Document:

Executive Employment Agreement, dated October 10, 2003

 Exhibit 10.17 
  
 TURNSTONE SYSTEMS, INC. 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 This Agreement is entered into as of October 10, 2003 (the “Effective Date”) by and between Turnstone Systems, Inc. (the ”Company”),
and Eric S. Yeaman (“Executive”). 
  
 1. Duties and
Scope of Employment. 
  
 (a) Position and Duties.
Executive has served and will continue to serve as Chief Executive Officer and Chief Financial Officer of the Company. Executive will render such business and professional services in the performance of his duties, consistent with Executive’s
position within the Company, as shall reasonably be assigned to him by the Company’s Board of Directors (the “Board”) and/or as are contemplated by the Company’s bylaws.  
  
 (b) Board Membership. While employed by the Company and if requested
by the Board, Executive agrees to serve as a member of the Board without any additional compensation, subject to any required Board and/or stockholder approval. 
  

(c) Obligations. While employed by the Company, Executive will perform his duties faithfully and to the best of his ability and will devote all
business efforts and time as required by the Company. 
  
 2. At-Will Employment. The parties agree that Executive’s employment with the Company will be “at-will” employment and may be terminated at any time with or without cause or notice by either party. Executive
understands and agrees that neither his job performance nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of his
employment with the Company. 
  
 3. Place of Employment.
The Executive’s services shall be performed at the Company’s principal executive offices in Santa Clara, California, and upon the Company’s exit from such executive offices, at the Executive’s home office. 
  
 4. Compensation. For all services to be rendered by the Executive
pursuant to this Agreement, the Company agrees to pay the Executive a base salary (the “Base Salary”) at an annual rate of not less than US$165,000. The Base Salary shall be paid in periodic installments in accordance with the
Company’s regular payroll practices. 
  
 5. Employee
Benefits. The Executive shall be entitled to participate in employee benefit plans or programs of the Company, if any, to the extent that his position, tenure, salary, age, health and other qualifications make him eligible to participate,
subject to the rules and regulations applicable thereto. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time. 

 6. Vacation. Due to the nature of this engagement, Executive will not be entitled to any paid
vacation. 
  
 7. Expenses. The Executive shall be entitled
to prompt reimbursement by the Company for all reasonable ordinary and necessary expenses incurred by the Executive in the performance of his duties and responsibilities under this Agreement; provided, that the Executive shall properly account for
such expenses in accordance with Company policies and procedures. 
  
 8. Other Activities. The Executive shall devote all time and efforts necessary to the business and affairs of the Company and its subsidiaries and to the diligent and faithful performance of the duties and responsibilities duly
assigned to him pursuant to this Agreement. Provided that the obligations to the business and affairs of the Company and its subsidiaries have been satisfied, the Executive may engage in other employment, occupation or consulting activity for any
direct or indirect remuneration without the prior approval of the Board. 
  
 9. Termination Benefits. If the Executive’s employment with the Company is terminated by the Company (or its successors or assigns) without Cause or by the Executive’s death or disability, then the
Executive shall be entitled to receive, on the employment termination date, a lump sum severance payment equal to six months of his Base Salary. “Cause” shall mean: 
  

	 	(i)	the willful or grossly negligent failure by Executive to substantially perform his duties hereunder, 

  

	 	(ii)	Executive’s commission of gross misconduct which is injurious to the Company, 

  

	 	(iii)	breach by Executive of a material provision of this agreement or the agreements incorporated herein by reference, 

  

	 	(iv)	a material violation of a federal or state law or regulation applicable to the business of the Company, 

  

	 	(v)	misappropriation or embezzlement of Company funds or an act of fraud or dishonesty upon the Company made by Executive, 

  

	 	(vi)	Executive’s conviction of, or plea of nolo contendre to, a felony; or 

  

	 	(vii)	Executive’s continued failure to comply with directives of the Board 

  
 No act, or failure to act, by the Executive shall be considered “willful” unless committed without good faith or without a reasonable belief that the act or
omission was in the Company’s best interest. 
  
 10.
Proprietary Information. During the course of his employment with the Company and thereafter, the Executive shall not, without the prior written consent of the Board of Directors, disclose or use for any purpose (except in the course of his
employment under this Agreement and in furtherance of the business of the Company or any of its affiliates or subsidiaries) any confidential information or proprietary data of the Company. The Executive agrees that the Company’s 
  

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 Confidential Information and Invention Assignment Agreement, previously executed by the Executive, shall remain in full
force and effect. 
  
 11. Severance Agreement. Upon the
termination of his employment and in exchange for the termination benefits provided in Paragraph 9, the Executive agrees to execute a severance agreement and release of claims against the Company and to abide by the terms thereunder. 
  
 12. Right to Advice of Counsel. The Executive acknowledges that he has
consulted with counsel and is fully aware of his rights and obligations under this Agreement. 
  
 13. Successors. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to
expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption agreement prior
to the effectiveness of any such succession shall entitle the Executive to the benefits described in paragraph 9 of this Agreement, subject to the terms and conditions therein. 
  
 14. Assignment. This Agreement and all rights under this Agreement shall be binding upon and inure to the benefit of
and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors and assigns. This Agreement is personal in nature, and neither of the
parties to this Agreement shall, without the written consent of the other, assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity; except that the Company may assign this Agreement to any of
its affiliates or wholly-owned subsidiaries, provided, that such assignment will not relieve the Company of its obligations hereunder. If the Executive should die while any amounts are still payable to the Executive hereunder, all such
amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee, to the Executive’s estate. 
  
 15. Notices. All notices, requests, demands and other communications
called for hereunder shall be in writing and shall be deemed given (i) on the date of delivery, or, if earlier, (ii) one (1) day after being sent by a well established commercial overnight service, or (iii) three (3) days after being mailed by
registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at such addresses as the parties shall furnish to each other in writing. 
  
 16. Waiver. Failure or delay on the part of either party hereto to enforce any right, power, or privilege hereunder
shall not be deemed to constitute a waiver thereof. Additionally, a waiver by either party or a breach of any promise hereof by the other party shall not operate as or be construed to constitute a waiver of any subsequent waiver by such other party.

  
 17. Severability. Whenever possible, each provision of
this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in 
  

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 such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
  
 18. Arbitration. 
  
 (a) Arbitration. In consideration of Executive’s employment with
the “Company”, its promise to arbitrate all employment-related disputes and Executive’s receipt of the compensation, pay raises and other benefits paid to Executive by the Company, at present and in the future, Executive agrees that
any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from
Executive’s employment with the Company or the termination of Executive’s employment with the Company, including any breach of this agreement, shall be subject to binding arbitration under the arbitration rules set forth in California Code
of Civil Procedure Section 1280 through 1294.2, including Section 1283.05 (the “Rules”) and pursuant to California law. Disputes which Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury, include any
statutory claims under State or Federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers
Benefit Protection Act, the California Fair Employment and Housing Act, the California Labor Code, claims of harassment, discrimination or wrongful termination and any statutory claims. Executive further understands that this agreement to arbitrate
also applies to any disputes that the Company may have with Executive. 
  
 (b) Procedure. Executive agrees that any arbitration will be administered by the American Arbitration Association (“AAA”) and that a neutral arbitrator will be selected in a manner consistent with its national rules for the
resolution of employment disputes. The arbitration proceedings will allow for discovery according to the rules set forth in the National Rules for the Resolution of Employment Disputes. Executive agrees that the arbitrator shall have the
power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing. Executive agrees that the arbitrator shall issue
a written decision on the merits. Executive also agrees that the arbitrator shall have the power to award any remedies, including attorneys’ fees and costs, available under applicable law. Executive understands the Company will pay for any
administrative or hearing fees charged by the arbitrator or AAA. Executive agrees that the arbitrator shall administer and conduct any arbitration in a manner consistent with the rules and that to the extent that the AAA’s National Rules for
the Resolution of Employment Disputes conflict with the rules, the rules shall take precedence. 
  
 (c) Remedy. Except as provided by the rules, arbitration shall be the sole, exclusive and final remedy for any dispute between Executive and the
Company. Accordingly, except as provided for by the rules, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to
disregard or refuse to enforce any lawful Company policy, and the arbitrator shall not order or require the Company to adopt a policy not otherwise required by law which the Company has not adopted. 
  

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 (d) Availability of injunctive relief. In accordance with Rule 1281.8 of the California Code of
Civil Procedure, Executive agrees that any party may also petition the court for injunctive relief where either party alleges or claims a violation of the employment, confidential information, invention assignment agreement between Executive and the
Company or any other agreement regarding trade secrets, confidential information, nonsolicitation or Labor Code §2870. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs and
attorneys’ fees. 
  
 (e) Administrative relief.
Executive understands that this agreement does not prohibit Executive from pursuing an administrative claim with a local, state or federal administrative body such as the department of fair employment and housing, the equal employment opportunity
commission or the workers’ compensation board. This agreement does, however, preclude Executive from pursuing court action regarding any such claim. 
  
 19. Voluntary Nature of Agreement. Executive acknowledges and agrees that Executive is executing this agreement voluntarily and without any duress
or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully read this agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences and
binding effect of this agreement and fully understand it, including that Executive is waiving Executive’s right to a jury trial. Finally, Executive agrees that he/she has been provided an opportunity to seek the advice of an attorney before
signing this agreement. 
  
 20. Integration. This
Agreement, together with the Confidential Information Agreement, the D&O Indemnification Agreement and the option agreements previously entered into between the Executive and the Company, represents the entire agreement and understanding between
the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral. No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in writing and
signed by the Company. 
  
 21. Headings. The headings of
the paragraphs contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of any provision of this Agreement. 
  
 22. Applicable Law. This Agreement shall be governed by and construed in accordance with the internal substantive
laws, and not the choice of law rules, of the State of California. 
  
 23. Cooperation. Executive shall, without further remuneration, provide Executive’s reasonable cooperation in connection with (i) any action or proceeding (or any appeal from any action or proceeding) that relates to events
occurring during Executive’s employment hereunder or (ii) assisting the Company in patenting, registering, maintaining, enforcing and perfecting any of the Company’s intellectual property rights. If Executive’s cooperation is needed
under this paragraph, the Company shall use reasonable best efforts to schedule Executive’s participation at a mutually convenient time, and shall reimburse Executive for reasonable travel and out-of–pocket expenses (following presentment
of reasonable substantiation). This provision shall survive any termination of this Agreement or Executive’s employment. 
  

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 24. Counterparts. This Agreement may be executed in one or more counterparts, none of which need
contain the signature of more than one party hereto, and each of which shall be deemed to be an original, and all of which together shall constitute a single agreement. 
  
 25. Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.

  
 26. Acknowledgment. Executive acknowledges that he has
had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering
into this Agreement. 
  

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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by their
duly authorized officers, as of the day and year first above written. 
  

	 COMPANY: 
	 	 	 	 
			
	 TURNSTONE SYSTEMS, INC.
	 	 	 	 
					
	By:	 	/s/    ALBERT Y. LIU          	 	 	 	Date:	 	10/10/03   
	 	
	 	 	 	 	

					
	 Title:
	 	 General Counsel & Director of HR

	 	 	 	 	 	 
				
	 EXECUTIVE: 
	 	 	 	 	 	 
					
	 	 	 	 	 	 	 	 	 
				
	 /s/    ERIC S. YEAMAN 

	 	 	 	 Date:
	 	 10/10/03

					
	 	 	Eric S. Yeaman	 	 	 	 	 	 

  

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                                                                     EXHIBIT 4.3

                                  $75, 000,000

                                NETEASE.COM, INC.

          Zero Coupon Convertible Subordinated Notes due July 15, 2023

                          REGISTRATION RIGHTS AGREEMENT
                          -----------------------------

                                                                    July 8, 2003

Credit Suisse First Boston LLC
Eleven Madison Avenue
New York, NY 10010-3629

Dear Sirs:

     NetEase.com, Inc., a Cayman Islands company (the "Company"), proposes to
issue and sell to Credit Suisse First Boston LLC (the "Initial Purchaser"), upon
the terms set forth in a purchase agreement of even date herewith (the "Purchase
Agreement"), $25,000,000 aggregate principal amount (plus up to an additional
$75,000,000 principal amount) of its Zero Coupon Convertible Subordinated Notes
due July 15, 2023 (the "Initial Securities"). The Initial Securities will be
convertible into ordinary shares, par value US$0.0001 per share, of the Company
(the "Ordinary Shares") at the conversion price set forth in the Offering
Circular dated July 9, 2003. The Initial Securities will be issued pursuant to
an Indenture, dated as of July 14, 2003 (the "Indenture"), between the Company
and The Bank of New York, as trustee (the "Trustee"). As an inducement to the
Initial Purchaser to enter into the Purchase Agreement, the Company agrees with
the Initial Purchaser, for the benefit of (i) the Initial Purchaser and (ii) the
holders of the Initial Securities and the Ordinary Shares issuable upon
conversion of the Initial Securities (collectively, the "Securities") from time
to time until such time as such Securities have been sold pursuant to a Shelf
Registration Statement (as defined in Section 1(a)) (each of the forgoing a
"Holder" and collectively the "Holders"), as follows:

     1.   Shelf Registration. (a) The Company shall, at its cost, prepare and,
as promptly as practicable (but in no event more than 90 days after so required
or requested pursuant to this Section 1) file with the Securities and Exchange
Commission (the "Commission") and thereafter use commercially reasonable efforts
to cause to be declared effective as soon as practicable a registration
statement on Form F-3 (the "Shelf Registration Statement" relating to the offer
and sale of the Transfer Restricted Securities (as defined in Section 5) by the
Holders thereof from time to time in accordance with the methods of distribution
set forth in the Shelf Registration Statement and Rule 415 under the Securities
Act of 1933, as amended (the "Securities Act") (hereinafter, the "Shelf
Registration"); provided, however, that no Holder (other than the Initial
Purchaser) shall be entitled to have the Securities held by it covered by such
Shelf Registration Statement unless such Holder agrees in writing to be bound by
all the provisions of this Agreement applicable to such Holder.

     (b)  The Company shall use commercially reasonable efforts to keep the
Shelf Registration Statement continuously effective in order to permit the
prospectus included therein (the "Prospectus") to be lawfully delivered by the
Holders of the relevant Securities, for a period of two years from the date of
its effectiveness or such shorter period that will terminate when all the
Securities covered by the Shelf Registration Statement (i) have been sold
pursuant thereto, (ii) are distributed to the public pursuant to Rule 144 under
the Securities Act or (iii) are no longer restricted securities (as defined in
Rule 144(k) under the Securities Act, or any successor rule thereof), assuming
for this purpose that the Holders thereof are not affiliates of the Company (in
any such case, such period being called the "Shelf Registration Period").

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<PAGE>

     (c)  Notwithstanding any other provisions of this Agreement to the
contrary, the Company shall cause the Shelf Registration Statement and the
Prospectus and any amendment or supplement thereto, as of the effective date of
the Shelf Registration Statement, amendment or supplement, (i) to comply in all
material respects with the applicable requirements of the Securities Act and the
rules and regulations of the Commission and (ii) not to contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading.

     2.   Registration Procedures. In connection with the Shelf Registration
contemplated by Section 1 hereof, the following provisions shall apply:

     (a)  The Company shall (i) furnish to each Initial Purchaser, prior to the
filing thereof with the Commission, a copy of the Shelf Registration Statement
and each amendment thereof and each supplement, if any, to the prospectus
included therein and, in the event that the Initial Purchaser (with respect to
any portion of an unsold allotment from the original offering) is participating
in the Shelf Registration Statement, shall consider in good faith such comments
to each such document as the Initial Purchaser reasonably may propose; and (ii)
include the names of the Holders who propose to sell Securities pursuant to the
Shelf Registration Statement as selling securityholders.

     (b)  Not less than 30 calendar days prior to the effective date of the
Shelf Registration Statement (the "Effective Date"), the Company shall mail the
Notice and Questionnaire substantially in the form of Annex A hereto to the
Holders of Securities. No Holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement as of the Effective Date, and
no Holder shall be entitled to use the prospectus forming a part thereof for
offers and resales of Securities at any time, unless such Holder has returned a
completed and signed Notice and Questionnaire to the Company within 28 calendar
days from the date on which the Notice and Questionnaire is first mailed to such
Holder. Notwithstanding the foregoing, upon the request of any Holder of
Securities that did not return a Notice and Questionnaire on a timely basis or
did not receive a Notice and Questionnaire because it was a subsequent
transferee of Securities after the Company mailed the Notice and Questionnaire,
(x) the Company shall send a Notice and Questionnaire to such Holder at the
address set forth in such request and (y) upon receipt of a properly completed
Notice and Questionnaire from such Holder, the Company shall use commercially
reasonable efforts to name such Holder as a selling securityholder in the Shelf
Registration Statement by means of a pre-effective amendment or, if permitted by
the Commission, by means of a post-effective amendment or a prospectus
supplement to the Shelf Registration; provided, however, that the Company shall
have no obligation to pay Additional Interest to such Holder for its failure to
file a pre-effective amendment, post-effective amendment or prospectus
supplement.

     (c)  The Company shall give written notice to the Initial Purchaser and the
Holders of the Securities (which notice pursuant to clauses (ii) through (v)
hereof shall be accompanied by an instruction to suspend the use of the
Prospectus until the requisite changes have been made):

          (i)   when the Shelf Registration Statement or any amendment thereto
     has been filed with the Commission and when the Shelf Registration
     Statement or any post-effective amendment thereto has become effective;

          (ii)  of any request by the Commission for amendments or supplements
     to the Shelf Registration Statement or the prospectus included therein or
     for additional information;

          (iii) of the issuance by the Commission of any stop order suspending
     the effectiveness of the Shelf Registration Statement or the initiation of
     any proceedings for that purpose;

          (iv)  of the receipt by the Company or its legal counsel of any
     notification with respect to the suspension of the qualification of the
     Securities for sale in any jurisdiction or the initiation or threatening of
     any proceeding for such purpose; and

          (v)   of (x) the happening of any event that requires the Company to
     make changes in the Shelf Registration Statement or the Prospectus in order
     that the Shelf Registration Statement or the Prospectus does not contain an
     untrue statement of a material fact nor omit to state a material fact
     required to be stated

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<PAGE>

     therein or necessary to make the statements therein (in the case of the
     Prospectus, in light of the circumstances under which they were made) not
     misleading and (y) the occurrence or existence of any pending corporate
     development that makes it appropriate to suspend the use of the related
     prospectus pursuant to Section 2(j) below.

Upon receipt of the Company's notice pursuant to clauses (ii) through (v)
hereof, subject to the provisions of this Agreement, each Holder agrees not to
sell any Securities pursuant to the Shelf Registration Statement until such
Holder receives of the supplemented or amended prospectus, or until it is
advised in writing by the Company that the prospectus may be used, and has
received copies of any additional or supplemental filings that are incorporated
by reference in such prospectus.

     (d)  The Company shall make every reasonable effort to obtain the
withdrawal at the earliest possible time, of any order suspending the
effectiveness of the Shelf Registration Statement.

     (e)  The Company shall furnish to each Holder of Securities included within
the coverage of the Shelf Registration, without charge, at least one copy of the
Shelf Registration Statement and any post-effective amendment thereto, including
financial statements and schedules, the related prospectus and, if the Holder so
requests in writing, all exhibits thereto (including those, if any, incorporated
by reference).

     (f)  The Company shall, during the Shelf Registration Period, deliver to
each Holder of Securities included within the coverage of the Shelf Registration
as many copies of the Prospectus (including each preliminary prospectus)
included in the Shelf Registration Statement and any amendment or supplement
thereto as such person may reasonably request. The Company consents, subject to
the provisions of this Agreement, to the use of the Prospectus or any amendment
or supplement thereto by each of the selling Holders of the Securities in
connection with the offering and sale of the Securities covered by the
Prospectus, or any amendment or supplement thereto, included in the Shelf
Registration Statement.

     (g)  Prior to any public offering of the Securities pursuant to the Shelf
Registration Statement, the Company shall register or qualify or cooperate with
the Holders of the Securities included therein and their respective counsel in
connection with the registration or qualification of the Securities for offer
and sale under the securities or "blue sky" laws of such states of the United
States as any Holder of the Securities reasonably requests in writing and do any
and all other acts or things necessary or advisable to enable the offer and sale
in such jurisdictions within the United States of the Securities covered by such
Registration Statement; provided, however, that the Company shall not be
required to (i) qualify generally to do business in any jurisdiction where it is
not then so qualified or (ii) take any action which would subject it to general
service of process or to taxation in any jurisdiction where it is not then so
subject.

     (h)  The Company shall cooperate with the Holders of the Securities to
facilitate the timely preparation and delivery of certificates representing the
Securities to be sold pursuant to any Registration Statement free of any
restrictive legends (unless otherwise required by law) and in such denominations
and registered in such names as the Holders may request a reasonable period of
time prior to sales of the Securities pursuant to the Shelf Registration
Statement.

     (i)  Upon the occurrence of any event contemplated by clauses (ii) through
(v) of Section 2(c) above during the period for which the Company is required to
maintain an effective Shelf Registration Statement, the Company shall promptly
prepare and file a post-effective amendment to the Shelf Registration Statement
or an amendment or supplement to the Prospectus and any other required document
so that, as thereafter delivered to Holders or purchasers of the Securities, the
Prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.

     (j)  Notwithstanding anything to the contrary herein, the Company may
suspend the use of the prospectus for a period not to exceed 45 days in any
90-day period or an aggregate of 120 days in any 12-month period if the Board of
Directors of the Company shall have determined in good faith that because of
valid business reasons (not including avoidance of the Company's obligations
hereunder), including, without limitation, the acquisition or divestiture of
assets, pending corporate developments, public filings with the Commission and
similar events, it is in

                                       3

<PAGE>

the interest of the Company to suspend such use, and prior to suspending such
use the Company provides the Holders with written notice of such suspension,
which notice need not specify the nature of the event giving rise to such
suspension.

     (k)  Not later than the effective date of the Shelf Registration Statement,
the Company will provide CUSIP numbers for the Initial Securities and the
Ordinary Shares registered under the Shelf Registration Statement, and provide
the Trustee with printed certificates for the Initial Securities, in a form
eligible for deposit with The Depository Trust Company.

     (l)  The Company will comply with all rules and regulations of the
Commission to the extent and so long as they are applicable to the Shelf
Registration and will make generally available to its security holders (or
otherwise provide in accordance with Section 11(a) of the Securities Act) an
earnings statement satisfying the provisions of Section 11(a) of the Securities
Act, no later than 45 days after the end of a 12-month period (or 90 days, if
such period is a fiscal year) beginning with the first month of the Company's
first fiscal quarter commencing after the effective date of the Shelf
Registration Statement, which statement shall cover such 12-month period.

     (m)  The Company shall cause the Indenture to be qualified under the Trust
Indenture Act of 1939, as amended, (the "Trust Indenture Act") in a timely
manner and containing such changes, if any, as shall be necessary for such
qualification. In the event that such qualification would require the
appointment of a new trustee under the Indenture, the Company shall appoint a
new trustee thereunder pursuant to the applicable provisions of the Indenture.

     (n)  In addition to the information contained in the Notice and
Questionnaire, the Company may require each Holder of Securities to be sold
pursuant to the Shelf Registration Statement to furnish to the Company such
information regarding the Holder and the distribution of the Securities as the
Company may from time to time reasonably require for inclusion in the Shelf
Registration Statement, and the Company may exclude from such registration the
Securities of any Holder that unreasonably fails to furnish such information
within a reasonable time after receiving such request.

     (o)  The Company shall enter into such customary underwriting and other
agreements and take all such other actions, if any, as reasonably required in
order to facilitate an Underwritten Offering (as defined in Section 7(a)), if
one is requested pursuant to Section 7.

     (p)  If the offering is to be underwritten pursuant to Section 7, the
Company shall (i) make reasonably available for inspection by any underwriter
participating in any disposition pursuant to the Shelf Registration Statement
and any attorney, accountant or other agent retained by any such underwriter,
all relevant financial and other records, pertinent corporate documents and
properties of the Company and (ii) cause the Company's officers, directors,
employees, accountants and auditors to supply all relevant information
reasonably requested by any such underwriter, attorney, accountant or agent in
connection with the Shelf Registration Statement, in each case, as shall be
reasonably necessary to enable such persons, to conduct a reasonable
investigation within the meaning of Section 11 of the Securities Act; provided,
however, that the foregoing inspection and information gathering shall be
coordinated by one counsel designated by and on behalf of the selling Holders
and their underwriters as described in Section 3 hereof.

     (q)  The Company, if requested by 33% of the Holders of Securities covered
by the Shelf Registration Statement, shall cause (i) its counsel to deliver an
opinion and updates thereof relating to the Securities in customary form
addressed to such Holders and the managing underwriters, if any, thereof, and
dated, in the case of the initial opinion, the effective date of such Shelf
Registration Statement (it being agreed that the matters to be covered by such
opinion shall include, without limitation, the due incorporation and good
standing of the Company and its subsidiaries; the qualification of the Company
and its subsidiaries to transact business as foreign corporations; the due
authorization, execution and delivery of the relevant agreement of the type
referred to in Section 2(o) hereof; the due authorization, execution,
authentication and issuance, and the validity and enforceability, of the
Securities; the absence of material legal or governmental proceedings involving
the Company and its subsidiaries; the absence of governmental approvals required
to be obtained in connection with the Shelf Registration Statement, the offering
and sale of the Securities, or any agreement of the type referred to in Section
2(o) hereof; the compliance as to form of the Shelf Registration Statement and
any documents incorporated by reference therein and of the Indenture with

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<PAGE>

the requirements of the Securities Act and the Trust Indenture Act,
respectively; and, as of the date of the opinion and as of the effective date of
the Shelf Registration Statement or most recent post-effective amendment
thereto, as the case may be, the absence from the Shelf Registration Statement
and the prospectus included therein, as then amended or supplemented, and from
any documents incorporated by reference therein of an untrue statement of a
material fact or the omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading (in
the case of any such documents, in the light of the circumstances existing at
the time that such documents were filed with the Commission under the Exchange
Act of 1934, as amended (the "Exchange Act")); (ii) its officers to execute and
deliver all customary documents and certificates and updates thereof requested
by any underwriters of the Securities and (iii) its independent public
accountants and the independent public accountants with respect to any other
entity for which financial information is provided in the Shelf Registration
Statement to provide to the selling Holders of the applicable Securities and any
underwriter therefor a comfort letter in customary form and covering matters of
the type customarily covered in comfort letters in connection with primary
underwritten offerings, subject to receipt of appropriate documentation as
contemplated, and only if permitted, by Statement of Auditing Standards No. 72.

     (r)  The Company will use commercially reasonable efforts to (a) if the
Initial Securities have been rated prior to the initial sale of such Initial
Securities, confirm such ratings will apply to the Securities covered by a
Registration Statement, or (b) if the Initial Securities were not previously
rated, cause the Securities covered by a Registration Statement to be rated with
the appropriate rating agencies, if so requested by holders of a majority in
aggregate principal amount of Securities covered by the Shelf Registration
Statement, or by the managing underwriters, if any.

     (s)  In the event that any broker-dealer registered under the Exchange Act
shall underwrite any Securities or participate as a member of an underwriting
syndicate or selling group or "assist in the distribution" (within the meaning
of the Conduct Rules (the "Rules") of the National Association of Securities
Dealers, Inc. ("NASD")) thereof, whether as a Holder of such Securities or as an
underwriter, a placement or sales agent or a broker or dealer in respect
thereof, or otherwise, the Company will assist such broker-dealer in complying
with the requirements of such Rules, including, without limitation, by (i) if
such Rules, including Rule 2720, shall so require, engaging a "qualified
independent underwriter" (as defined in Rule 2720) to participate in the
preparation of the Shelf Registration Statement relating to such Securities, to
exercise usual standards of due diligence in respect thereto and, if any portion
of the offering contemplated by such Registration Statement is an underwritten
offering or is made through a placement or sales agent, to recommend the yield
of such Securities, (ii) indemnifying any such qualified independent underwriter
to the extent of the indemnification of underwriters provided in Section 5
hereof and (iii) providing such information to such broker-dealer as may be
required in order for such broker-dealer to comply with the requirements of the
Rules.

     (t)  The Company shall use commercially reasonable efforts to take all
other steps necessary to effect the registration of the Securities covered by a
Registration Statement contemplated hereby.

     3.   Registration Expenses. (a) All expenses incident to the Company's
performance of and compliance with this Agreement will be borne by the Company,
regardless of whether a Registration Statement is ever filed or becomes
effective, including without limitation:

          (i)   all registration and filing fees and expenses;

          (ii)  all fees and expenses of compliance with federal securities and
     state "blue sky" or securities laws;

          (iii) all expenses of incurred for (A) printing, including the
     printing of certificates for the Securities to be issued but excluding the
     printing of prospectuses as provided in subsection (c) of this Section 3,
     (B) messenger and delivery services and (C) telephone and fax services;

          (iv)  all fees and disbursements of counsel for the Company (except as
     provided in subsection (c) of this Section 3);

                                       5

<PAGE>

          (v)   all application and filing fees in connection with listing the
     Securities on a national securities exchange or automated quotation system
     pursuant to the requirements hereof; and

          (vi)  all fees and disbursements of independent certified public
     accountants of the Company, including the expenses of any special audit and
     comfort letters required by or incident to such performance (except as
     provided in subsection (c) of this Section 3).

The Company will bear its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and the
expenses of any person, including special experts, retained by the Company.

     (b)  In connection with the Shelf Registration Statement required by this
Agreement, the Company will reimburse the Initial Purchaser and the Holders of
Securities covered by the Shelf Registration Statement, for the reasonable fees
and disbursements of not more than one counsel, designated by the Holders of a
majority in principal amount of the Securities covered by the Shelf Registration
Statement (provided that, for the purposes of determining such majority, holders
of Ordinary Shares issued upon the conversion of the Initial Securities shall be
deemed to be Holders of the aggregate principal amount of Initial Securities
from which such Ordinary Shares were converted) to act as counsel for the
Holders in connection therewith.

     (c)(x) Each selling Holder of Securities in an Underwritten Offering (as
defined in Section 7(a)) shall (i) pay all underwriting discounts and
commissions and transfer taxes, if any, relating to the sale or disposition of
such selling Holder's Securities and (ii) reimburse the Company for any
out-of-pocket expenses it reasonably incurs for performing any of its
obligations under Sections 2(o), 2(r) and 2(s), and (y) each selling Holder of
Securities in any offering under the Shelf Registration Statement shall
reimburse the Company for any out-of-pocket expenses it reasonably incurs in
connection with (i) the printing and delivery of the prospectuses pursuant to
Section 2(f) and (ii) the performance of its obligations under Section 2(q) and
shall pay for all expenses payable in connection with such Holder's conversion
of the Company's Ordinary Shares into American depositary shares.

     4.   Indemnification. (a) The Company agrees to indemnify and hold harmless
each Holder and each person, if any, who controls such Holder within the meaning
of the Securities Act or the Exchange Act (each Holder, and such controlling
persons are referred to collectively as the "Indemnified Parties") from and
against any losses, claims, damages or liabilities, joint or several, or any
actions in respect thereof (including, but not limited to, any losses, claims,
damages, liabilities or actions relating to purchases and sales of the
Securities registered under the Shelf Registration Statement) to which each
Indemnified Party may become subject under the Securities Act, the Exchange Act
or otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in the Shelf Registration Statement or prospectus
including any document incorporated by reference therein, or in any amendment or
supplement thereto or in any preliminary prospectus relating to the Shelf
Registration, or arise out of, or are based upon, the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and shall reimburse, as
incurred, the Indemnified Parties for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action in respect thereof; provided, however, that
(i) the Company shall not be liable in any such case to the extent that such
loss, claim, damage or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in
the Shelf Registration Statement or prospectus or in any amendment or supplement
thereto or in any preliminary prospectus relating to the Shelf Registration in
reliance upon and in conformity with written information pertaining to such
Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein and (ii) with respect to any untrue statement or omission
or alleged untrue statement or omission made in any preliminary prospectus
relating to the Shelf Registration Statement, the indemnity agreement contained
in this subsection (a) shall not inure to the benefit of any Holder from whom
the person asserting any such losses, claims, damages or liabilities purchased
the Securities concerned, to the extent that a prospectus relating to such
Securities was required to be delivered by such Holder under the Securities Act
in connection with such purchase and any such loss, claim, damage or liability
of such Holder results from the fact that there was not sent or given to such
person, at or prior to the written confirmation of the sale of such Securities
to such person, a copy of the final prospectus if the Company had previously
furnished copies thereof to such Holder; provided further, however, that this
indemnity agreement will be in addition to any liability which the Company may
otherwise have to such Indemnified Party. The Company shall also indemnify

                                       6

<PAGE>

underwriters in any Underwritten Offering (as defined in Section 7(a)), their
officers and directors and each person who controls such underwriters within the
meaning of the Securities Act or the Exchange Act to the same extent as provided
above with respect to the indemnification of the Holders of the Securities if
requested by such Holders.

     (b)  Each Holder, severally and not jointly, will indemnify and hold
harmless the Company, its officers and directors and each person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange
Act from and against any losses, claims, damages or liabilities or any actions
in respect thereof, to which the Company or any such controlling person may
become subject under the Securities Act, the Exchange Act or otherwise, insofar
as such losses, claims, damages, liabilities or actions arise out of or are
based upon any untrue statement or alleged untrue statement of a material fact
contained in the Shelf Registration Statement or prospectus or in any amendment
or supplement thereto or in any preliminary prospectus relating to the Shelf
Registration, or arise out of or are based upon the omission or alleged omission
to state therein a material fact necessary to make the statements therein not
misleading, but in each case only to the extent that the untrue statement or
omission or alleged untrue statement or omission was made in reliance upon and
in conformity with written information pertaining to such Holder and furnished
to the Company by or on behalf of such Holder specifically for inclusion
therein; and, subject to the limitation set forth immediately preceding this
clause, shall reimburse, as incurred, the Company for any legal or other
expenses reasonably incurred by the Company or any such controlling person in
connection with investigating or defending any loss, claim, damage, liability or
action in respect thereof. This indemnity agreement will be in addition to any
liability which such Holder may otherwise have to the Company or any of its
controlling persons.

     (c)  Promptly after receipt by an indemnified party under this Section 4 of
notice of the commencement of any action or proceeding (including a governmental
investigation), such indemnified party will, if a claim in respect thereof is to
be made against the indemnifying party under this Section 4, notify the
indemnifying party of the commencement thereof; but the failure to notify the
indemnifying party shall not relieve it from any liability that it may have
under subsection (a) or (b) above except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses)
by such failure; and provided further that the failure to notify the
indemnifying party shall not relieve it from any liability that it may have to
an indemnified party otherwise than under subsection (a) or (b) above. In case
any such action is brought against any indemnified party, and it notifies the
indemnifying party of the commencement thereof, the indemnifying party will be
entitled to participate therein and, to the extent that it may wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party (who
shall not, except with the consent of the indemnified party, be counsel to the
indemnifying party), and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof the
indemnifying party will not be liable to such indemnified party under this
Section 4 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection
with the defense thereof. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or
threatened action in respect of which any indemnified party is or could have
been a party and indemnity could have been sought hereunder by such indemnified
party unless such settlement (i) includes an unconditional release of such
indemnified party from all liability on any claims that are the subject matter
of such action, and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party.

     (d)  If the indemnification provided for in this Section 4 is
unavailable or insufficient to hold harmless an indemnified party under
subsections (a) or (b) above, then each indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to in
subsection (a) or (b) above in such proportion as is appropriate to reflect the
relative fault of the indemnifying party or parties on the one hand and the
indemnified party on the other in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities (or actions in
respect thereof) as well as any other relevant equitable considerations. The
relative fault of the parties shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Company on the one hand or such Holder or such other indemnified
party, as the case may be, on the other, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid by an indemnified party as a result of
the losses, claims, damages or liabilities referred to in the first sentence of
this subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party

                                       7

<PAGE>

in connection with investigating or defending any action or claim which is the
subject of this subsection (d). Notwithstanding any other provision of this
Section 4(d), the Holders shall not be required to contribute any amount in
excess of the amount by which the net proceeds received by such Holders from the
sale of the Securities pursuant to the Shelf Registration Statement exceeds the
amount of damages which such Holders have otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For purposes
of this paragraph (d), each person, if any, who controls such indemnified party
within the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as such indemnified party and each person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange
Act shall have the same rights to contribution as the Company.

     (e)  The agreements contained in this Section 4 shall survive the sale of
the Securities pursuant to the Shelf Registration Statement and shall remain in
full force and effect, regardless of any termination or cancellation of this
Agreement or any investigation made by or on behalf of any indemnified party.

     5.   Additional Interest Under Certain Circumstances. (a) Additional
interest (the "Additional Interest") with respect to the Initial Securities
shall be assessed as follows if any of the following events occur (each such
event in clauses (i) through (iii) below being herein called a "Registration
Default"):

          (i)   the Shelf Registration Statement has not been filed with the
     Commission by the 90/th/ day after the first date of original issuance of
     the Initial Securities;

          (ii)  the Shelf Registration Statement has not been declared effective
     by the Commission by the 180/th/ day after the first date of original issue
     of the Initial Securities; or

          (iii) the Shelf Registration Statement is declared effective by the
     Commission but (A) the Shelf Registration Statement thereafter ceases to be
     effective or (B) the Shelf Registration Statement or the Prospectus ceases
     to be usable in connection with resales of Transfer Restricted Securities
     (as defined in Section 5(e)) during the periods specified herein because
     either (1) any event occurs as a result of which the Prospectus forming
     part of such Shelf Registration Statement would include any untrue
     statement of a material fact or omit to state any material fact necessary
     to make the statements therein in the light of the circumstances under
     which they were made not misleading, or (2) it shall be necessary to amend
     such Shelf Registration Statement or supplement the related prospectus, to
     comply with the Securities Act or the Exchange Act or the respective rules
     thereunder.

Each of the foregoing will constitute a Registration Default whatever the reason
for any such event and whether it is voluntary or involuntary or is beyond the
control of the Company or pursuant to operation of law or as a result of any
action or inaction by the Commission .

     Additional Interest shall accrue on the Initial Securities from and
including the date on which any such Registration Default shall occur to but
excluding the date on which all such Registration Defaults have been cured, at a
rate of 0.50% per annum (the "Additional Interest Rate").

     (b)  A Registration Default referred to in Section 5(a)(iii) hereof shall
be deemed not to have occurred and be continuing in relation to the Shelf
Registration Statement or the related prospectus if (i) such Registration
Default has occurred solely as a result of (x) the filing of a post-effective
amendment to the Shelf Registration Statement to incorporate annual audited
financial information with respect to the Company where such post-effective
amendment is not yet effective and needs to be declared effective to permit
Holders to use the related prospectus or (y) other material events, with respect
to the Company that would need to be described in such Shelf Registration
Statement or the related prospectus, provided that, the Company is proceeding
promptly and in good faith to amend or supplement the Shelf Registration
Statement and related prospectus to describe such events as required by
paragraph 2(i) hereof; provided, however, that in any case if such Registration
Default occurs for a continuous period in excess of 30 days, Additional Interest
shall be payable in accordance with the above paragraph from the date such
Registration Default occurs until such Registration Default is cured.

                                       8

<PAGE>

     (c)  The parties hereto agree that the Additional Interest provided for in
Section 5(a) constitutes a reasonable estimate of the damages that may be
incurred by Holders of Securities by reason of the failure of the Shelf
Registration Statement to be filed or declared effective or available for
effecting resales of Securities in accordance with the provisions hereof, and
that the Additional Interest shall be the exclusive remedy at law or in equity
or otherwise available to the Holders of Securities for such Registration
Default.

     (d)  Any amounts of Additional Interest due pursuant to Section 5(a) will
be payable in cash semi-annually on April 15 and October 15 (each an "Additional
Interest Payment Date") during the continuation of a Registration Default and
the Additional Interest Payment Date that succeeds the end of a period of
Registration Default. The amount of Additional Interest will be determined by
multiplying the Additional Interest Rate by the principal amount of the Initial
Securities, further multiplied by a fraction, the numerator of which is the
number of days such Additional Interest Rate was applicable during such period
(determined on the basis of a 360-day year comprised of twelve 30-day months),
and the denominator of which is 360.

     (e)  "Transfer Restricted Securities" means each Security until (i) the
date on which such Security has been effectively registered under the Securities
Act and disposed of in accordance with the Shelf Registration Statement or (ii)
the date on which such Security is distributed to the public pursuant to Rule
144 under the Securities Act or is saleable pursuant to Rule 144(k) under the
Securities Act. Notwithstanding anything to the contrary contained herein, no
Additional Interest shall accrue as to any Initial Securities from and after the
date they cease to be Transfer Restricted Securities.

     6.   Rules 144 and 144A. The Company shall use commercially reasonable
efforts to file the reports required to be filed by it under the Securities Act
and the Exchange Act in a timely manner and, if at any time the Company is not
required to file such reports, it will, upon the request of any Holder, make
publicly available other information so long as necessary to permit sales of
their securities pursuant to Rules 144 and 144A. The Company covenants that it
will take such further action as any Holder may reasonably request, all to the
extent required from time to time to enable such Holder to sell Transfer
Restricted Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rules 144 and 144A (including the
requirements of Rule 144A(d)(4)). The Company will provide a copy of this
Agreement to prospective purchasers of Securities identified to the Company by
the Initial Purchaser upon request. Upon the request of any Holder, the Company
shall deliver to such Holder a written statement as to whether it has complied
with such requirements. Notwithstanding the foregoing, nothing in this Section 6
shall be deemed to require the Company to register any of its securities
pursuant to the Exchange Act.

     7.   Underwritten Registrations. (a) The Holders of at least 33% in
aggregate principal amount of then-outstanding Transfer Restricted Securities
may elect to participate in one Underwritten Offering of the Transfer Restricted
Securities (an "Underwritten Offering") (provided that, for the purpose of
determining such percentage, holders of Ordinary Shares issued upon conversion
of the Initial Securities shall not be deemed holders of Ordinary Shares, but
shall be deemed to be holders of the aggregate principal amount of Initial
Securities from which such Ordinary Shares were converted).

     (b)  If any of the Transfer Restricted Securities covered by the Shelf
Registration are to be sold in an Underwritten Offering, the investment banker
or investment bankers and manager or managers that will administer the offering
("Managing Underwriters") will be selected by the holders of a majority in
aggregate principal amount of such Transfer Restricted Securities to be included
in the Underwritten Offering (provided that, for the purposes of determining
such majority, holders of Ordinary Shares issued upon conversion of the Initial
Securities shall not be deemed holders of Ordinary Shares, but shall be deemed
to be holders of the aggregate principal amount of Initial Securities from which
such Ordinary Shares were converted).

     No person may participate in the Underwritten Offering unless such person
(i) agrees to sell such person's Transfer Restricted Securities on the basis
reasonably provided in any underwriting arrangements approved by the persons
entitled hereunder to approve such arrangements, (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements and (iii) agrees in writing to pay its share of the expenses
incurred in connection therewith in accordance with Section 3(c).

                                       9

<PAGE>

     8.   Miscellaneous.

     (a)  No Inconsistent Agreements. The Company will not on or after the date
of this Agreement enter into any agreement with respect to its securities that
is inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with
the rights granted to the holders of the Company's securities under any
agreement in effect on the date hereof.

     (b)  Amendments and Waivers. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, except by the Company and the written
consent of the holders of a majority in principal amount of the Securities
affected by such amendment, modification, supplement, waiver or consents
(provided that holders of Ordinary Shares issued upon conversion of Initial
Securities shall not be deemed holders of Ordinary Shares, but shall be deemed
to be holders of the aggregate principal amount of Initial Securities from which
such Ordinary Shares were converted). Without the consent of the Holder of each
Initial Security, however, no modification may change the provisions relating to
the payment of Additional Interest.

     (c)  Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, first-class mail,
facsimile transmission, or air courier which guarantees overnight delivery:

          (1)  if to a Holder of the Securities, at the most current address
     given by such Holder to the Company.

          (2)  if to the Initial Purchaser:

                    Credit Suisse First Boston LLC
                    Eleven Madison Avenue
                    New York, NY 10010-3629
                    Tel. No.: (212) 325-2000
                    Fax No.: (212) 325-8278
                    Attention: Transactions Advisory Group

     with a copy to:

                    Davis Polk & Wardwell
                    The Hong Kong Club Building
                    3A Chater Road
                    Hong Kong
                    Tel. No.: 852-2533-3300
                    Fax No.: 852-2533-3388
                    Attention: James D. Phyfe

          (3)  if to the Company, at its address as follows:

                    NetEase.com
                    Suite 1901, Tower E3
                    The Towers, Oriental Plaza, Dong Cheng District
                    Beijing 100738, People's Republic of China
                    Tel. No.: 8610-8518-0163
                    Fax No.: 8610-8518-3618
                    Attention: Chief Financial Officer

                                       10

<PAGE>

     with a copy to:

                    Morrison & Foerster
                    21/F, Entertainment Building
                    30 Queen's Road, Central
                    Hong Kong
                    Tel. No.: 852-2585-0888
                    Fax No.: 852-2585-0800
                    Attention: Jonathan Lemberg

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; ten business days
after being deposited in the mail, postage prepaid, if mailed; when receipt is
acknowledged by recipient's facsimile machine operator, if sent by facsimile
transmission; and on the third day after delivery, if sent by express air
courier guaranteeing next day delivery.

     (d)  Third Party Beneficiaries. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the Initial Purchaser, on the other hand, and shall have the right to
enforce such agreements directly to the extent they may deem such enforcement
necessary or advisable to protect their rights or the rights of Holders
hereunder.

     (e)  Successors and Assigns. This Agreement shall be binding upon the
Company and its successors and assigns.

     (f)  Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     (g)  Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     (h)  Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAWS.

     By the execution and delivery of this Agreement, the Company submits to the
nonexclusive jurisdiction of any federal or state court in the State of New
York.

     (i)  Severability. If any one or more of the provisions contained herein,
or the application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

     (j)  Securities Held by the Company. Whenever the consent or approval of
Holders of a specified percentage of principal amount of Securities is required
hereunder, Securities held by the Company or its affiliates (other than
subsequent Holders of Securities if such subsequent Holders are deemed to be
affiliates solely by reason of their holdings of such Securities) shall not be
counted in determining whether such consent or approval was given by the Holders
of such required percentage.

     (k)  Agent for Service; Submission to Jurisdiction; Waiver of Immunities.
By the execution and delivery of this Agreement, the Company (i) acknowledges
that it has, by separate written instrument, irrevocably designated and
appointed CT Corporation System, 111 Eighth Avenue, 13/th/ Floor, New York, New
York 10011 (and any successor entity), as its authorized agent upon which
process may be served in any suit or proceeding arising out of or relating to
this Agreement that may be instituted in any federal or state court in the State
of New York or brought under federal or state securities laws, and acknowledges
that CT Corporation System has accepted such designation, (ii) submits to the
nonexclusive jurisdiction of any such court in any such suit or proceeding, and
(iii) agrees that service of process upon CT Corporation System and written
notice of said service to the Company shall be deemed in every respect effective
service of process upon it in any such suit or proceeding. The Company further
agrees to

                                       11

<PAGE>

take any and all action, including the execution and filing of any and all such
documents and instruments, as may be necessary to continue such designation and
appointment of CT Corporation System in full force and effect so long as any of
the Securities shall be outstanding. To the extent that the Company may acquire
any immunity from jurisdiction of any court or from any legal process (whether
through service of notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its property, it
hereby irrevocably waives such immunity in respect of this Agreement, to the
fullest extent permitted by law.

                                       12

<PAGE>

     If the foregoing is in accordance with your understanding of our agreement,
please sign and return to the Company a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among
the several Initial Purchaser and the Company in accordance with its terms.

                                        Very truly yours,

                                        NetEase.com, Inc.

                                        by: /s/ Ted Sun
                                            ------------------------------------
                                            Name: Ted Sun
                                            Title: Acting CEO & a Director

The foregoing Registration Rights
Agreement is hereby confirmed and
accepted as of the date first above
written.

Credit Suisse First Boston LLC

By: /s/ Rodney Tsang
    --------------------------------
    Name: Rodney Tsang
    Title: Director

                                       13

<PAGE>

                                     ANNEX A

             Form of Selling Securityholder Notice and Questionnaire

     The undersigned beneficial holder of Zero Coupon Convertible Subordinated
Notes due 2023 (the "Notes") of NetEase.com, Inc. (the "Company") or ordinary
shares, par value $0.0001 per share (the "Ordinary Shares" and, together with
the Notes, the "Securities"), of the Company understands that the Company has
filed or intends to file with the Securities and Exchange Commission a
registration statement (the "Shelf Registration Statement") for the registration
and resale under Rule 415 of the Securities Act of 1933, as amended, of the
Securities in accordance with the terms of the Registration Rights Agreement,
dated as of July 8, 2003 (the "Registration Rights Agreement"), among the
Company and the initial purchaser named therein. A copy of the Registration
Rights Agreement is available from the Company upon request at the address set
forth below. All capitalized terms not otherwise defined herein shall have the
meaning ascribed thereto in the Registration Rights Agreement.

     Each beneficial owner of Securities is entitled to the benefits of the
Registration Rights Agreement. In order to sell or otherwise dispose of any
Securities pursuant to the Shelf Registration Statement, a beneficial owner of
Securities generally will be required to be named as a selling securityholder in
the related prospectus, deliver a prospectus to purchasers of Securities and be
bound by those provisions of the Registration Rights Agreement applicable to
such beneficial owner (including certain indemnification provisions). In order
to have Securities included in the Shelf Registration Statement (or a supplement
or amendment thereto), this Notice of Registration Statement and Sellin
Securityholder Questionnaire ("Notice and Questionnaire") must be completed,
executed and delivered to the Company at the address set forth herein for
receipt ON OR BEFORE [insert date that is 28 days from the date of the Notice
and Questionnaire].

     Notwithstanding the foregoing, upon the request of any Holder of Securities
that did not return a Notice and Questionnaire on a timely basis or did not
receive a Notice and Questionnaire because it was a subseqent transferee of
Securtiis after the Company mailed the Notice and Qeustionnaire, (x) the Company
shall send a Notice and Quetionnaire to such Holder at the address set forth in
such request and (y) upon receipt of a properly completed Notice and
Questionnaire from such Holder, the Company shall use commercially reasonable
efforts to name such Holder as a selling securityholder in the Shelf
Registration Statement by means of a pre-effective amendment or, if permitted by
the Commission, by means of a post-effective amendment or a Prospectus
supplement to the Shelf Registration Statement; provided, however,that the
Company shall have no obligation to pay Additional Interest to such Holder for
its failure to file a pre-effective amendment, a post-effective amendment or
Prospectus supplement.

     Certain legal consequences arise from being named as a selling
securityholder in the Shelf Registration Statement and the related prospectus.
Accordingly, holders and beneficial owners of Securities are advised to consult
their own securities law counsel regarding the consequences of being named or
not being named as a selling securityholder in the Shelf Registration Statement
and the related prospectus.

                                     Notice

     The undersigned beneficial owner (the "Selling Securityholder") of
Securities hereby gives notice to the Company of its intention to sell or
otherwise dispose of Securities beneficially owned by it and listed below in
Item 3 (unless otherwise specified under Item 3) pursuant to the Shelf
Registration Statement.

     The undersigned, by signing and returning this Notice and Questionnaire,
understands that it will be bound by the terms and conditions of this Notice and
Questionnaire and the Registration Rights Agreement as if the undersigned
Selling Securityholder were an original party thereto.

     The undersigned hereby provides the following information to the Company
and represents and warrants that such information is accurate and complete:

                                       A-1

<PAGE>

                                  Questionnaire

1.   (a)  Full Legal Name of Selling Securityholder:

     ___________________________________________________________________________

     (b)  Full Legal Name of Registered Holder (if not the same as (a) above)
          through which Securities listed in Item (3) below are held:

     ___________________________________________________________________________

     (c)  Full Legal Name of DTC Participant (if applicable and if not the same
          as (b) above) through which Securities listed in Item (3) below are
          held:

     ___________________________________________________________________________

2.   Address for Notices to Selling Securityholder:
     ___________________________________________________________________________

     ___________________________________________________________________________

     Telephone:
               _________________________________________________________________

     Fax:
         _______________________________________________________________________

     Contact Person:
                    ____________________________________________________________

3.   Beneficial Ownership of Securities:

     (a)  Type and principal amount of Securities beneficially owned:

     ___________________________________________________________________________

     (b)  CUSIP No(s). of Securities beneficially owned:

     ___________________________________________________________________________

4.   Beneficial Ownership of the Company's securities owned by the Selling
     Securityholder:

     Except as set forth below in this Item (4), the undersigned is not the
     beneficial or registered owner of any "Other Securities," defined as
     securities of the Company other than the Securities listed above in Item
     (3).

     (a)  Type and amount of Other Securities beneficially owned by the Selling
          Securityholder:

     ___________________________________________________________________________

     (b)  CUSIP No(s). of such Other Securities beneficially owned:

     ___________________________________________________________________________

5.   Relationship with the Company:

     Except as set forth below, neither the undersigned nor any of its
     affiliates, officers, directors or principal equityholders (5% or more) has
     held any position or office or has had any other material relationship with
     the Company (or its predecessors or affiliates) during the past three
     years.

                                      A-2

<PAGE>

     State any exceptions here:
     ___________________________________________________________________________

     ___________________________________________________________________________

     ___________________________________________________________________________

     ___________________________________________________________________________

6.   Plan of Distribution:

     Except as set forth below, the undersigned (including its donees or
     pledgees) intends to distribute the Securities listed above in Item (3)
     pursuant to the Shelf Registration Statement only as follows (if at all):
     Such Securities may be sold from time to time directly by the undersigned
     or, alternatively, through underwriters, broker-dealers or agents. If the
     Securities are sold through an Underwritten Offering, the Selling
     Securityholder will (i) pay underwriting discounts and commissions and
     transfer taxes, if any, relating to the sale or disposition of such Selling
     Securityholder's Securities and (ii) reimburse the Company for any
     out-of-pocket expenses it reasonably incurs for performing any of its
     obligations under Sections 2(o), 2(r) and 2(s) of the Registration Rights
     Agreement in connection with such Underwritten Offering. In any offering
     under the Shelf Registratin Statement, each Selling Securityholder will
     reimburse the Company for any out-of-pocket expenses it reasonably incurs
     in connection with (i) the printing and delivery of prospectuses pursuant
     to Section 2(f) of the Registration Rights Agreement and (ii) the
     performance of its obligations under Section 2(q) of the Registration Right
     Agreement and will pay for all expenses payable in conenction with such
     Selling Securityholder's conversion of the Company's Ordinary Shares into
     American depositary shares. Such Securities may be sold in one or more
     transactions at fixed prices, at prevailing market prices at the time of
     sale, at varying prices determined at the time of sale, or at negotiated
     prices. Such sales may be effected in transactions (which may involve block
     transactions) (i) on any national securities exchange or quotation service
     on which the Securities may be listed or quoted at the time of sale, (ii)
     in the over-the-counter market, (iii) in transactions otherwise than on
     such exchanges or services or in the over-the-counter market, or (iv)
     through the writing of options. In connection with sales of the Securities
     or otherwise, the undersigned may enter into hedging transactions with
     broker-dealers, which may in turn engage in short sales of the Securities
     and deliver Securities to close out such short positions, or loan or pledge
     Securities to broker-dealers that in turn may sell such securities.

     State any exceptions here:
     ___________________________________________________________________________

     ___________________________________________________________________________

     ___________________________________________________________________________

     ___________________________________________________________________________

     The undersigned acknowledges that it understands its obligation to comply
with the provisions of the Securities Exchange Act of 1934, as amended, and the
Rules thereunder relating to stock manipulation, particularly Regulation M
thereunder (or any successor Rules or regulations), in connection with any
offering of Securities pursuant to the Shelf Registration Statement. The
undersigned agrees that neither it nor any person acting on its behalf will
engage in any transaction in violation of such provisions.

     The Selling Securityholder hereby acknowledges its obligations under the
Registration Rights Agreement to indemnify and hold harmless certain persons as
set forth therein.

                                      A-3

<PAGE>

     The Selling Securityholder hereby agrees to deliver to the Company and the
Trustee the Notice of Transfer set forth in Exhibit 1 to this Notice and
Questionnaire following any sale of Securities pursuant to the Shelf
Registration Statement.

     Pursuant to the Registration Rights Agreement, the Company has agreed under
certain circumstances to indemnify the Selling Securityholder against certain
liabilities.

     In accordance with the undersigned's obligation under the Registration
Rights Agreement to provide such information as may be required by law for
inclusion in the Shelf Registration Statement, the undersigned agrees to
promptly notify the Company of any inaccuracies or changes in the information
provided herein that may occur subsequent to the date hereof at any time while
the Shelf Registration Statement remains effective. All notices hereunder and
pursuant to the Registration Rights Agreement shall be made in writing at the
address set forth below.

     By signing below, the undersigned consents to the disclosure of the
information contained herein in its answers to Items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and the
related prospectus. The undersigned understands that such information will be
relied upon by the Company in connection with the preparation or amendment of
the Shelf Registration Statement and the related prospectus.

                                      A-4

<PAGE>

     IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused
this Notice and Questionnaire to be executed and delivered either in person or
by its duly authorized agent.

                                        Beneficial Owner

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                      PLEASE FAX THE COMPLETED AND EXECUTED
                    QUESTIONNAIRE AND RETURN THE ORIGINAL TO:

                                NetEase.com, Inc.
                              Suite 1901, Tower E3,
                           The Towers, Oriental Plaza
                               Dong Cheng District
                   Beijing, People's Republic of China 100738
                                (86-10) 8518-0163
                                 Attn: Denny Lee
                             Fax: (86-10) 8518-3618

                                      A-5

<PAGE>

                                                                       Exhibit 1
                                                                      to Annex A

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

NetEase.com, Inc.
Suite 1901, Tower E3,
The Towers, Oriental Plaza
Dong Cheng District
Beijing, People's Republic of China 100738
Attention: Chief Financial Officer

The Bank of New York
101 Barclay Street
21/st/ Floor West
New York, New York 10286, U.S.A.
Attention: Corporate Trust Services

With a copy to:

The Bank of New York
One Temasek Avenue
#02-01 Millenia Tower
Singapore 039192
Attention: Global Trust Services
Fax No.: 65-6883-0338

Re:  NetEase.com, Inc. (the "Company")
     Zero Coupon Convertible Subordinated Notes due 2023 (the "Securities")

Dear Sirs:

Please be advised that the undersigned has transferred $ _______________________
aggregate principal amount of the above-referenced Securities or ordinary shares
of the Company, issued upon conversion, repurchase or redemption of the
Securities, pursuant to an effective Registration Statement on Form
_________________ (File No. 333- ________________ ) filed by the Company.

We hereby certify that the prospectus delivery requirements, if any, of the
Securities Act of 1933, as amended, have been satisfied with respect to the
transfer described above and that the above-named beneficial owner of the
Securities or ordinary shares is named as a selling securityholder in the
Prospectus dated [date], or in amendments or supplements thereto, and that the
aggregate principal amount of the Securities or number of ordinary shares
transferred are [a portion of] the Securities or ordinary shares listed in such
Prospectus, as amended or supplemented, opposite such owner's name.

                                             Very truly yours,

                                             -----------------------------------
                                             (Name)

                                        By:
                                             -----------------------------------
                                             (Authorized Signature)

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