to holders of Shares and/or Underlying Shares, as applicable,
consists solely of cash, (ii) an Announcement Event, Merger Event or Tender Offer that is within Counterparty’s control,
or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the
Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement
or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events
outside Counterparty’s control), as long as Counterparty remakes the representation set forth in Section 8(f) as of the date
of such election, and Counterparty shall give irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled
Trading Day, no later than 12:00 p.m. (New York City time) on the date of the Announcement Event, Merger Date, Tender Offer Date,
Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation,
as applicable; provided that if Counterparty does not validly request Dealer to satisfy the Payment Obligation by the Share
Termination Alternative, Dealer shall have the right, in its sole discretion, to satisfy its Payment Obligation by the Share Termination
Alternative, notwithstanding Counterparty’s failure to elect or election to the contrary. If such election is not made, then
the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) and Section 6(e)
of the Agreement, as the case may be, shall apply.

 

	Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or as promptly as commercially reasonably practicable thereafter, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
	 	 
	Share Termination Delivery Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price.  The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.  
	 	 
	Share Termination Unit Price:	The value of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation.

 

    	 	26	 

     

    

 

	Share Termination Delivery Unit:	One Share or, if the Shares or Underlying Shares, as applicable, have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share or Underlying Share, as applicable (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent. If such Naturalization, Insolvency, or Merger Event involves a choice of Exchange Property to be received by holders, such holders shall be deemed to have elected to receive the maximum possible amount of cash.
	 	 
	Failure to Deliver:	Applicable
	 	 
	Other applicable provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”.  “Share Termination Settled” in relation to the Transaction means that Share Termination Alternative is applicable to the Transaction.

 

		(n)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party
(i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other
party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual
waivers and certifications provided herein.

 

		(o)	Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment
of Dealer, based on the advice of counsel, the Shares and/or Underlying Shares (“Hedge Shares”) acquired by
Dealer for the purpose of commercially reasonably hedging its obligations pursuant to the Transaction cannot be sold in the public
market by Dealer without registration under the Securities Act, Counterparty shall, at its election, either (i) in order to allow
Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the
Securities Act and enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form
of an underwriting agreement customary for a registered secondary offering of a similar size in respect of a similar issuer; provided,
however, that if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the results
of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause
(ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order to allow Dealer to sell the Hedge
Shares in a private placement, use commercially reasonable efforts to enter into a private placement agreement substantially similar
to private placement purchase agreements customary for private placements of equity securities of a similar size in respect of
a similar issuer, in form and substance satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments
to the terms of the Transaction that are necessary, in its commercially reasonable judgment, to compensate Dealer for any commercially
reasonable discount from the public market price of the Shares and/or Underlying Shares incurred on the sale of Hedge Shares in
a private placement), or (iii) purchase the Hedge Shares from Dealer at the then-current market price on such Exchange Business
Days, and in the amounts and at such time(s), reasonably requested by Dealer.

 

    	 	27	 

     

    

 

		(p)	Tax Disclosure. Effective from the date of commencement of discussions concerning
the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including
opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.

 

		(q)	Right to Extend. Dealer may postpone or add, in whole or in part, any Valid Day or
Valid Days during the Settlement Averaging Period or any other date of valuation, payment or delivery by Dealer, with respect to
some or all of the Options hereunder, if Dealer reasonably determines, in the case of clause (i) below, in its commercially reasonable
judgment or, in the case of clause (ii) below, based on advice of counsel, that such action is reasonably necessary or appropriate
(i) to preserve Dealer’s commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity
conditions in the relevant market or (ii) to enable Dealer to effect transactions with respect to Shares and/or Underlying Shares
in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would, if
Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory
requirements, or with related policies and procedures adopted by Dealer in good faith so long as such policies and procedures are
generally applicable in similar situations and applied in a non-discriminatory manner); provided that no such Valid Day
or other date of valuation, payment or delivery may be postponed or added more than 40 Valid Days after the original Valid Day
or other date of valuation, payment or delivery, as the case may be.

 

		(r)	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation
is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of
common or ordinary shareholders of Counterparty in any United States or Cayman Islands bankruptcy proceedings of Counterparty;
provided that nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event
of a breach by Counterparty of its obligations and agreements with respect to the Transaction; provided, further
that nothing herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transactions other than the
Transaction.

 

		(s)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction
to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the
United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s
right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement
with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii)
each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code.

 

		(t)	Notice of Certain Other Events. Counterparty covenants and agrees that:

 

		(i)	promptly following the public announcement of the results of any election by the holders of Shares
and/or Underlying Shares, as applicable, with respect to the consideration due upon consummation of any Merger Event, Counterparty
shall give Dealer written notice of (x) the weighted average of the types and amounts of consideration that holders of Shares and/or
Underlying Shares, as applicable, have elected to receive upon consummation of such Merger Event or (y) if no holders of Shares
and/or Underlying Shares, as applicable, affirmatively make such election, the types and amounts of consideration actually received
by holders of Shares and/or Underlying Shares, as applicable, (the date of such notification, the “Consideration Notification
Date”); provided that in no event shall the Consideration Notification Date be later than the date on which such
Merger Event is consummated;

 

    	 	28	 

     

    

 

		(ii)	(A) Counterparty shall give Dealer commercially reasonable advance (but in no event less than one
Exchange Business Day) written notice of the section or sections of the Indenture and, if applicable, the formula therein, pursuant
to which any adjustment will be made to the Convertible Notes in connection with any Potential Adjustment Event, Merger Event or
Tender Offer and (B) promptly following any such adjustment, Counterparty shall give Dealer written notice of the details of such
adjustment; and

 

		(iii)	Counterparty will provide a written notice to Dealer immediately upon becoming aware that Counterparty
is not or will no longer be a “foreign private issuer,” as such term is defined in Rule 3b-4 under the Exchange Act.

 

		(u)	Wall Street Transparency and Accountability Act. In connection with Section 739 of
the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither
the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall
limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, an Excess Ownership Position, or Illegality (as defined
in the Agreement)).

 

		(v)	Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges
and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares, Underlying
Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order
to adjust its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for
Shares and/or Underlying Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall
make its own determination as to whether, when or in what manner any hedging or market activities in securities of Issuer and/or
Underlying Shares Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market
risk with respect to the Relevant Prices; and (D) any market activities of Dealer and its affiliates with respect to Shares and/or
Underlying Shares may affect the market price and volatility of Shares and/or Underlying Shares, as well as the Relevant Prices,
each in a manner that may be adverse to Counterparty.

 

		(w)	Early Unwind. In the event the sale of the “Underwritten Securities”
(as defined in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Counterparty fails to
deliver to Dealer opinions of counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the
Premium Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date the “Early
Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”), on the Early Unwind
Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction
shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to
make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to
be performed in connection with the Transaction either prior to or after the Early Unwind Date. Each of Dealer and Counterparty
represents and acknowledges to the other that, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed
fully and finally discharged.

 

    	 	29	 

     

    

 

		(x)	Payment by Counterparty. In the event that, following payment of the Premium, (i)
an Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event
of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Counterparty
owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section
12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount
shall be deemed to be zero.

 

		(y)	Other Adjustments Pursuant to the Equity Definitions. Notwithstanding anything to
the contrary in this Confirmation, solely for the purpose of adjusting the Cap Price, the terms “Potential Adjustment Event,”
“Merger Event,” and “Tender Offer” shall each have the meanings assigned to such term in the Equity Definitions
(as amended by Section 9(j)(i) or, if applicable, by the definition of “Announcement Event”), and upon the occurrence
of a Merger Date, the occurrence of a Tender Offer Date, or declaration by Counterparty of the terms of any Potential Adjustment
Event, respectively, as such terms are defined in the Equity Definitions, the Calculation Agent may, in its sole discretion, adjust
the Cap Price to preserve the fair value of the Options; provided that in no event shall the Cap Price be less than the
Strike Price; provided further that any adjustment to the Cap Price made pursuant to this Section 9(y) shall be
made without duplication of any other adjustment hereunder (including, for the avoidance of doubt, adjustment made pursuant to
the provisions opposite the captions “Method of Adjustment,” “Consequences of Merger Events/Tender Offers”
and “Consequence of Announcement Events” in Section 3 above). For the avoidance of doubt, for purposes of this
Section 9(y), Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “20%”
in the third line thereof.

 

		(z)	Service of Process. Counterparty irrevocably appoints Law Debenture Corporate Services
Inc. as its authorized agent upon which process may be served in any suit, action or proceeding relating to the Transaction, and
agrees that service of process in any manner permitted by applicable law upon such agent shall be deemed in every respect effective
service of process in any manner permitted by applicable law upon Counterparty in any such suit, action or proceeding. Counterparty
further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full
force and effect for a period of five and a half years from the date of this Confirmation. If for any reason such agent shall cease
to be such agent for service of process, Counterparty shall forthwith appoint a new agent of recognized standing for service of
process in the State of New York and deliver to Dealer a copy of the new agent’s acceptance of that appointment within 10
days. Nothing herein shall affect the right of Dealer to serve process in any other manner permitted by law or to commence legal
proceedings or otherwise proceed against Counterparty in any other court of competent jurisdiction.

 

		(aa)	Taxes, Foreign Account Tax Compliance Act and HIRE Act.  Counterparty is classified
as a corporation for the U.S. federal income tax purposes. No income received or to be received under the Agreement will be effectively
connected with the conduct of a trade or business by Counterparty in the United States. Counterparty is a “non-U.S. branch
of a foreign person” as that term is used in Section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations (the “Regulations”),
and it is a “foreign person” as that term is used in Section 1.6041-4(a)(4) of the Regulations. The term “Indemnifiable
Tax” as defined in Section 14 of the Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant
to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current
or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code,
or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”). For the avoidance
of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes
of Section 2(d) of the Agreement. The parties agree that the definitions and provisions contained in the ISDA 2015 Section 871(m)
Protocol, as published by the International Swaps and Derivatives Association, Inc. and as may be amended, supplemented, replaced
or superseded from time to time (the “871(m) Protocol”) shall apply to the Agreement as if the parties had adhered
to the 871(m) Protocol as of the Effective Date. If there is any inconsistency between this provision and a provision in any other
agreement executed between the parties, this provision shall prevail unless such other agreement expressly overrides the provisions
of the 871(m) Protocol. Each of Dealer and Counterparty shall provide to the other party tax forms and documents required to be
delivered pursuant to Sections 1471(b) or Section 1472(b)(1) of the Code promptly upon request by the other party and any other
tax forms and documents they are legally able to provide that are reasonably requested by the other party.

 

    	 	30	 

     

    

 

		(bb)	U.S. Tax Forms.  Without limiting the generality of the foregoing, Counterparty
will provide a US Tax Form W-8BEN-E upon the execution of this Confirmation, promptly upon learning that any such tax form previously
provided by it has become obsolete or incorrect and promptly upon reasonable demand by Dealer.

 

		(cc)	Additional Definitions and Amendments to Equity Definitions.

 

(i) For the purposes
of this Confirmation the following definitions will apply:

 

“Depositary”
means, in relation to the Shares, Deutsche Bank Trust Company Americas, or any successor thereto from time to time.

 

“Deposit
Agreement” means, (i) that certain Deposit Agreement, dated as of September 11, 2018, by and among Underlying Shares
Issuer, Depositary and the holders and beneficial owners of the Shares and (ii) the other agreements or other instruments constituting
the Shares, as from time to time amended or supplemented in accordance with their terms.

 

“DS
Amendment” means, where specified as applicable to a definition or provision, that the following changes shall be made
to such definition or provision: (a) all references to “Shares” shall be deleted and replaced with the words “Shares
and/or the Underlying Shares, as appropriate”; and (b) all references to “Issuer” shall be deleted and replaced
with the words “Issuer or Underlying Shares Issuer, as appropriate”.

 

“Replacement
DSs” means depositary shares or receipts, other than the Shares, over the same Underlying Shares.

 

(ii) The following amendments shall be made
to the Equity Definitions:

 

		(A)	The definition of Potential Adjustment Event in Section 11.2(e) of the Equity Definitions shall
be amended as follows:

 

		(i)	the DS Amendment shall be applicable, provided that an event under Section 11.2(e)(i) to (vii)
of the Equity Definitions in respect of the Underlying Shares shall not constitute a Potential Adjustment Event unless, in the
commercially reasonable opinion of the Calculation Agent, such event has a material effect on the theoretical value of the Shares;
and

 

		(ii)	(A) 	‘or’ shall be deleted where it appears at the end of subsection (vi);

 

		(B)	‘.’ shall be deleted where it appears at the end of subsection (vii) and replaced with
‘;’;

 

		(C)	the following shall be inserted as subsection (viii): “(viii) the making of any amendment
or supplement to the terms of the Deposit Agreement and/or the Shares; or”; and

 

    	 	31	 

     

    

 

		(D)	the following shall be inserted as provision (ix): “(ix) any other event as a result of which
the Shares represent fewer or more Underlying Shares than, and/or any property or assets in addition to, or as a whole or partial
replacement of, in each case, the number of Underlying Shares represented by the Shares prior to such event.”

 

		(B)	In making any adjustment following any Potential Adjustment Event, the Calculation Agent shall
have reference to (to the extent necessary or appropriate among other factors) any adjustment made by the Depositary under the
Deposit Agreement, any fees and/or expenses of the Depositary and any withholding or deduction of taxes. If the Calculation Agent
determines that no adjustment that it could make will produce a commercially reasonable result, it shall notify the parties that
the relevant consequence shall be the termination of the relevant Transaction, in which case “Cancellation and Payment (Calculation
Agent Determination)” will be deemed to apply and any payment to be made by one party to the other shall be calculated in
accordance with Section 12.7 of the Equity Definitions (as amended by this Confirmation).

 

		(C)	If a Potential Adjustment Event occurs under Section 11.2(e)(viii) of the Equity Definitions (as
amended by this Confirmation), then the following further amendments shall be deemed to be made to Section 11.2(c) of the Equity
Definitions in respect of such Potential Adjustment Event:

 

		(i)	the words “the Calculation Agent will determine whether such Potential Adjustment Event has
a material effect on the theoretical value of the relevant Shares, options on the Shares or the Transaction” shall be deleted
and replaced with the words “the Calculation Agent will determine whether such Potential Adjustment Event has a material
economic effect on such Transaction”; and

 

		(ii)	the words “as the Calculation Agent determines appropriate to account for that material effect”
shall be deleted and replaced with the words “as the Calculation Agent determines appropriate to account for such economic
effect on such Transaction”.

 

		(D)	The definitions of “Merger Event”, “Tender Offer”, “Announcement
Date”, “Share-for-Share”, “Share-for-Other” and “Share-for-Combined” in Section 12.1
of the Equity Definitions shall be amended in accordance with the DS Amendment.

 

		(E)	In making any adjustment in respect of a Merger Event, Tender Offer or Announcement Event in relation
to the Underlying Shares, the Calculation Agent shall in determining any adjustment pursuant to Modified Calculation Adjustment,
have reference to (amongst other factors) any adjustment made by the Depositary under the Deposit Agreement, any fees and/or expenses
of the Depositary and any withholding or deduction of taxes, as determined by the Calculation Agent in its commercially reasonable
discretion.

 

		(F)	The definitions of Nationalization and Insolvency in Section 12.6 of the Equity Definitions shall
be amended in accordance with the DS Amendment.

 

		(G)	The consequence of a Nationalization or Insolvency in respect of the Depositary shall be Cancellation
and Payment.

 

		(H)	If a Delisting of the Shares occurs or the Depositary announces that the Deposit Agreement is (or
will be) terminated, then:

 

		(i)	Cancellation and Payment will apply as provided in this Confirmation; and

 

		(ii)	where Cancellation and Payment applies under (H)(i) above in respect of a termination of the Deposit
Agreement, the Equity Definitions shall be interpreted as follows: (i) such termination shall be deemed to be an “Extraordinary
Event”; (ii) Cancellation and Payment shall apply as defined in Section 12.6(c)(ii) of the Equity Definitions; and (iii)
the definition of “Announcement Date” in Section 12.1(l) of the Equity Definitions shall include the following additional
clause (vii) at the end of the first sentence thereof: “(vii) in the case of a termination of the Deposit Agreement, the
date of the first public announcement by the Depositary that the Deposit Agreement is (or will be) terminated”.

 

    	 	32	 

     

    

 

		(I)	If Cancellation and Payment applies under Section 9(cc)(ii)(G) or Section 9(cc)(ii)(H) of this
Confirmation in respect of a Transaction, then the Determining Party shall be Dealer.

 

		(J)	The definition of “Insolvency Filing” in Section 12.9(a)(iv) of the Equity Definitions
shall be amended in accordance with the DS Amendment.

 

		(K)	For the avoidance of doubt, where a provision is amended by this Section 9(cc) in accordance with
the DS Amendment, if the event described in such provision occurs in respect of the Underlying Shares or Underlying Shares Issuer,
then the consequence of such event shall be interpreted consistently with the DS Amendment and such event.

 

		(dd)	2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol. The
parties agree that the Attachment to the 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol published
by ISDA on July 19, 2013 (“PDD Protocol”) apply to the Confirmation as if set out in full herein. In respect
of the Attachment to the Protocol, (i) the definition of “Adherence Letter” shall be deemed to be deleted and references
to “Adherence Letter” shall be deemed to be to this Section 9(dd) (and references to “such party’s Adherence
Letter” and “its Adherence Letter” shall be read accordingly), (ii) references to “adheres to the Protocol”
shall be deemed to be “enters into this Confirmation”, (iii) references to “Protocol Covered Agreement”
shall be deemed to be references to this Confirmation (and each “Protocol Covered Agreement” shall be read accordingly),
(iv) references to “Implementation Date” shall be deemed to be references to the date of this Confirmation, (v) the
words “or the Investment Manager on its behalf,” shall be inserted after the words “Portfolio Data Receiving
Entity” in Part I(1)(a)(ii), (vi) (a) the words “, or the Investment Manager on its behalf,” shall be inserted
after the words “Portfolio Data Receiving Entity”, and (b) the words “such party” shall be deleted and
replaced with the words “Portfolio Data Receiving Party” in Part I(1)(a)(iii), and (vii) the words “, or, in
the case of Counterparty, its board of directors,” shall be inserted after the words “senior members of staff of such
party or of its Affiliate, adviser or agent” in Part I(4)(c). For the purposes of this Section 9(dd):

 

1.           Dealer
is a Portfolio Data Sending Entity and Counterparty is a Portfolio Data Receiving Entity;

 

2.           Dealer
and Counterparty may use a Third Party Service Provider, and each of Dealer and Counterparty consents to such use including the
communication of the relevant data in relation to Dealer and Counterparty to such Third Party Service Provider for the purposes
of the reconciliation services provided by such entity.

 

3.           The
Local Business Days for such purposes in relation to Dealer are London, United Kingdom and in relation to Counterparty are Shanghai,
Hong Kong and New York;

 

4.           The
provisions in this paragraph shall survive the termination of this Transaction.

 

5.           The
following are the applicable email addresses.

 

	Portfolio Data:	Dealer: portfolio.reconciliation@gs.com
	 	 
		Counterparty: chao.wang10@nio.com
	 	 
	Notice of discrepancy:	Dealer: portfolio.reconciliation@gs.com

 

    	 	33	 

     

    

 

	 	Counterparty: chao.wang10@nio.com
	 	 
	Dispute Notice:	Dealer: portfolio.reconciliation@gs.com
	 	 
	 	Counterparty: chao.wang10@nio.com

 

		(ee)	NFC Representation Protocol. (i) The parties agree that the provisions set out in
the Attachment to the ISDA 2013 EMIR NFC Representation Protocol published by ISDA on March 8, 2013 (the “NFC Representation
Protocol”) shall apply to the Confirmation as if each party were an Adhering Party under the terms of the NFC Representation
Protocol. In respect of the Attachment to the Protocol, (A) the definition of “Adherence Letter” shall be deemed to
be deleted and references to “Adherence Letter” shall be deemed to be to this Section 9(ee) (and references to “the
relevant Adherence Letter” and “its Adherence Letter” shall be read accordingly), (B) references to “adheres
to the Protocol” shall be deemed to be “enters into this Confirmation”, (C) references to “Covered Master
Agreement” shall be deemed to be references to this Confirmation (and each “Covered Master Agreement” shall be
read accordingly), and (D) references to “Implementation Date” shall be deemed to be references to the date of this
Confirmation. (ii) Counterparty confirms that it enters into this Confirmation as a party making the NFC Representation (as such
term is defined in the NFC Representation Protocol). Counterparty shall promptly notify Dealer of any change to its status as a
party making the NFC Representation.

 

		(ff)	Transaction Reporting – Consent for Disclosure of Information. Notwithstanding
anything to the contrary herein or in the Agreement or any non-disclosure, confidentiality or other agreements entered into between
the parties from time to time, each party hereby consents to the Disclosure of information (the “Reporting Consent”):

 

1.           to
the extent required by, or necessary in order to comply with, any applicable law, rule or regulation which mandates Disclosure
of transaction and similar information or to the extent required by, or necessary in order to comply with, any order, request or
directive regarding Disclosure of transaction and similar information issued by any relevant authority or body or agency (“Reporting
Requirements”); or

 

2.           to
and between the other party’s head office, branches or affiliates; to any person, agent, third party or entity who provides
services to such other party or its head office, branches or affiliates; to a Market; or to any trade data repository or any systems
or services operated by any trade repository or Market, in each case, in connection with such Reporting Requirements.

 

“Disclosure”
means disclosure, reporting, retention, or any action similar or analogous to any of the aforementioned.

 

“Market”
means any exchange, regulated market, clearing house, central clearing counterparty or multilateral trading facility.

 

Disclosures
made pursuant to this Reporting Consent may include, without limitation, Disclosure of information relating to disputes over transactions
between the parties, a party’s identity, and certain transaction and pricing data and may result in such information becoming
available to the public or recipients in a jurisdiction which may have a different level of protection for personal data from that
of the relevant party’s home jurisdiction.

 

This Reporting
Consent shall be deemed to constitute an agreement between the parties with respect to Disclosure in general and shall survive
the termination of this Confirmation. No amendment to or termination of this Reporting Consent shall be effective unless such amendment
or termination is made in writing between the parties and specifically refers to this Reporting Consent.

 

    	 	34	 

     

    

 

Please confirm that
the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to Dealer.

 

	 	Very truly yours, 
	 	 	 
	 	 	GOLDMAN SACHS INTERNATIONAL
	 	 	 	 
	 	 	By:	/s/ Authorized Signatory
	 	 	Authorized Signatory
	 	 	Name:

 

    	 	35	 

     

    

 

Accepted and confirmed

as of the Trade Date:

 

	NIO Inc.	 
	 	 
	By:	/s/ Authorized Signatory	 
	Authorized Signatory	 
	Name:	 

 

    	 	36

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