Document:

Amended and Restated Credit and Security Agreement

 Exhibit 10.1 
 EXECUTION COPY 
  

 AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 
 among 
 BROOKE CREDIT FUNDING, LLC, 
 as
Borrower 
 BROOKE CREDIT CORPORATION, 
 as Seller and Subservicer 
 BROOKE CORPORATION, 
 as Master Agent Servicer and Performance Guarantor 
 AUTOBAHN FUNDING COMPANY LLC, 
 as the Lender 
 and 
 DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, 
 as the Agent 
 Dated as of August 29, 2006

  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	ARTICLE I	  	
			
		  	DEFINITIONS	  	
	Section 1.01.	  	Certain Defined Terms	  	2
	Section 1.02.	  	Other Terms	  	29
	Section 1.03.	  	Amendment and Restatement	  	29
	Section 1.04.	  	Computation of Time Periods	  	29
			
		  	ARTICLE II	  	
			
		  	THE FACILITY	  	
			
	Section 2.01.	  	Borrowings	  	29
	Section 2.02.	  	Procedures for Borrowings	  	29
	Section 2.03.	  	Termination, Reduction or Increase of the Borrowing Limit.	  	30
	Section 2.04.	  	Use of Proceeds	  	30
	Section 2.05.	  	Settlement Procedures	  	30
	Section 2.06.	  	Interest Rate Hedges.	  	33
	Section 2.07.	  	Payments and Computations, Etc.	  	35
	Section 2.08.	  	Fees	  	35
	Section 2.09.	  	Prepayments	  	36
	Section 2.10.	  	Increased Costs; Capital Adequacy; Eurodollar Disruption Event	  	36
	Section 2.11.	  	Taxes	  	37
	Section 2.12.	  	Collateral Assignment of the Related Documents	  	39
	Section 2.13.	  	Grant of a Security Interest	  	39
	Section 2.14.	  	Releases of Collateral	  	41
	Section 2.15.	  	Evidence of Debt	  	42
	Section 2.16.	  	Minimum Utilization	  	42
			
		  	ARTICLE III	  	
			
		  	CONDITIONS OF LOANS	  	
			
	Section 3.01.	  	Conditions Precedent to Initial Borrowing	  	42
	Section 3.02.	  	Conditions Precedent to All Borrowings	  	43
			
		  	ARTICLE IV	  	
			
		  	REPRESENTATIONS AND WARRANTIES	  	
			
	Section 4.01.	  	Representations and Warranties	  	44

					
	 	  	ARTICLE V	  	 
			
		  	COVENANTS	  	
			
	Section 5.01.	  	Affirmative Covenants	  	49
	Section 5.02.	  	Negative Covenants	  	58
	Section 5.03.	  	Financial Covenants	  	60
			
		  	ARTICLE VI	  	
			
		  	EVENTS OF DEFAULT; MASTER AGENT SERVICER DEFAULTS; TERMINATION EVENTS	  	
			
	Section 6.01.	  	Events of Default	  	61
	Section 6.02.	  	Master Agent Servicer Default	  	65
	Section 6.03.	  	Termination Events	  	66
			
		  	ARTICLE VII	  	
			
		  	THE AGENT	  	
			
	Section 7.01.	  	Authorization and Action	  	67
	Section 7.02.	  	Delegation of Duties	  	67
	Section 7.03.	  	Exculpatory Provisions	  	68
	Section 7.04.	  	Reliance by Agent	  	68
	Section 7.05.	  	Non-Reliance on Agent and Other Secured Parties	  	68
	Section 7.06.	  	Agent in Its Individual Capacity	  	69
	Section 7.07.	  	Successor Agent	  	69
			
		  	ARTICLE VIII	  	
			
		  	INDEMNIFICATION	  	
			
	Section 8.01.	  	Indemnities by the Borrower	  	69
	Section 8.02.	  	Indemnities by BCC and Parent	  	71
	Section 8.03.	  	Other Costs and Expenses	  	73
			
		  	ARTICLE IX	  	
			
		  	MISCELLANEOUS	  	
			
	Section 9.01.	  	Amendments and Waivers	  	73
	Section 9.02.	  	Notices, Etc	  	73
	Section 9.03.	  	No Waiver; Remedies	  	74
	Section 9.04.	  	Binding Effect; Assignability	  	74
	Section 9.05.	  	Term of This Agreement	  	75

  

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	Section 9.06.	  	Governing Law; Jury Waiver	  	75
	Section 9.07.	  	Consent to Jurisdiction	  	75
	Section 9.08.	  	Further Assurances	  	75
	Section 9.09.	  	Limitation of Liability	  	76
	Section 9.10.	  	No Proceedings	  	76
	Section 9.11.	  	Recourse Against Certain Parties	  	76
	Section 9.12.	  	Execution in Counterparts; Severability; Integration	  	77
	Section 9.13.	  	Confidentiality	  	77
	Section 9.14.	  	Limitation on Payments	  	78

  

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 LIST OF SCHEDULES AND EXHIBITS 
  

			
	 Schedules
	  	
		
	SCHEDULE I	  	ELIGIBILITY CRITERIA; PERFECTION REPRESENTATIONS
		
	SCHEDULE II	  	CHIEF EXECUTIVE OFFICES; FEDERAL TAX I.D. NUMBERS; LIST OF TRUST ACCOUNTS; NAMES OF BROOKE PARTIES
		
	SCHEDULE III	  	CREDIT AND COLLECTION POLICY
		
	SCHEDULE III-A	  	CREDIT AND COLLECTION POLICY FOR ALLSTATE LOANS
		
	SCHEDULE III-B	  	CREDIT AND COLLECTION POLICY FOR FUNERAL HOME LOANS
		
	SCHEDULE IV	  	CONDITION PRECEDENT DOCUMENTS FOR THE EFFECTIVE DATE
		
	Exhibits	  	
		
	EXHIBIT A	  	FORM OF BORROWING BASE CERTIFICATE
		
	EXHIBIT B	  	FORM OF COLLATERAL PRESERVATION AGREEMENT FOR BROOKE FRANCHISE AGENTS
		
	EXHIBIT B-1	  	FORM OF COLLATERAL PRESERVATION AGREEMENT FOR ALLSTATE LOANS
		
	EXHIBIT B-2	  	FORM OF COLLATERAL PRESERVATION AGREEMENT FOR FUNERAL HOME LOANS
		
	EXHIBIT C	  	FORM OF FRANCHISE AGREEMENT
		
	EXHIBIT D	  	FORM OF LENDER PROTECTION ADDENDUM
		
	EXHIBIT E-1	  	FORM OF LOAN AGREEMENT FOR BROOKE FRANCHISE AGENTS
		
	EXHIBIT E-2	  	FORM OF SECURITY AGREEMENT FOR BROOKE FRANCHISE AGENTS
		
	EXHIBIT E-3	  	FORM OF FINANCING STATEMENT FOR BROOKE FRANCHISE AGENTS
		
	EXHIBIT E-4	  	FORM OF PROMISSORY NOTE FOR BROOKE FRANCHISE AGENTS
		
	EXHIBIT E-5	  	FORM OF LOAN AGREEMENT FOR ALLSTATE LOANS
		
	EXHIBIT E-6	  	FORM OF SECURITY AGREEMENT FOR ALLSTATE LOANS
		
	EXHIBIT E-7	  	FORM OF FINANCING STATEMENT FOR ALLSTATE LOANS
		
	EXHIBIT E-8	  	FORM OF PROMISSORY NOTE FOR ALLSTATE LOANS
		
	EXHIBIT E-9	  	FORM OF DEPOSITORY ACCOUNT AGREEMENT FOR ALLSTATE LOANS
		
	EXHIBIT E-10	  	FORM OF PRE-AUTHORIZED COLLECTIONS FOR ALLSTATE LOANS
		
	EXHIBIT E-11	  	FORM OF SECURITY INTEREST AND COLLATERAL ASSIGNMENT OF TERMINATION PAYMENTS AND ECONOMIC INTERESTS

  

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	EXHIBIT E-12-A	  	FORM OF ASSIGNMENT OF TERMINATION PAYMENT AND NOTICE TO LENDER
		
	EXHIBIT E-12-B	  	FORM OF ALLSTATE COMMISSION PAYMENT AGREEMENT
		
	EXHIBIT E-13	  	FORM OF LOAN AGREEMENT FOR FUNERAL HOME LOANS
		
	EXHIBIT E-14	  	FORM OF SECURITY AGREEMENT FOR FUNERAL HOME LOANS
		
	EXHIBIT E-15	  	FORM OF FINANCING STATEMENT FOR FUNERAL HOME LOANS
		
	EXHIBIT E-16	  	FORM OF PROMISSORY NOTE FOR FUNERAL HOME LOANS
		
	EXHIBIT E-17	  	FORM OF PRE-AUTHORIZED COLLECTIONS FOR FUNERAL HOME LOANS
		
	EXHIBIT E-18	  	FORM OF ESCROW DEPOSIT ACCOUNT AGREEMENT FOR FUNERAL HOME LOANS
		
	EXHIBIT F	  	FORM OF RECEIPTS TRUST AGREEMENT
		
	EXHIBIT G	  	FORM OF TRUST ACCOUNT CONTROL AGREEMENT
		
	EXHIBIT H	  	FORM OF NOTE
		
	EXHIBIT I	  	FORM OF COMPLIANCE CERTIFICATE
		
	EXHIBIT J	  	FORM OF ALLSTATE AGENCY AGREEMENT

  

 v 

 THIS AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT is made as of August 29, 2006, among
BROOKE CREDIT FUNDING, LLC, a Delaware limited liability company, as Borrower, BROOKE CREDIT CORPORATION, a Kansas corporation, as Seller and Subservicer, BROOKE CORPORATION, a Kansas corporation, as Master Agent Servicer and
Performance Guarantor, AUTOBAHN FUNDING COMPANY LLC, a Delaware limited liability company, as the Lender, and DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, as the Agent. 
 PRELIMINARY STATEMENTS 
 A. The Borrower may from time to time request the
Lender to make Advances hereunder, the proceeds of which will be used to purchase Loans from the Seller pursuant to the Sale and Servicing Agreement. The Lender has agreed to make such Advances on the terms and conditions set forth herein in an
aggregate amount not to exceed at any one time outstanding the Borrowing Limit. 
 B. To secure its obligations hereunder and under the other
Related Documents, the Borrower has agreed to grant to the Agent, for the benefit of the Secured Parties, a security interest in the Loans and the other Collateral. 
 C. Textron Business Services, Inc. has been appointed to act as the Servicer of the Loans pursuant to the Sale and Servicing Agreement. 
 D. Brooke Credit Corporation has been appointed to act as the Subservicer of the Loans pursuant to the Subservicing Agreement. 
 E. The Brooke Franchise Agent Loans are secured by, among other things, Sales Commissions remitted to Brooke Agency Services Company LLC, as Master Agent. 
 F. Brooke Corporation has been appointed to act as Master Agent Servicer for the Master Agent and has agreed to guaranty the obligations of Brooke Credit
Corporation under the Related Documents pursuant to the Performance Guaranty on the terms set forth therein. 
 G. The Borrower, Brooke
Credit Corporation, Brooke Corporation, the Lender and the Agent are parties to that certain Credit and Security Agreement dated as of August 27, 2004 (as amended prior to the date hereof, the “Existing Credit Agreement”).

 H. The parties wish to amend and restate the Existing Credit Agreement on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties agree as follows: 

 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Certain Defined Terms. 
 As used in this Agreement and its schedules and exhibits, the following terms shall have the following meanings (such meanings to be equally applicable to
both the singular and plural forms of the terms defined): 
 “Actual Annualized Net Loss Rate” means a percentage determined
as of the last day of each Monthly Period (the “Determination Date”) equal to (i) the product of (a) the aggregate Outstanding Principal Balance of all Loans that became Defaulted Loans during the third preceding Monthly
Period (such Outstanding Principal Balance being determined as of the last day of such third preceding Monthly Period without giving effect to any charge-off of such Loans), less the amount of recoveries on such Defaulted Loans actually received by
the Borrower from the last day of the third preceding Monthly Period through the Determination Date and (b) 12, divided by (ii) the Eligible Loan Balance as of the first day of such third preceding Monthly Period. 
 “Additional Loan” means any Loan originated by the Seller after August 30, 2004. 
 “Advance” means a loan made by the Lender to the Borrower pursuant to Article II. 
 “Adverse Claim” means a lien, security interest, charge or encumbrance, or other right or claim in, of or on any Person’s assets or
properties in favor of any other Person. 
 “Affected Party” has the meaning specified in Section 2.10. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or
indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agency’s Assets” when used in reference to any Loan means all of the property of the related Obligor in which a security interest
or lien has been granted to secure such Loan pursuant to the related Security Agreement or any related Mortgage. 
 “Agency Market
Value” means, at any time with respect to any Loan, the value of the Agency’s Assets securing such Loan, as most recently determined by the Seller in accordance with the Credit and Collection Policy based on (i) in the case of a
Brooke Franchise Agent Loan, the Seller’s analysis of weighted Sales Commissions and account durability, (ii) in the case of an Allstate Loan, the historical EBITDA of the relevant agency business (with the Agency Market Value not
exceeding five (5) times such historical EBITDA) and (iii) in the case of a Funeral 
  

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 Home Loan, the business valuation of an independent third party consultant and historical EBITDA of the relevant funeral
business (with the Agency Market Value not exceeding five (5) times such historical EBITDA or the business valuation assigned by the consultant, whichever is lower); provided that if the Agent shall reasonably determine that such
valuation was not made in accordance with the Credit and Collection Policy, then the Agency Market Value with respect to such Loan shall be determined by the Agent acting in its good faith discretion, which determination shall be conclusive and
binding absent manifest error. 
 “Agent” means DZ Bank, in its capacity as agent for the Secured Parties hereunder, and any
successor thereto in such capacity appointed pursuant to Section 7.07. 
 “Agreement” means this Amended and Restated
Credit and Security Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time hereafter. 
 “Allstate Agency Agreement” means an Allstate R3001C Exclusive Agency Agreement between Allstate Insurance Company and an Allstate Agent in substantially the form attached hereto as Exhibit J or such other form as the Agent
may approve in writing. 
 “Allstate Agent” means any duly licensed insurance agent or insurance agency party to an Allstate
Agency Agreement. 
 “Allstate Loan” means a Loan made to an Allstate Agent. 
 “Allstate Loan Concentration Limit” means, at any time, the lesser of (i) 35% of the Eligible Loan Balance and (ii) the dollar
amount (the “Maximum Allstate Concentration”) set forth in the table below opposite the applicable financial strength rating of Allstate Insurance Company from Moody’s and Fitch (if rated by Fitch) (each a
“Rating”). If such Ratings fall within different Ratings Levels, then the lowest of such Ratings shall be used for purposes of calculating the Maximum Allstate Concentration. If no Rating exists from Moody’s, then the Maximum
Allstate Concentration shall be deemed to be that set forth for Ratings Level VI. 
  

						
	 Ratings
Level
	  	 Ratings of Allstate Insurance Company
	  	Maximum
Allstate
Concentration
	I	  	Aa3 or higher by Moody’s and AA- or higher by Fitch, if rated by Fitch	  	$	20,000,000
	II	  	A2 or higher by Moody’s and A or higher by Fitch, if rated by Fitch (and Ratings Level I does not apply)	  	$	10,000,000
	III	  	A3 or higher by Moody’s and A- or higher by Fitch, if rated by Fitch (and Ratings Levels I and II do not apply)	  	$	7,500,000
	IV	  	Baa2 or higher by Moody’s and BBB or higher by Fitch, if rated by Fitch (and Ratings Levels I, II and III do not apply)	  	$	5,000,000
	V	  	Baa3 or higher by Moody’s and BBB- or higher by Fitch, if rated by Fitch (and Ratings Levels I, II, III and IV do not apply)	  	$	2,500,000
	VI	  	Below Baa3 by Moody’s or below BBB- by Fitch or unrated by Moody’s	  	$	0

  

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 “Allstate Receipts Trust Account” has the meaning specified in the Master Agent Security
Agreement. 
 “Alternative Rate” means, with respect to any Alternative Rate Interest Period, an interest rate per annum
equal to LIBOR plus the Applicable Margin; provided, however, that the “Alternative Rate” for any Alternative Rate Interest Period shall be the Base Rate plus the Applicable Margin (a) if a Eurodollar Disruption Event
has occurred, (b) if such Advance is less than $250,000 or (c) for the first three Business Days of such Alternative Rate Interest Period, if the Agent does not receive notice, by the third Business Day preceding the first day of such
Alternative Rate Interest Period, that such Advance will not be funded through the issuance of the Lender’s commercial paper. 
 “Alternative Rate Interest Period” means any Interest Period (or portion thereof) during which an Advance is not funded through the issuance of the Lender’s commercial paper or during which such Advance is otherwise to
accrue Interest by reference to the Alternative Rate. 
 “Annualized Default Rate” means a percentage determined as of the
last day of each Monthly Period equal to (i) the product of (a) the aggregate Outstanding Principal Balance of all Loans that became Defaulted Loans during such Monthly Period (such Outstanding Principal Balance being determined without
giving effect to any charge-off of such Loans) and (b) 12, divided by (ii) the Eligible Loan Balance as of the first day of such Monthly Period. 
 “Applicable Margin” means 2.75%; provided that, so long as no Event of Default has occurred and is continuing, if Interest for any Advance is determined by reference to the Alternative Rate as
a result of (i) the Lender’s inability to issue commercial paper solely due to the downgrade of a Funding Source by Moody’s or Fitch or (ii) a Termination Event of the type described in Section 6.03(a), then the Applicable
Margin shall be equal to 2.25%. 
 “Assignment” has the meaning specified in the Sale and Servicing Agreement. 

“Assignment and Acceptance” means an assignment agreement entered into by the Lender and an assignee pursuant to Section 9.04 in
form and substance reasonably satisfactory to the Agent. 
 “Assignment of Mortgage” means, with respect to a Funeral Home
Loan, an individual assignment of the Mortgage, notice of transfer or equivalent instrument in recordable form, 
  

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 sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to give
record notice of the assignment of the Mortgage to the Agent for the benefit of the Secured Parties or in blank. 
 “Available
Funds” means, with respect to any Payment Date, the sum of the following: 
 (a) all Collections received in respect
of the Loans or any Other Conveyed Property during the most recently ended Monthly Period including, without limitation, all proceeds of Loans sold or otherwise disposed of in connection with any Term Securitization or otherwise during such Monthly
Period, but excluding any amounts described in clause (b) below; 
 (b) all amounts paid by the Seller in respect of
Loans repurchased by it pursuant to the Sale and Servicing Agreement during the period from the second Determination Date immediately preceding such Payment Date to the Determination Date immediately preceding such Payment Date; 
 (c) all investment earnings earned on investments in the Collection Account during the most recently ended Monthly Period; 
 (d) all amounts received by the Borrower from each Hedge Counterparty since the immediately preceding Payment Date; and 
 (e) all other amounts deposited to the Collection Account during the most recently ended Monthly Period pursuant to this Agreement or any
other Related Document and not enumerated above; 
 provided that if (i) on any Payment Date, there would not be sufficient funds, after
application of Available Funds, as defined above, to pay the items specified in (i) through (ix) of Section 2.05(a), then Available Funds for that Payment Date will include, in addition to the Available Funds as defined above, amounts
on deposit in the Collection Account which would have constituted Available Funds for the Payment Date immediately succeeding that Payment Date, up to the amount necessary to pay such items, and the Available Funds for the immediately succeeding
Payment Date will be adjusted accordingly. 
 “Backup Master Agent Servicer” means TBS Insurance Agency Services, Inc., in
its capacity as backup master agent servicer under the Backup Master Agent Servicing Agreement, and any successor thereto in such capacity. 
 “Backup Master Agent Servicing Fee” means the fees payable to the Backup Master Agent Servicer pursuant to the Backup Master Agent Servicing Agreement. 
 “Backup Master Agent Servicing Agreement” means that certain Backup Master Agent Servicing Agreement dated as of the Closing Date
between the Backup Master Agent Servicer and the Master Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
  

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 “Backup Servicer” means Portfolio Financial Servicing Company, in its capacity as backup
servicer under the Backup Servicing Agreement, and any successor thereto in such capacity. 
 “Backup Servicer Fee” means
the fees payable to the Backup Servicer pursuant to the Backup Servicing Agreement. 
 “Backup Servicing Agreement” means
that certain Backup Servicing Agreement dated as of the Closing Date among the Backup Servicer, the Servicer and the Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. Section 101 et seq.), as amended from time to time, and any
successor statute. 
 “Base Rate” means, on any date, a fluctuating rate of interest per annum equal to the rate of interest
announced by JPMorgan Chase Bank (or any successor thereto) from time to time as its prime or base commercial lending (or equivalent) rate. The prime or base commercial lending (or equivalent) rate used in computing the Base Rate is not intended to
be the lowest rate of interest charged by JPMorgan Chase Bank (or such successor) in connection with extensions of credit to debtors. The Base Rate shall change as and when the prime or base commercial lending (or equivalent) rate of JPMorgan Chase
Bank (or such successor) changes. 
 “BCC” means Brooke Credit Corporation, a Kansas corporation. 
 “Borrower” means Brooke Credit Funding, LLC, a Delaware limited liability company. 
 “Borrowing” means a borrowing consisting of one or more Advances made on the same date. 
 “Borrowing Base Certificate” means a certificate, in substantially the form of Exhibit A, executed by the Subservicer and the Borrower
and delivered to the Agent pursuant to Section 3.02 on a Borrowing Date or pursuant to Section 2.05(c) on the date of any withdrawal from the Collection Account. 
 “Borrowing Date” means the date of any Borrowing hereunder. 
 “Borrowing Limit” means $80,000,000, as such amount may be adjusted from time to time pursuant to Section 2.03; provided,
however, that at all times on or after the Termination Date, the “Borrowing Limit” shall equal the aggregate outstanding principal balance of the Advances at such time. 
 “Brooke Franchise Agent” means an Obligor that is a Franchise Agent enrolled in the Brooke Franchise Corporation “master agent
program”. 
 “Brooke Franchise Agent Loan” means a Loan made to a Brooke Franchise Agent. 
  

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 “Brooke Party” means BCC, the Parent, the Master Agent and the Borrower (in each case
acting in any capacity in connection with the Related Documents). 
 “Business Day” means a day of the year (other than a
Saturday or a Sunday) on which (a) banks are not authorized or required to close in New York City and The Depositary Trust Company of New York is open for business and (b) if the term “Business Day” is used in connection with the
determination of LIBOR, dealings in dollar deposits are carried on in the London interbank market. 
 “Capital Limit” means,
at any time, an amount equal to the sum of (a) the product of the Maximum Advance Rate and the Net Eligible Loan Balance and (b) all Collections on the Eligible Loans then on deposit in the Collection Account (net of any accrued but unpaid
Interest and Facility Fees). 
 “Change of Control” means the occurrence of any of the following: (i) the Seller shall
cease to own, free and clear of all Adverse Claims, all of the outstanding membership interests and other equity of the Borrower; or (ii) the Parent shall cease to own, free and clear of all Adverse Claims, at least a majority of all of the
outstanding capital stock and other equity interests of the Seller (such that the Seller is under the “control” of the Parent as such term is defined in the definition of “Affiliate”) and all of the outstanding membership
interests and other equity of the Master Agent; or (iii) Brooke Holdings Inc., together with Robert D. Orr, Leland G. Orr, Shawn T. Lowry, Michael S. Lowry, Kyle L. Garst and Anita F. Larson (Brooke Holdings Inc. and such individuals being
referred to herein, collectively, as the “Management Group”) shall cease directly or indirectly to own, or shall cease to have the unrestricted authority to vote, at least a majority of the outstanding capital stock and other equity
interests of the Parent (such that the Parent is under the “control” of the Management Group as such term is defined in the definition of “Affiliate”) or (iv) the owners of a majority of the outstanding capital stock and
other equity interests of Brooke Holdings Inc. as of the date hereof (the “Current Majority Owners”) shall cease to own, free and clear of all Adverse Claims, at least a majority of the outstanding capital stock and other equity interests
of Brooke Holdings Inc. (such that Brooke Holdings Inc. is under the “control” of the Current Majority Owners as such term is defined in the definition of “Affiliate”). 
 “Closing Date” means August 27, 2004. 
 “Code” means the Internal Revenue Code of 1986, as amended or any successor statute. 
 “Collateral” has the meaning specified in Section 2.13. 
 “Collateral Preservation
Agreement” means (i) in the case of a Brooke Franchise Agent Loan, a collateral preservation agreement entered into between the Master Agent (as assignee of Brooke Franchise Corporation) and the Seller in substantially the form
attached hereto as Exhibit B pursuant to which the Master Agent has agreed to preserve the collateral interest of the Seller (and its assigns) in certain assets of a Franchise Agent in the event of a Franchise Agent’s default on its obligations
in respect of a Loan; (ii) in the case of an Allstate Loan, a collateral preservation agreement entered into between Brooke Franchise Corporation and the Seller in 
  

 7 

 substantially the form attached hereto as Exhibit B-1 pursuant to which the Brooke Franchise Corporation has agreed to
preserve the collateral interest of the Seller (and its assigns) in certain assets of an Allstate Agent in the event of an Allstate Agent’s default on its obligations in respect of a Loan; and (iii) in the case of a Funeral Home Loan, a
collateral preservation agreement entered into between CJD & Associates, LLC, d/b/a Brooke Brokerage and the Seller in substantially the form attached hereto as Exhibit B-2 pursuant to which Brooke Brokerage has agreed to preserve the
collateral interest of the Seller (and its assigns) in certain assets of the related Funeral Home in the event of a default by the Funeral Home on its obligations in respect of such Loan. 
 “Collection Account” has the meaning specified in the Sale and Servicing Agreement. 
 “Collection Account Agreement” means the Collection Account Agreement dated as of the Closing Date among the Borrower, the Servicer, the Agent
and the Collection Account Bank, as the same may be amended, restated, supplemented or otherwise modified from time to time, and any successor agreement entered into by the Borrower, the Servicer, the Agent and any successor Collection Account Bank.

 “Collection Account Bank” means the bank at which the Collection Account is maintained. 
 “Collection Bank Fees” means the fees payable to the Collection Account Bank pursuant to the Collection Account Agreement. 

“Collections” means (a) all cash collections and other cash proceeds of any Loan or any Other Conveyed Property relating to any
Loan with respect thereto (other than cash collections due to and required to be paid to parties other than the Lender, the Agent, the Servicer or the Brooke Parties in accordance with the Master Agent Security Agreement), including, without
limitation, all payments of principal and Finance Charges with respect to such Loan and all Sales Commissions, prepayments, recoveries, investment earnings, insurance proceeds, fees, Liquidation Proceeds and other cash proceeds of any Other Conveyed
Property with respect to such Loan available for application to amounts payable in respect of such Loan, (b) any amounts paid to or for the account of the Borrower pursuant to the terms of any Related Document and (c) all other cash
collections and other cash proceeds of the Collateral. 
 “Consolidated Net Income” means, with reference to any period and
any Person, the net income (or loss) of such Person and its Subsidiaries calculated on a consolidated basis for such period in accordance with GAAP. 
 “Consolidated Receipts Trust Account” means that certain bank account numbered 144789 maintained with First National Bank & Trust and owned by the Master Agent to which all Sales Commissions
deposited to each Receipts Trust Account are deposited. 
 “Contingent Obligation” of a Person means any agreement,
undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or 
  

 8 

 liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any
other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or application for a letter of credit. 
 “CP Interest Period” means any Interest Period (or portion thereof) during which an Advance is funded through the issuance of the
Lender’s commercial paper. 
 “CP Rate” means, for any CP Interest Period for any Advance, the per annum rate
equivalent to the weighted average cost of or related to the issuance of commercial paper by the Lender (as determined by the Agent, and which shall include (without duplication) interest or discount on such commercial paper, the fees and
commissions of placement agents and dealers, incremental carrying costs incurred with respect to commercial paper maturing on dates other than those on which corresponding funds are received by the Lender and other borrowings by the Lender to fund
small or odd dollar amounts that are not easily accommodated in the commercial paper market) to the extent such commercial paper is allocated, in whole or in part, by the Lender or the Agent on its behalf to fund or maintain such Advance during such
CP Interest Period; provided, however, that if any component of any such rate is a discount rate, in calculating the “CP Rate” the Agent shall for such component use the rate resulting from converting such discount rate to an
interest bearing equivalent rate per annum. 
 “Credit and Collection Policy” means those credit and collection
policies and practices relating to Loans described in Schedule III (in the case of the Brooke Franchise Agent Loans), Schedule III-A (in the case of the Allstate Loans) and Schedule III-B (in the case of the Funeral Home Loans), as modified in
compliance with this Agreement. 
 “Custodian” has the meaning specified in the Sale and Servicing Agreement. 
 “Custodian Fees” has the meaning specified in the Sale and Servicing Agreement. 
 “Custodian File” has the meaning specified in the Sale and Servicing Agreement. 
 “Custodian Receipt” means a certification in substantially the form of Exhibit D (in the case of the Brooke Franchise Agent Loans),
Exhibit D-1 (in the case of the Allstate Loans) and Exhibit D-2 (in the case of the Funeral Home Loans) to the Sale and Servicing Agreement certifying the Custodian’s receipt of a complete Custodian File. 
 “Customer Files” with respect to any Loan means all of the documents, data, correspondence and other books and records relating to
customers of the applicable Obligor or policies or other products sold by or through such Obligor. 
 “Defaulted Loan” means
any Loan as to which one or more of the following has occurred: 
 (a) the related Obligor failed to make when due the first
payment due thereunder; 
  

 9 

 (b) 10% or more of the payments due thereunder remain unpaid 90 or more days past the
original due date for such payment; 
 (c) the payment terms of such Loan have been restructured or modified in any way for
credit reasons after the date on which such Loan was transferred to the Borrower (it being understood that Permitted Loan Modifications of the type described in clauses (a) through (e) of the definition thereof are not done for
“credit reasons”); 
 (d) such Loan has become a Liquidated Loan; or 
 (e) such Loan has been assigned a rating of “fail” pursuant to the Credit and Collection Policy. 
 As used in this definition, the term “Loan” shall include any loan that has been repurchased by the Seller, or for which the Seller has made a
substitution, pursuant to the Sale and Servicing Agreement if, within 60 days of such repurchase or substitution, such loan becomes a Defaulted Loan or Delinquent Loan. 
 “Default Funding Rate” means the Base Rate plus 2.75%. 
 “Delinquency
Rate” means a percentage determined as of the last day of any Monthly Period, equal to (i) the aggregate Outstanding Principal Balance of all Eligible Loans that are Delinquent Loans as of such last day, divided by (ii) the
aggregate Outstanding Principal Balance of all Eligible Loans as of such last day. 
 “Delinquent Loan” means a Loan as to
which 10% or more of the payments due thereunder remain unpaid 30 or more days, but less than 90 days, past the original due date for such payment. As used in this definition, the term “Loan” shall include any loan that has been
repurchased by the Seller, or for which the Seller has made a substitution, pursuant to the Sale and Servicing Agreement if, within 60 days of such repurchase or substitution, such loan becomes a Delinquent Loan. 
 “Determination Date” means, with respect to any Payment Date, the third Business Day immediately preceding such Payment Date.

 “DZ Bank” means DZ Bank AG Deutsche Zentral-Genossenschaftbank and any successor thereto. 
 “Effective Date” has the meaning specified in Section 3.01. 
 “Electronic Ledger” means the electronic master record of BCC and the Servicer with respect to all their loans and receivables.

 “Eligible Hedge Counterparty” means a Hedge Counterparty that (i) has a long-term unsecured, non-credit enhanced
debt rating of not less than “A” by Fitch and “A2” by Moody’s (or has its obligations under the relevant Hedge Agreement guaranteed by another Person that has such ratings pursuant to a guaranty in form and substance
satisfactory to the Agent) and (ii) has been approved by the Agent as an Eligible Hedge Counterparty hereunder. 
  

 10 

 “Eligible Investments” means any one or more of the following types of investments,
excluding any security with the “r” symbol attached to the rating from Standard & Poor’s and all mortgage-backed securities: 
 (a) direct interest-bearing obligations of, and interest-bearing obligations guaranteed as to timely payment of principal and interest by, the United States or any agency or instrumentality of the United States the
obligations of which are backed by the full faith and credit of the United States; 
 (b) demand or time deposits in,
certificates of deposit of, demand notes of, or bankers’ acceptances issued by any depository institution or trust company having the Required Rating (as defined below) (at the time of such investment or contractual commitment providing for
such investment) organized under the laws of the United States or any state and subject to supervision and examination by federal and/or state banking authorities (including, if applicable, the Agent, or any agent of the Agent acting in its
commercial capacity); 
 (c) short-term repurchase obligations pursuant to a written agreement (i) with respect to any
obligation described in clause (a) above, where the Agent has taken actual or constructive delivery of such obligation in accordance with Section 4.1 of the Servicing Agreement, and (ii) entered into with the corporate trust
department of a depository institution or trust company having the Required Rating (at the time of such investment or contractual commitment providing for such investment) organized under the laws of the United States or any state thereof, the
deposits of which are insured by the Federal Deposit Insurance Corporation (including, if applicable, the Agent, or any agent of the Agent acting in its commercial capacity); 
 (d) short-term securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United
States or any state having the Required Rating (at the time of such investment or contractual commitment providing for such investment); 
 (e) commercial paper that (i) is payable in United States dollars and (ii) has the Required Rating; 
 (f) freely redeemable shares in money market funds rated in the highest applicable rating category by Moody’s, Standard & Poor’s and (if rated by Fitch) by Fitch; or 
 (g) debt obligations of any corporation maturing or putable at par or better not more than one week from the date of acquisition and
backed by a letter of credit as to principal and interest issued by a banking institution having the Required Rating (at the time of such investment or contractual commitment providing for such investment). 
  

 11 

 Eligible Investments may be purchased by or through the Agent or any of its Affiliates. For purposes of this definition
“Required Rating” shall mean a short-term unsecured debt rating of at least “A-1” by Standard & Poor’s, “P-1” by Moody’s and, if rated by Fitch, “F1” by Fitch. 
 “Eligible Loan” has the meaning specified on Schedule I; provided that, from and after February 28, 2005, the term Eligible
Loan shall exclude all Existing Loans. After the Closing Date, the Borrower may request the ability to finance assets other than Loans to Franchise Agents and Funeral Homes, including other insurance related receivables, and the Lender and the Agent
may, in their sole and absolute discretion, approve such request. In the event any such request is so approved, the Related Documents shall be amended in a manner mutually satisfactory to the parties as appropriate to effectuate such request.

 “Eligible Loan Balance” means, at any time, the aggregate Outstanding Principal Balance of the Eligible Loans at such
time; provided that if the proceeds of any Loan were used to pay fees or other amounts due to the Seller or any of its Affiliates, then, solely for purposes of this definition, the Outstanding Principal Balance of such Loan shall be deemed to
be equal to the lesser of (i) the actual outstanding principal balance of such Loan and (ii) 90% of the pre-franchise value of the collateral securing such Loan, as determined in accordance with the Credit and Collection Policy.

 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means (a) any corporation which is a member of the same
controlled group of corporations (within the meaning of Section 414(b) of the Code) as any Brooke Party; (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code)
with any Brooke Party or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as any Brooke Party, any corporation described in clause (a) above or any trade or business described in
clause (b) above. 
 “Estimated Annualized Net Loss Rate” means a percentage determined as of the last day of each
Monthly Period equal to (i) the product of (a) the aggregate Outstanding Principal Balance of all Loans that became Defaulted Loans during such Monthly Period (such Outstanding Principal Balance being determined without giving effect to
any charge-off of such Loans), less the amount of recoveries on such Defaulted Loans reasonably expected to be received by the Borrower from the sale of the related Agency’s Assets as determined by the Subservicer in good faith in accordance
with its customary practices and (b) 12, divided by (ii) the Eligible Loan Balance as of the first day of such Monthly Period. 
 “Eurodollar Disruption Event” means, with respect to any Interest Period, any of the following: (a) a determination by the Lender or any Funding Source that it would be contrary to law or to the directive of any
central bank or other Governmental Authority (whether or not having the force of law) to obtain United States dollars in the London interbank market to make, fund or maintain any Advance for such Interest Period, (b) a determination by the
Agent that the rate at which deposits of United States dollars are being offered to the Lender or any Funding Source in the London interbank market does not accurately reflect the cost to the Lender or such 
  

 12 

 Funding Source of making, funding or maintaining any Advance for such Interest Period, (c) the inability of the
Lender or any Funding Source to obtain United States dollars in the London interbank market to make, fund or maintain any Advance for such Interest Period or (d) a determination by the Agent that adequate and reasonable means do not exist for
ascertaining a rate for LIBOR as provided in the definition thereof for such Interest Period. 
 “Event of Default” has the
meaning assigned to that term in Section 6.01. 
 “Exception Period” means, if any Term Securitization closes that
results in a reduction of at least 65% of the aggregate outstanding principal balance of the Advances hereunder that were outstanding immediately prior to such closing, the period from and including the date of such closing to but excluding the
earlier of (i) the date falling three months after the date of such closing and (ii) the first date on which the aggregate principal balance of the Advances made hereunder since the date of such closing equals or exceeds $25,000,000.

 “Excess Concentration Amount” means: 
 (a) at any time (other than an Exception Period), the sum (without duplication) of: 
 (i) the aggregate, for all Obligors, of the amount (if any) by which (x) the aggregate Outstanding Principal Balance of the Eligible
Loans owing by such Obligor (treating each Obligor and its Affiliates as a single Obligor) exceeds (y) the lesser of (I) 5% of the Eligible Loan Balance and (II) $2,700,000; 
 (ii) the amount (if any) by which (x) the five largest Obligor Concentrations exceeds (y) 20% of the Eligible Loan Balance;

 (iii) the sum of (x) the amount, if any, by which the largest Individual State Concentration exceeds 25% of the
Eligible Loan Balance, (y) the amount, if any, by which the second largest Individual State Concentration exceeds 20% of the Eligible Loan Balance and (z) the aggregate, for all other Individual State Concentrations, of the amount, if any,
by which such Individual State Concentration exceeds 15% of the Eligible Loan Balance; 
 (iv) the amount (if any) by which
(x) the aggregate Outstanding Principal Balance of the Eligible Loans that have been placed on “watch” pursuant to the Credit and Collection Policy, exceeds (y) 10% of the Eligible Loan Balance; 
 (v) the amount (if any) by which (x) the four largest Obligor Concentrations, exceeds (y) 17% of the Eligible Loan Balance;

 (vi) the amount, if any, by which (i) the aggregate Outstanding Balance of all Eligible Loans that are Allstate Loans,
exceeds (ii) the Allstate Loan Concentration Limit; 
  

 13 

 (vii) the amount, if any, by which (i) the aggregate Outstanding Balance of all
Eligible Loans that are Funeral Home Loans, exceeds (ii) the Funeral Home Loan Concentration Limit; and 
 (b) during any
Exception Period, the sum (without duplication) of: 
 (i) the aggregate, for all Obligors, of the amount (if any) by which
(x) the aggregate Outstanding Principal Balance of the Eligible Loans owing by such Obligor (treating each Obligor and its Affiliates as a single Obligor), exceeds (y) $2,700,000; 
 (ii) the amount, if any, by which (i) the aggregate Outstanding Balance of all Eligible Loans that are Allstate Loans, exceeds
(ii) the Maximum Allstate Concentration (as set forth in the definition of Allstate Loan Concentration Limit); and 
 (iii) the amount, if any, by which (i) the aggregate Outstanding Balance of all Eligible Loans that are Funeral Home Loans, exceeds (ii) the Funeral Home Loan Concentration Limit. 
 “Existing Credit Agreement” has the meaning specified in the Preliminary Statements. 
 “Existing Loan” means any Loan originated by the Seller on or before August 30, 2004. 
 “Exit Fee” has the meaning specified in the Fee Letter. 
 “Facility Amount” means, at any time, the sum of (i) the aggregate face amount of all commercial paper notes issued by the Lender to fund or maintain Advances hereunder (net of all unearned
discount with respect to any such notes issued on a discount basis), plus (ii) the aggregate outstanding principal amount of Advances hereunder that were not funded through the issuance of the Lender’s commercial paper notes, plus
(iii) the aggregate accrued and unpaid Interest and Facility Fees hereunder (without duplication of amounts described in clause (i)). 
 “Facility Fees” means, collectively, the Program Fees and the Non-Use Fees. 
 “Fee Letter” means
that certain letter agreement dated as of the Closing Date among the Seller, the Parent, the Borrower and the Agent, as it may be amended or modified and in effect from time to time. 
 “Final Payout Date” means the date following the Termination Date on which all Advances, all Interest thereon and all other Obligations
have been paid in full in cash. 
 “Finance Charges” means, with respect to any Loan, any interest, late charges, fees and
other amounts owing by an Obligor pursuant to the related Loan Documents (excluding the Outstanding Principal Balance of such Loan). 
 “Fitch” means Fitch Ratings or its successor. 
  

 14 

 “Franchise Agent” means any duly licensed insurance agent or insurance agency party to a
Franchise Agreement or that is an Allstate Agent. 
 “Franchise Agreement” means a franchise agreement between the Master
Agent (as assignee of Brooke Franchise Corporation) and a Brooke Franchise Agent in substantially the form attached hereto as Exhibit C (with appropriate state law modifications) or such other form as the Agent may approve in writing (such approval
not to be unreasonably withheld), pursuant to which the Master Agent is obligated to perform various services and the Brooke Franchise Agent is obligated, among other things, to provide competent and qualified personnel for the sale, renewal,
service and delivery of insurance policies. 
 “Funding Agreement” means this Agreement and any liquidity agreement, credit
support agreement, purchase agreement or other agreement or instrument executed by any Funding Source with or for the benefit of the Lender. 
 “Funding Source” means (i) DZ Bank and (ii) any other insurance company, bank or other financial institution providing liquidity, credit enhancement or back-up purchase support or facilities to the Lender.

 “Funeral Home” means a Person whose principal business consists of the ownership and operation of one or more funeral
homes. 
 “Funeral Home Loan” means a Loan made to an Obligor that is a Funeral Home. 
 “Funeral Home Loan Concentration Limit” means (i) at any time other than during an Exception Period, 25% of the Eligible Loan
Balance and (ii) at any time during an Exception Period, 50% of the Eligible Loan Balance. 
 “GAAP” means generally
accepted accounting principles as in effect from time to time in the United States, applied in a manner consistent with that used in preparing the financial statements of the Parent referred to in Section 4.01(z). 
 “Governmental Authority” means the United States of America, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Hedge
Agreement” means an agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge Transactions entered into pursuant to Section 2.06, which agreement shall consist of a “Master Agreement” in a form
published by the International Swaps and Derivatives Association, Inc., together with a “Schedule” thereto and one or more “Confirmations” thereunder confirming the specific terms of each such Hedge Transaction. Each Hedge
Agreement shall be consistent with customary rating agency criteria for “swap-dependent” transactions and shall otherwise be in form and substance satisfactory to the Agent. 
 “Hedge Breakage Costs” means, for any Hedge Transaction, any amount payable by the Borrower upon the early termination (in whole or in
part) of that Hedge Transaction. 
  

 15 

 “Hedge Counterparty” means a counterparty that enters into a Hedge Transaction with the
Borrower. Each Hedge Counterparty must be an Eligible Hedge Counterparty at the time the relevant Hedge Transaction is entered into. 
 “Hedge Notional Amount Requirement” means (i) with respect to the Existing Loans, for any date following the occurrence of a Hedge Trigger Event relating to the Existing Loans, a scheduled amortizing notional amount
for such date and each Payment Date thereafter specified by the Agent in consultation with the Subservicer and (ii) with respect to the Additional Loans, for any date following the occurrence of a Hedge Trigger Event relating to the Additional
Loans, a scheduled amortizing notional amount for such date and each Payment Date thereafter, such schedule to match the estimated aggregate outstanding principal balance of the Advances as of such date and each such subsequent Payment Date (based
on the scheduled amortization of the Additional Loans and assuming no further Advances are made hereunder after such date), as determined by the Agent in consultation with the Subservicer; provided that so long as any Existing Loans are
included in the Collateral, the Hedge Notional Amount Requirement for the Additional Loans shall be reduced as appropriate (in the sole judgment of the Agent) to take into account the hedging requirements for the Existing Loans hereunder.

 “Hedge Transaction” means each interest rate hedge transaction (including, without limitation, any interest rate swap,
interest rate cap or other hedge transaction acceptable to the Agent) between the Borrower and a Hedge Counterparty that is entered into pursuant to Section 2.06 and is governed by a Hedge Agreement. 
 “Hedge Trigger Event” means (i) with respect to the Existing Loans, that the Net Existing WAC, is less than either one-month LIBOR
or the Swap Rate as of any Borrowing Date or Payment Date, as determined by the Agent and (ii) with respect to the Additional Loans, that the Base Rate does not exceed one-month LIBOR by more than 1.00% as of any Borrowing Date or Payment Date,
as determined by the Agent. Any such Hedge Trigger Event shall be deemed to be continuing unless and until the circumstance described in clause (i) or (ii), as applicable, ceases to exist as of any subsequent Borrowing Date or Payment Date, as
determined by the Agent. 
 “Increase Fee” has the meaning specified in the Fee Letter. 
 “Indebtedness” of a Person means such Person’s (i) obligations for borrowed money, (ii) obligations representing the
deferred purchase price of property or services (other than accounts payable arising in the ordinary course of such Person’s business), (iii) obligations, whether or not assumed, secured by liens or payable out of the proceeds or
production from property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) obligations of such Person to purchase securities or other property arising
out of or in connection with the sale of the same or substantially similar securities or property, (vi) capitalized lease obligations, (vii) net liabilities under interest rate swap, exchange or cap agreements, (viii) Contingent
Obligations, (ix) Off Balance Sheet Liabilities, (x) liabilities in respect of unfunded vested benefits under plans covered by Title IV of ERISA and (xi) any other obligation for borrowed money or other financial accommodation which
in accordance with GAAP would be shown as a liability on the consolidated balance sheet of such Person. 
  

 16 

 “Indemnified Amounts” has the meaning assigned to that term in Section 8.01.

 “Indemnified Party” has the meaning assigned to that term in Section 8.01. 
 “Independent Director” means an individual who (a) qualifies as an “Independent Director” (as defined in the limited
liability company agreement of the Borrower as in effect on the date of this Agreement), (b) has prior experience as an independent director for a corporation or limited liability company whose charter documents required the unanimous consent
of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or
state law relating to bankruptcy and (c) has at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of
securitization or structured finance instruments, agreements or securities. 
 “Individual State Concentration” means, with
respect to any State, the aggregate Outstanding Principal Balance of the Eligible Loans owing by Obligors located in such State (determined by reference to the location of the chief executive office of such Obligor). 
 “Insolvency Event” means, with respect to a specified Person, (a) the entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, or the commencement of an
involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed or stayed within 60 days; or (b) the
commencement by such Person of a voluntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case
under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or
the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

 “Insurance Company Concentration” means, at any time with respect to any insurance company, the percentage of the total
monthly commissions paid to the Master Agent or any Allstate Agent in respect of the Loans during the preceding six calendar month period (or in, the case of the first six months following the Closing Date, since the Closing Date) represented by
commissions payable in respect of policies issued by such insurance company. For purposes of the foregoing, each insurance company and its Affiliates shall be treated as a single insurance company. 
  

 17 

 “Insurance Company Concentration Limit” means (i) with respect to any insurance
company that has a long-term senior unsecured debt rating of at least “A2” from Moody’s and “A” from Fitch, 30% and (ii) with respect to any other insurance company, 5%; provided that in the case of Bristol West
Casualty Insurance Company, the Insurance Company Concentration Limit specified in clause (ii) shall be 7% rather than 5% for so long as Bristol West Casualty Insurance Company maintains a long-term senior unsecured debt rating of not less than
“Baa1” from Moody’s. 
 “Insurance Company Trigger” means, with respect to any insurance company, that the
Insurance Company Concentration for such insurance company exceeds the applicable Insurance Company Concentration Limit and such circumstance shall have remained unremedied for more than eighth months. 
 “Intercreditor Agreement” means the Intercreditor Agreement dated as of the Closing Date among the Seller, the Master Agent, the
Borrower, the Master Agent Servicer and the Agent, as amended, restated, supplemented or otherwise modified from time to time. 
 “Interest” means, for any Advance and any Interest Period, the sum for each day during such Interest Period of the following: 
  

	
	 IR x PB

	     360

 where: 
  

					
	IR	  	=	  	the Interest Rate for such Advance for such day
			
	PB	  	=	  	the outstanding principal balance of such Advance on such day

 provided that no provision of this Agreement shall require the payment or permit the collection of Interest
in excess of the maximum permitted by applicable law; and provided further that Interest for any Advance shall not be considered paid by any distribution to the extent that at any time all or a portion of such distribution is rescinded or
must otherwise be returned for any reason. 
 “Interest Payment Date” means (i) for any Advance allocated to an
Alternative Rate Interest Period, the next succeeding Payment Date following the first day of such Alternative Rate Interest Period and (ii) for any Advance allocated to a CP Interest Period, the Payment Date requested by the Borrower and
approved by the Agent not later than 11:00 a.m. (New York time) on the Business Day immediately preceding the first day of such CP Interest Period or such other date as the Borrower may request and the Agent may approve in its sole discretion not
later than 11:00 a.m. (New York time) on the Business Day immediately preceding the first day of such CP Interest Period; provided that (i) no CP Interest Period may be more than 90 days and (ii) if the 
  

 18 

 Agent and the Borrower have not mutually agreed on the Interest Payment Date with respect to any Advance by 11:00 a.m.
(New York time) on the Business Day immediately preceding the first day of such CP Interest Period, then the Interest Payment Date for such CP Interest Period will be the next succeeding Payment Date. 
 “Interest Period” means, with respect to any Advance, (i) initially, the period from and including the applicable Borrowing Date to
but excluding the next succeeding Interest Payment Date for such Advance, and (ii) thereafter, each successive period from and including an Interest Payment Date to but excluding the next succeeding Interest Payment Date for such Advance.

 “Interest Rate” means, for each day during any Interest Period and any Advance, a per annum rate equal to (a) to the
extent the Lender funds such Advance on such day through the issuance of its commercial paper, the CP Rate and (b) to the extent the Lender does not fund such Advance on such day through the issuance of its commercial paper, the Alternative
Rate; provided that from and after the occurrence of a Termination Event (other than an Event of Default or a Termination Event described in Section 6.03(a)), the Interest Rate for all Advances and all Interest Periods shall be equal to
the Alternative Rate unless otherwise directed by the Agent in its sole discretion; and provided further that from and after the occurrence of an Event of Default, the Interest Rate for all Advances and all Interest Periods shall be equal to
Default Funding Rate. 
 “Key Employees” means Mick Lowry, Anita Larson and Shawn Lowry; provided that if any such
Person is replaced by a successor that has been approved in writing by the Agent, then such successor shall be deemed to be a Key Employee and the replaced Person shall cease to be a Key Employee. 
 “Lender” means Autobahn Funding Company LLC and its successors and assigns. 
 “Lender Protection Addendum” means an “Agent Agreement Addendum Regarding Lender Protection” entered into by the Master Agent
(or Brooke Franchise Corporation as its predecessor) and a Brooke Franchise Agent in connection with a Franchise Agreement in substantially the form attached hereto as Exhibit D or such other form as the Agent may approve in writing (such approval
not to be unreasonably withheld). 
 “LIBOR” means, with respect to any Alternative Rate Interest Period, the interest rate
per annum (rounded upwards, if necessary, to the nearest 1/16 of 1%) reported at or about 11:00 a.m., on the date two Business Days prior to the first day of such Alternative Rate Interest Period, on Page 3750 of the Telerate Service (or on any
successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Agent from time to time, for
purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) as the London Interbank Offered Rate for United States dollar deposits having a term equal to such Alternative Rate Interest Period and
in a principal amount of $1,000,000 or more (or, if such Page shall cease to be publicly available or, if the information contained on such Page, in the Agent’s sole judgment, shall cease to accurately reflect such London Interbank Offered
Rate, such rate as reported by any publicly available recognized 
  

 19 

 source of similar market data selected by the Agent that, in the Agent’s sole judgment, accurately reflects such
London Interbank Offered Rate); provided further that if no such rate is available for such Alternative Rate Interest Period, “LIBOR” shall be a rate per annum at which deposits in United States dollars are offered by the Agent to
prime banks in the London interbank market at or about 11:00 A.M. (London time) two Business Days before the first day of such Alternative Rate Interest Period for delivery on such first day and for a period equal to such Alternative Rate Interest
Period. If no such rate can be determined as set forth above for a period equal to such Alternative Rate Interest Period, LIBOR for such Alternative Rate Interest Period shall be determined through the use of straight-line interpolation by reference
to two rates determined as set forth above, one of which shall be determined as if the Alternative Rate Interest Period were the period of time for which rates are available next shorter than the length of such Alternative Rate Interest Period and
the other of which shall be determined as if the Alternative Rate Interest Period were the period of time for which rates are available next longer than the length of such Alternative Rate Interest Period. 
 “Liquidated Loan” means any Loan (i) that is owed by an Obligor which has suffered an Insolvency Event (after origination of such
Loan), (ii) that the Servicer has determined in good faith should be charged-off in accordance with its Servicing Policy and Procedures or (iii) that has been liquidated through the sale of the related collateral (such Loan shall become a
Liquidated Loan as of the earliest date on which any of the foregoing has occurred). 
 “Liquidation Proceeds” means, with
respect to a Liquidated Loan, all amounts realized with respect to such Liquidated Loan after it became a Liquidated Loan net of (i) reasonable out-of-pocket expenses incurred by the Servicer in connection with the collection thereof and the
repossession and disposition of the related collateral, and (ii) amounts that are required to be refunded to the Obligor on such Liquidated Loan; provided, however, that the Liquidation Proceeds with respect to any Liquidated Loan shall
in no event be less than zero. 
 “Liquidation Fee” means for (i) any Advance for which Interest is computed by
reference to the CP Rate and a reduction of the outstanding principal balance thereof is made for any reason or (ii) any Advance for which Interest is computed by reference to LIBOR and a reduction of the outstanding principal balance of such
Advance is made for any reason on any day other than a Payment Date, the amount, if any, by which (A) the additional Interest (calculated without taking into account any Liquidation Fee) which would have accrued during the Interest Period in
which such reduction occurs (or, in the case of clause (i) above, during the period until the maturity of the underlying commercial paper tranches) on such Advance had such reduction not occurred, exceeds (B) the income, if any, received
by the Lender from the investment of the proceeds of such reduction of principal. A certificate as to the amount of any Liquidation Fee (including the computation of such amount) shall be submitted by the Lender (or the Agent on its behalf) to the
Borrower and shall be conclusive and binding for all purposes, absent manifest error. 
 “Loan” means a loan that is
included in the Schedule of Loans, and all rights and obligations under such loan, whether constituting an account, chattel paper, instrument, investment property or general intangible, and including, without limitation, the obligation of

  

 20 

 any related Obligor to pay any Finance Charges with respect thereto; provided that, except as otherwise expressly
provided herein, the term “Loan” shall exclude any loan that has been released from the Collateral pursuant to Section 2.14 hereof. 
 “Loan Agreement” means a loan agreement entered into by and between the Seller and a Franchise Agent or a Funeral Home in substantially the form attached hereto as Exhibit E-1 (in the case of a Brooke Franchise Agent Loan),
Exhibit E-5 (in the case of an Allstate Loan) or Exhibit E-13 (in the case of a Funeral Home Loan) or, in any such case, such other form as the Agent may approve in writing (such approval not to be unreasonably withheld). 
 “Loan Documents” means, with respect to any Loan: 
 (a) when used in reference to a Brooke Franchise Agent Loan, collectively, (i) the executed original counterpart of the Loan that constitutes “tangible chattel paper” or an “instrument” for
purposes of Article 9 of the UCC and, with respect to each instrument, an allonge duly endorsing such instrument in blank or to the Agent, (ii) the related Loan Agreement, (iii) the related Franchise Agreement, (iv) the related Lender
Protection Addendum, (v) the related Customer Files, (vi) the related Receipts Trust Agreement, (vii) the related Collateral Preservation Agreement, (viii) the related Security Agreement and the related financing statement in
substantially the form attached as Exhibit E-3, (ix) any related Insurance Agreements (to the extent that such Insurance Agreements apply to such Loan) and all other insurance policies maintained by the Master Agent or any Affiliate thereof or
the related Brooke Franchise Agent, including without limitation all professional errors and omissions policies, (x) all guarantees relating to such Loan and (xi) all other instruments, documents and agreements executed and/or delivered
under or in connection with any of the foregoing, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof; 
 (b) when used in reference to any Allstate Loan, collectively, (i) the executed original counterpart of the Loan that constitutes “tangible
chattel paper” or an “instrument” for purposes of Article 9 of the UCC and, with respect to each instrument, an allonge duly endorsing such instrument in blank or to the Agent, (ii) the related Loan Agreement, (iii) the
related Allstate Agency Agreement, (iv) the related Customer Files, (v) if applicable, the related depository account agreement in substantially the form attached as Exhibit E-9 and the related authorization for pre-authorized collection
in substantially the form attached as Exhibit E-10, (vi) the related Collateral Preservation Agreement, (vii) the related Security Agreement and the related financing statement in substantially the form attached as Exhibit E-7,
(viii) the related security interest and collateral assignment of termination payments and economic interests in substantially the form attached as Exhibit E-11, assignment of termination payment notice to lender in substantially the form
attached as Exhibit E-12-A and commission payment agreement in substantially the form attached as Exhibit E-12-B, (ix) all insurance policies maintained by the related Allstate Agent or any Affiliate thereof, including without limitation all
professional errors and omissions policies, (x) all guarantees relating to such Loan and (xi) all other instruments, documents and agreements executed and/or delivered under or in connection with any of the foregoing, in each case as the
same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof; and 
  

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 (c) when used in reference to any Funeral Home Loan, collectively, (i) the executed original
counterpart of the Loan that constitutes “tangible chattel paper” or an “instrument” for purposes of Article 9 of the UCC and, with respect to each instrument, an allonge duly endorsing such instrument in blank or to the Agent,
(ii) the related Loan Agreement, (iii) the related Customer Files, (iv) the related authorization for pre-authorized collection in substantially the form attached as Exhibit E-17, (v) the related Collateral Preservation
Agreement, (vi) the related Security Agreement and the related financing statement in substantially the form attached as Exhibit E-15, (vii) all insurance policies maintained by the related Obligor or any Affiliate thereof, including
without limitation all professional errors and omissions policies, (viii) all guarantees relating to such Loan, (ix) the original related Mortgage (if any), with evidence of recording thereon (or, if the original Mortgage has not yet been
returned by the applicable recording office, a copy thereof, certified by such recording office, which will be replaced by the original Mortgage when it is so returned), which Mortgage shall show the Seller as the mortgagee of record, (x) any
title policy, commitment or other title document for the related Mortgaged Property, (xi) an Assignment of Mortgage in recordable form, reflecting the assignment of the related Mortgage in blank or to the Agent, (xii) the related escrow
deposit account agreement in substantially the form attached as Exhibit E-18 and (xiii) all other instruments, documents and agreements executed and/or delivered under or in connection with any of the foregoing, in each case as the same may be
amended, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. 
 “Make-Whole
Fee” has the meaning specified in the Fee Letter. 
 “Master Agent” means Brooke Agency Services Company LLC, a
Delaware limited liability company. 
 “Master Agent Event of Default” has the meaning specified in the Master Agent
Security Agreement. 
 “Master Agent Security Agreement” means the Amended and Restated Master Agent Security Agreement of
even date herewith between the Master Agent and the Master Agent Trustee, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. 
 “Master Agent Servicer” means the Parent, in its capacity as master agent servicer under the Master Agent Servicing Agreement, and any
successor thereto in such capacity. 
 “Master Agent Servicer Default” has the meaning specified in Section 6.02.

 “Master Agent Servicing Agreement” means the Master Agent Servicing Agreement dated as of the Closing Date, by and
between the Master Agent and Master Agent Servicer, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. 
  

 22 

 “Master Agent Trustee” means The Bank of New York, in its capacity as master agent
trustee under the Master Agent Security Agreement, and any successor thereto in such capacity. 
 “Master Receipts Trust
Account” means that certain segregated non-interest bearing trust account numbered 718354 maintained with The Bank of New York and owned by the Master Agent to which all Sales Commissions deposited to the Receipts Trust Accounts and the
Consolidated Receipts Trust Account are deposited. 
 “Material Adverse Effect” means a material adverse effect on
(i) the financial condition, business or operations of any Brooke Party, (ii) the ability of any Brooke Party to perform its obligations under any Related Document, (iii) the legality, validity or enforceability of this Agreement or
any other Related Document, (iv) the Borrower’s or the Agent’s interest in the Collateral or in any significant portion of the Loans, the Other Conveyed Property or the Collections with respect thereto or the perfection of any such
interest or (v) the collectibility of the Loans generally or of any material portion of the Loans. 
 “Maximum Advance
Rate” means the lesser of (i) 83% and (ii) such lower percentage as is necessary in order to obtain the Minimum Shadow Rating pursuant to Section 5.01(o), as determined by the Agent and notified to the Borrower;
provided that in no event shall the Maximum Advance Rate be less than 75%. 
 “Minimum Shadow Rating” means
“A2” by Moody’s or “A” by Fitch (or the equivalent from any alternative rating agency approved by the Agent pursuant to Section 5.01(o)). 
 “Minimum Utilization Requirement” has the meaning specified in Section 2.16. 
 “Monthly Period” has the meaning specified in the Sale and Servicing Agreement. 
 “Moody’s”
means Moody’s Investors Service, Inc. or its successor. 
 “Mortgage” means a mortgage, deed of trust or other
instrument creating a lien on any real property securing a Loan. 
 “Mortgaged Property” means the underlying real property
or properties securing a Loan. 
 “Net Eligible Loan Balance” means, at any time, (i) the Eligible Loan Balance at such
time, minus (ii) the Excess Concentration Amount at such time. 
 “Net Existing WAC” means, as of any date, a rate per
annum equal to (i) the weighted average interest rate on the Existing Loans minus (ii) 4.21%. 
 “Non-Use Fee” has
the meaning specified in the Fee Letter. 
 “Note” has the meaning specified in Section 2.15. 
 “Obligations” means all present and future indebtedness and other liabilities and obligations (howsoever created, arising or evidenced,
whether direct or indirect, absolute or 
  

 23 

 contingent, or due or to become due) of the Borrower to the Lender, the Agent, the Servicer, the Backup Servicer, any
Hedge Counterparty, any Affected Party and/or any other Secured Party, arising under or in connection with this Agreement or any other Related Document or the transactions contemplated hereby or thereby and shall include, without limitation, all
liability for principal of and interest on the Advances, Program Fees, Non-Use Fees, Exit Fees, Increase Fees, Prepayment Fees, Make-Whole Fees, audit fees, expense reimbursements, indemnifications, and other amounts due or to become due under the
Related Documents, including, without limitation, interest, fees and other obligations that accrue after the commencement of a bankruptcy, insolvency or similar proceeding (in each case whether or not allowed as a claim in such proceeding).

 “Obligor” means the Person or Persons who are primarily or secondarily obligated to make payments under a Loan.

 “Obligor Concentration” means, at any time with respect to any Obligor, the aggregate Outstanding Principal Balance of
the Eligible Loans owing by such Obligor or any Affiliate of such Obligor. 
 “Off Balance Sheet Liabilities” of a Person
means (a) any repurchase obligation or liability of such Person or any of its Subsidiaries with respect to accounts or notes receivable sold by such Person or any of its Subsidiaries, (b) any liability under any sale and leaseback
transactions which do not create a liability on the consolidated balance sheet of such Person prepared in accordance with GAAP, (c) any liability under any financing lease or so-called “synthetic” lease transaction, or (d) any
obligations arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the consolidated balance sheets of such Person and its Subsidiaries,
prepared in accordance with GAAP. 
 “Other Conveyed Property” has the meaning specified in the Sale and Servicing
Agreement. 
 “Other Taxes” has the meaning specified in Section 2.11(b). 
 “Outstanding Principal Balance” means, with respect to any Loan, as of any date of determination, the original principal balance of such
Loan minus the portion of all amounts received on or prior to such date and allocable to principal in accordance with the term of such Loan. 
 “Parent” means Brooke Corporation, a Kansas corporation. 
 “Parent Group Member” means,
collectively, Parent, BCC, the Master Agent and their respective Affiliates (other than the Borrower). 
 “Payment Date”
means the 15th day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day.

  

 24 

 “Performance Guaranty” means the performance guaranty dated as of the Closing Date
executed by the Parent in favor of the Borrower and the Agent, as amended, restated, supplemented or otherwise modified from time to time. 
 “Permitted Lien” means (a) any Adverse Claim created in favor of the Agent pursuant to this Agreement, (b) any Adverse Claim which is subordinated to the respective interests of the Borrower and the Agent, for the
benefit of the Secured Parties, pursuant to the Subordination Agreement or (c) Adverse Claims for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to
which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established but only so long as foreclosure with respect to such Adverse Claim (in
either clause (b) or (c) above) is not imminent and the use and value of the property to which the Adverse Claim attaches is not impaired during the pendency of such proceeding. 
 “Permitted Loan Modification” has the meaning specified in Sale and Servicing Agreement. 
 “Permitted Real Estate Encumbrances” has the meaning specified in Schedule I. 
 “Permitted Sale Transaction” has the meaning specified in Section 2.14. 
 “Person” means an individual, partnership, corporation, limited liability company, joint stock company, trust (including a business or
statutory trust), unincorporated association, joint venture, government (or any agency or political subdivision thereof) or other entity. 
 “Potential Event of Default” means an event which, with the passage of time or the giving of notice, or both, would constitute an Event of Default. 
 “Prepayment Fee” has the meaning specified in the Fee Letter. 
 “Program Deficiency” means, at any time the amount, if any, by which (a) the Facility Amount exceeds (b) the Capital Limit.

 “Program Fee” has the meaning specified in the Fee Letter. 
 “Program Maturity Date” means the earlier of (i) the Scheduled Program Maturity Date and (ii) the Termination Date.

 “Receipts Trust Account” has the meaning specified in the Master Agent Security Agreement. 
 “Receipts Trust Agreement” means a receipts trust agreement between the Master Agent (as assignee of Brooke Franchise Corporation) and
First National Bank and Trust, as trustee, in substantially the form attached hereto as Exhibit F (or such other form as the Agent may approve in writing (such approval not to be unreasonably withheld)). 
  

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 “Records” means, with respect to any Loan, all Loan Documents and other documents,
books, records and other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Loan, any Other Conveyed Property therefor and the related
Obligor. 
 “Related Documents” means, collectively, this Agreement, the Note, the Fee Letter, the Sale and Servicing
Agreement, the Master Agent Servicing Agreement, the Master Agent Security Agreement, the Subordination Agreement, the Intercreditor Agreement, the Performance Guaranty, the Backup Servicing Agreement, the Backup Master Agent Servicing Agreement,
each Trust Account Control Agreement, each Assignment, the Collection Account Agreement, the Trust Account Intercreditor Agreement, each Hedge Agreement and all other instruments, documents and agreements executed in connection with any of the
foregoing. The Related Documents executed by any party are referred to herein as “such party’s Related Documents,” “its Related Documents” or by a similar expression. 
 “Sale and Servicing Agreement” means that certain Amended and Restated Sale and Servicing Agreement of even date herewith among the
Seller, the Servicer and the Borrower, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Sales Commissions” means (i) with respect to any Brooke Franchise Agent Loan, all of the related Franchise Agent’s right, title and interest in the “Sales Commissions” as such term is defined in the
related Franchise Agreement, (ii) with respect to any Allstate Loan, all commissions to which the related Allstate Agent is entitled pursuant to the applicable Allstate Agency Agreement and (iii) with respect to any Funeral Home Loan, all
of the related Funeral Home’s right, title and interest in the “Insurance Sales Commissions” as such term is defined in the related Loan Agreement. 
 “Schedule of Loans” has the meaning specified in the Sale and Servicing Agreement. 
 “Scheduled Program Maturity Date” means August 27, 2009. 
 “Secured Parties” means,
collectively, the Lender, the Agent, the Servicer, the Backup Servicer, the Affected Parties, the Hedge Counterparties, the Indemnified Parties and their respective successors and assigns. 
 “Security Agreement” means a security agreement entered into by and between the Seller and a Franchise Agent or Funeral Home in
substantially the form attached hereto as Exhibit E-2 (in the case of a Brooke Franchise Agent Loans), Exhibit E-6 (in the case of the Allstate Loans) and Exhibit E-14 (in the case of the Funeral Home Loans) or, in any such case, such other form as
the Agent may approve in writing (such approval not to be unreasonably withheld). 
 “Seller” means BCC. 
 “Servicer” means Textron Business Services, Inc., in its capacity as servicer pursuant to the Sale and Servicing Agreement, and any
successor thereto in such capacity. 
  

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 “Servicer Default” has the meaning specified in the Sale and Servicing Agreement.

 “Servicer’s Certificate” has the meaning specified in the Sale and Servicing Agreement. 
 “Servicing Fee” has the meaning specified in the Sale and Servicing Agreement. 
 “Servicing Policy and Procedures” has the meaning specified in the Sale and Servicing Agreement. 
 “Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc.

 “Subordination Agreement” means the Subordination Agreement dated as of the Closing Date executed by the Seller in favor
of the Borrower and the Agent, for the benefit of the Secured Parties, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. 
 “Subservicer” means BCC, in its capacity as subservicer under the Subservicing Agreement, and any successor thereto in such capacity.

 “Subservicing Agreement” means the Subservicing Agreement dated as of the Closing Date between BCC and the Servicer, as
amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. 
 “Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or
by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests
having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Parent. 
 “Swap Rate” means, on any date, the fixed rate that would be payable under an interest rate swap transaction in exchange for a floating
one-month LIBOR payment from the counterparty thereunder through the end of the current calendar year, as determined by the Agent. 
 “Taxes” has the meaning specified in Section 2.11(a). 
 “Termination Date” means the
earliest of (a) the Program Maturity Date, (b) the date of the declaration or automatic occurrence of the Termination Date pursuant to Article VI and (c) the date any prepayment of all Advances is made in accordance with
Section 2.09(c) hereof. 
 “Termination Event” has the meaning specified in Section 6.03. 
 “Term Securitization” means a transaction undertaken by the Seller or any of its Affiliates involving the direct or indirect sale or
other conveyance of loans originated by the Seller to a Person that shall privately or publicly sell term securities (including, without limitation, notes and pass-through certificates) backed by such loans to third party investors. 
  

 27 

 “Treasury Regulations” means any regulations promulgated by the Internal Revenue Service
interpreting the provisions of the Code. 
 “Trust Accounts” means, collectively, each Receipts Trust Account, the
Consolidated Receipts Trust Account, the Allstate Receipts Trust Account and the Master Receipts Trust Account; provided that, when used in reference to any Allstate Loan, the term “Trust Account” may, in the alernative, mean any
deposit account of the applicable Allstate Agent that is subject to a duly executed depository account agreement in substantially the form attached as Exhibit E-9 and a duly executed authorization for pre-authorized collection in substantially the
form attached as Exhibit E-10; and provided further that, when used in reference to any Funeral Home Loan, the term “Trust Account” means a deposit account of the applicable Funeral Home that is subject to a duly executed
authorization for pre-authorized collection in substantially the form attached as Exhibit E-17. 
 “Trust Account Control
Agreement” means, with respect to any Trust Account, an agreement in substantially the form attached hereto as Exhibit G covering such Trust Account duly executed by the Master Agent, the Master Agent Trustee and the bank at which such
account is maintained. 
 “Trust Account Intercreditor Agreement” means (i) the Trust Account Intercreditor Agreement
dated as of the Closing Date among the Master Agent, the Bank of New York and the Agent, as the same has been or may hereafter be amended, restated, supplemented or otherwise modified from time to time and (ii) the Account Intercreditor
Agreement dated as of December 1, 2005 among the Master Agent, the Bank of New York and the Agent, as the same has been or may hereafter be amended, restated, supplemented or otherwise modified from time to time. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the specified jurisdiction. 
 “United States” means the United States of America. 
 “Utilization Period” means (i) initially, the period from and including the Closing Date to but excluding the first anniversary of the Closing Date and (ii) thereafter, each successive
period from and including the first day following the immediately preceding Utilization Period to but excluding the next succeeding anniversary of the Closing Date; provided that for purposes of determining whether the Minimum Utilization
Requirement has been satisfied, each Utilization Period shall exclude any Exception Period. 
 “Weighted Average Life”
means, with respect to all Eligible Loans, the weighted average maturity of the Eligible Loans determined pursuant to a methodology agreed to by the Seller and the Agent prior to the Closing Date. 
  

 28 

 Section 1.02. Other Terms. All accounting terms not specifically defined herein shall be
construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, as in effect on the date hereof and not specifically defined herein, are used herein as defined in such Article 9. Unless otherwise expressly
indicated, all references herein to “Article,” “Section,” “Schedule” or “Exhibit” means articles and sections of, and schedules and exhibits to, this Agreement. Headings are for purposes of reference only and
shall not otherwise affect the meaning or interpretation of any provision hereof. Any reference to any law, rule or regulation shall be deemed to be a reference to such law, rule or regulation as the same may be amended or re-enacted from time to
time. Any reference to any Person shall include its successors and permitted assigns. 
 Section 1.03. Amendment and Restatement.
Upon (i) the execution and delivery of this Agreement by each of the parties hereto and (ii) satisfaction of the conditions precedent set forth in Section 3.01, the terms and provisions of the Existing Credit Agreement shall be and
hereby are amended, superseded and restated in their entirety by the terms and provisions of this Agreement. This Agreement is not intended to and shall not constitute a novation of the Existing Credit Agreement or the obligations or indebtedness
created under such Existing Credit Agreement or any Related Document. All outstanding obligations and indebtedness under the Existing Credit Agreement shall continue under (and shall be governed by the terms of) this Agreement. 
 Section 1.04. Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified
date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding.” 
 ARTICLE II 
 THE FACILITY 
 Section 2.01. Borrowings. On the terms and conditions hereinafter set forth, the Lender has made, and shall continue to make, loans (each
such loan, an “Advance”) to the Borrower from time to time during the period from the Closing Date until the Termination Date in an aggregate amount not to exceed, at any one time outstanding, the Borrowing Limit. Under no
circumstances shall the Lender be required to make an Advance if, after giving effect to such Advance, a Program Deficiency would exist. 
 Section 2.02. Procedures for Borrowings. 
 (a) Until the occurrence of the Termination Date, the Lender
will make Advances on any Business Day at the request of the Borrower, subject to and in accordance with the terms and conditions of this Article II and Article III. 
 (b) The initial Borrowing and each subsequent Borrowing shall be made on not less than two Business Days’ notice from the Borrower to
the Agent. Each such 
  

 29 

 notice shall specify (A) the aggregate amount of such Borrowing, which shall be in an amount equal to or greater
than $250,000 and (B) the date of such Borrowing. Any such notice received by the Agent after 11:00 am New York time will be deemed to have been delivered on the following Business Day. On the date of such Borrowing, the Lender shall, upon
satisfaction of the applicable conditions set forth in Article III, make available to the Borrower in same day funds, the amount of such Borrowing by payment to the account which the Borrower has designated in writing. 
 Section 2.03. Termination, Reduction or Increase of the Borrowing Limit. 
 (a) Subject to the terms of the Fee Letter and the payment of any Prepayment Fee required in connection therewith, the Borrower may, upon
at least 30 Business Days’ written notice to the Agent, terminate in whole or reduce in part the portion of the Borrowing Limit that exceeds the outstanding Advances; provided, however, that each partial reduction of the Borrowing Limit
shall be in an aggregate amount equal to $5,000,000 or an integral multiple thereof. 
 (b) Subject to the terms and
conditions of the Fee Letter, the Borrower may from time to time, in its discretion, request an increase in the Borrowing Limit and the Agent and the Lender may, in the sole and absolute discretion of each, agree to any such increase. No such
increase shall become effective unless and until the Borrower pays to the Agent the Increase Fee with respect to such increase in accordance with the Fee Letter. 
 Section 2.04. Use of Proceeds. The Borrower will use the proceeds of Advances hereunder solely to purchase Eligible Loans from the Seller in accordance with the terms of the Sale and Servicing Agreement.

 Section 2.05. Settlement Procedures. Pursuant to the Sale and Servicing Agreement, the Servicer shall establish and maintain,
or cause to be established and maintained, the Collection Account in the name of the Agent. The Collection Account shall at all times be under the exclusive dominion and control of the Agent and no Brooke Party shall have any access thereto or right
to make any withdrawal therefrom. 
 (a) Payment Date Distributions. On each Payment Date, the Agent will
direct the Collection Account Bank to transfer the Available Funds on deposit in the Collection Account in the following amounts and priority (based on the Servicer’s Certificate furnished to it by the Servicer pursuant to Section 3.8 of
the Sale and Servicing Agreement, on which certificate the Agent may conclusively rely): 
 (i) first, pay, on a
pari passu basis, (A) to the Backup Servicer an amount equal to the Backup Servicer Fees then due and payable, (B) to the Collection Account Bank an amount equal to the Collection Bank Fees then due and payable, and (C) to the
Custodian an amount equal to the Custodian Fees then due and payable; 
  

 30 

 (ii) second, if none of the Brooke Parties nor any of their respective Affiliates
is the Servicer, pay to the Servicer an amount equal to the accrued and unpaid Servicing Fee; 
 (iii) third, pay to
each Hedge Counterparty, on a pari passu basis, an amount equal to any net payments (other than fees, expenses and Hedge Breakage Costs) which are then due and payable under the Hedge Agreements (if any); 
 (iv) fourth, pay to the Agent for the account of the Lender an amount equal to the accrued and unpaid Interest and Facility Fees;

 (v) fifth, pay to the Agent an amount equal to the Program Deficiency (if any) as of such Payment Date (determined
as if no funds were on deposit in the Collection Account), for application to the repayment of the Advances; 
 (vi)
sixth, on and after the Termination Date, pay all remaining Available Funds to the Agent for the account of the Lender until the Advances have been repaid in full; 
 (vii) seventh, pay to each Hedge Counterparty, on a pari passu basis, an amount equal to any fees, expenses and Hedge
Breakage Costs which are then due and payable under the Hedge Agreements (if any); 
 (viii) eighth, pay to the Agent
for the account of the applicable Persons entitled thereto an amount equal to the aggregate amount of all other Obligations of the Borrower hereunder which are then due and payable; 
 (ix) ninth, pay to the Servicer (if the Servicer is a Brooke Party or any of their respective Affiliates) an amount equal to the
accrued and unpaid Servicer Fee; 
 (x) tenth, if any Advances are to be prepaid on such Payment Date pursuant to
Section 2.09, transfer to the Agent the amount of such prepayment; 
 (xi) eleventh, reimburse the Servicer for
any taxes paid by it pursuant to Section 3.3 of the Sale and Servicing Agreement that remain unreimbursed; 
 (xii)
twelfth, so long as no Program Deficiency exists or would be created thereby, transfer to the Borrower or its designee the remaining Available Funds for such Payment Date (or such lesser amount as the Borrower may specify); and 
  

 31 

 (xiii) set aside in the Collection Account any remaining Available Funds for future
application in accordance with this Section 2.05. 
 (b) Eligible Investments. All funds held in the
Collection Account or any subaccount thereof (including, without limitation, investment earnings thereon), shall be invested at the direction of the Servicer in Eligible Investments in accordance with the Sale and Servicing Agreement. 
 (c) Interim Withdrawals From Collection Account. The Borrower (x) shall, on each Interest Payment Date for any Advance
that is not a Payment Date, request the Agent to withdraw funds on deposit in the Collection Account in an amount equal to, and for application to the payment of, the accrued Interest then due and payable on such Advance, the amount of any
prepayment of such Advance to be made on such date pursuant to Section 2.09 and any Exit Fees then due and payable and (y) may, on any Business Day other than a Payment Date, request the Agent to withdraw and transfer to the Borrower all
or any portion of the funds on deposit in the Collection Account; provided that no such withdrawal shall be made unless (i) the Agent has received, in form and substance reasonably satisfactory to the Agent, a completed Borrowing Base
Certificate duly executed by the Subservicer and the Borrower and containing information accurate as of a date no more than two (2) Business Days prior to the date of such withdrawal and confirming that no Program Deficiency would exist after
giving effect to such withdrawal and (ii) the following statements are true (and each Brooke Party shall be deemed to have represented and warranted that the following statements are and shall be true as of the date of such withdrawal):

 (i) the representations and warranties contained in Section 4.01 and the representations of the other Brooke Parties
contained in the other Related Documents are true and correct on and as of the date of such withdrawal as though made on and as of such date, 
 (ii) no event has occurred and is continuing, or would result from such withdrawal, which constitutes an Event of Default, a Potential Event of Default or a Termination Event, 
 (iii) no Program Deficiency would exist after giving effect to such withdrawal, 
 (iv) the Available Funds remaining in the Collection Account for the next succeeding Payment Date are sufficient to pay in full all
amounts described in clauses (i) through (ix) of Section 2.05(a) on such Payment Date; 
 (v) the Agent has
received such other approvals, opinions, documents or information as the Agent may reasonably request in order to confirm (A) the satisfaction of the conditions set forth above and (B) that each Loan to be purchased by the Borrower with
the proceeds of such withdrawal is an Eligible Loan; and 
  

 32 

 (vi) the Termination Date has not occurred. 
 Upon confirmation by the Agent that the foregoing conditions precedent are satisfied, the Agent shall authorize the Collection Account Bank to make the
withdrawal and transfer so requested by the Borrower. On any Business Day the Borrower may request the Agent to withdraw and transfer to the Borrower any portion of the funds on deposit in the Collection Account that were improperly deposited in the
Collection Account. Upon receipt by the Agent of evidence reasonably satisfactory to it of the nature and amount of such improper deposit, the Agent shall authorize the Collection Account Bank to make the withdrawal and transfer so requested by the
Borrower. 
 (d) Application of Funds Released to Borrower. The Subservicer and the Borrower will cause all funds released to
the Borrower pursuant to this Section 2.05 on any date to be applied: first, to pay the purchase price for Loans to be sold to the Borrower on such date pursuant to the Sale and Servicing Agreement (if any); and second, in such
other manner as the Borrower may direct. 
 Section 2.06. Interest Rate Hedges. 
 (a) The Subservicer shall, at the expense of the Borrower, take such actions on behalf of the Borrower as are necessary in order to hedge
the Loans owned by the Borrower against any interest rate risk, such that the interest payable to the Borrower on the Loans (after taking into account all hedging arrangements implemented by the Subservicer) will be sufficient to make complete and
timely payments of Interest and Facility Fees. The Subservicer shall have no obligation to arrange for the Borrower to enter into any Hedge Transaction unless a Hedge Trigger Event has occurred and is continuing, but the Subservicer will be liable
to the Indemnified Parties hereunder in the event it is determined at any time that the interest payable to the Borrower on the Loans is not sufficient to make complete and timely payments of Interest, Facility Fees and other Obligations of the
Borrower under the Transaction Documents (except to the extent such insufficiency is due to a failure to pay by, or an Insolvency Event to occur with respect to, any Obligor). In the event any such insufficiency arises (the amount and existence of
which shall be determined by the Agent, which determination shall be conclusive and binding absent manifest error), the Subservicer shall deposit into the Collection Account the amount of such insufficiency within one Business Day of the
Agent’s demand therefor. 
 (b) Within five Business Days following the occurrence of a Hedge Trigger Event relating to
either the Existing Loans or the Additional Loans, and on each Borrowing Date thereafter so long as such Hedge Trigger Event is continuing, the Subservicer will, at the expense of the Borrower, arrange for the Borrower to enter into one or more
Hedge Transactions satisfying the requirements of this Section 2.06(b). Each Hedge Transaction shall (i) have a scheduled amortizing notional amount which, when combined with all other Hedge Transactions then in effect relating to the
Existing Loans or the Additional Loans (as applicable), satisfies the related Hedge Notional Amount Requirement for such Loans, (ii) provide that the payments to be made by the 
  

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 Hedge Counterparty thereunder will be based on a one-month London interbank offered rate selected by the
Subservicer and approved in writing by the Agent (or such other rate as the Subservicer may select with the prior written consent of the Agent), (iii) provide that the payments required to be made by the Borrower thereunder (if any) will be
based on either (A) in the case of a Hedge Transaction relating to the Existing Loans, a Swap Rate, as selected by the Agent in consultation with the Subservicer and (B) in the case of a Hedge Transaction relating to the Additional Loans,
a bank “prime rate” selected by the Subservicer and approved in writing by the Agent (or such other rate as the Subservicer may select with the prior written consent of the Agent) and (iv) incorporate such other terms as the Agent may
reasonably direct in consultation with the Subservicer. 
 (c) If on any Payment Date following the occurrence and during the
continuation of a Hedge Trigger Event the actual aggregate notional amount of all Hedge Transactions relating to the Existing Loans or the Additional Loans, as applicable, is not equal to the applicable Hedge Notional Amount Requirement, the
Subservicer shall, at the request of the Agent, arrange for the Borrower to enter into an additional Hedge Transaction or terminate an existing Hedge Transaction in whole or in part, as necessary in order to ensure that the actual aggregate notional
amount of all Hedge Transactions relating to such Loans after giving effect to such addition or termination is equal to the Hedge Notional Amount Requirement for such Loans as re-calculated by the Agent on such date. Each additional Hedge
Transaction entered into by the Borrower pursuant to this Section 2.06(c) must satisfy the conditions set forth in Section 2.06(b) above. 
 (d) On each date that a repayment of the principal amount of the Advances is made hereunder (other than with regularly scheduled payments of principal on the Loans), the aggregate notional amounts of the Hedge
Transactions shall, at the request of the Agent, be reduced such that, after giving effect to such reduction, the aggregate notional amount of all Hedge Transactions relating to the Existing Loans and the Additional Loans, respectively, after giving
effect to such addition or termination is equal to the Hedge Notional Amount Requirement for such Loans as re-calculated by the Agent on such date. 
 (e) In the event that a termination payment is paid by the Hedge Counterparty to the Borrower, that termination payment shall either be paid directly to the replacement counterparty who is entering into the
replacement Hedge Transaction or deposited into the Collection Account and applied as Available Funds on the next Payment Date. 
 (f) The Borrower shall not enter into any Hedge Transaction, and the Subservicer will not arrange for the Borrower to enter into any Hedge Transaction unless (i) the Hedge Counterparty thereunder is, at the time such Hedge Transaction
is entered into by the Borrower, an Eligible Hedge Counterparty and (ii) the Agent has reviewed and approved the form and content of the Hedge Agreement governing such Hedge Transaction. 
  

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 Section 2.07. Payments and Computations, Etc. 
 (a) The Advances shall accrue interest on each day during each Interest Period at the applicable Interest Rate. The accrued and unpaid
Interest for each Advance shall be due and payable in full on each Interest Payment Date for such Advance. 
 (b) All amounts
to be paid or deposited by any Brooke Party hereunder shall be paid or deposited in accordance with the terms hereof no later than 11:00 a.m. (New York City time) on the day when due in lawful money of the United States in immediately available
funds in accordance with the Agent’s instructions. If any Brooke Party fails to make any payment or deposit required to be made by it hereunder when due, such Brooke Party shall, to the extent permitted by law, pay to the Agent interest on such
amount at the Default Funding Rate, payable on demand; provided, however, that such interest rate shall not at any time exceed the maximum rate permitted by applicable law. Any Obligation hereunder shall not be reduced by any distribution if
such distribution is rescinded or required to be returned to the Borrower or any other Person for any reason. All computations of Interest, Facility Fees, and other interest and fees hereunder shall be made on the basis of a year of 360 days for the
actual number of days (including the first but excluding the last day) elapsed. All such computations shall be made by the Agent, which computations by the Agent shall be conclusive and binding absent manifest error. 
 (c) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of Interest, Facility Fees or any other interest or fee payable hereunder, as the case may be. 
 (d) If any Borrowing requested by the Borrower pursuant to Section 2.02 is not for any reason whatsoever made or effectuated (other
than through the gross negligence or willful misconduct of the Lender and/or Agent) on the date specified therefor in such request, the Borrower shall indemnify the Lender and each Funding Source against any loss, cost or expense incurred by the
Lender or such Funding Source in connection therewith, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits, commercial paper proceeds or other funds acquired by the Lender or
such Funding Source to fund or maintain such Advances during such Interest Period. 
 Section 2.08. Fees. 
 (a) The Borrower shall pay the Agent the accrued and unpaid Program Fees, Non-Use Fees, Increase Fees, Make-Whole Fees, Prepayment Fees,
Exit Fees and other fees in the amounts and on the dates set forth in the Fee Letter. 
 (b) The Borrower shall pay to the
Agent, upon the Agent’s demand, for the benefit of the Lender, all Liquidation Fees with respect to any repayment of an Advance. 
  

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 (c) (i) To the extent not already included in the computation of the CP Rate, the
Borrower shall pay on demand any and all commissions of placement agents and dealers in respect of commercial paper notes issued to fund the Advances. (ii) In addition, the Borrower shall also pay on demand any and all stamp, sales, excise and
other taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement, any other Related Document or any agreement or other document providing liquidity support, credit
enhancement or other similar support to the Lender in connection with this Agreement or the funding or maintenance of Advances hereunder. 
 Section 2.09. Prepayments. 
 (a) Subject to Section 2.16, the Borrower shall have the right to
prepay any Advance, in whole or in part, on any Interest Payment Date for such Advance upon at least three Business Days’ written notice to the Agent, which notice shall specify the proposed prepayment date and the amount of such prepayment,
provided that any partial prepayment of less than all the Advances shall be equal to an integral multiple of $500,000. Each notice of prepayment shall be irrevocable and binding on the Borrower. 
 (b) If, on any Business Day (i) the Facility Amount shall exceed the Borrowing Limit or (ii) a Program Deficiency exists, then,
the Borrower shall remit to the Agent, prior to any Borrowing and in any event no later than the close of business of the Agent on the next succeeding Business Day, a payment (to be applied by the Agent to repay Advances) in such amount as may be
necessary (A) to reduce the Facility Amount to an amount less than or equal to the Borrowing Limit and (B) to eliminate such Program Deficiency. 
 (c) If, as result of any payments required to be paid by the Borrower pursuant to Sections 2.08(c)(ii), 2.10 and 2.11 or by the Seller to the Agent or the Lender pursuant to Section 2.10(b) of the Sale and
Servicing Agreement, the effective interest rate on the Advances is increased by 0.50% per annum or more, and such increased rate continues to be in effect for period of 30 consecutive days, then the Borrower shall have the right to prepay all
Advances in full without any Prepayment Fee, and to declare the Termination Date hereunder, on the first Interest Payment Date following the expiration of such 30 day period. Any such prepayment and declaration shall be made upon at least five
Business Days’ written notice to the Agent, which notice shall specify the proposed Termination Date. 
 Section 2.10. Increased
Costs; Capital Adequacy; Eurodollar Disruption Event. 
 (a) If after the date hereof, the Lender, the Agent, any Funding
Source or any of their respective Affiliates (each an “Affected Party”) shall be charged any fee, expense or increased cost on account of the adoption of any applicable law, rule or regulation or any accounting principle (including,
without limitation, any applicable law, rule or regulation or accounting principle regarding or affecting capital adequacy) or any change therein, or any change in the interpretation or administration thereof by any 
  

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 Governmental Authority or accounting body charged with the interpretation or administration thereof, or
compliance with any request or directive (whether or not having the force of law) of any such Governmental Authority or accounting body (a “Regulatory Change”): (i) which subjects any Affected Party to any charge or withholding
on or with respect to any Funding Agreement or an Affected Party’s obligations under a Funding Agreement, or on or with respect to the Loans, or changes the basis of taxation of payments to any Affected Party of any amounts payable under any
Funding Agreement (except for changes in the rate of tax on the overall net income of an Affected Party) or (ii) which imposes, modifies or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement
against assets of, deposits with or for the account of a Affected Party, or credit extended by a Affected Party pursuant to a Funding Agreement or (iii) which imposes any other condition the result of which is to increase the cost to an
Affected Party of performing its obligations under a Funding Agreement, or to reduce the rate of return on an Affected Party’s capital as a consequence of its obligations under a Funding Agreement, or to reduce the amount of any sum received or
receivable by a Affected Party under a Funding Agreement or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the Agent by the submission of the certificate
described below, the Borrower shall pay to the Agent, for the benefit of the relevant Affected Party, such amounts as are necessary to compensate such Affected Party for such increased cost, reduction or payment. A certificate from the relevant
Affected Party setting forth in reasonable detail the amounts so required to compensate such Affected Party submitted to the Borrower shall be conclusive and binding for all purposes, absent manifest error. 
 (b) If the Lender shall notify the Agent that a Eurodollar Disruption Event as described in clause (a) of the definition of
“Eurodollar Disruption Event” has occurred, the Agent shall in turn so notify the Borrower, whereupon all Advances in respect of which Interest accrues at an Interest Rate determined by reference to LIBOR for the then current Interest
Period shall immediately be converted into Advances in respect of which Interest accrues by reference to the Base Rate for the remainder of such Interest Period. 
 Section 2.11. Taxes. 
 (a) Any and all payments and deposits required to be made
hereunder or under any other Related Document by any Brooke Party shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect
thereto, excluding net income taxes that are imposed by the United States and franchise taxes and net income taxes that are imposed on any Affected Party by the state or foreign jurisdiction under the laws of which such Affected Party is
organized or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If any Brooke Party or the Agent shall be
required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Affected Party, (i) the Borrower shall make an additional payment to such Affected Party, in an 
  

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 amount sufficient so that, after making all required deductions (including deductions applicable to
additional sums payable under this Section 2.11), such Affected Party receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Brooke Party or the Agent, as the case may be, shall make such
deductions and (iii) such Brooke Party or the Agent, as the case may be, shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. 
 (b) In addition, the Borrower agrees to pay any present or future stamp or other documentary taxes or any other excise or property taxes,
charges or similar levies which arise from any payment made hereunder or under any other Related Document or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any other Related Document (hereinafter
referred to as “Other Taxes”). 
 (c) The Borrower will indemnify each Affected Party for the full amount of
Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.11) paid by such Affected Party and any liability (including, without limitation, penalties,
interest and expenses) arising therefrom or with respect thereto whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty days from the date the Affected Party makes written demand
therefor (and a copy of such demand shall be delivered to the Agent). A certificate as to the amount of such indemnification submitted to the Borrower and the Agent by such Affected Party, setting forth, in reasonable detail, the basis for and the
calculation thereof, shall be conclusive and binding for all purposes absent manifest error. 
 (d) Each Funding Source who is
organized outside the United States shall, prior to the date hereof (or, in the case of any Person who becomes a Funding Source after the date hereof, prior to the date on which it so becomes a Funding Source), deliver to the Borrower and the Agent
such certificates, documents or other evidence, as required by the IRC or Treasury Regulations issued pursuant thereto, including Internal Revenue Service Form W-8BEN or Form W-8ECI and any other certificate or statement of exemption required by
Treasury Regulation Section 1.1441-1(a) or Section 1.1441-6(c) or any subsequent version thereof, properly completed and duly executed by such Funding Source establishing that such payment is (i) not subject to withholding under the
IRC because such payment is effectively connected with the conduct by such Funding Source of a trade or business in the United States or (ii) totally exempt from United States tax under a provision of an applicable tax treaty. Each such Funding
Source that changes its funding office shall promptly notify the Borrower and the Agent of such change and, upon written request from the Borrower or the Agent, shall deliver any new certificates, documents or other evidence required pursuant to the
preceding sentence prior to the immediately following due date of any payment by the Borrower hereunder. Unless the Borrower and the Agent have received forms or other documents satisfactory to them indicating that payments hereunder are not subject
to United States withholding tax, notwithstanding paragraph (a), the Borrower or the Agent shall withhold taxes from such payments at the applicable statutory rate in the case of payments to or for any Funding Source organized under the laws of a
jurisdiction outside the United States. 
  

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 (e) The Borrower shall not be required to pay any amounts to any Affected Party in
respect of Taxes and Other Taxes pursuant to paragraphs (a), (b) and (c) above if the obligation to pay such amounts would not have arisen but for a failure by such Affected Party to comply with the provisions of paragraph (d) above
unless such Affected Party is unable to comply with paragraph (d) because of (i) a change in applicable law, regulation or official interpretation thereof or (ii) an amendment, modification or revocation of any applicable tax treaty
or a change in official position regarding the application or interpretation thereof, in each case after the date hereof (or, in the case of any Person who became an Affected Party after the date hereof, after the date on which it so became an
Affected Party). 
 Section 2.12. Collateral Assignment of the Related Documents. To secure the prompt and complete payment when
due of the Obligations and the performance by the Borrower of all of the covenants and obligations to be performed by it pursuant to this Agreement and each other Related Document, the Borrower hereby assigns to the Agent, for the benefit of the
Secured Parties (and their respective successors and assigns), all of the Borrower’s right and title to and interest in the Related Documents, including, without limitation, (i) all rights of the Borrower to receive moneys due or to become
due under or pursuant to the Related Documents, (ii) all security interests and property subject thereto from time to time purporting to secure payment of monies due or to become due under or pursuant to the Related Documents, (iii) all
rights of the Borrower to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Related Documents, (iv) all claims of the Borrower for damages arising out of or for breach of or default under the Related
Documents, and (v) the right to compel performance and otherwise exercise all remedies and enforce all rights of the Borrower under the Related Documents. 
 Section 2.13. Grant of a Security Interest. To secure the prompt and complete payment when due of the Obligations and the performance by the Borrower of all of the covenants and obligations to be performed
by it pursuant to this Agreement and each other Related Document, the Borrower hereby grants to the Agent, on behalf of the Secured Parties (and their respective successors and assigns), a security interest in all of the Borrower’s right, title
and interest in and to all of the following property and interests in property (collectively, the “Collateral”), in each case whether tangible or intangible and whether now owned or existing or hereafter arising or acquired and
wheresoever located: 
 (a) all Loans, together with all Other Conveyed Property, Records and other property and interests in
property related thereto or pledged as collateral therefor, including, without limitation, all Collections and other moneys due and to become due under or in connection with any of the foregoing (whether in respect of principal, interest, fees,
expenses, indemnities or otherwise); 
 (b) all right, title and interest of the Borrower in, to and under all Loan Documents
and Related Documents, including, without limitation, and all other moneys due and to become due under or in connection with any of the foregoing (whether in respect of principal, interest, fees, expenses, indemnities, or otherwise); 
  

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 (c) all right, title and interest of the Borrower in, to and under the Collection
Account, each Trust Account and all other bank and similar accounts and lock-boxes relating to the collection of Loans and other Collateral and all funds held therein or in such other accounts, and all investments made with funds in the Collection
Account, the Trust Accounts and such other accounts and lock-boxes (subject, in the case of the Trust Accounts, to the Trust Account Intercreditor Agreements); 
 (d) all equipment, inventory, accounts, general intangibles, payment intangibles, instruments, investment property, documents, chattel
paper, goods, moneys, letters of credit, letter of credit rights, certificates of deposit, deposit accounts and all other property and interests in property of the Borrower, whether tangible or intangible and whether now owned or existing or
hereafter arising or acquired and wheresoever located; and 
 (e) all proceeds of the foregoing property described in clauses
(a) through (d) above, including, without limitation, proceeds which constitute property of the type described in clauses (a) through (d) above and, to the extent not otherwise included, all (i) payments under any insurance
policy (whether or not the Agent or the Lender is the loss payee thereof), indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with respect to any of the foregoing and (ii) interest, dividends, cash, instruments
and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for or on account of the sale or other disposition of any or all of the then existing Collateral. 
  

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 Section 2.14. Releases of Collateral. The Borrower may, upon not less than ten
(10) Business Days’ prior written notice to the Agent, request the Agent to release its security interest in one or more Loans to the extent such release is necessary in connection with (i) any repurchase of such Loans pursuant to and
in accordance with the Sale and Servicing Agreement, (ii) any sale of such Loans at fair market value on a “whole-loan” basis to a party that is not an Affiliate of any Brooke Party or (iii) any sale of such Loans to a
bankruptcy-remote subsidiary of the Seller or the Parent pursuant to a Term Securitization; provided any such sale or repurchase shall be made pursuant to documentation reasonably satisfactory to the Agent, which documentation (x) shall
specify that such sale or repurchase is being made without recourse to the Borrower and without representation or warranty of any kind on the part of the Borrower, other than a representation and warranty that such sale or repurchase is being made
free and clear of any Adverse Claim created by the Borrower and (y) shall not impose any liabilities or obligations on the Borrower other than customary obligations necessary to effectuate the transfer of title of the relevant Loans, which
obligations the Borrower is then capable of performing. Any sale or repurchase satisfying the requirements specified in the preceding sentence is hereinafter referred to as a “Permitted Sale Transaction”. The release of the
Agent’s security interest in any such Loan in connection with a Permitted Sale Transaction shall be subject to the satisfaction of the following conditions precedent: 
 (i) all proceeds arising from such Permitted Sale Transaction have been (or will be contemporaneously with such release) deposited into
the Collection Account, 
 (ii) after giving effect to such release and the deposit of the proceeds referred to in clause (i),
(A) no Event of Default, Potential Event of Default or Termination Event shall have occurred and be continuing, and (B) no Program Deficiency would exist; 
 (iii) if a Hedge Trigger Event has occurred, the Borrower shall have terminated one or more Hedge Transactions (in whole or in part), such
that after giving effect to such termination and all prepayments of the Advances to be made on or prior to the next Payment Date, the aggregate notional amount of the Hedge Transactions is equal to the Hedge Notional Amount Requirement, and all
Hedge Breakage Costs associated with such termination have been (or will be, on or prior to the date when such Hedge Breakage Costs are due) paid in full; 
 (iv) all Exit Fees payable in connection with such release have been (or will be, by the next Payment Date) paid in full; 
 (v) on or prior to such release, the Borrower shall have deposited into the Collection Account sufficient cash in order to comply with the conditions above; and 
 (vi) the Agent shall have received all instruments, documents, opinions and other information as the Agent may reasonably request in order
to confirm (A) the satisfaction of the foregoing conditions and (B) that such release is being effected pursuant to a Permitted Sale Transaction. 
  

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 Upon the written request of the Borrower following the satisfaction of the conditions precedent specified
above, and at the cost and expense of Borrower, the Agent shall deliver and, if necessary, execute such instruments and documents as the Borrower may reasonably request for purposes of effectuating any release permitted pursuant to this
Section 2.14. 
 Section 2.15. Evidence of Debt. The Lender shall maintain an account or accounts evidencing the
indebtedness of the Borrower to the Lender resulting from each Advance owing to the Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. The entries made in such
account(s) of the Lender shall be conclusive and binding for all purposes, absent manifest error. The Advances shall also be evidenced by a promissory note in the form attached hereto as Exhibit H (the “Note”) having a stated
principal amount equal to the Borrowing Limit. 
 Section 2.16. Minimum Utilization. The Borrower shall cause the average daily
outstanding principal balance of the Advances hereunder for each Utilization Period to equal or exceed $25,000,000 (the “Minimum Utilization Requirement”). If the Minimum Utilization Requirement is not satisfied for any Utilization
Period (whether by reason of the failure of the conditions to Advances hereunder to be satisfied or for any other reason whatsoever), then the Borrower shall pay to the Agent the Make-Whole Fee in accordance with the terms of the Fee Letter.

 ARTICLE III 
 CONDITIONS OF LOANS 
 Section 3.01. Conditions Precedent to Effective Date. The effectiveness of this Agreement
is subject to the condition precedent that the Agent shall have received each of the following (the date on which such condition precedent is satisfied being the “Effective Date”): 
 (a) the instruments, documents, agreements and opinions listed in Schedule IV, each (unless otherwise indicated) dated such date, in form
and substance satisfactory to the Agent and the Lender; 
 (b) if so requested by the Lender, confirmation from each of
Moody’s and Fitch that the execution and delivery of this Agreement will not result in the reduction or withdrawal of the then current ratings of the Lender’s commercial paper notes; 
 (c) payment of all fees required to be paid on or before the Closing Date pursuant to the Fee Letter; and 
 (d) such other approvals, opinions or documents as the Agent may reasonably request. 
  

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 Section 3.02. Conditions Precedent to All Borrowings. Each Borrowing (including the initial
Borrowing) shall be subject to the further conditions precedent that: 
 (a) no later than the Business Day prior to the date
of such Borrowing, the Brooke Parties shall have delivered to the Agent, in form and substance reasonably satisfactory to the Agent, a completed Borrowing Base Certificate containing information accurate as of a date no more than two
(2) Business Days prior to the date of such Borrowing and confirming that no Program Deficiency would exist after giving effect to such Borrowing; 
 (b) if a Hedge Trigger Event has occurred, any Hedge Transaction required to be entered into pursuant to Section 2.06 with respect to the Borrowing has been entered into by the Borrower and an Eligible Hedge
Counterparty; 
 (c) on the date of such Borrowing, the following statements shall be true and correct as of the date of such
Borrowing (and each Brooke Party shall be deemed to have represented and warranted that the following statements are true and correct as of the date of such Borrowing): 
 (i) the representations contained in Section 4.01 and the representations of the other Brooke Parties contained in the other Related
Documents are true and correct on and as of such date as though made on and as of such date; 
 (ii) no event has occurred and
is continuing, or would result from such Borrowing, which constitutes an Event of Default, a Potential Event of Default or a Termination Event; 
 (iii) on and as of such day, after giving effect to such Borrowing, (A) the Facility Amount would not exceed the Borrowing Limit, and (B) no Program Deficiency would exist; 
 (iv) the Termination Date has not occurred; and 
 (v) no law or regulation shall prohibit, and no order, judgment or decree of any federal, state or local court or governmental body,
agency or instrumentality shall prohibit or enjoin, the making of such Advances by the Lender in accordance with the provisions hereof; 
 (vi) no Insurance Company Trigger shall have occurred and be continuing; and 
 (d) the Agent
shall have received such other approvals, opinions, documents or information as the Agent may reasonably request in order to confirm (A) the satisfaction of the conditions set forth above and (B) that each Loan to be purchased by the
Borrower with the proceeds of such Borrowing is an Eligible Loan. 
  

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 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.01. Representations and Warranties. Each of
the Borrower, BCC and the Parent (in each case solely as to itself) hereby represents and warrants to the Lender and the Agent as follows as of the Closing Date and each Borrowing Date: 
 (a) Organization and Good Standing. Such Brooke Party has been duly organized and is validly existing as a corporation (or,
in the case of the Borrower, a limited liability company) in good standing under the laws of the State of Kansas (or, in the case of the Borrower, the State of Delaware), and is not organized under the laws of any other jurisdiction or Governmental
Authority. Such Brooke Party has the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted. Each of the Seller and the Borrower had at all relevant
times, and now has, the power, authority and legal right to acquire, own and sell, and to grant security interests in, the Loans and Other Conveyed Property as contemplated by the Related Documents. 
 (b) Due Qualification. Each Brooke Party is duly qualified to do business as a foreign corporation in good standing, has
filed on a timely basis all required tax returns, and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would have a Material Adverse Effect. 
 (c) Power and Authority. Such Brooke Party has the power and authority to execute and deliver this Agreement and the other
Related Documents to which it is named as a party and to carry out its terms and their terms, respectively; and the execution, delivery and performance of this Agreement and the other Related Documents to which it is named as a party have been duly
authorized by such Brooke Party by all necessary corporate or limited liability company action and this Agreement and each other Related Document to which it is named as a party have been duly executed and delivered by such Brooke Party. 

(d) Valid and Binding Obligations. This Agreement and each other Related Document to which such Brooke Party is named as
a party, when duly executed and delivered by the other parties thereto, shall constitute the legal, valid and binding obligations of such Brooke Party enforceable in accordance with their respective terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered
in a proceeding in equity or at law. 
 (e) No Violation. The consummation of the transactions contemplated by
this Agreement and the other Related Documents and the fulfillment of the terms of this Agreement and the other Related Documents shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without
notice, lapse of time 
  

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 or both) a default under the organizational documents of such Brooke Party, or any material indenture,
agreement, mortgage, deed of trust or other instrument to which such Brooke Party is a party or by which it or its properties are bound, or result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of
any such indenture, agreement, mortgage, deed of trust or other instrument (other than this Agreement, the Sale and Servicing Agreement and the Master Agent Security Agreement), or violate in any material respect any law, order, rule or regulation
applicable to such Brooke Party of any court or of any federal or state regulatory body, administrative agency or other Governmental Authority having jurisdiction over such Brooke Party or any of its properties. Such Brooke Party is not in default
with respect to any order of any court, arbitrator or Governmental Authority. 
 (f) No Proceedings. There are
no proceedings or investigations pending or, to the best of such Brooke Party’s knowledge, threatened against it before any court, regulatory body, administrative agency or other tribunal or Governmental Authority having jurisdiction over such
Brooke Party or its properties (A) asserting the invalidity of this Agreement or any of the Related Documents, (B) seeking to prevent the making of any Advance or the consummation of any of the transactions contemplated by this Agreement
or any of the Related Documents, (C) seeking any judgment or other legal or equitable relief from the Borrower or the Master Agent, (D) seeking any other determination or ruling that would be reasonably likely to have a Material Adverse
Effect, or (E) seeking to materially and adversely affect the federal income tax or other federal, state or local tax attributes of the Advances. 
 (g) No Consents. No consent, approval, license, authorization or order of or declaration or registration or filing with any Governmental Authority is required to be made by such Brooke Party in
connection with the execution, delivery or performance of this Agreement or any other Related Document or the consummation of the transactions contemplated hereby or thereby, except such as have been duly made, effected or obtained. 
 (h) Chief Executive Office; Tax ID; Jurisdiction of Organization. The chief executive office of such Brooke Party is located
at 10950 Grandview Dr., Overland Park, Kansas 66210. During the past five years, such Brooke Party has not had its chief executive office located in a state other than the State of Kansas. The Federal Employer Identification Number for each Brooke
Party is correctly set forth on Schedule II. The Borrower’s sole jurisdiction of organization is the State of Delaware, and the Seller’s sole jurisdiction of organization is the State of Kansas. 
 (i) Legal Name. The legal name of such Brooke Party is as set forth in Schedule II of this Agreement. Except as set forth in
Schedule II of this Agreement, such Brooke Party has not changed its name during the preceding six years and does not have any trade names, fictitious names, assumed names or “doing business” names. 
 (j) Solvency. Such Brooke Party is solvent and will not become insolvent after giving effect to the transactions
contemplated by the Related Documents. Such 
  

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 Brooke Party is paying its debts as they become due and after giving effect to the transactions
contemplated by the Related Documents will have adequate capital to conduct its business. 
 (k) Pension Plans.
The Borrower does not have any pension or profit sharing plans. To the extent any other Brooke Party has any pension or profit sharing plans, such plans have been fully funded in accordance with all applicable laws, rules and regulations and the
terms of such plans. 
 (l) Nonconsolidation. The statements contained under (i) “Section I –
Facts and Assumptions” in the opinion of Polsinelli Shalton Welte Suelthaus P.C. regarding substantive consolidation matters delivered to the Agent and others on the Closing Date and (ii) “Section I – Facts and Assumptions”
in the opinion of Polsinelli Shalton Welte Suelthaus P.C. regarding true sale matters delivered to the Agent and others on the Closing Date are, in each case, true and correct with respect to itself, and such Brooke Party will comply with any
covenants or obligations assumed to be complied with by it in such opinion as if such covenants and obligations were set forth herein. 
 (m) Notes to Financial Statements. All audited financial statements of the Parent or the Seller (or any Affiliate thereof) that are consolidated to include the Borrower will contain notes clearly stating
that (A) all of the Loans are owned by the Borrower and (B) the Borrower is a separate legal entity. 
 (n)
Ownership of the Seller and the Borrower. The Parent is the legal and beneficial owner of at least a majority of the capital stock of the Seller (such that the Seller is under the “control” of the Parent as such term is
defined in the definition of “Affiliate”) and 100% of the membership interests of the Master Agent; and all of such capital stock and membership interests have been fully paid and are owned by the Parent free and clear of all warrants,
options, rights to purchase and other Adverse Claims. The Parent will not transfer any stock or membership interests of or other interest in the Seller or the Master Agent in a manner that would cause the representation set forth in the immediately
preceding sentence to cease to be true without the prior written consent of the Agent. The Seller is the legal and beneficial owner of 100% of the membership interests of the Borrower; and all of such membership interests have been fully paid and
are owned by the Seller free and clear of all warrants, options, rights to purchase and other Adverse Claims. The Seller will not transfer any membership or other interest in the Borrower without the prior written consent of the Agent. 

(o) Accuracy of Information. All information heretofore furnished by any Brooke Party to the Agent or the Lender for
purposes of or in connection with this Agreement, any of the other Related Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by such Brooke Party to the Agent or the Lender will be, true and
accurate in all material respects, on the date as of which such information is stated or certified and does not and will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements
contained therein, taken as a whole and in context, not misleading. 
  

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 (p) Title to Loans Purchased From Seller. Each Loan has been purchased by
the Borrower from the Seller in accordance with the terms of the Sale and Servicing Agreement, and the Borrower has thereby irrevocably acquired all legal and equitable title to such Loan and the Other Conveyed Property free and clear of any Adverse
Claims other than Permitted Liens. Without limiting the foregoing, all actions (including, without limitation, the filing of all financing statements or other similar instruments or documents under the UCC of all applicable jurisdictions and the
giving of all notices that may be required under the laws of any applicable jurisdiction) required in order to perfect and protect the Borrower’s interest in the Loans and Other Conveyed Property with respect thereto as against any purchasers
from, or creditors of, the Seller have been duly taken. 
 (q) Perfection. This Agreement (together with the
financing statements filed on or prior to the Closing Date) is effective to create a valid and perfected first priority security interest in the Collateral now existing or hereafter arising. Without limiting the foregoing, all actions (including,
without limitation, the filing of all financing statements or other similar instruments or documents under the UCC of all applicable jurisdictions and the giving of all notices that may be required under the laws of any applicable jurisdiction)
required in order to perfect and protect the interests of the Agent and the Lender in the Collateral as against any purchasers from, or creditors of, any Brooke Party have been duly taken. The representations and warranties set forth in Part B of
Schedule I are true and correct. 
 (r) Trust Accounts. All Obligors have been instructed to pay all Collections
directly to a Trust Account or to the Collection Account. The names, addresses and account numbers of all Trust Accounts are as set forth on Schedule II. Neither the Master Agent nor any Brooke Party has granted any Person, other than the Master
Agent Trustee as contemplated by the Master Agent Security Agreement, the Trust Account Control Agreements and the Trust Account Intercreditor Agreement, dominion and control of any Trust Account, or the right to take dominion and control of any
Trust Account at a future time or upon the occurrence of a future event. Each bank at which a Receipts Trust Account is maintained has been instructed to sweep all available funds to the Consolidated Receipts Trust Account on a daily basis, and the
bank at which the Consolidated Receipts Trust Account is maintained has been instructed to sweep all available funds to the Master Receipts Trust Account on a daily basis. All Collections remitted to the Master Receipts Trust Account and the
Allstate Receipts Trust Account have been and will continue to be transferred to the Collection Account as and when required in accordance with the Master Agent Security Agreement. 
 (s) Credit and Collection Policies. With respect to each Loan, each Brooke Party has complied in all material respects with,
and has not made any material changes in, the Credit and Collection Policy except as permitted hereunder. 
  

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 (t) Payments to Seller. With respect to each Loan transferred to the
Borrower under the Sale and Servicing Agreement, the Borrower has given reasonably equivalent value to the Seller in consideration for such transfer of such Loan and the Other Conveyed Property with respect thereto and such transfer was not made for
or on account of an antecedent debt. No transfer by the Seller to the Borrower of any Loan is or may be voidable under any section of the Bankruptcy Code. 
 (u) Not an Investment Company. Such Brooke Party is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended from time to time, or any successor statute.

 (v) Taxes. Such Brooke Party has paid when due all taxes payable by it in connection with the Loans other
than those taxes which are being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained in accordance with GAAP. 
 (w) No Program Deficiency. No Program Deficiency exists. 
 (x) No Event of Default, Etc. No Event of Default, Potential Event of Default or Termination Event has occurred and is
continuing. 
 (y) Eligible Loans. Each Loan was an Eligible Loan (i) as of the date on which such Loan was
sold by the Seller to the Borrower and (ii) as of each other date on which such Loan was included in the calculation of Net Eligible Loan Balance in any Servicer’s Certificate or Borrowing Base Certificate. 
 (z) Financial Statements of Parent. The consolidated balance sheets of the Parent and its consolidated Subsidiaries as at
December 31, 2003, and the related statements of income and retained earnings of the Parent and its consolidated Subsidiaries for the fiscal year then ended, certified by Summers, Spencer & Callison, independent public accountants,
copies of which have been furnished to the Agent, fairly present in all material respects the consolidated financial condition of the Parent and its consolidated Subsidiaries as at such date and the consolidated results of the operations of the
Parent and its consolidated Subsidiaries for the period ended on such date, all in accordance with GAAP consistently applied, and since December 31, 2003 there has been no material adverse change in the financial condition, business or
operations of the Parent. 
 (aa) Use of Proceeds. No proceeds of any purchase hereunder will be used
(i) for a purpose which violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any security in any transaction which is subject
to Section 13 or 14 of the Securities Exchange Act of 1934, as amended. 
 (bb) Material Adverse Effect.
Since December 31, 2003 no event has occurred which would have a Material Adverse Effect. 
  

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 (cc) Representations in other Related Documents. All other representations
and warranties made by any Brooke Party in the Related Documents are true and correct as of such date as though made on and as of such date. 
 ARTICLE V 
 COVENANTS 
 Section 5.01. Affirmative Covenants. 
 Until the Final Payout Date, each of the Borrower, BCC and
the Parent agrees on behalf of itself that it will (and, in the case of the Parent, that it will cause the Master Agent to) perform and observe the covenants and agreements set forth in this Section 5.01. 
 (a) Reporting. Each Brooke Party will maintain, for itself and each of its Subsidiaries, a system of accounting established
and administered in accordance with GAAP, and will furnish to the Agent (at its own expense): 
 (i) Annual Financial
Reporting. Within 120 days after the close of each of its fiscal years, audited financial statements for such Brooke Party for such fiscal year prepared in accordance with GAAP and certified in a manner acceptable to the Agent by nationally
recognized independent public accountants acceptable to the Agent. 
 (ii) Quarterly Reporting. Within 45 days
after the close of each quarterly period of each of its fiscal years, balance sheets for such Brooke Party as at the close of each such period and statements of income and retained earnings and a statement of cash flows for such Brooke Party for the
period from the beginning of such fiscal year to the end of such quarter, all prepared in accordance with GAAP (subject to normal year-end adjustments and without footnotes) and certified by such Brooke Party’s president, executive vice
president, chief executive officer or chief financial officer. 
 (iii) Monthly Reporting. Within 30 days after
the close of each calendar month (other than the last calendar month of any fiscal quarter), balance sheets for such Brooke Party as at the close of each such month and statements of income and retained earnings and a statement of cash flows for
such Brooke Party for the period from the beginning of the fiscal quarter in which such month occurs to the end of such calendar month, all prepared in accordance with GAAP (subject to normal year-end adjustments and without footnotes) and certified
by such Brooke Party’s president, executive vice president, chief executive officer or chief financial officer; provided that for BCC and the Parent, the first such monthly financial statements shall be for the month of January 2005.

  

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 (iv) Compliance Certificate. Together with the financial statements
required hereunder, a compliance certificate in substantially the form of Exhibit I signed by such Brooke Party’s corporate comptroller president, executive vice president, chief executive officer or chief financial officer and dated the date
of such annual financial statement, quarterly financial statement or monthly financial statement, as the case may be. 
 (v)
S.E.C. Filings. Promptly upon the filing thereof, copies of all registration statements and annual, quarterly, monthly or other regular reports which any Brooke Party or any Affiliate of a Brooke Party files with the Securities and
Exchange Commission, if any. 
 (vi) Notices Under Related Documents. Forthwith upon its receipt of any notice,
request for consent, financial statements, certification, report or other communication under or in connection with any Related Document from any Person other than the Agent, copies of the same. 
 (vii) Change in Credit and Collection Policy. At least ten Business Days prior to the effectiveness of any material change
in or amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice indicating such change or amendment. 
 (viii) Other Information. Such other information (including Obligor names and addresses) as the Agent may from time to time
reasonably request. 
 All financial statements required to be delivered in respect of the Parent pursuant to this Section 5.01 must be
delivered on both a consolidated (with its consolidated subsidiaries) and a consolidating basis. All financial statements required to be delivered in respect of the other Brooke Parties pursuant to this Section 5.01 must be delivered on a
stand-alone basis. 
 (b) Notices. Each Brooke Party will notify the Agent in writing of any of the following
immediately upon learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 
 (i) Events of Default, Potential Events of Default and Termination Events. The occurrence of each Event of Default, each Potential Event of Default and each Termination Event, by a statement of the
corporate comptroller president, executive vice president, chief executive officer or chief financial officer of such Brooke Party. 
 (ii) Judgment. The entry of (A) any judgment or decree against the Borrower or the Master Agent or (B) any judgment or decree against any other Brooke Party or any of their respective Subsidiaries if the aggregate
amount of all judgments and decrees then outstanding against the Brooke Parties and their respective Subsidiaries exceeds $100,000 (net of any insurance proceeds actually received by the applicable Brooke Parties or their Subsidiaries with respect
to such judgment) or such judgment or decree would otherwise be reasonably likely to have a Material Adverse Effect. 
  

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 (iii) Litigation. The institution of any litigation, arbitration proceeding
or governmental proceeding (A) against the Borrower or the Master Agent or to which the Borrower or the Master Agent becomes a party or (B) against any other Brooke Party or any Subsidiary of a Brooke Party if such litigation, arbitration
proceeding or governmental proceeding, if adversely determined against such Brooke Party or such Subsidiary, would be reasonably likely to have a Material Adverse Effect. 
 (iv) Changes in Termination Payment Policies for Allstate Loans. Any material change in the policies or procedures of
Allstate Insurance Company with respect to termination payments payable upon the termination of Allstate Agency Agreements. 
 (v) Diversion of Sales Commissions for Allstate Loans. Any failure of the Obligor on any Allstate Loan to cause the related Sales Commissions to be remitted in accordance with Section 5.01(m) and the related Loan
Documents. 
 (c) Compliance With Laws. Each Brooke Party will comply in all material respects with all
applicable laws, rules, regulations, orders writs, judgments, injunctions, decrees or awards to which it may be subject. Each Brooke Party will pay when due any taxes payable by it when due other than those taxes which are being contested in good
faith and by proper proceedings and as to which appropriate reserves are being maintained in accordance with GAAP. 
 (d)
Audits. Each Brooke Party will furnish to the Agent from time to time such information with respect to it, the Loans and the Other Conveyed Property with respect thereto as the Agent may reasonably request. Each such Brooke Party
shall, from time to time during regular business hours as requested by the Agent, permit the Agent, or its agents or representatives at the Borrower’s expense, (i) to examine and make copies of and abstracts from all Records in the
possession or under the control of any Brooke Party relating to the Collateral, including, without limitation, the related Loan Documents and other Records, and (ii) to visit the offices and properties of any Brooke Party for the purpose of
examining such materials described in clause (i) above, and to discuss matters relating to any Brooke Party’s financial condition or the Loans and the Other Conveyed Property or any Brooke Party’s performance under the Related
Documents to which it is a party or under the Loan Documents with any of the officers or employees of such Brooke Party having knowledge of such matters; provided that, so long as no Event of Default has occurred and is continuing, the Agent
shall conduct no more than four audits during the first twelve months after the Closing Date and no more than two audits during any twelve-month period thereafter; and provided further that, so long as no Event of Default has occurred and is
continuing, the Borrower’s obligation to reimburse the Agent for expenses incurred in connection with the audits performed in any single calendar 
  

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 year, including expenses incurred in the review of the Servicer’s and the Backup Master Agent
Servicer’s books and records in connection therewith, shall not exceed $25,000. In addition, the Agent may, at the expense of the Borrower, (i) perform or direct the Seller or the Parent to perform background checks on any material
personnel hired by BCC or the Parent after the Closing Date and (ii) contact Obligors directly for the purpose of confirming information relating to the Loans. Each Brooke Party shall cooperate with the Agent in any such background check or
Obligor confirmation and shall furnish to the Agent all information that the Agent may reasonably request in connection therewith. 
 (e)
Keeping and Marking of Records and Books. 
 (i) Each Brooke Party will maintain and implement administrative
and operating procedures (including, without limitation, an ability to recreate Records relating to the Loans in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information
reasonably necessary or advisable in light of industry practice for the collection of all Loans (including, without limitation, records adequate to permit the immediate identification of each new Loan and all Collections of and adjustments to each
existing Loan). Each such Brooke Party will give the Agent notice of any material change in the administrative and operating procedures referred to in the previous sentence. 
 (ii) Each Brooke Party will (a) on or prior to the date hereof, mark its master data processing records relating to the Loans with a
legend, acceptable to the Agent, describing the security interest of the Agent and (b) upon the request of the Agent following the occurrence of any Event of Default, deliver to the Agent or its designee all Loan Documents in its possession or
under its control (including, without limitation, all multiple originals of any such Loan Documents). 
 (f) Compliance
With Loan Documents and Credit and Collection Policy. Each Brooke Party will timely and fully (i) perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Loan
Documents related to the Loans, and (ii) comply in all material respects with the Credit and Collection Policy in regard to each Loan, the Other Conveyed Property with respect thereto and the related Loan Documents. 
 (g) Purchase of Loans From the Seller. With respect to each Loan purchased under the Sale and Servicing Agreement, each
Brooke Party shall take (or cause to be taken) all actions necessary to vest legal and equitable title to such Loan and the Other Conveyed Property and Collections with respect thereto irrevocably in the Borrower, including, without limitation,
(i) the giving of all notices and the filing of all financing statements or other similar instruments or documents reasonably necessary under the UCC of all appropriate jurisdictions or any other law to perfect and protect the Borrower’s
interest in such Loan and Other Conveyed Property as against any purchasers from, or creditors of, any other Brooke Party and (ii) such other actions to perfect, protect or more fully evidence the interest of the Borrower in such Loan or Other
Conveyed Property as the Agent or any Secured Party may reasonably request. 
  

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 (h) Security Interest. Each Brooke Party shall take all necessary actions
to establish and maintain a valid and perfected first priority security interest in the Collateral, to the full extent contemplated herein, in favor of the Agent for the benefit of the Secured Parties, including, without limitation, (i) the
giving of all notices and the filing of all financing statements or other similar instruments or documents reasonably necessary under the UCC of all appropriate jurisdictions or any other law to perfect and protect the security interest of the Agent
in the Collateral as against any purchasers from, or creditors of, any Brooke Party and (ii) such other actions to perfect, protect or more fully evidence the respective interests of the Agent and the Secured Parties in the Collateral as the
Agent or the Lender may reasonably request. 
 (i) Payment to Seller. With respect to any Loan purchased by the
Borrower from the Seller, each Brooke Party shall cause such sale to be effected under, and in strict compliance with the terms of, the Sale and Servicing Agreement, including, without limitation, the terms relating to the amount and timing of
payments to be made to such Seller in respect of the purchase price for such Loan. 
 (j) Enforcement of Related
Documents. The Borrower will (i) maintain each such Related Document in full force and effect, and (ii) take any action required or permitted to be taken by it under any Related Document as reasonably directed by the Agent,
including, without limitation, (A) making claims to which it may be entitled under any indemnity reimbursement or similar provision contained in any Related Document, (B) enforcing its rights and remedies (and the rights and remedies of
the Agent and the Lender, as assignees of the Borrower) under any Related Document and (C) making demands or requests for information or reports or for action from the other party or parties to such Related Documents. 
 (k) Corporate Separateness. Each Brooke Party acknowledges that the Lender is entering into the transactions contemplated by
this Agreement in reliance upon the Borrower’s identity as a separate legal entity from the Parent Group Members. Therefore, from and after the date of execution and delivery of this Agreement, each Brooke Party shall take all reasonable steps
including, without limitation, all steps that the Agent or the Lender may from time to time reasonably request to maintain the Borrower’s identity as a separate legal entity and to make it manifest to third parties that the Borrower is an
entity with assets and liabilities distinct from those of the Parent Group Members. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, the Borrower shall: 
 (i) conduct its own business in its own name and require that all full-time employees of the Borrower (if any) identify themselves as such
and not as employees of any Parent Group Member (including, without limitation, by means of providing appropriate employees with business or identification cards identifying such employees as the Borrower’s employees); 
  

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 (ii) to the extent any employee, consultant or agent of the Borrower is also an employee,
consultant or agent of any Parent Group Member, allocate, on a reasonable basis the compensation of such employee, consultant or agent between the Borrower and such Parent Group Member; 
 (iii) clearly identify its offices (by signage or otherwise) as its offices and, if such office is located in the offices of any Parent
Group Member, the Borrower shall lease such office at a fair market rent; 
 (iv) conduct all transactions with any Parent
Group Member (including, without limitation, any delegation of its obligations hereunder as Servicer) strictly on an arm’s-length basis, allocate all overhead expenses (including, without limitation, telephone and other utility charges) for
items shared between the Borrower and such Parent Group Member on the basis of actual use to the extent practicable and, to the extent such allocation is not practicable, on a basis reasonably related to actual use; 
 (v) at all times have at least one director who is an Independent Director; and promptly reimburse any Parent Group Member in respect of
any losses or expenses which are claimed by such Independent Director in his or her capacity as Independent Director and which are paid by such Parent Group Member. 
 (vi) observe all limited liability company formalities as a distinct entity, and ensure that all limited liability company actions
relating to (A) the selection, maintenance or replacement of the Independent Director, (B) the dissolution or liquidation of the Borrower and (C) the initiation or participation in, acquiescence in or consent to any bankruptcy,
insolvency, reorganization or similar proceeding involving the Borrower, are duly authorized by unanimous vote of its Board of Directors (including the Independent Director); 
 (vii) maintain the Borrower’s books and records separate from those of each Parent Group Member and otherwise readily identifiable as
its own assets rather than assets of any Parent Group Member; 
 (viii) prepare its financial statements separately from those
of the Parent Group Members and insure that any consolidated financial statements of any Parent Group Member that include Borrower have detailed notes clearly stating that the Borrower is the owner of the Loans, is a separate legal entity and that
its assets will be available first and foremost to satisfy the claims of the creditors of the Borrower; 
 (ix) except as
herein specifically otherwise provided, not commingle funds or other assets of the Borrower with those of any Parent Group Member and not maintain bank accounts or other depository accounts to which any Parent Group Member is an account party, into
which any Parent Group Member makes deposits or from which any Parent Group Member has the power to make withdrawals; 
  

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 (x) not permit any Parent Group Member to pay any of the Borrower’s operating
expenses (except pursuant to allocation arrangements that comply with the requirements of this Section 5.01(k)); 
 (xi)
not hold itself out as responsible for the debts of any Parent Group Member; 
 (xii) not permit any Parent Group Member to
hold itself out as responsible for the debts of the Borrower; and 
 (xiii) take such other actions as are necessary on its
part to ensure that the facts and assumptions set forth in the opinion issued by Polsinelli Shalton Welte Suelthaus P.C., as counsel for the Brooke Parties, in connection with the closing under this Agreement and relating to substantive
consolidation issues, and in the certificates accompanying such opinion, remain true and correct at all times. 
 Each Brooke Party other than
the Borrower shall take all actions necessary on its part in order to ensure (x) compliance with the covenants of the Borrower set forth in this Section 5.01(m) and (y) that the facts and assumptions set forth in the opinion issued by
Polsinelli Shalton Welte Suelthaus P.C., as counsel for the Brooke Parties, in connection with the closing under this Agreement and relating to substantive consolidation issues, and in the certificates accompanying such opinion, remain true and
correct at all times. 
 (l) True Sale. Each Brooke Party shall take all such actions as are necessary on its
part to ensure that the facts and assumptions set forth in the opinion of Polsinelli Shalton Welte Suelthaus P.C., counsel for the Brooke Parties, in connection with the closing under this Agreement and relating to true sale issues under the Sale
and Servicing Agreement, and in the certificates accompanying such opinion, remain true and correct at all times. 
 (m)
Collections. Each Brooke Party shall, to the extent such Brooke Party has the right or obligation to do so pursuant to the Related Documents (i) instruct all Obligors and all applicable insurance companies to make all payments in
respect of the Loans (including any Sales Commissions or other collateral securing any such Loan) (A) directly to the Master Receipts Trust Account or the Collection Account (if possible) or (B) if direct remittance to the Master Receipts
Trust Account or the Collection Account is not possible, to a Receipts Trust Account, (ii) cause all Collections remitted to each Receipts Trust Account to be deposited to the Consolidated Receipts Trust Account within one Business Day of
receipt, (iii) cause all Collections remitted to the Consolidated Receipts Trust Account to be remitted to the Master Receipts Trust Account within two Business Days of receipt, (iv) cause all Collections remitted to the Master Receipts
Trust Account and the Allstate Receipts Trust Account to be remitted to the 
  

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 Collection Account as and when required pursuant to, and in accordance with, the Master Agent Security
Agreement, (v) cause each Receipts Trust Account to be maintained solely in the name of the Master Agent and (vi) cause the Master Receipts Trust Account, the Allstate Receipts Trust Account and the Consolidated Receipts Trust Account to
be subject at all times to a Trust Account Control Agreement; provided that, (i) with respect to each Allstate Loan, each Brooke Party shall instruct (or cause the applicable Obligor to instruct) Allstate Insurance Company and all other
applicable insurance companies (as applicable) to make all payments in respect of the collateral securing the applicable Loan (including any Sales Commissions) directly to (x) the Allstate Receipts Trust Account in the amount of the related
monthly loan payment or (y) a deposit account of the related Allstate Agent that is subject to a duly executed depository account agreement in substantially the form attached as Exhibit E-9 and a duly executed authorization for pre-authorized
collection in substantially the form attached as Exhibit E-10 and cause all payments in respect of such Allstate Loan (including payments made by withdrawing funds from the deposit account referred to above) to be made directly to the Collection
Account; and (ii) with respect to each Funeral Home Loan, each Brooke Party shall cause the applicable Obligor to duly execute an authorization for preauthorized collection in substantially the form attached as Exhibit E-17 and cause all
payments in respect of such Funeral Home Loan to be made directly to the Collection Account. If any Collections are received by any Brooke Party or any of their respective Affiliates, the Subservicer shall cause such Collections to be remitted
directly to the Collection Account not later than two Business Days immediately following the date of such Brooke Party’s or such Affiliate’s receipt of same, and, at all times prior to such remittance, such Brooke Party or such Affiliate
shall hold such Collections in trust, for the exclusive benefit of the Agent on behalf of the Secured Parties. The Subservicer agrees that it will use its best efforts (and will cause each of its Affiliates to use their best efforts) not to permit
any check or other funds to be deposited into any Trust Account or the Collection Account other than (i) Collections on the Collateral, (ii) collections on other loans remitted to a Trust Account, but only to the extent such collections
are subject to the Trust Account Intercreditor Agreement and (iii) “Other Receipts” remitted to a Receipts Trust Account (as such term is defined in the related Receipts Trust Agreement). To the extent any such “Other
Receipts” or other funds that are not Collections are deposited into any Trust Account, the Subservicer shall promptly (and in any event within two Business Days) identify such funds and cause such funds to be segregated from the Collections on
the Collateral in accordance with the Master Agent Security Agreement and the other Related Documents. To the extent any funds other than Collections are deposited into the Collection Account, the Subservicer shall promptly (and in any event within
two Business Days) identify such funds and notify the Agent of the same and direct the Agent to remit such funds the Person entitled thereto. The Agent may at any time following the occurrence of an Event of Default (other than an Event of Default
that has been waived in writing by the Agent) request each Brooke Party to, and each Brooke Party thereupon promptly shall, direct all Obligors to remit all payments with respect to Loans and Other Conveyed Property with respect thereto to a new
depository account or lock-box specified by the Agent (which new account shall, if so directed by the Agent, be established in the Agent’s own name). 
  

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 (n) Fidelity and E&O Insurance. Each of the Seller and the Parent shall
maintain at all times (i) an employee dishonesty policy providing an indemnity for losses caused by the fraudulent or dishonest acts of the Seller’s or the Parent’s officers and employees in an amount no less than $1,000,000 and
(ii) “errors and omissions” insurance in form and scope reasonably satisfactory to the Agent in an amount no less than $1,000,000. Each such insurance policy shall name the Agent as loss payee and additional insured, and shall provide
that the insurance company or bond issuer, as applicable, will give the Agent at least thirty (30) days’ written notice before such policy shall be altered adversely to the interests of the Secured Parties or canceled or not renewed. Each
of the Seller and the Master Agent Servicer shall provide to the Agent, not less than annually, evidence reasonably satisfactory to the Agent demonstrating that each insurance policy required to be maintained by it hereunder has been so maintained
and all premiums required to be paid with respect thereto have been so paid. 
 (o) Minimum Shadow Rating. The
Borrower, BCC and the Master Agent Servicer shall, in consultation with the Agent, make a good faith effort to obtain a long-term shadow rating for the Advances from Moody’s (or, to the extent the Agent determines that such a shadow rating is
not available from Moody’s, from Fitch) of not less than the Minimum Shadow Rating within one year of the Closing Date. In connection therewith, each such Brooke Party shall from time to time, upon the Agent’s request, (A) execute,
acknowledge and deliver, or cause to be executed, acknowledged or delivered, such amendments or supplements to this Agreement and the other Related Documents as may be necessary to implement any reduction in the Maximum Advance Rate required in
order to obtain the Minimum Shadow Rating; provided that in no event with the Maximum Advance Rate be reduced below 75% and (B) take such further action, in each case, as may be reasonably necessary (as determined by the Agent in
consultation with such Brooke Parties), to obtain the Minimum Shadow Rating. In furtherance of the foregoing and thereafter from time to time as may be necessary, each of the Borrower, BCC and the Master Agent Servicer shall (A) cooperate with
each applicable rating agency in connection with any review of the Related Documents which may be undertaken by such rating agency and (B) provide each rating agency with such information or access to such information as they may reasonably
request in connection with any future review of the Minimum Shadow Rating. In the event the Borrower, BCC and the Master Agent Servicer, in consultation with the Agent, are unable to obtain the Minimum Shadow Rating from either Moody’s or Fitch
within one year of the Closing Date, such Brooke Parties will make a good faith effort to obtain the Minimum Shadow Rating from Standard & Poor’s. Notwithstanding the foregoing, it is understood and agreed that, so long as the
Borrower, BCC and the Master Agent Servicer make a good faith effort to obtain a Minimum Shadow Rating in accordance with the provisions of this paragraph, the failure to obtain such Minimum Shadow Rating will not constitute an Event of Default
hereunder. The cost of obtaining a Minimum Shadow Rating shall be borne solely by the Seller. 
 (p) Covenants under
Other Related Documents. Each Brooke Party will timely and fully perform, observe and comply with all of the provisions, covenants and other terms required to be performed or observed by it under each Related Document to which it is a party
in accordance with its terms. 
  

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 Section 5.02. Negative Covenants. 
 Until the Final Payout Date, each of the Borrower, BCC and the Parent agrees on behalf of itself that it will (and, in the case of the Parent, that it
will cause the Master Agent to) perform and observe the covenants and agreements set forth in this Section 5.02. 
 (a)
Name Change, Offices, Records and Books of Accounts; Jurisdiction of Organization. No Brooke Party will change its name, identity or corporate structure or relocate its chief executive office or jurisdiction of organization or any
office where Records are kept unless it shall have: (i) given the Agent at least 30 days prior notice thereof and (ii) delivered to the Agent all financing statements, instruments and other documents requested by the Agent in connection
with such change or relocation. Neither the Borrower nor the Master Agent will change its jurisdiction of organization to a jurisdiction other than the State of Delaware. Neither the Seller nor the Parent will change its jurisdiction of organization
to a jurisdiction outside of the United States. 
 (b) Change in Payment Instructions to Obligors. No Brooke
Party will add or terminate any Trust Account relating to the Loans from those listed in Schedule II, or make any change in its instructions to Obligors or insurance companies regarding payments to be made to any Brooke Party or payments to be made
to any Trust Account, unless (i) the Agent shall have received written notice of such addition, termination or change together with an amended Schedule II and (ii) with respect to any change relating to the Consolidated Receipts Trust
Account or the Master Receipts Trust Account, such change shall have been approved in writing by the Agent. 
 (c)
Modifications to Loan Documents and Credit and Collection Policy. No Brooke Party will make any change to the Credit and Collection Policy which would be reasonably likely to adversely affect the collectibility of any Loan in any
material respect or decrease the credit quality of any newly created Loans in any material respect. No Brooke Party will make any material change to the Credit and Collection Policy without the prior consent of the Agent, which consent shall not be
unreasonably withheld. Except as expressly permitted under the Sale and Servicing Agreement, no Brooke Party will extend, amend or otherwise modify the terms of any Loan or any Loan Document related thereto. 
 (d) Merger. (i) Except for acquisitions under the Sale and Servicing Agreement and Permitted Sale Transactions, the
Borrower shall not merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions, and except as otherwise contemplated herein) all or any material part of its assets
(whether now owned or hereafter acquired) to, or acquire all or any material part of the assets of, any Person. (ii) The Master Agent shall not merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in
one transaction or in a series of transactions, and except as otherwise contemplated 
  

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 herein) all or any material part of its assets (whether now owned or hereafter acquired) to, or acquire
all or any material part of the assets of, any Person. (iii) Neither the Seller nor the Parent shall merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of
transactions, and except as otherwise contemplated in the Sale and Servicing Agreement) all or any material part of its assets (whether now owned or hereafter acquired) outside of the ordinary course of business to any Person, or acquire all or any
material part of the assets of any Person, or permit of any its Subsidiaries to do any of the foregoing, except that (i) any Subsidiary of the Parent (other than the Borrower and the Master Agent) may merge or consolidate with or transfer
assets to or acquire assets from any other Subsidiary of the Parent (other than the Borrower and the Master Agent) and (ii) the Parent or any of its Subsidiaries (other than the Borrower and the Master Agent) may merge with or acquire all or
any part of the assets of any other Person, provided in each case of clauses (i) and (ii) that (x) immediately after giving effect to such proposed transaction, no Event of Default or Potential Event of Default would exist,
(y) in the case of any such merger to which the Parent or the Seller is a party, the Parent or the Seller, as the case may be, is the surviving corporation and (z) no Loan acquired by the Seller or any of its Subsidiaries in connection
with any such transaction shall be considered an Eligible Loan hereunder without the Agent’s prior written consent. 
 (e) Sales, Liens, Etc. The Borrower shall not sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including,
without limitation, the filing of any financing statement) or with respect to, any Collateral or any other asset of the Borrower or assign any right to receive income in respect thereof (in each case other than Permitted Liens), and the Borrower
shall defend the right, title and interest of the Agent and the Secured Parties in, to and under any of the foregoing property, against all claims of third parties claiming through or under the Borrower. 
 (f) Amendments to the Related Documents. The Borrower shall not, without the prior written consent of the Agent,
(i) cancel or terminate any Related Document, (ii) give any consent, waiver, directive or approval under any Related Document, (iii) waive any default, action, omission or breach under any Related Document, or otherwise grant any
indulgence thereunder, or (iv) amend, supplement or otherwise modify any of the terms of any Related Document. 
 (g)
Nature of Business; Other Agreements. Neither the Borrower nor the Master Agent shall engage in any business or activity of any kind or enter into any transaction or indenture, mortgage, instrument, agreement, contract, lease or other
undertaking other than (i) the transactions contemplated and authorized by this Agreement and the other Related Documents and (ii) in the case of the Master Agent, Term Securitizations that impose substantially the same obligations on the
Master Agent as were imposed in the Term Securitizations effected prior to the Closing Date. 
  

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 (h) Indebtedness. Neither the Borrower nor the Master Agent shall create,
incur, guarantee, assume or suffer to exist any Indebtedness or other liabilities, whether direct or contingent, other than (i) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the
ordinary course of business, (ii) the incurrence of obligations under this Agreement and the Sale and Servicing Agreement and, in the case of the Master Agent, under Term Securitizations satisfying the requirements set forth in
Section 5.02(g) above, and (iii) the incurrence of operating expenses in the ordinary course of business of the type otherwise contemplated in Section 5.01(k) of this Agreement. 
 (i) Amendments to Organizational Documents. Neither the Borrower nor the Master Agent shall amend its certificate of
formation or limited liability company agreement in any material respect without the prior written consent of the Agent, provided that (x) the Borrower or the Master Agent will provide not less than five (5) Business Days’ prior
written notice to the Agent of any such amendment and (y) no such amendment that requires the consent of the “Independent Director” of the Borrower or the Master Agent (as such term is defined in the limited liability company
agreement of the Borrower or the Master Agent, as the case may be, as in effect on the Closing Date) shall be made without the prior written consent of the Agent. 
 (j) Distributions and Investments. The Borrower will not make any loans or advances to or other investments in any other
Person, or declare or pay any dividends or other distributions in respect of its membership interests, except that the Borrower may declare and pay dividends to the Seller if both before and after such declaration, payment or repayment, no Event of
Default, Potential Event of Default or Termination Event is continuing or would result therefrom. 
 (k)
Subsidiaries. Neither the Borrower nor the Master Agent shall establish, create or permit to exist any subsidiary. 
 Section 5.03. Financial Covenants. Until the Final Payout Date: 
 (a) The Parent agrees that it will
maintain, at all times, a minimum stockholders equity (determined in accordance with GAAP) of not less than the sum of (i) $5,800,000, plus (ii) 75% of the cumulative positive Consolidated Net Income of the Parent for all fiscal quarters
ending on or after the Closing Date (after adjustment for distributions to the Parent’s shareholders, and excluding any such fiscal quarter for which Consolidated Net Income was negative), plus (iii) 75% of all equity and subordinated debt
issued or incurred by the Parent or any of its subsidiaries since the Closing Date. 
 (b) The Seller agrees that it will
maintain, at all times, a minimum stockholders equity (determined in accordance with GAAP) of not less than the sum of (i) $6,000,000, plus (ii) 75% of the cumulative positive Consolidated Net Income of the Seller for all fiscal quarters
ending on or after the Closing Date (after adjustment for distributions to the Parent as the Seller’s sole shareholder, and excluding any such fiscal quarter for which Consolidated Net Income was negative), plus (iii) 75% of all equity and
subordinated debt issued or incurred by the Seller or any of its subsidiaries since the Closing Date. 
  

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 (c) Each of the Seller and the Parent agrees that it will maintain, as at the end of each
fiscal quarter, a positive Consolidated Net Income for the four fiscal quarter period then ending. 
 (d) For purposes of
Sections 5.03(a) and (b), distributions to shareholders shall include, but are not limited to, any cash, stock or in-kind dividends and any other distributions to shareholders permitted by applicable law. 
 ARTICLE VI 
 EVENTS OF DEFAULT;
MASTER AGENT SERVICER DEFAULTS; TERMINATION EVENTS 
 Section 6.01. Events of Default. If any of the following events (each
an “Event of Default”) shall occur: 
 (a) any Brooke Party shall fail to make any payment or deposit as and
when required under this Agreement or any other Related Document and such failure shall remain unremedied for two Business Days; or 
 (b) a Program Deficiency shall occur and shall remain unremedied for two consecutive Business Days; or 
 (c) any
representation, warranty, certification or statement made by any Brooke Party pursuant to or in connection with this Agreement or any other Related Document shall prove to have been incorrect in any material respect when made or deemed made;
provided that if such breach is capable of being cured, then such breach will not constitute an Event of Default hereunder unless such breach remains unremedied for fifteen (15) Business Days after the earlier to occur of (x) the
date on which such Brooke Party knows of such breach and (y) the date on which the Agent or any Secured Party notifies such Brooke Party of such breach; or 
 (d) the Parent or the Seller shall fail to perform or observe any term, covenant or agreement set forth in Section 5.03; or

 (e) any Brooke Party shall fail to perform or observe any term, covenant or agreement hereunder or under any other Related
Document (other than as referred to in paragraphs (a) and (d) above) and such failure shall remain unremedied for five Business 
  

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 Days after the earlier to occur of (x) the date on which such Brooke Party knows of such failure and
(y) the date on which the Agent or any Secured Party notifies such Brooke Party of such failure; or 
 (f) (i) any
Brooke Party shall generally not pay its debts as such debts become due or shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or
against any Brooke Party seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property and, in the case of any such proceeding
instituted against a Brooke Party (but not instituted by such Brooke Party), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the
entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur or (ii) any Brooke Party shall take any corporate or limited
liability company action to authorize any of the actions set forth in clause (i) above in this subsection (f); or 
 (g)
the Agent, for the benefit of the Secured Parties, shall, for any reason, fail to have a valid and perfected first priority security interest in all of the Collateral; or any Adverse Claims shall exist with respect to the Collateral other than
Permitted Liens; or the Borrower shall, for any reason, fail to have a valid and perfected first priority ownership interest in each Loan and the Other Conveyed Property and Collections with respect thereto, free and clear of all Adverse Claims
(other than Permitted Liens); or 
 (h) any Brooke Party or Affiliate of a Brooke Party shall fail to pay any Indebtedness in
excess of $250,000 when due; or any Brooke Party or Affiliate of a Brooke Party shall default in the performance of any term, provision or condition contained in any agreement under which any such Indebtedness was created or is governed, the effect
of which is to cause, or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or any Indebtedness in excess of $250,000 of any Brooke Party shall be declared to be due and
payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof; provided that the failure of a Brooke Party or Affiliate of a Brooke Party to make a particular payment in respect of any
such Indebtedness shall not constitute an Event of Default under this paragraph (h) if such Brooke Party’s or such Affiliate’s obligation to make such payment is being contested in good faith by appropriate proceedings and such Brooke
Party or Affiliate has established appropriate reserves for such disputed payment in accordance with GAAP; or 
 (i) any
default shall occur under the terms of, or otherwise in respect of, any agreement, security, note or certificate related to any Term Securitization (whether such 
  

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 Term Securitization was entered into before or after the Closing Date) and such default shall remain
unremedied after the expiration of any applicable grace period with respect to such default; or 
 (j) a Master Agent Servicer
Default or Master Agent Event of Default shall occur; or 
 (k) a Servicer Default shall occur and the Servicer is not
immediately replaced by the Backup Servicer on the date on which such replacement is requested by the Agent; or 
 (l) there
shall have been any material adverse change in the financial condition or operations of any Brooke Party since December 31, 2003, which in the judgment of the Agent, has or could reasonably be expected to have an adverse effect on the
collectibility of the Loans or the ability of any Brooke Party to perform its obligations under any Related Document; or 
 (m) a Change of Control shall occur; or 
 (n) the Borrower or the Master Agent shall enter into any merger
transaction without the prior written consent of the Agent; or any other Brooke Party shall enter into any merger transaction in violation of Section 5.02(d); or 
 (o) the annual audited financial statements for any Brooke Party are qualified in any material manner; or 
 (p) any Hedge Counterparty fails or ceases to be an Eligible Hedge Counterparty and such Hedge Counterparty is not replaced by an Eligible
Hedge Counterparty under all Hedge Transactions to which it is a party within 30 days (or such longer period, not to exceed 60 days, as may be approved by any rating agency that has issued a Minimum Shadow Rating to the Agent in respect of the
Advances) following the date on which such Hedge Counterparty ceased to be an Eligible Hedge Counterparty, such replacement to be made pursuant to documentation in form and substance reasonably satisfactory to the Agent; or 
 (q) the Borrower fails to maintain in full force and effect all Hedge Transactions required to be maintained by it pursuant to
Section 2.06 or any “Event of Default” or “Termination Event” shall occur under any such Hedge Transaction with the Borrower as the “Defaulting Party” or “Affected Party”; or 
 (r) any two Key Employees shall cease to be actively employed by the Seller or shall cease to have primary responsibility for managing the
operations of the Seller and shall not have been replaced by successors satisfactory to the Agent within 30 days; or 
  

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 (s) the Performance Guaranty shall cease to be in full force and effect or the Parent
shall so assert; 
 then, and in any such event, the Agent may by notice to the Borrower, declare the Termination Date to have occurred, whereupon all of the
Obligations shall become immediately due and payable, except that, in the case of any event described in clause (f) above, the Termination Date shall be deemed to have occurred automatically upon the occurrence of such event and all of the
Obligations shall automatically become and be immediately due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. Upon any such declaration or automatic occurrence,
the Secured Parties shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided to a secured party under the UCC of the applicable jurisdiction and other applicable laws, which
rights shall be cumulative. The rights and remedies of a secured party which may be exercised by the Lender or the Agent pursuant to this Article VI shall include, without limitation, the right, without notice except as specified below, to solicit
and accept bids for and sell the Collateral or any part thereof in one or more parcels at a public or private sale, at any exchange, broker’s board or at any of the Lender or the Agent’s offices or elsewhere, for cash, on credit or for
future delivery, and upon such other terms as the Lender or the Agent may deem commercially reasonable. The Borrower agrees that, to the extent notice of sale shall be required by law, 10 Business Days’ notice to the Borrower of the time and
place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification and that it shall be commercially reasonable for the Lender or the Agent to sell the Collateral on an “as is” basis,
without representation or warranty of any kind. Neither the Lender nor the Agent shall be obligated to make any sale of Collateral regardless of notice of sale having been given and may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. If the Termination Date is declared by the Agent as a result of an event of the type described
in Section 6.01(l), the Borrower shall have the right to repay all Advances in full without any Prepayment Fee. 
 At any time following
the occurrence of an Event of Default: 
 (i) At the Agent’s request and at the Borrower’s expense, each Brooke
Party shall notify each Obligor of the Agent’s security interest in the Loans under this Agreement and direct that payments be made directly to the Agent or its designee; 
 (ii) At the Agent’s request and at the Borrower’s expense, each Brooke Party shall (A) assemble all of the documents,
instruments and other Records (including, without limitation, computer tapes and disks) that evidence or relate to the Collateral, or that are otherwise necessary or desirable to collect the Collateral, and shall make the same available to the Agent
at a place selected by the Agent or its designee, and (B) segregate all cash, checks and other instruments received by it from time to time constituting Collections of Collateral in a manner acceptable to the Agent and, promptly upon receipt,
remit all such cash, checks and instruments, duly indorsed or with duly executed instruments of transfer, to the Agent or its designee. 
  

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 Each Brooke Party hereby authorizes the Agent, and hereby irrevocably appoints the Agent as its
attorney-in-fact coupled with an interest, with full power of substitution and with full authority in place of such Brooke Party, following the occurrence and during the continuation of an Event of Default, to take any and all steps in such Brooke
Party’s name and on behalf of such Brooke Party that are necessary or desirable, in the determination of the Agent, to collect amounts due under the Collateral, including, without limitation, (i) endorsing such Brooke Party’s name on
checks and other instruments representing Collections of Collateral, (ii) enforcing the Loans, the Other Conveyed Property and the Related Documents, including to ask, demand, collect, sue for, recover, compromise, receive and give acquittance
and receipts for moneys due and to become due under or in connection with therewith and to file any claims or take any action or institute any proceedings that the Agent (or such designee) may deem to be necessary or desirable for the collection
thereof or to enforce compliance with the terms and conditions of, or to perform any obligations or enforce any rights of the Borrower in respect of, the Loans and the Other Conveyed Property and the Related Documents. 
 Section 6.02. Master Agent Servicer Default. Each of the following events shall constitute a “Master Agent Servicer Default”
hereunder: 
 (a) the Master Agent Servicer shall fail to make any payment, transfer or deposit (or, if applicable, to give
instructions or notice to any other Person to make any payment, transfer or deposit) required under this Agreement or any other Related Document and such failure shall remain unremedied for two Business Days; or 
 (b) the Master Agent Servicer shall fail to perform or observe any material term, covenant or agreement hereunder or under any other
Related Document (other than as referred to in paragraph (a)) and such failure shall remain unremedied for five (5) Business Days after the earlier to occur of (x) the date on which the Master Agent Servicer knows of such failure and
(y) the date on which the Agent or any Secured Party notifies the Master Agent Servicer of such failure; or 
 (c) any
representation, warranty, certification or statement made by the Master Agent Servicer pursuant to or in connection with this Agreement or any other Related Document shall prove to have been incorrect in any material respect when made or deemed
made; provided that if such breach is capable of being cured, then such breach will not constitute a Master Agent Servicer Default hereunder unless such breach remains unremedied for thirty (30) days after the earlier to occur of
(x) the date on which the Master Agent Servicer knows of such breach and (y) the date on which the Agent or any Secured Party notifies the Master Agent Servicer of such breach; or 
 (d) any Event of Default; or 
 (e) any Termination Event of the type described in Section 6.03(b), (d), (e) or (f). 
  

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 Section 6.03. Termination Events. If any of the following events (each a “Termination
Event”) shall occur: 
 (a) a Governmental Authority has directed that the activities of the Agent or the Lender, or
any Affiliate of the Lender or the Agent, contemplated hereby be terminated (whether or not such direction has the force of law); or 
 (b) any Event of Default; or 
 (c) any Obligations shall remain outstanding as of the Program Maturity Date; or

 (d) as at the end of any Monthly Period, the average of the Annualized Default Rates for such Monthly Period and the two
immediately preceding Monthly Periods shall exceed 3.5%; or 
 (e) as at the end of any Monthly Period, the average of the
Delinquency Rates for such Monthly Period and the two immediately preceding Monthly Periods shall exceed 6.0%; or 
 (f) as at
the end of any Monthly Period, the average of the Estimated Annualized Net Loss Rates for such Monthly Period and the two immediately preceding Monthly Periods shall exceed 1.0%; 
 (g) as at the end of any Monthly Period, the average of the Actual Annualized Net Loss Rates for such Monthly Period and the two
immediately preceding Monthly Periods shall exceed 1.0%; 
 (h) an Insurance Company Trigger shall have occurred and be
continuing for two or more insurance companies; 
 (i) the Backup Master Agent Servicer shall have delivered a notice of
resignation under the Backup Master Agent Servicing Agreement and shall not have been replaced with a successor Backup Master Agent Servicer satisfactory to the Agent in its sole discretion within 180 days of the date such notice is so delivered, or
the Backup Master Agent Servicing Agreement shall otherwise cease to be in full force and effect; 
 then, and in any such event, the Agent may by notice to
the Borrower, declare the Termination Date to have occurred, whereupon the Lender shall have no further obligation to make any Advances hereunder; provided, however, that if the Termination Event set forth in clause (d) occurs at any time when
the Eligible Loan Balance is not more than $25,000,000, and such event occurs solely because a single Loan that has an Outstanding Principal Balance that is (i) not more than $1,000,000 and (ii) less than 4% of the Eligible Loan Balances
becomes a Defaulted Loan, then such Termination Event shall be deemed not to have occurred, provided further, however, that if during the 12 month period following the occurrence of any such Termination Event that is deemed not to have occurred, any
other Loan becomes a Defaulted Loan, then a Termination 
  

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 Event will be deemed to have occurred on the date such other Loan became a Defaulted Loan. If the Termination Date is
declared by the Agent as a result of an event of the type described in Section 6.03(h) or (i), the Borrower shall have the right to repay all Advances in full without any Prepayment Fee. 
 ARTICLE VII 
 THE AGENT 
 Section 7.01. Authorization and Action. (a) By accepting the benefits of this Agreement, each Secured Party hereby designates and
appoints DZ Bank to act as its agent hereunder and under each other Related Document, and authorizes the Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Agent by the terms of this Agreement and
the other Related Documents together with such powers as are reasonably incidental thereto. The Agent shall not have any duties or responsibilities, except those expressly set forth herein or in any other Related Document, or any fiduciary
relationship with any Secured Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Agent shall be read into this Agreement or any other Related Document or otherwise exist for the Agent.
In performing its functions and duties hereunder and under the other Related Documents, the Agent shall act solely as agent for the Secured Parties and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or
agency with or for any Brooke Party. The Agent shall not be required to take any action which exposes the Agent to personal liability or which is contrary to this Agreement, any other Related Document or applicable law. The appointment and authority
of the Agent hereunder shall terminate on the Final Payout Date. Each Secured Party hereby authorizes the Agent to execute each of the Uniform Commercial Code financing statements, together with such other instruments or documents determined by the
Agent to be necessary or desirable in order to perfect, evidence or more fully protect the interest of the Secured Parties contemplated hereunder, on behalf of such Secured Party (the terms of which shall be binding on such Secured Party). The
Borrower may in any event act in accordance with the instructions of the Agent without further inquiry into the authority of the Agent to give such instructions. 
 (a) Without limiting the generality of the foregoing, the Agent is authorized (but not required) to act on behalf of the Secured Parties in connection with providing such instructions, approvals, waivers or consents
as may from time to time be required hereunder or under the other Related Documents to permit or authorize or direct the Borrower to take or refrain from taking any action under the Related Documents; provided that the Agent may at any time,
in its sole discretion, elect to refrain from providing any such instructions, approvals, waivers or consents until such time as it shall have received the consent thereto of the Lender. 
 Section 7.02. Delegation of Duties. The Agent may execute any of its duties under this Agreement and each other Related Document by or
through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it
with reasonable care. 
  

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 Section 7.03. Exculpatory Provisions. Neither the Agent nor any of its directors, officers,
agents or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement or any other Related Document (except for its, their or such Person’s own gross
negligence or willful misconduct), or (ii) responsible in any manner to any of the Secured Parties for any recitals, statements, representations or warranties made by any Brooke Party contained in this Agreement, any other Related Document or
any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or any other Related Document or for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement, or any other Related Document or any other document furnished in connection herewith or therewith, or for any failure of any Brooke Party to perform its obligations hereunder or thereunder, or for the satisfaction of
any condition specified in Article III, or for the perfection, priority, condition, value or sufficiency or any Collateral pledged in connection herewith. The Agent shall not be under any obligation to any Secured Party to ascertain or to inquire as
to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement or any other Related Document, or to inspect the properties, books or records of any Brooke Party. The Agent shall not be deemed to
have knowledge of any Event of Default, Servicer Default or Termination Event or any event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default, Servicer Default or Termination Event, unless the
Agent has received notice from the Borrower, the Servicer or a Secured Party. 
 Section 7.04. Reliance by Agent. The Agent shall
in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel (including, without limitation, counsel to any Brooke Party), independent accountants and other experts selected by the Agent. The Agent shall in all cases be fully justified in failing or refusing to take any action
under this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the Lender as it deems appropriate and it shall first be indemnified to its satisfaction by the Secured Parties, provided that
unless and until the Agent shall have received such advice, the Agent may take or refrain from taking any action, as the Agent shall deem advisable and in the best interests of the Secured Parties. The Agent shall in all cases be fully protected in
acting, or in refraining from acting, in accordance with a request of the Lender, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Secured Parties. 
 Section 7.05. Non-Reliance on Agent and Other Secured Parties. Each Secured Party expressly acknowledges that neither the Agent, nor any of
its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Agent hereafter taken, including, without limitation, any review of the affairs of the Brooke
Parties, shall be deemed to constitute any representation or warranty by the Agent. Each Secured Party represents and warrants to the Agent that it has and will, independently and without reliance upon the Agent or any other Secured Party and based
on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Brooke Parties and made its
own decision to enter into this Agreement, the other Related Documents and all other documents related hereto or thereto. 
  

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 Section 7.06. Agent in Its Individual Capacity. The Agent and its Affiliates may make loans
to, accept deposits from and generally engage in any kind of business with the Borrower or any Affiliate of the Borrower as though the Agent were not the Agent hereunder. With respect to the Obligations owing to the Agent hereunder, the Agent shall
have the same rights and powers under this Agreement as any other Secured Party and may exercise the same as though it were not the Agent, and the term “Secured Party” shall include the Agent in its individual capacity. 
 Section 7.07. Successor Agent. The Agent may, upon five days’ notice to the Borrower and the Secured Parties, resign as Agent. If the
Agent shall resign, then the Lender during such five-day period shall appoint from among the Secured Parties a successor agent. If for any reason no successor Agent is appointed by the Lender during such five-day period, then effective upon the
termination of such five day period, the Lender shall perform all of the duties of the Agent hereunder. After the effectiveness of any retiring Agent’s resignation hereunder as Agent, the retiring Agent shall be discharged from its duties and
obligations hereunder and under the other Related Documents and the provisions of this Article VII and Article VIII shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while it was Agent under this
Agreement and under the other Related Documents. 
 ARTICLE VIII 
 INDEMNIFICATION 
 Section 8.01. Indemnities by the Borrower.

 Without limiting any other rights which any Indemnified Party (as defined below) may have hereunder or under applicable law, the Borrower
hereby agrees to indemnify the Agent, the Lender, each Affected Party, each Hedge Counterparty and each other Secured Party and their respective officers, directors, agents and employees (each an “Indemnified Party”) from and
against any and all damages, losses, claims, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of the Agent or the Lender) and disbursements (all of the
foregoing being collectively referred to as “Indemnified Amounts”) awarded against or reasonably incurred by any of them arising out of or as a result of this Agreement or the acquisition, either directly or indirectly, by any
Secured Party of an interest in the Loans, excluding, however, Indemnified Amounts to the extent final judgment of a court of competent jurisdiction holds such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of
such Indemnified Party. Without limiting the generality of the foregoing indemnification, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts (including, without limitation, losses in respect of uncollectible Loans,
regardless of whether reimbursement therefor would constitute recourse to the Borrower, but excluding Indemnified Amounts to the extent final judgment of a court of competent jurisdiction holds such Indemnified Amounts resulted from gross negligence
or willful misconduct on the part of such Indemnified Party) relating to or resulting from: 
  

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 (i) any representation or warranty made by any Brooke Party or the Servicer (or any
officer of a Brooke Party or the Servicer) under or in connection with this Agreement, any Servicer’s Certificate, any Borrowing Base Certificate or any other Related Document or any other information or report delivered by any Brooke Party or
the Servicer pursuant to any Related Document, which shall have been false or incorrect when made or deemed made; 
 (ii) the
failure by any Brooke Party or the Servicer to comply with any applicable law, rule or regulation with respect to any Loan, Other Conveyed Property or Loan Documents related thereto, or the nonconformity of any Loan, Other Conveyed Property or Loan
Documents related thereto with any such applicable law, rule or regulation; 
 (iii) any failure of any Brooke Party or the
Servicer to perform its duties or obligations in accordance with the provisions of this Agreement, any other Related Document, any Loan Documents, or any other contract or agreement related to a Loan or Other Conveyed Property with respect thereto;

 (iv) any damage suit or other claim arising out of or in connection with any transaction which is the subject of any Loan
Document, any Loan or any Other Conveyed Property with respect thereto; 
 (v) any dispute, claim, offset or defense (other
than discharge in bankruptcy of the Obligor) of any Obligor to the payment of any Loan (including, without limitation, a defense based on such Loan or the related Loan Documents not being a legal, valid and binding obligation of such Obligor
enforceable against it in accordance with its terms), or any other claim relating to a Loan, 
 (vi) the commingling of
Collections at any time with other funds; 
 (vii) any investigation, litigation or proceeding related to or arising from this
Agreement or any other Related Document, the transactions contemplated hereby or thereby, the use of the proceeds of Advances, the holding of the security interest created hereunder or any other investigation, litigation or proceeding relating to
any Brooke Party, the Loans or Other Conveyed Property in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby or thereby; 
 (viii) any Event of Default described in Section 6.01(f); 
 (ix) any failure to vest and maintain vested in the Agent, for the benefit of the Secured Parties, a first priority perfected security
interest in the Collateral or the existence of any Adverse Claim upon or with respect to the Collateral; or 
  

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 (x) any failure to vest and maintain vested in the Borrower legal and equitable title to,
and ownership of, the Loans, the Other Conveyed Property and the Collections, free and clear of any Adverse Claim (other than Adverse Claims created pursuant to this Agreement); or any failure of the Borrower to give reasonably equivalent value to
the Seller under the Sale and Servicing Agreement in consideration of the transfer by the Seller of any Loan or any Other Conveyed Property with respect thereto; or any attempt by any Person to void any such transfer under statutory provisions or
common law or equitable action, including, without limitation, any provision of the Bankruptcy Code. 
 Notwithstanding anything to the
contrary in this Agreement, solely for purposes of the indemnification obligations set forth in this Section 8.01, any representations, warranties and covenants made by any Brooke Party in this Agreement or the other Related Documents which are
qualified by or limited to events or circumstances which have, or are reasonably likely to have, given rise to a Material Adverse Effect or are qualified or limited by other concepts of materiality, shall not be deemed to be so qualified or limited.

 Section 8.02. Indemnities by BCC and Parent. 
 Without limiting any other rights which the Agent or the Lender may have hereunder or under applicable law, each of BCC and the Parent hereby agrees to indemnify each Indemnified Party and the Issuer from and against
any and all Indemnified Amounts awarded against or incurred by any of them arising out of or as a result of: 
 (i) any
representation or warranty made by such Brooke Party (or any officer of such Brooke Party) under or in connection with this Agreement, any Servicer’s Certificate, any Borrowing Base Certificate or any other Related Document or any other
information or report delivered by such Brooke Party pursuant to any Related Document, which shall have been false or incorrect when made or deemed made; 
 (ii) the failure by such Brooke Party to comply with any applicable law, rule or regulation with respect to any Loan, Other Conveyed Property or Loan Documents related thereto, or the nonconformity of any Loan, Other
Conveyed Property or Loan Documents related thereto with any such applicable law, rule or regulation; 
 (iii) any failure
such Brooke Party to perform its duties or obligations in accordance with the provisions of this Agreement, any other Related Document, any Loan Documents, or any other contract or agreement related to a Loan or Other Conveyed Property with respect
thereto; 
  

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 (iv) any damage suit or other claim arising out of or in connection with any transaction
which is the subject of any Loan Document, any Loan or any Other Conveyed Property with respect thereto; 
 (v) any dispute,
claim, offset or defense (other than discharge in bankruptcy of the Obligor) of any Obligor to the payment of any Loan (including, without limitation, a defense based on such Loan or the related Loan Documents not being a legal, valid and binding
obligation of such Obligor enforceable against it in accordance with its terms), or any other claim relating to a Loan, 
 (vi) the commingling by such Brooke Party of Collections at any time with other funds; 
 (vii) any investigation,
litigation or proceeding related to or arising from this Agreement or any other Related Document, the transactions contemplated hereby or thereby, the use of the proceeds of Advances, the holding of the security interest created hereunder or any
other investigation, litigation or proceeding relating to any Brooke Party, the Loans or Other Conveyed Property in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby or thereby; 
 (viii) any Event of Default described in Section 6.01(f) relating to such Brooke Party; 
 (ix) any failure to vest and maintain vested in the Agent, for the benefit of the Secured Parties, a first priority perfected security
interest in the Collateral or the existence of any Adverse Claim upon or with respect to the Collateral; or 
 (x) any failure
to vest and maintain vested in the Borrower legal and equitable title to, and ownership of, the Loans, the Other Conveyed Property and the Collections, free and clear of any Adverse Claim (other than Adverse Claims created pursuant to this
Agreement); or any failure of the Borrower to give reasonably equivalent value to the Seller under the Sale and Servicing Agreement in consideration of the transfer by the Seller of any Loan or any Other Conveyed Property with respect thereto; or
any attempt by any Person to void any such transfer under statutory provisions or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code. 
 Notwithstanding anything to the contrary in this Agreement, solely for purposes of the indemnification obligations set forth in this Section 8.02,
any representations, warranties and covenants made by any Brooke Party in this Agreement or the other Related Documents which are qualified by or limited to events or circumstances which have, or are reasonably likely to have, given rise to a
Material Adverse Effect or are qualified or limited by other concepts of materiality, shall not be deemed to be so qualified or limited. 
  

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 Section 8.03. Other Costs and Expenses. 
 Subject to Section 5.01(d), the Borrower shall pay to the Agent and the Lender on demand and, if requested by the Borrower, presentation of
reasonable documentation therefor all reasonable costs and out-of-pocket expenses in connection with the preparation, execution, delivery and administration of this Agreement and the other Related Documents, the transactions contemplated hereby and
the other documents to be delivered hereunder, including without limitation, the reasonable and documented cost of the Lender’s auditors auditing the books, records and procedures of the Servicer, the Backup Servicer, the Backup Master Agent
Servicer and the Brooke Parties, reasonable and documented fees and out-of-pocket expenses of legal counsel for the Lender and the Agent (which counsel may be employees of the Lender or the Agent) with respect thereto and with respect to advising
the Lender and the Agent as to their respective rights and remedies under this Agreement, all rating agency fees incurred by or on behalf of the Lender (including, without limitation, any rating agency fees incurred for the purpose of obtaining a
“shadow rating” of the Advances from any rating agency before or after closing) and any fees and expenses incurred in connection with any background check referred to in Section 5.01(d). The Borrower shall pay to the Agent on demand
and, if requested by the Borrower, presentation of reasonable documentation therefor any and all costs and expenses of the Agent and the Lender, if any, including reasonable counsel fees and expenses in connection with the enforcement of this
Agreement and the other documents delivered hereunder and in connection with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following a Termination Event. 
 ARTICLE IX 
 MISCELLANEOUS

 Section 9.01. Amendments and Waivers. No amendment or modification of any provision of this Agreement shall be effective
without the written agreement of the Borrower, BCC, the Parent, the Agent and the Lender, and no termination or waiver of any provision of this Agreement or consent to any departure therefrom by the Borrower, BCC or the Parent shall be effective
without the written concurrence of the Agent and the Lender. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 Section 9.02. Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing
(including communication by facsimile copy) and mailed, transmitted or delivered, as to each party hereto, at its address set forth as follows: (i) if to the Borrower: Brooke Credit Funding, LLC, 10950 Grandview Drive, Suite 600 Overland Park,
Kansas 66210, Attention: President, Facsimile: (913) 339-6328, Telephone: (913) 661-0123, or specified in the Borrower’s Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to
the other parties hereto; (ii) if to the Seller: Brooke Credit Corporation, 10950 Grandview Drive, Suite 600 Overland Park, Kansas 66210, Attention: President, Facsimile: (913) 339-6328, Telephone: (913) 661-0123, or specified in the
Seller’s Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto; (iii) if to the 
  

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 Master Agent Servicer: Brooke Corporation, 10950 Grandview Drive, Suite 600 Overland Park, Kansas 66210, Attention:
President, Facsimile: (913) 339-6328, Telephone: (913) 661-0123, or specified in the Master Agent Servicer’s Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other
parties hereto; (iv) if to the Agent: DZ BANK AG Deutsche Zentral-Genossenschaftsbank, New York, Branch, 609 5th Avenue, New York, New York 10017-1021, Attention: Asset Securitization Group, Facsimile: (212) 745-1651, Confirmation No.: (212) 745-1656, or specified in the Agent’s Assignment and Acceptance or at such other address
as shall be designated by such party in a written notice to the other parties hereto; (v) if to the Lender: Autobahn Funding Company LLC, c/o DZ BANK AG Deutsche Zentral-Genossenschaftsbank, New York, Branch, 609 5th Avenue, New York, New York 10017-1021, Attention: Asset Securitization Group, Facsimile: (212) 745-1651, Confirmation
No.: (212) 745-1656, or specified in the Lender’s Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be
effective, upon receipt, or in the case of (x) notice by mail, five days after being deposited in the United States mails, first-class postage prepaid, (y) notice by facsimile copy, when verbal communication of receipt is obtained or
(z) in the case of personal delivery or overnight mail, when delivered, except that notices and communications pursuant to Article II shall not be effective until received. 
 Section 9.03. No Waiver; Remedies. No failure on the part of the Agent or the Lender to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 Section 9.04. Binding Effect; Assignability. This Agreement shall be binding upon
and inure to the benefit of the Borrower, BCC, the Parent, the Agent, the Lender and their respective successors and permitted assigns. This Agreement and the Lender’s rights and obligations hereunder and interest herein shall be assignable in
whole or in part (including, without limitation, by way of the sale of participation interests therein) by the Lender and its successors and assigns. None of the Borrower, BCC or the Parent may assign any of its rights and obligations hereunder or
any interest herein without the prior written consent of the Lender and the Agent. The parties to each assignment or participation made by the Lender pursuant to this Section 9.04 shall execute and deliver to the Agent for its acceptance and
recording in its books and records, an Assignment and Acceptance or a participation agreement or other transfer instrument reasonably satisfactory in form and substance to the Agent. Each such assignment or participation shall be effective as of the
date specified in the applicable Assignment and Acceptance or other agreement or instrument only after the execution, delivery, acceptance and recording as described in the preceding sentence. The Agent shall notify the Borrower of any assignment or
participation thereof made pursuant to this Section 9.04. Subject to Section 9.11, the Lender may, in connection with any assignment or participation or any proposed assignment or participation pursuant to this Section 9.04, disclose
to the assignee or participant or proposed assignee or participant any information relating to the Brooke Parties and the Collateral furnished to the Lender by or on behalf of the Brooke Parties, the Servicer or any other Person. 
  

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 Section 9.05. Term of This Agreement. This Agreement, including, without limitation, each
Brooke Party’s obligation to observe its covenants set forth in Article V, shall remain in full force and effect until the Final Payout Date; provided, however, that the rights and remedies with respect to any breach of any
representation and warranty made or deemed made by any Brooke Party pursuant to Articles III and IV and the indemnification and payment provisions of Article VIII and Article IX and the provisions of Sections 9.09, 9.10, 9.11, 9.13 and 9.14 shall be
continuing and shall survive any termination of this Agreement. 
 Section 9.06. Governing Law; Jury Waiver. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 
 (b) EACH
OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREUNDER. 
 Section 9.07. Consent to Jurisdiction. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY OR, TO THE EXTENT SUCH COURT LACKS JURISDICTION, THE COURTS OF THE STATE OF NEW YORK, AND EACH WAIVES PERSONAL SERVICE OF ANY AND ALL
PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL, AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. EACH OF THE PARTIES
TO THIS AGREEMENT HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER, AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT.
NOTHING IN THIS SECTION 9.07 SHALL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT ANY PARTY’S RIGHT TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER
JURISDICTION. 
 Section 9.08. Further Assurances. If any Brooke Party fails to perform any of its obligations hereunder, the
Agent or the Lender may (but shall not be required to) perform, or cause performance of, such obligation; and the Agent’s or the Lender’s reasonable costs and expenses incurred in connection therewith shall be payable by such Brooke Party.
Each of the Borrower and the Seller irrevocably authorizes the Agent at any time and from time to time in the sole discretion of the Agent, and appoints the Agent as its attorney-in-fact, to act on behalf of 
  

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 the Borrower or the Seller (i) to execute on behalf of the Borrower or the Seller as debtor and to file financing
statements necessary or desirable in the Agent’s sole discretion to perfect and to maintain the perfection and priority of the interest of the Agent in the Collateral and (ii) to file a carbon, photographic or other reproduction of this
Agreement or any financing statement with respect to the Collateral as a financing statement in such offices as the Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of
the Agent in the Collateral. This appointment is coupled with an interest and is irrevocable. The Borrower hereby authorizes the Agent to file one or more financing statements against the Borrower in such jurisdictions as the Agent may select
identifying the collateral as “all assets”, “all property” or words of similar import. 
 Section 9.09.
Limitation of Liability. Except with respect to any claim arising out of the willful misconduct or gross negligence of the Lender, the Agent or a Secured Party, no claim may be made by any Brooke Party or any other Person against the Lender, the
Agent, any Secured Party or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability
arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and each of the Borrower, BCC and the Parent (on behalf of itself and all of its Subsidiaries and
Affiliates) hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. The provisions of this Section 9.09 shall survive the
termination of this Agreement. 
 Section 9.10. No Proceedings. Each of the parties hereto (other than the Lender) hereby agrees
that it will not institute against, or join any other Person in instituting against, the Lender any bankruptcy, insolvency or similar proceeding so long as any commercial paper issued by the Lender shall be outstanding or there shall not have
elapsed one year and one day since the last day on which any such commercial paper shall have been outstanding. The provisions of this Section 9.10 shall survive the termination of this Agreement. 
 Section 9.11. Recourse Against Certain Parties. No recourse under or with respect to any obligation, covenant or agreement (including,
without limitation, the payment of any fees or any other obligations) of the Lender as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any
administrator of the Lender or any incorporator, affiliate, stockholder, officer, employee or director of the Lender or of any such administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of
any statute or otherwise; it being expressly agreed and understood that the agreements of the Lender contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith
are, in each case, solely the limited liability company obligations of the Lender, and that no personal liability whatsoever shall attach to or be incurred by any administrator of the Lender or any organizer, member, affiliate, officer, employee or
director of the Lender or of any such administrator, as such, or any other them, under or by reason of any of the obligations, covenants or agreements of the Lender contained in this Agreement or in any other such instruments, documents or
agreements, or which are implied 
  

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 therefrom, and that any and all personal liability of every such administrator of the Lender and each organizer, member,
affiliate, officer, employee or director of the Lender or of any such administrator, or any of them, for breaches by the Lender of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute
or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this Section 9.11 shall survive the termination of this Agreement. 
 Section 9.12. Execution in Counterparts; Severability; Integration. This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this
Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement contains the final and complete integration of
all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings
other than the other Related Documents to which the Agent is a party. 
 Section 9.13. Confidentiality. 
 (a) Each of the Borrower, BCC and the Parent shall maintain and shall cause each of its Affiliates, employees and officers and agents to
maintain the confidentiality of this Agreement and the other Related Documents and the other confidential proprietary information with respect to the Agent and the Lender and their respective businesses obtained by it or them in connection with the
structuring, negotiating and execution of the transactions contemplated herein and therein, except that the Borrower, BCC and the Parent and their respective Affiliates, officers and employees may disclose such information (i) to any rating
agency or to such Brooke Party’s external accountants and attorneys, (ii) to any Person that is proposed to be an investor in any Brooke Party or a party to any prospective merger or consolidation or asset purchase with a Brooke Party who
agrees to hold such information confidential in accordance with the terms of this Section 9.13 and (iii) as required by any applicable law or order of any judicial or administrative proceeding. In addition, each Brooke Party may disclose
any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
 (b) The Agent and the Lender shall maintain and shall cause each of its employees and officers and agents to maintain the confidentiality
of all confidential proprietary information with respect to the Brooke Parties and their businesses obtained by them in connection with the structuring, negotiating and execution of the transactions 
  

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 contemplated herein and therein to the extent such information has been identified as being confidential;
provided that any such information may be disclosed (i) to the Agent, the Lender and the other Secured Parties by each other, (ii) by the Agent, the Lender or any other Secured Party to any prospective or actual assignee or participant of
any of them who agrees to hold such information confidential in accordance with the terms of this Section 9.13, (iii) by the Agent to any rating agency, provided that such disclosure is made to such rating agency in a manner
consistent with the Agent’s general practices for disclosing confidential information to such rating agency, (iv) by the Agent to any commercial paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to the
Lender or any entity organized for the purpose of purchasing, or making loans secured by, financial assets for which DZ Bank acts as the administrative agent and (v) to any officers, directors, employees, outside accountants and attorneys of
any of the foregoing; provided that each such Person described in clause (iv) above is informed of the confidential nature of such information in a manner consistent with the practice of the Agent for making such disclosure generally to
Persons of such type and has agreed to hold such information confidential on terms substantially similar in substance to those set forth in this Section 9.13. In addition, the Secured Parties and the Agent may disclose any such nonpublic
information pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
 Section 9.14. Limitation on Payments. Notwithstanding any provisions contained in this Agreement to the contrary, the Lender shall not, and
shall not be obligated to, pay any amount pursuant to this Agreement unless the Lender has received funds which may be used to make such payment and which funds are not required to repay commercial paper notes issued by the Lender when due. Any
amount which the Lender does not pay hereunder pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against or corporate obligation of the Lender for any such
insufficiency. The provisions of this Section 9.14 shall survive the termination of this Agreement. 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers
thereunto duly authorized, as of the date first above written. 
  

			
	BORROWER:
	
	BROOKE CREDIT FUNDING, LLC
		
	By	 	 /s/ Michael Lowry

		 	Name Michael Lowry
		 	Title President
	
	SELLER:
	
	BROOKE CREDIT CORPORATION
		
	By	 	 /s/ Michael Lowry

		 	Name Michael Lowry
		 	Title President
	
	MASTER AGENT SERVICER:
	
	BROOKE CORPORATION
		
	By	 	 /s/ Anita Larson

		 	Name Anita Larson
		 	Title President

  

 79 

			
	
	DZ BANK AG DEUTSCHE
	ZENTRAL-GENOSSENSCHAFTSBANK, as Agent
		
	By	 	 /s/ Patrick Preece

		 	Name Patrick Preece
		 	Title Senior Vice President
		
	By	 	 /s/ Cecil Smart Jr.

		 	Name Cecil Smart Jr.
		 	Title Assistant Vice President
		
		 	AUTOBAHN FUNDING COMPANY LLC, as Lender
		
	By:	 	 DZ BANK AG DEUTSCHE

		 	ZENTRAL-GENOSSENSCHAFTSBANK, its Attorney-in-Fact
		
	By	 	 /s/ Patrick Preece

		 	Name Patrick Preece
		 	Title Senior Vice President
		
	By	 	 /s/ Cecil Smart Jr.

		 	Name Cecil Smart Jr.
		 	Title Assistant Vice President

  

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 SCHEDULE I TO 
 CREDIT AND SECURITY 
 AGREEMENT 
 ELIGIBILITY CRITERIA; PERFECTION REPRESENTATIONS 
  

	A.	Eligibility Criteria 

 “Eligible
Loan” means, at any time, a Loan made to a Franchise Agent or a Funeral Home that satisfies each of the following criteria: 
 (i) such Loan, and each related Loan Document, constitutes the legal, valid and binding obligation of each related Obligor, enforceable against each such Obligor in accordance with its terms, except as such enforcement may be limited by
(a) bankruptcy, insolvency, fraudulent transfer, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforcement is considered
in a proceeding in equity or at law), and except that certain provisions in the Loan Documents may be further limited or rendered unenforceable by applicable law, but (subject to the limitations set forth in the foregoing clauses (a) and (b))
such limitations or unenforceability will not render such Loan Documents invalid as a whole or materially and adversely interfere with the Borrower’s realization of the principal benefits and/or security provided thereby. All parties to such
Loan, and each related Loan Document, had full legal capacity to execute and deliver such Loan and such Loan Documents and to grant the security interest purported to be granted thereby; 
 (ii) such Loan was originated in the ordinary course of the Seller’s business in accordance with and through the application of the
Credit and Collection Policy and the Seller’s standard credit underwriting procedures; 
 (iii) such Loan accrues
interest at (i) in the case of an Existing Loan, a rate per annum equal to or greater than the sum of (1) the “prime rate” published in the “Money Rates” section of the Wall Street Journal as of the first Business Day
of the current calendar year plus (2) 3.00% or, in the case of an Allstate Loan, 4.00% or (ii) in the case of any Additional Loan, a floating rate per annum equal to or greater than (a) the sum of (1) the “prime rate”
most recently published in the “Money Rates” section of the Wall Street Journal or, if such rate ceases to be published, the Base Rate plus (2) 3.00% or, in the case of an Allstate Loan, 4.00%, (b) one-month LIBOR plus a spread
acceptable to the Agent or (c) an equivalent monthly adjustable interest rate acceptable to the Agent; 
 (iv) such Loan
(a) has not had any of its terms, conditions or provisions amended, modified, waived or rescinded other than in compliance with the Credit and Collection Policy, (b) has not been restructured for credit reasons at any time, (c) has
not been satisfied, subordinated or rescinded and (d) has not had any material collateral securing such Loan released from the lien granted by the related Loan Documents, other than, in the case of (b) and (d) of this clause (iv),
other Permitted Loan Modifications described in clauses (b) and (d) of the definition thereof; 

 (v) such Loan does not provide for substitution, exchange or addition of assets, the
effect of which would be to reduce or extend payments due under such Loan; 
 (vi) such Loan is payable in equal monthly
installments (with all accrued interest being payable in full each month), which monthly installments will fully amortize such Loan over its term; 
 (vii) none of such Loan, any related Loan Document, the sale of the related collateral security for such Loan, the sale of any related insurance products or funeral home products or any related service contract,
contravenes in any material respect any law, rule or regulation applicable thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair
debt collection practices, privacy or usury) and none of the Loan Documents were created, solicited or entered into in violation of any such law, rule or regulation in any material respect; 
 (viii) such Loan and the related Loan Documents are not subject to, nor has there been asserted, any litigation or any right of
rescission, set off, counterclaim or other defense of the related Obligor; 
 (ix) such Loan is not a Defaulted Loan and, as
of the date such Loan is first included in the Collateral, such Loan is not a Delinquent Loan and is not a Loan that has been placed on “watch” pursuant to the Credit and Collection Policy; 
 (x) such Loan has an original term to maturity of not more than 180 months; 
 (xi) as of the date such Loan is first included in the Collateral, and after giving effect to such inclusion, the Weighted Average Life of
all Eligible Loans does not exceed seven (7) years; 
 (xii) such Loan has an original principal balance less than or
equal to $2,700,000; 
 (xiii) the Outstanding Principal Balance of such Loan does not exceed 90% of the most recently
calculated Agency Market Value of the Agency’s Assets securing such Loan; 
 (xiv) no Obligor on such Loan (a) is a
Governmental Authority, (b) is an Affiliate of any Brooke Party or (c) is the subject of any Insolvency Event; 
 (xv) such Loan is denominated and payable only in United States dollars in the United States by an Obligor located in the United States and is governed by the law of a jurisdiction within the United States; 
  

 2 

 (xvi) such Loan constitutes “tangible chattel paper,” an “instrument”
or a “payment intangible” within the meaning of Article 9 of the UCC of all applicable jurisdictions, there is only one original of any such chattel paper or instrument and such original is in the possession of the Custodian; 

(xvii) (a) such Loan is secured by a valid and perfected security interest in or lien on substantially all the assets of the
related Franchise Agent or Funeral Home, as applicable (including, without limitation, (i) in the case of a Franchise Agent, such Franchise Agent’s rights under the related Franchise Agreement or Allstate Agency Agreement, as applicable,
and all rights of such Franchise Agent in and to Sales Commissions and (ii) in the case of a Funeral Home, substantially all real property owned by such Funeral Home), which security interest or lien is a first priority security interest or
lien with respect to any such assets in which a security interest can be created under Article 9 of the UCC of the applicable jurisdiction and, in the case of a Funeral Home Loan, with respect to the related Mortgaged Property, (b) no further
action is required under the UCC or other applicable law to continue the perfected status of such security interest or lien against creditors of and transferees from the original Obligor and (c) there are no Adverse Claims, prior or subordinate
to, or equal with, the security interest or lien of the Seller and its assigns in the collateral securing such Loan except for Permitted Liens and, solely in the case of any Mortgaged Property securing a Funeral Home Loan, any of the following
(collectively, “Permitted Real Estate Encumbrances”): (x) liens for current real property taxes and assessments not yet due and payable; (y) covenants, conditions and restrictions, rights of way, easements and other
matters of the public record as of the date of recording being acceptable to lending institutions generally and specifically referred to in the lender’s title insurance policy (or title policy commitment) delivered to the Seller at the time of
the origination of the related Funeral Home Loan and which do not materially and adversely affect the marketability of the Mortgaged Property; and (z) other matters to which like properties are commonly subject which do not materially interfere
with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property; 
 (xviii) the related Obligor has paid in full all expenses in connection with the maintenance and operation of the related insurance agency or funeral home business, as applicable, including, without limitation,
property insurance and taxes; 
 (xix) the Loan Documents relating to such Loan include (A) in the case of an Allstate
Loan, each of the instruments and agreements described in clauses (i) through (viii) of the form of Custodian Receipt attached as Exhibit D-1 to the Sale and Servicing Agreement , (B) in the case of a Funeral Home Loan, each of the
instruments, documents and agreements described in clauses (i) through (viii) of the form of Custodian Receipt attached as Exhibit D-2 to the Sale and Servicing Agreement and (C) in the case of a Brooke Franchise Agent Loan, each of
the instruments and agreements described in clauses (i) through (vii) of the form of Custodian Receipt attached as Exhibit D to the Sale and Servicing Agreement, in each case of clauses (A), (B) and (C), in substantially the forms
specified in the applicable Custodian Receipt or in such other form as may approved by the Agent in writing (which approval shall not be unreasonably withheld); 
  

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 (xx) the Loan Documents relating to such Loan (a) require the related Obligor to
continue to make all scheduled payments originally due under such Loan notwithstanding the occurrence of any casualty loss with respect to the assets of such Obligor and (b) incorporate customary and enforceable provisions permitting the holder
of such Loan to accelerate the maturity date thereof and to enforce its security interest in the collateral securing such Loan upon the occurrence of an event of default thereunder (after giving effect to any applicable grace period), and the
Borrower, and its respective successors and assigns, shall be entitled to enforce all such rights under the related Loan Documents; 
 (xxi) all of the representations and warranties set forth in Sections 4.01(p) and 4.01(q) of this Agreement and in Part B of this Schedule I with respect to such Loan and the Other Conveyed Property with respect thereto are true and
correct, 
 (xxii) except in the case of an Allstate Loan, none of the Loan Agreement under which such Loan arises, any other
Loan Document related to such Loan or any applicable law, rule or regulation applicable to such Loan or such Loan Documents (a) requires the consent of any party to the transfer, sale or assignment of such Loan or the rights of the Seller (or
its assignees) under any Loan Document (unless such consent shall have been obtained) or (b) contains a confidentiality provision that purports to restrict the ability of the Borrower, the Agent or the Lender to exercise its rights under any
Related Document, including, without limitation, its right to review all Loan Documents; 
 (xxiii) in the case of a Brooke
Franchise Agent Loan, the Master Agent is the “agent of record” for all insurance policies issued by or through the related Franchise Agent and has the right to receive all Sales Commissions arising in connection with the sale or renewal
of insurance products through such Franchise Agent; 
 (xxiv) such Loan is a “closed-end loan” and the related Loan
Documents do not provide for any further extensions of credit; 
 (xxv) the Seller and each other Affiliate of the Seller at
any time owning an interest in, or servicing, such Loan had all licenses and permits necessary to originate, own and/or service, as applicable, such Loan; 
 (xxvi) a complete Custodian File for such Loan has been delivered to the Custodian and the Agent has received a Custodian Receipt certifying such receipt; 
 (xxvii) the information with respect to such Loan set forth in the Schedule of Loans has been produced from the Electronic Ledger and is
true and correct in all material respects as of the close of business on the date such Loan is first included in the Collateral; 
  

 4 

 (xxviii) no selection procedures having an adverse effect on the Borrower, the Lender or
the Agent have been utilized in selecting the Loans from those loans owned by the Seller which met the eligibility criteria specified herein; 
 (xxix) such Loan was originated by the Seller without fraud or material misrepresentation on the part of the Seller or any Affiliate thereof; 
 (xxx) such Loan is not assumable by another Person in a manner which would release the Obligor thereof from such Obligor’s
obligations with respect to such Loan; 
 (xxxi) neither the Seller nor any Affiliate thereof has done anything to convey any
right to any Person (other than the Borrower, the Lender or the Agent) that would result in such Person having a right to payments due under such Loan or otherwise to impair the rights of the Borrower, the Agent or the Lender in such Loan or the
proceeds thereof, and prior to the sale by the Seller of its interest in the Loans and the Other Conveyed Property with respect thereto to the Borrower, neither the Seller nor the Borrower had any constructive or actual knowledge that its interest
in such Loans or Other Conveyed Property were subject to the actual or claimed interest of any Person (which were not released or subordinate to such interest) other than the ownership interest of the related Obligor, Permitted Liens and Permitted
Real Estate Encumbrances; 
 (xxxii) as of the date such Loan is first included in the Collateral, except for payment
delinquencies continuing for a period of not more than 15 days as of such date, no default, breach, violation or event permitting acceleration under the terms of such Loan has occurred; to Seller’s knowledge no continuing condition that with
notice or the lapse of time would constitute a default, breach, violation, or event permitting acceleration under the terms of such Loan has arisen; neither Seller nor any Affiliate thereof shall waive or has waived any of the foregoing; and no
collateral securing such Loan shall have been repossessed as of such date; 
 (xxxiii) the Seller has caused the portions of
its Electronic Ledger relating to such Loan to be clearly and unambiguously marked to show that such Loans has been sold to the Borrower in accordance with the terms of the Sale and Servicing Agreement and a security interest therein has been
granted by the Borrower to the Agent for the benefit of the Secured Parties in accordance with the terms of this Agreement; 
 (xxxiv) in the case of a Brooke Franchise Agent Loan, all Obligors are enrolled in the Brooke Franchise Corporation “master agent program;” 
 (xxxv) such Loan was entered into with and executed by an officer or director of the Obligor, and is either a full recourse loan to such
officer or director or the payment in full of such Loan is guaranteed by such officer or director; 
 (xxxvi) the Seller has
not made and will not make any other loans to the related Obligor (or to any Person that is an Affiliate of such Obligor, or in which such Obligor otherwise has a direct or indirect interest) unless (A) such other loan is subordinated to

  

 5 

 the Loan included in the Collateral pursuant to the Subordination Agreement or (B) solely in the
case of a Brooke Franchise Agent Loan, the Agent shall have received evidence reasonably satisfactory to it that (1) each such other loan is either subject to the Intercreditor Agreement or is an Eligible Loan and (2) the loan-to-value
ratio of each such other loan is equal to or lower than the loan-to-value ratio of the Loan included in the Collateral (with such loan-to-value ratio being determined, in each case, based on the ratio that the outstanding principal balance of such
loan bears to the Agency Market Value of the Agency’s Assets securing such loan); and 
 (xxxvii) in the case of an
Allstate Loan, the “Supplement for the R3001 Agreement” and the “Exclusive Agency Independent Contractor Manual”, in each case as then in effect and incorporated by reference into the related Allstate Agency Agreement, provides
that Allstate Insurance Company shall make a termination payment to the Borrower (as assignee of the Seller) in an amount equal to or greater than the termination payment provided for in the version of such Supplement dated November 10, 2003 in
the event such Allstate Agency Agreement is terminated and such Obligor is unable or declines to sell its “economic interest” in the related “book of business” (in each case within the meaning of such Allstate Agency Agreement).

 Notwithstanding the foregoing, from and after February 28, 2005, no Existing Loan may be considered an Eligible Loan.

 B. Additional UCC Representations 
 1. Lawful Assignment. No Loan has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, and assignment of such Loan to the Borrower under the Sale and Servicing
Agreement or the grant of a security interest in such Loan under this Agreement shall be unlawful, void, or voidable. None of the Brooke Parties nor any of their respective Affiliates has entered into any agreement with any account debtor that
prohibits, restricts or conditions the assignment of any portion of the Loans. 
 2. All Filings Made. All filings or other action
(including, without limitation, UCC filings) necessary in any jurisdiction to give the Borrower a first priority perfected ownership interest in the Loans and the Other Conveyed Property and to give the Agent a first priority perfected security
interest in the Collateral have been made. 
 3. Tax Liens. As of the date on which any Loan is first included in the Collateral,
there is no lien against any collateral, if any, securing such Loan for delinquent taxes. 
 4. Creation. The Sale and Servicing
Agreement creates a valid and continuing security interest (as defined in UCC Section 1-201) in the Loans in favor of the Borrower which security interest is prior to all other Adverse Claims, and is enforceable as such as against creditors of
and purchasers from the Seller; and this Agreement creates a valid and continuing security interest in the Loans in favor of the Agent (for the benefit of the Secured Parties), which security interest is prior to all other Adverse Claims, and is
enforceable as such as against creditors of and purchasers from the Borrower. 
  

 6 

 5. Good Title. No Loan has been sold, transferred, assigned, or pledged by the
Seller or any Affiliate thereof to any Person other than directly to the Borrower pursuant to the Sale and Servicing agreement. Immediately prior to the transfer and assignment contemplated by the Sale and Servicing Agreement, the Seller had good
and marketable title to each Loan, and was the sole owner thereof, free and clear of all Adverse Claims (except for those released on or before the date on which such Loan first became a Loan and Permitted Liens) and, immediately upon the transfer
thereof to the Borrower under the Sale and Servicing Agreement, the Borrower shall have acquired good and marketable title to each such Loan, and will be the sole owner thereof, free and clear of all Adverse Claims (other than Permitted Liens), and
the transfer has been perfected under the UCC. No Person has a participation in, or other right to receive, proceeds of any Loan except as provided in this Agreement. Neither the Seller nor any Affiliate thereof has taken any action to convey any
right to any Person, other than the Borrower, the Agent or the Master Agent, that would result in such Person having a right to payments due under such Loan. 
 6. Perfection. Each of the Seller and the Borrower has caused or will have caused, on or prior to the Closing Date, the filing of
all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Loans from the Seller to the Borrower and the security interest in the Loans granted by the
Borrower to the Agent (for the benefit of the Secured Parties) under this Agreement. 
 7. No Other Interest. Other
than the transfer of the Loans to Borrower under the Sale and Servicing Agreement and the security interest granted to the Agent (for the benefit of the Secured Parties) pursuant to this Agreement, none of the Borrower, the Seller or any of their
respective Affiliates has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Loans (unless such interest has been released). None of the Borrower, the Seller or their Affiliates has authorized the filing of, or
is aware of any financing statements there against that include a description of collateral covering the Loans other than any financing statement relating to the sale to the Borrower under the Sale and Servicing Agreement or the security interest
granted to the Agent (for the benefit of the Secured Parties) under this Agreement or that has been released or terminated or is a Permitted Lien. 
 8. No Notations. None of the tangible chattel paper or instruments that constitute or evidence the Loans has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any
Person other than the Borrower and the Agent (for the benefit of the Secured Parties). 
  

 7Form of Deposit Agreement among the Registrant,the depositary and holders of ADR

 Exhibit 4.3 
  

 FORM OF DEPOSIT AGREEMENT 
  

 by and among 
 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 as Issuer 
 AND 
 DEUTSCHE BANK TRUST COMPANY AMERICAS 
 as Depositary, 
 AND 
 THE HOLDERS AND BENEFICIAL OWNERS

 OF AMERICAN DEPOSITARY SHARES EVIDENCED BY 
 AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER 
  

 Dated as of     , 2006 
  

 DEPOSIT AGREEMENT 
 DEPOSIT AGREEMENT, dated as of     , 2006 by and among (i) New Oriental Education & Technology Group Inc., a company incorporated under the laws of the Cayman Islands, and its
successors (the “Company”), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary, and any successor depositary hereunder (the
“Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined). 
 W I T N E S S E T H T H A T: 
 WHEREAS, the Company desires to establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation of American Depositary Shares representing the Shares so deposited; 
 WHEREAS, the Depositary is willing to act as the Depositary for such ADR facility upon the terms set forth in this Deposit Agreement; 

WHEREAS, the American Depositary Receipts evidencing the American Depositary Shares issued pursuant to the terms of this Deposit Agreement are
to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 WHEREAS, the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement are listed on The New York Stock Exchange, Inc; and 
 WHEREAS, the Board of Directors of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility upon
the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 
 ARTICLE I 
 DEFINITIONS 
 All capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless
otherwise clearly indicated: 
 SECTION 1.1 “Affiliate” shall have the meaning assigned to such term by the Commission under
Regulation C promulgated under the Securities Act. 
  

 2 

 SECTION 1.2 “Agent” shall mean such entity or entities as the Depositary may appoint
under Section 7.8, including the Custodian or any successor or addition thereto. 
 SECTION 1.3 “American Depositary
Share(s)” and “ADS(s)” shall mean the securities representing the rights and interests in the Deposited Securities granted to the Holders and Beneficial Owners pursuant to the terms and conditions of this Deposit Agreement and
evidenced by the American Depositary Receipts issued hereunder. Each American Depositary Share shall represent the right to receive [•] Shares, until there shall occur a distribution upon Deposited Securities referred to in
Section 4.2 or a change in Deposited Securities referred to in Section 4.9 with respect to which additional American Depositary Receipts are not executed and delivered, and thereafter each American Depositary Share shall represent the
Shares or Deposited Securities specified in such Sections. 
 SECTION 1.4 “ADS Record Date” shall have the meaning given to
such term in Section 4.7. 
 SECTION 1.5 “Beneficial Owner” shall mean as to any ADS, any person or entity having a
beneficial interest in any ADSs. A Beneficial Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder solely through the Holder of the ADR(s) evidencing the ADSs in
which such Beneficial Owner has an interest. 
 SECTION 1.6 “Business Day” shall mean each Monday, Tuesday, Wednesday,
Thursday and Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive order to close and (b) a day on which the market(s) in which
Receipts are traded are closed. 
 SECTION 1.7 “Commission” shall mean the Securities and Exchange Commission of the United
States or any successor governmental agency in the United States. 
 SECTION 1.8 “Company” shall mean New Oriental
Education & Technology Group Inc., a company incorporated and existing under the laws of laws of the Cayman Islands, and its successors. 
 SECTION 1.9 “Custodian” shall mean, as of the date hereof, Deutsche Bank AG, Hong Kong Branch,, having its principal office at 52/F Cheung Kong Center, 2 Queens Road, Central, Hong Kong S.A.R., People’s Republic of
China., as the custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed by the Depositary pursuant to the terms of Section 5.5 as a successor or an additional custodian or
custodians hereunder, as the context shall require. The term “Custodian” shall mean all custodians, collectively. 
 SECTION 1.10
“Deliver” and “Delivery” shall mean, when used in respect of American Depositary Shares, Receipts, Deposited Securities and Shares, the physical delivery of the certificate representing such security, or the electronic
delivery of such security by means of book-entry transfer, as appropriate, including, without limitation, through DRS/Profile. With respect to DRS/Profile ADRs, 
  

 3 

 the terms “execute”, “issue”, “register”,
“surrender”, “transfer” or “cancel” refer to applicable entries or movements to or within DRS/Profile. 
 SECTION 1.11 “Deposit Agreement” shall mean this Deposit Agreement and all exhibits hereto, as the same may from time to time be amended and supplemented in accordance with the terms hereof.

 SECTION 1.12 “Depositary” shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of
Deutsche Bank A.G., in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder. 
 SECTION 1.13 “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash received or deemed to be
received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in the case of cash, to the provisions of Section 4.6. The collateral delivered in connection with Pre-Release Transactions described in
Section 2.10 hereof shall not constitute Deposited Securities. 
 SECTION 1.14 “Dollars”, “$” and “U.S.
$” shall refer to the lawful currency of the United States. 
 SECTION 1.15 “DRS/Profile” means the system for the
uncertificated registration of ownership of securities pursuant to which ownership of ADSs is maintained on the books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for the automated
transfer of ownership between the books of DTC and the Depositary. Ownership of ADSs held in DRS/Profile are evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. 
 SECTION 1.16 “DTC” shall mean The Depository Trust and Clearing Corporation, the central book-entry clearinghouse and settlement system
for securities traded in the United States, and any successor thereto. 
 SECTION 1.17 “Exchange Act” shall mean the United
States Securities Exchange Act of 1934, as from time to time amended. 
 SECTION 1.18 “Foreign Currency” shall mean any
currency other than Dollars. 
 SECTION 1.19 “Foreign Registrar” shall mean the entity, if any, that carries out the duties
of registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares. 
 SECTION 1.20 “Holder” shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a
Beneficial Owner. A Holder shall be deemed to have all requisite authority to act on behalf of those Beneficial Owners of the ADRs registered in such Holder’s name. 
  

 4 

 SECTION 1.21 “Indemnified Person” and “Indemnifying Person” shall have
the meaning set forth in Section 5.8. hereof. 
 SECTION 1.22 “Pre-Release” shall have the meaning set forth in
Section 2.10 hereof. 
 SECTION 1.23 “Principal Office” when used with respect to the Depositary, shall mean the
principal office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is located at 60 Wall Street, New York, New York 10005, U.S.A. 
 SECTION 1.24 “Receipt(s)”; “American Depositary Receipt(s)” and “ADR(s)” shall mean the certificate(s) or
DRS/Profile statements issued by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such Receipts may be amended from time to time in accordance with the provisions of this Deposit
Agreement. References to Receipts shall include physical certificated Receipts as well as ADSs issued through DRS/Profile, unless the context otherwise requires. 
 SECTION 1.25 “Registrar” shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to
register ownership of Receipts and transfer of Receipts as herein provided, shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the
Depositary. 
 SECTION 1.26 “Restricted Securities” shall mean Shares, or American Depositary Shares representing such
Shares, which (i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and subject to resale limitations under the Securities Act or the
rules issued thereunder, or (ii) are held by an officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii) are subject to other restrictions on sale or deposit under the laws of the United
States, the Cayman Islands, or under a shareholders’ agreement or the Company’s Memorandum and Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such Shares are being sold to
persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale registration statement or (y) exempt from the registration requirements of the Securities Act (as hereinafter defined), and the Shares are
not, when held by such person, Restricted Securities. 
 SECTION 1.27 “Securities Act” shall mean the United States
Securities Act of 1933, as from time to time amended. 
 SECTION 1.28 “Shares” shall mean ordinary shares in registered form
of the Company, par value $0.01 each, heretofore validly issued and outstanding and fully paid or hereafter validly issued and outstanding and fully paid. References to Shares shall include evidence of rights to receive Shares, whether or not stated
in the particular instance; provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase price has not been paid or Shares as to which pre-emptive rights have
theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any 
  

 5 

 change in par value, split-up, consolidation, reclassification, conversion or any other event described in
Section 4.9, in respect of the Shares of the Company, the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities resulting from such change in par value, split-up, consolidation, exchange,
conversion, reclassification or event. 
 SECTION 1.29 “United States” or “U.S.” shall mean the United
States of America. 
 ARTICLE II 
 APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; 
 DEPOSIT OF SHARES; EXECUTION 
 AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 
 SECTION 2.1 Appointment of Depositary. The Company hereby appoints the Depositary as exclusive depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in accordance with
the terms set forth in this Deposit Agreement. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms of this Deposit Agreement, shall be deemed for all purposes to
(a) be a party to and bound by the terms of this Deposit Agreement and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in this Deposit
Agreement, to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement (the taking of
such actions to be the conclusive determinant of the necessity and appropriateness thereof). 
 SECTION 2.2 Form and Transferability of
Receipts. 
 (a) Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement,
with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any number of American Depositary Shares. No definitive Receipt shall be entitled to any benefits under this Deposit
Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary. The Depositary shall maintain books on which
each Receipt so executed and delivered, in the case of definitive Receipts, and each Receipt issued through the DRS/Profile, in either case as hereinafter provided and the transfer of each such Receipt shall be registered. Receipts in certificated
form bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office
prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 
  

 6 

 In addition to the foregoing, the Receipts may be endorsed with or have incorporated in the text thereof
such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be reasonably required by the Depositary in order to comply with any applicable law or regulations thereunder or with the rules and
regulations of any securities exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by
reason of the date of issuance of the underlying Deposited Securities or otherwise. 
 Notwithstanding anything in this Deposit Agreement or
in the Receipt to the contrary, to the extent available by the Depositary, American Depositary Shares shall be evidenced by Receipts issued through DRS/Profile unless certificated Receipts are specifically requested by the Holder. Holders and
Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement and of the form of Receipt, regardless of whether their Receipts are certificated or issued through DRS/Profile. 
 (b) Subject to the limitations contained herein and in the form of Receipt, title to a Receipt (and to the American Depositary Shares evidenced thereby),
when properly endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of
the State of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or
other distributions or to any notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of a
Receipt, unless such holder is the Holder thereof. 
 SECTION 2.3 Deposits. (a) Subject to the terms and conditions of this
Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the
Company or any Affiliate of the Company, to Section 5.7 hereof) at any time, whether or not the transfer books of the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Every deposit of Shares
shall be accompanied by the following: (A)(i) in the case of Shares issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares issued in bearer form, such
Shares or the certificates representing such Shares and (iii) in the case of Shares delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such
Shares to be so transferred, (B) such certifications and payments (including, without limitation, the Depositary’s fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such
Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, (C) if the Depositary so requires, a written order directing the Depositary to execute and deliver to,
or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence 
  

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 satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary
provided at the cost of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have been granted by, and there has been compliance with the rules and regulations of, any applicable
governmental agency in the Cayman Islands, and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any person in whose name
the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as
shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in
respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee. No Share shall be accepted for deposit unless accompanied by confirmation or such additional
evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of the
Cayman Islands and any necessary approval has been granted by any governmental body in the Cayman Islands, if any, which is then performing the function of the regulator of currency exchange. The Depositary may issue Receipts against evidence of
rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Without limitation of the
foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares. The
Depositary will use commercially reasonable efforts to comply with reasonable written instructions of the Company that the Depositary shall not accept for deposit hereunder any Shares specifically identified in such instructions at such times and
under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the securities laws in the United States. 
 (b) As soon as practicable after receipt of any permitted deposit hereunder and compliance with the provisions of this Deposit Agreement, the Custodian
shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign Registrar for transfer and registration of the Shares (as soon as transfer and registration can
be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the
order of the Depositary or a nominee, in each case for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine. 
 (c) In the event any Shares are deposited which entitle the holders thereof to receive a per-share distribution or other entitlement in an amount
different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation, making the necessary notations on Receipts) to give effect to the issuance of such ADSs and to
ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented by 
  

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 such non-fungible ADSs equals that of the Shares represented by ADSs prior to the original such deposit. The Company
agrees to give timely written notice to the Depositary if any Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall assist the Depositary with the establishment of procedures enabling the
identification of such non-fungible Shares upon Delivery to the Custodian. 
 SECTION 2.4 Execution and Delivery of Receipts. After
the deposit of any Shares pursuant to Section 2.2, the Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are deliverable in respect thereof and the number
of American Depositary Shares to be evidenced thereby. Such notification shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex, SWIFT, facsimile or
electronic transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement (including, without limitation, the payment of the fees, expenses, taxes and other charges owing hereunder), shall issue the
ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice delivered to the Depositary and shall execute and deliver a Receipt registered in the name or names requested by such person or persons
evidencing in the aggregate the number of American Depositary Shares to which such person or persons are entitled. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in this Deposit Agreement. 
 SECTION 2.5 Transfer of Receipts; Combination and Split-up of Receipts. 
 (a) Transfer. The Depositary, or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar, subject to
the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Principal 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 DRS/Profile Receipts 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 and of the United States and any other applicable law. Subject to the terms and conditions of this Deposit Agreement, including payment of the applicable fees and charges of the
Depositary set forth in Section 5.9 and Exhibit A hereto, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of American
Depositary Shares as those evidenced by the Receipts surrendered. 
 (b) Combination & Split Up. The Depositary, subject to
the terms and conditions of this Deposit Agreement shall, upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the applicable fees and
charges set forth in Section 5.9 and Exhibit A hereto, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the
Receipt or Receipts surrendered. 
  

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 (c) Co-Transfer Agents. The Depositary may appoint one or more co-transfer agents for the purpose
of effecting transfers, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and
other requirements by Holders or persons entitled to such Receipts and will be entitled to protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the
Depositary. Each co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit
Agreement. 
 (d) At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt
issued through DRS/Profile, or vice versa, execute and deliver a certificated Receipt or DRS/Profile statement, as the case may be, for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American
Depositary Shares as those evidenced by the certificated Receipt or DRS/Profile statement, as the case may be, substituted. 
 SECTION 2.6
Surrender of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Principal Office of the Depositary, of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon
payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 and Exhibit A hereof) and (ii) all applicable taxes and governmental
charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of this Deposit Agreement, the Company’s Memorandum and Articles of Association, Section 7.9 hereof and any other provisions of or
governing the Deposited Securities and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him or upon his order, of the Deposited Securities at the time represented by the American Depositary
Shares so surrendered. American Depositary Shares may be surrendered for the purpose of withdrawing Deposited Securities by delivery of a Receipt evidencing such American Depositary Shares (if held in certificated form) or by book-entry delivery of
such American Depositary Shares to the Depositary. 
 A Receipt surrendered for such purposes shall, if so required by the Depositary, be
properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited
Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the
Custodian or through a book entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, and to the other terms and conditions of this Deposit Agreement, to the Company’s Memorandum and Articles of Association, to the
provisions of or governing the Deposited Securities and to applicable laws, now or hereafter in effect) to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited
Securities represented by such American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited Securities as may be legally required, as the case may be, to or for the account of such
person. 
  

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 The Depositary may, in its discretion, refuse to accept for surrender a number of American Depositary
Shares representing a number other than a whole number of Shares. In the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of Shares, the Depositary shall cause ownership of the
appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and deliver to the person surrendering such Receipt a new Receipt evidencing American
Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of,
and expenses incurred by, the Depositary and (b) taxes withheld) 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 Principal 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 Principal Office of the Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights,
which may at the time be held by the Depositary. 
 SECTION 2.7 Limitations on Execution and Delivery, Transfer, etc. of Receipts;
Suspension of Delivery, Transfer, etc.  
 (a) Additional Requirements. As a condition precedent to the execution and delivery,
registration, registration of transfer, split-up, combination or surrender of any Receipt, the delivery of any distribution thereon or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the
depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to
Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 and Exhibit A hereof, (ii) the production of proof satisfactory to it as to the identity and genuineness of
any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of Receipts or American Depositary Shares or to the
withdrawal or delivery of Deposited Securities and (B) such reasonable regulations as the Depositary may establish consistent with the provisions of this Deposit Agreement and applicable law. 
  

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 (b) Additional Limitations. The issuance of ADSs against deposits of Shares generally or against
deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfers of
Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time
because of any requirement of law, any government or governmental body or commission or any securities exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing, the
Deposited Securities, or any meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.9 hereof. 
 SECTION 2.8 Lost Receipts, etc. In case any Receipt shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, subject to Section 5.9 hereof, the
Depositary shall execute and deliver a new Receipt (which, in the discretion of the Depositary may be issued through DRS/Profile unless specifically requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation
thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder thereof shall have
(a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond in form and amount
acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary. 
 SECTION 2.9
Cancellation and Destruction of Surrendered Receipts; Maintenance of Records. All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with
its customary practices. Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose. 
 SECTION 2.10 Pre-Release. Subject to the further terms and provisions of this Section 2.10, 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. In its capacity as Depositary, the Depositary may (i) issue ADSs prior to the receipt of Shares (each such transaction a “Pre-Release Transaction”) as provided below and (ii) deliver
Shares upon the receipt and cancellation of ADSs that were issued in a Pre-Release Transaction, but for which Shares may not yet have been received. The Depositary may receive ADSs in lieu of Shares under (i) above and receive shares in lieu of
ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered (1) represents that at the time of
the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the Depositary as owner of such Shares or ADSs in its records
and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or
ADSs, and (4) agrees to 
  

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 any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully
collateralized with cash, United States government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice and (d) subject to such
further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs
outstanding (without giving effect to ADSs outstanding under (i) above), provided, however, that the Depositary reserves the right to disregard such limit from time to time as it deems appropriate. The Depositary may also set
limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. 
 The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the
benefit of the Holders (other than the Applicant). 
 ARTICLE III 
 CERTAIN OBLIGATIONS OF HOLDERS 
 AND BENEFICIAL OWNERS OF RECEIPTS

 SECTION 3.1 Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial
Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental
charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities or other
information; to execute such certifications and to make such representations and warranties, and to provide such other information and documentation as the Depositary may deem necessary or proper or as the Company may reasonably require by written
request to the Depositary consistent with its obligations hereunder. The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or
distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Section 7.9 hereof, the delivery of any Deposited Securities, until such proof or other information is filed or such certifications are executed, or
such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction. The Depositary shall from time to time on the written request 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 thereof 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. 
  

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 SECTION 3.2 Liability for Taxes and Other Charges. If any present or future tax or other
governmental charge shall become payable by the Depositary or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental charge shall be payable by the Holders and Beneficial
Owners to the Depositary and such Holders and Beneficial Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for
the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with the Holder and the
Beneficial Owner remaining fully liable for any deficiency. In addition to any other remedies available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver ADRs, register
the transfer, split-up or combination of ADRs and (subject to Section 7.9) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify
the Depositary, the Company, the Custodian, and each of their respective agents, officers, directors, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties
thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners of Receipts under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and
withdrawal of Deposited Securities, or the termination of this Deposit Agreement. 
 SECTION 3.3 Representations and Warranties on Deposit
of Shares. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and
were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the
Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities and
(v) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in
respect thereof and the transfer of such American Depositary Shares. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take
any and all actions necessary to correct the consequences thereof. 
 SECTION 3.4 Compliance with Information Requests.
Notwithstanding any other provision of this Deposit Agreement, the Memorandum and Articles of Association of the Company and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or the
Depositary may request pursuant to law (including, without limitation, relevant Cayman law, any applicable law of the United States), the Memorandum and Articles of Association of the Company, any resolutions 
  

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 of the Company’s Board of Directors adopted pursuant to such Memorandum and Articles of Association, the
requirements of any markets or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or Receipts may be transferred, and (b) be bound by and subject
to applicable provisions of the laws of the Cayman Islands, the Memorandum and Articles of Association of the Company and the requirements of any markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant to any
requirements of any electronic book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial Owner held Shares directly, in each case irrespective of whether or not they are Holders
or Beneficial Owners at the time such request is made. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company’s expense, any such request from the Company to the Holders and to forward
to the Company any such responses to such requests received by the Depositary. 
 ARTICLE IV 
 THE DEPOSITED SECURITIES 
 SECTION 4.1
Cash Distributions. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities
or other entitlements under the terms hereof, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable
basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.6) and will distribute promptly the amount thus
received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders of record as of the ADS Record Date in proportion to the number of American Depositary Shares held by
such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded 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 American Depositary Shares 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 will forward to the Company or its agent such information from its
records as the 
  

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 Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies,
such reports necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts. 
 SECTION 4.2
Distribution in Shares. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be,
in the name of the Depositary, the Custodian or any of their nominees. Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 and shall,
subject to Section 5.9 hereof, either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of American Depositary Shares held as of the ADS Record Date, additional American Depositary Shares, which represent
in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of this Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes), or (ii) if additional American Depositary Shares are not so distributed, each American Depositary Share issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also
represent rights and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of
delivering fractional American Depositary Shares, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms described in Section 4.1. The Depositary may withhold any
such distribution of Receipts if it has not received satisfactory assurances from the Company (including an opinion of counsel to the Company furnished at the expense of the Company) that such distribution does not require registration under the
Securities Act or is exempt from registration under the provisions of the Securities Act. To the extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution in such amounts and in such manner,
including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of applicable (a) taxes and (b) fees and charges of, and
expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1. 
 SECTION 4.3 Elective
Distributions in Cash or Shares. Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days
prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders of ADSs. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to
Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the
Holders of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have
determined that such distribution is reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7. If the above conditions are 
  

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 not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis of the same
determination as is made in the local market in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs representing such additional Shares upon the terms
described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7) and establish procedures to enable Holders to elect the receipt of the proposed
dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Subject to Section 5.9 hereof, if a Holder elects to receive the proposed dividend (x) in cash, the
dividend shall be distributed upon the terms described in Section 4.1, or (y) in ADSs, the dividend shall be distributed upon the terms described in Section 4.2. Nothing herein shall obligate the Depositary to make available to
Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and
conditions as the holders of Shares. 
 SECTION 4.4 Distribution of Rights to Purchase Shares. 
 (a) Distribution to ADS Holders. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for
additional Shares, the Company shall give notice thereof to the Depositary at least 45 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon receipt of a notice indicating
that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall determine, whether it is lawful and reasonably practicable to make such rights available
to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory
documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions set forth above are not satisfied, the
Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse. In the event all conditions set forth above are
satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.7) 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 applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes and other governmental charges). Nothing herein shall obligate the Depositary to make available to the Holders
a method to exercise such rights to subscribe for Shares (rather than ADSs). 
 (b) Sale of Rights. If (i) the Company does not
timely request the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 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, in a riskless principal capacity or otherwise, at such place and upon such terms (including public or 
  

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 private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to determine such
legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms set forth in
Section 4.1. 
 (c) Lapse of Rights. If the Depositary is unable to make any rights available to Holders upon the terms described
in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), 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 to the contrary in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights
or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the
Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes at its expense the Depositary with opinion(s) of counsel for the Company in the United
States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are
exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any
distribution of property (including rights) an amount on account of taxes 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 or charges. 
 There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and
conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such
rights. 
  

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 SECTION 4.5 Distributions Other Than Cash, Shares or Rights to Purchase Shares. 
 (a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional
Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that
the Company wishes such distribution be made to Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and practicable. The Depositary shall not make such distribution unless (i) the Company shall have
timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such
distribution is reasonably practicable. 
 (b) Upon receipt of satisfactory documentation and the request of the Company to distribute
property to Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary may distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs
held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary,
and (ii) net of any taxes and other governmental charges withheld. 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. 
 (c) If (i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such distribution to Holders,
(ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7, or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or feasible, the Depositary
shall endeavor to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the net proceeds, if any, of such sale received by the Depositary (net of
applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary is unable to sell such property, the Depositary may
dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no rights thereto or arising therefrom. 
 SECTION 4.6 Conversion of Foreign Currency. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other
distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign Currency can at such time be converted on a practicable basis (by sale or in any other manner that it may determine
in accordance with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such
Foreign Currency into Dollars, and shall distribute such Dollars (net of any fees, expenses, taxes or other governmental charges incurred in the process of such conversion) in accordance with the terms of the applicable sections of this Deposit
Agreement. If the Depositary 
  

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 shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary
shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable
basis without regard to any distinctions among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise. 
 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. 
 If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary may file such
application for approval or license, if any, as it may deem necessary, practicable and at nominal cost and expense. Nothing herein shall obligate the Depositary to file or cause to be filed, or to seek effectiveness of any such application or
license. 
 If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and
distribution of proceeds of such conversion received by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is
denied, or not obtainable at a reasonable cost, within a reasonable period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either (i) distribute the foreign currency (or an
appropriate document evidencing the right to receive such foreign currency) received by the Depositary to the Holders entitled to receive such foreign currency, or (ii) hold such foreign currency uninvested and without liability for interest
thereon for the respective accounts of the Holders entitled to receive the same. 
 SECTION 4.7 Fixing of Record Date. Whenever
necessary in connection with any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or
whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the
“ADS Record Date”), as close as practicable to the record date fixed by the Company with respect to the Shares, 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
American Depositary Share. Subject to applicable law and the provisions of Section 4.1 through 4.6 and to the other terms and conditions of this Deposit Agreement, only the Holders of record at the close of business in New York on such ADS
Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 
  

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 SECTION 4.8 Voting of Deposited Securities. Subject to the next sentence, as soon as practicable
after receipt of notice of any meeting at which the holders of Shares are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS Record Date in respect of
such meeting or solicitation of consent or proxy. 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 21 Business Days prior to the date of such vote or meeting) and at the Company’s expense, unless otherwise agreed in writing by the Company and the Depositary and provided no U.S. legal prohibitions exist, mail by regular,
ordinary mail delivery, or by electronic transmission, or otherwise distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business
on the ADS Record Date will be entitled, subject to any applicable law, the 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 Shares or other Deposited Securities represented by such Holder’s American Depositary Shares; and (c) a brief statement as
to the manner in which such instructions may be given. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Shares or other Deposited Securities. Upon the timely receipt of
written instructions of a Holder of American Depositary Shares on the ADS Record Date of voting instructions 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 Shares and/or other Deposited Securities (in
person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions. 
 In
the event that the Depositary i) timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs or ii) if no instructions are
received by the Depositary from a Holder with respect to any of the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs on or before the ADS Record Date established by the Depositary for such purpose, 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 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 Shares, provided, further, that the Company will have no liability to any Holder or Beneficial Owner resulting from such notification. 
  

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 Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to
voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Shares or other Deposited Securities represented by American
Depositary Shares 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. Shares or other Deposited
Securities represented by ADSs for which no specific voting instructions are received by the Depositary from the Holder shall not be voted. 
 Notwithstanding the above, save for applicable provisions of Cayman law, and in accordance with the terms of Section 5.3, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited
Securities. 
 SECTION 4.9 Changes Affecting Deposited Securities. Upon any change in par value, split-up, cancellation, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the
Depositary or the Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement, and the
Receipts shall, subject to the provisions of this Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company’s
approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and receipt of an opinion of counsel to the Company furnished at the Company’s expense satisfactory to the Depositary that such distributions
are not in violation of any applicable laws or regulations, execute and deliver additional Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case,
as well as in the event of newly deposited Shares, with necessary modifications to the form of Receipt contained in Exhibit A hereto, specifically describing such new Deposited Securities and/or corporate change. The Company agrees to, jointly with
the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of Receipts. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed
to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of the Company’s counsel furnished at the Company’s expense satisfactory to the Depositary
that such action is not in violation of any applicable laws or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of
(a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such
Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1. The Depositary shall not be responsible for (i) 
  

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 any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or to
any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities. 
 SECTION 4.10 Available Information. The Company is subject to the periodic reporting requirements of the Exchange Act applicable to foreign
private issuers (as defined in Rule 405 under 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. 
 SECTION 4.11 Reports. The Depositary shall make available during normal
business hour on any Business Day for inspection by Holders at its Principal 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 Company agrees to provide to the Depositary, at the
Company’s expense, all documents that it provides to the Custodian. The Depositary shall, at the expense of the Company, unless otherwise agreed in writing by the Company and the Depositary and in accordance with Section 5.6, also mail by
regular, ordinary mail delivery or by electronic transmission (if agreed by the Company and the Depositary) to Holders copies of such reports when furnished by the Company pursuant to Section 5.6. 
 SECTION 4.12 List of Holders. Promptly upon written request by the Company, the Depositary shall furnish to it a list, as of a recent date, of the
names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered on the books of the Depositary. 
 SECTION 4.13 Taxation; Withholding. The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its
agents to file necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but shall not be obligated to, file such reports as are necessary to reduce or eliminate applicable
taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial Owners of American Depositary Shares may be required from time to
time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents,
as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations under applicable law. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian
and any of their respective directors, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund
of taxes, reduced rate of withholding at source or other tax benefit obtained. 
  

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 The Company shall remit to the appropriate governmental authority or agency any amounts required to be
withheld by the Company and owing to such governmental authority or agency. Upon any such withholding, the Company shall remit to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax
receipt (or other proof of payment to the applicable governmental authority) therefor, in each case, in a form satisfactory to the Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders: (i) any taxes withheld
by it; (ii) any taxes withheld by the Custodian, subject to information being provided to the Depositary by the Custodian; and (iii) any taxes withheld by the Company, subject to information being provided to the Depositary by the Company.
The Depositary and the Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is
provided by the Company to the Depositary. Neither the Depositary, the Custodian nor the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such
Holder’s or Beneficial Owner’s income tax liability. 
 In the event that the Depositary determines that any distribution in
property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may by public or
private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes or charges and the Depositary shall
distribute the net proceeds of any such sale after deduction of such taxes or charges to the Holders entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 
 The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company. The
Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary Shares. 
 ARTICLE V 
 THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 
 SECTION 5.1 Maintenance of Office and Transfer Books by the Registrar. Until termination of this Deposit Agreement in accordance with its terms,
the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the execution and delivery, registration, registration of
transfers, combination and split-up of Receipts, the surrender of Receipts and the delivery and withdrawal of Deposited Securities in accordance with the provisions of this Deposit Agreement. 
 The Depositary or the Registrar as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times
shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection 
  

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 shall not be, to the Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders
of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to this Deposit Agreement or the Receipts. 
 The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time or from time to time, when deemed necessary or advisable by it in connection with the performance
of its duties hereunder, or at the reasonable written request of the Company. 
 If any Receipts or the American Depositary Shares evidenced
thereby are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations
and split-ups, and to countersign such Receipts in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary. 
 If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more securities exchanges, markets or automated quotation
systems, (i) the Depositary shall be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with the requirements of such securities exchange(s), market(s) or automated quotation
system(s) applicable to it, notwithstanding any other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall provide the Depositary such information and assistance as may be reasonably
necessary for the Depositary to comply with such requirements, to the extent that the Company may lawfully do so. 
 SECTION 5.2
Exoneration. Neither the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of this Deposit Agreement or shall incur any liability (i) if the Depositary, the
Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of this Deposit Agreement, by reason of any provision of any
present or future law or regulation of the United States or any state thereof, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil
penalties or restraint, or by reason of any provision, present or future, of the Company’s Memorandum and Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other
circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any
exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the Company’s 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, 
  

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 (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other
benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Holders of American Depositary Shares or (v) for any special, consequential, indirect or punitive
damages for any breach of the terms of this Deposit Agreement or otherwise. 
 The Depositary, its controlling persons, its agents, the
Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper
party or parties. 
 No disclaimer of liability under the Securities Act is intended by any provision of this Deposit Agreement. 

SECTION 5.3 Standard of Care. The Company and the Depositary and their respective agents assume no obligation and shall not be subject to any
liability under this Deposit Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that the Company and the Depositary and their respective agents agree to
perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without gross negligence or willful misconduct. 
 Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, or agents, shall be under any obligation to appear in, prosecute or defend any action,
suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses (including fees and disbursements of
counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). 
 The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the
manner in which any vote is cast or the effects of any vote. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information
submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited
Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the creditworthiness of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the
failure or timeliness of any notice from the Company, or for any action or non action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person representing 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 shall not be liable for any acts or omissions made by a successor depositary 
  

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 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. 
 SECTION 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. Subject to any other
agreements otherwise agreed in writing between the Company and the Depositary from time to time relating to resignation and removal of the Depositary, the Depositary may at any time resign as Depositary hereunder by written notice of resignation
delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be
entitled to take the actions contemplated in Section 6.2 hereof), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or
expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. 
 The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90
days after delivery by the Depositary of written notice of resignation as provided in this paragraph. In the event that notice of the appointment of a successor depositary is not provided by the Company in accordance with the preceding sentence, the
Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof. 
 The Depositary may at any time be removed by the
Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in
Section 6.2 hereof), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or
in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal. 
 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary,
which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in
writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its
predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor
hereunder (other than as contemplated in Sections 5.8 and 5.9), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such 
  

 27 

 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. 
 SECTION 5.5 The Custodian. The Custodian or its successors in acting hereunder shall be subject
at all times and in all respects to the direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder
with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged Custodian to deliver the
Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines,
in its discretion, that it is appropriate to do so, it may appoint an additional entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute
custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. After any such change, the Depositary shall give notice thereof in writing to all Holders. 
 Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to
be the Custodian of the Deposited Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian,
execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary. 
 SECTION 5.6 Notices and Reports. On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of
holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or the
offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the form given or to be given to holders of Shares or other Deposited
Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Company’s Memorandum and Articles of Association that may be relevant or pertain to
such notice of meeting or be the subject of a vote thereat. 
 The Company will also transmit to the Depositary (a) English language
versions of the other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b)
  

 28 

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

 The Depositary will make available a copy of any such notices, reports or communications issued by the Company and delivered to the
Depositary for inspection by the Holders of the Receipts evidencing the American Depositary Shares representing such Shares governed by such provisions at the Depositary’s Principal Office, at the office of the Custodian and at any other
designated transfer office. 
 SECTION 5.7 Issuance of Additional Shares, ADSs etc. The Company agrees that in the event it or any of
its Affiliates proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of securities convertible into or exchangeable for
Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of
Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger or consolidation or transfer of assets or (viii) any reclassification, recapitalization, reorganization, merger, consolidation
or sale of assets which affects the Deposited Securities, it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction to Holders and Beneficial Owners does not violate the registration
provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the states of the United States). In support of the foregoing,
at the request of the Depositary, the Company 
  

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 will furnish to the Depositary, at it’s own expense, (a) a written opinion of U.S. counsel (reasonably
satisfactory to the Depositary) stating whether or not application of such transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration
requirements of the Securities Act and (b) an opinion of Cayman Islands counsel (reasonably satisfactory to the Depositary) stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or
regulations of the Cayman Islands and (2) all requisite regulatory consents and approvals have been obtained in the Cayman Islands. If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed
with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective and that such distribution is in accordance with all applicable laws or regulations. If, being
advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to
avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in this Deposit Agreement, to prevent such transaction from violating the registration requirements
of the Securities Act. 
 The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time
(i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional
Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such transaction are exempt from registration
under the Securities Act or have been registered under the Securities Act (and such registration statement has been declared effective). 
 Notwithstanding anything else contained in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration statement in respect of any proposed transaction. 
 SECTION 5.8 Indemnification. The Company agrees to indemnify the Depositary, any Custodian and each of their respective directors, officers,
employees, agents and Affiliates against, and hold each of them harmless from, any losses, liabilities, taxes, costs, claims, judgments, proceedings, actions, demands and any charges or expenses of any kind whatsoever (including, but not limited to,
reasonable attorney’s fees and expenses and, in each case, fees and expenses of counsel, in each case, irrevocable value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively referred to as
“Losses”) which the Depositary or any agent thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may arise (a) out
of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any offering
documents in respect thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in 
  

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 connection with this Deposit Agreement, the Receipts, the American Depositary Shares, the Shares, or any Deposited
Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents and Affiliates, except to the extent any such Losses arises out of the negligence or bad faith of any of them,
or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates. Notwithstanding the above, in no event shall the Depositary or any of its directors, officers, employees, agents and/or Affiliates be liable for any
indirect, special, punitive or consequential damages to the Company, Holders, Beneficial Owners or any other person. The indemnities contained in this paragraph shall not extend to any Loss that arises out of information (or omissions from such
information) relating to the Indemnified Persons, furnished in writing to the Company by such Indemnified Person expressly for use in any registration statement, prospectus or proxy statement under the Securities Act. 
 The Depositary agrees to indemnify the Company, its directors, officers, employees, agents and Affiliates against and hold each of them harmless from any
Losses which may arise out of acts performed or omitted to be performed by the Depositary or its directors, employees, agents and Affiliates due to their negligence or bad faith. 
 Any person seeking indemnification hereunder (an “Indemnified Person”) shall notify the person from whom it is seeking indemnification (the
“Indemnifying Person”) of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware of such commencement (provided that the failure to make such notification shall not affect such
Indemnified Person’s rights to indemnification except to the extent the Indemnifying Person is materially prejudiced by such failure) and shall consult in good faith with the Indemnifying Person as to the conduct of the defense of such action
or claim that may give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without the consent
of the Indemnifying Person, which consent shall not be unreasonably withheld. 
 The obligations set forth in this Section shall survive the
termination of this Deposit Agreement and the succession or substitution of any party hereto. 
 SECTION 5.9 Fees and Charges of
Depositary. The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s fees and
related charges identified as payable by them respectively as provided for under Article 9 of the Form of Receipt attached hereto as Exhibits A and B; provided, however, that no fees shall be payable upon distribution of cash dividends so long as
the charging of such fee is prohibited by the exchange, if any, upon which the ADSs are listed. All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case
of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request. 
  

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 The Depositary and the Company may reach separate agreement in relation to the payment of any additional
remuneration to the Depositary in respect of any exceptional duties which the Depositary finds necessary or desirable and agreed by both parties in the performance of its obligations hereunder and in respect of the actual costs and expenses of the
Depositary in respect of any notices required to be given to the Holders in accordance with Article 20 of the Form of Receipt attached hereto as Exhibits A and B. 
 In connection with any payment by the Company to the Depositary: 
  

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

  

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

  

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

 The Company agrees to promptly pay to the Depositary such other fees, charges and expenses and
to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from time to time be changed by agreement between
the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every three months. 
 All payments by the Company to the Depositary under this Section 5.9 shall be paid without set-off or counterclaim, and free and clear of and
without deduction or withholding for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of whatever nature, imposed by the Cayman Islands or by any department, agency or other political
subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto. 
 The right of
the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4
hereof, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal. 
  

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 SECTION 5.10 Restricted Securities Owners/Ownership Restrictions. From time to time or upon the
reasonable request of the Depositary, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities and the Company shall update that
list on a regular basis. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of
the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder. The Company shall, in accordance with Article 24 of the Form of Receipt attached hereto as Exhibits A and B, inform Owners and Beneficial
Owners and the Depositary of any other limitations on ownership of Shares that the Owners and Beneficial Owners may be subject to by reason of the number of American Depositary Shares held under the Articles of Incorporation of the Company or
applicable Cayman Islands law, as such restrictions may be in force from time to time. 
 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 SECTION
6.1 Amendment/Supplement. Subject to the terms and conditions of this Section 6.1 and applicable law, the Receipts outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt attached hereto and to be issued
under the terms hereof may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable and not materially prejudicial to the
Holders without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and 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. The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the
Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under the Securities Act or (b) the American Depositary Shares or the Shares to be traded solely in electronic book-entry form and (ii) do not in
either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or
supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or Shares, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended and supplemented thereby. In no
event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.
Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require 
  

 33 

 amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend
or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such
amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations. 
 SECTION 6.2 Termination. The Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90
days prior to the date fixed in such notice for such termination, provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of this Deposit Agreement and in accordance with any
other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a
written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its
appointment as provided in Section 5.4, the Depositary may terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On
and after the date of termination of this Deposit Agreement, the Holder will, upon surrender of such Receipt at the Principal Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in
Section 2.6 and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented
by such Receipt. If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the
distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to
Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6, together with any
dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case,
the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). At any
time after the expiration of six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with
any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary
shall be discharged from all obligations under this Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except 
  

 34 

 to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the
charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). Upon the
termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary hereunder. 
 ARTICLE VII 
 MISCELLANEOUS 
 SECTION 7.1 Counterparts. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all
of such counterparts together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours. 
 SECTION 7.2 No Third-Party Beneficiaries. This Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and
shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise to a
partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking
relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and
(iii) nothing contained in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, or (b) obligate the Depositary or any of its
Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships. 
 SECTION 7.3 Severability. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
 SECTION 7.4 Holders and Beneficial Owners as Parties; Binding Effect. The Holders and Beneficial Owners from time to time of American Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms
and conditions hereof and of any Receipt by acceptance hereof or any beneficial interest therein. 
 SECTION 7.5 Notices. Any and all
notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter, addressed to New Oriental
Education & Technology Group Inc., No. 6 Hai Dian Zhong Street, 9th Floor, Haidian District, Beijing 100080, 
  

 35 

 People’s Republic of China, Attention: Louis T. Hsieh, Chief Financial Officer, or to any other address which the
Company may specify in writing to the Depositary. 
 Any and all notices to be given to the Depositary shall be deemed to have been duly
given if personally delivered or sent by mail, air courier or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between
the Company and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, USA Attention: ADR Department, telephone: (001) 212 602-1044, facsimile:
(001) 212 797 0327 or to any other address which the Depositary may specify in writing to the Company. 
 Any and all notices
to be given to any Holder shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s
expense, unless otherwise agreed in writing between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the transfer books for Receipts of the Depositary, or, if such Holder shall have filed with
the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit
Agreement. 
 Delivery of a notice sent by mail, air courier or cable, telex, facsimile or electronic transmission shall be deemed to be
effective at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air
courier service. The Depositary or the Company may, however, act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding that such cable, telex, facsimile or electronic
transmission shall not subsequently be confirmed by letter as aforesaid, as the case may be. 
 SECTION 7.6 Governing Law and
Jurisdiction. This Deposit Agreement and the Receipts shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to
the principles of choice of law thereof. Except as set forth in the following paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have jurisdiction to hear and
determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with this Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The
Company hereby irrevocably designates, appoints and empowers CT Corporation System, (the “Agent”) now at 111 Eighth Avenue, New York, New York 10011, as its authorized agent to receive and accept for and on its behalf, and on behalf of its
properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the
preceding sentence or in the next paragraph 
  

 36 

 of this Section 7.6. If for any reason the Agent shall cease to be available to act as such, the Company agrees to
designate a new agent in the City of New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal
process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be ineffective or such
Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5 hereof. The Company agrees that the failure of the Agent to
give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. 
 Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit,
action or proceeding against (a) the Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement or (c) against both the Company and the Depositary, in any state or federal court of the United States, and
the Depositary or the Company have any claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then the Company and the Depositary may pursue such claim against each other in
the state or federal court in the United States in which such suit, action, or proceeding is pending, and for such purposes, the Company and the Depositary irrevocably submit to the non-exclusive jurisdiction of such courts. The Company agrees that
service of process upon the Agent in the manner set forth in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as described in this paragraph. 
 The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying
of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum. 
 The Company and the Depositary agree that, notwithstanding
the foregoing, with regard to any claim or dispute or difference of whatever nature between the parties hereto arising directly or indirectly from the relationship created by this Deposit Agreement, the Depositary, in its sole discretion, shall be
entitled to refer such dispute or difference for final settlement by arbitration (“Arbitration”) in accordance with the applicable rules of the American Arbitration Association (the “Rules”) then in force, by a sole arbitrator
appointed in accordance with the Rules. The seat and place of any reference to Arbitration shall be New York, New York State. The procedural law of any Arbitration shall be New York law and the language to be used in the Arbitration shall be
English. The fees of the arbitrator and other costs incurred by the parties in connection with such Arbitration shall be paid by the party that is unsuccessful in such Arbitration. 
  

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 The provisions of this Section 7.6 shall survive any termination of this Deposit Agreement, in whole
or in part. 
 SECTION 7.7 Assignment. Subject to the provisions of Section 5.4 hereof, this Deposit Agreement may not be
assigned by either the Company or the Depositary. 
 SECTION 7.8 Agents. The Depositary shall be entitled, in its sole but reasonable
discretion, to appoint one or more agents (the “Agents”) of which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying out its obligations under this Agreement.

 SECTION 7.9 Exclusivity. The Company agrees not to appoint any other depositary for the issuance or administration of depositary
receipts evidencing any class of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder. 
 SECTION 7.10 Compliance with U.S. Securities Laws. Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except
as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 
 SECTION 7.11 Titles. All references in this Deposit Agreement to exhibits, articles, sections, subsections, and other subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions
of this Deposit Agreement unless expressly provided otherwise. The words “this Deposit Agreement”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar import refer to the Deposit
Agreement as a whole as in effect between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be
construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of this Deposit Agreement are included for convenience only and
shall be disregarded in construing the language contained in this Deposit Agreement. 
  

 38 

 IN WITNESS WHEREOF, NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. and DEUTSCHE BANK TRUST
COMPANY AMERICAS have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts
issued in accordance with the terms hereof. 
  

			
	NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 39 

			
	Number	 	CUSIP                

  

					
		 		 	 American Depositary Shares (Each
 American Depositary Share
 representing [    ] [of] Fully Paid
 Common Shares)

 EXHIBIT A 
 [FORM OF FACE OF RECEIPT] 
 AMERICAN DEPOSITARY RECEIPT 
 FOR 
 AMERICAN DEPOSITARY SHARES 

representing 
 DEPOSITED ORDINARY SHARES

 Of 
 NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC. 
 (Incorporated under the laws of the Cayman Islands) 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the “Depositary”), hereby certifies that
                     is the owner of
                     American Depositary Shares (hereinafter “ADS”), representing deposited common shares, each of Par Value of
$0.01 including evidence of rights to receive such ordinary shares (the “Shares”) of New Oriental Education & Technology Group Inc. (the “Company”), a company incorporated under the laws of the Cayman Islands (the
“Company”). As of the date of the Deposit Agreement (hereinafter referred to), each ADS represents [    ] Share[s] deposited under the Deposit Agreement with the Custodian which at the date of execution of the
Deposit Agreement is Deutsche Bank AG, Hong Kong Branch (the “Custodian”). The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement. The Depositary’s
Principal Office is located at 60 Wall Street, New York, New York 10005, U.S.A. 
 (1) The Deposit Agreement. This American Depositary
Receipt is one of an issue of American Depositary Receipts (“Receipts”), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [•], 2006 (as amended from time to time, the
“Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and 
  

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 becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of
Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time, received in respect of such Shares and held
thereunder (such Shares, other securities, property and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and the Custodian. 
 Each owner and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the
Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its
behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem
necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 
 The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and the Company’s
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. The Depositary makes no representation or warranty as to the validity or worth of the Deposited Securities. The Depositary has made
arrangements for the acceptance of the American Depositary Shares into DTC. Each Beneficial Owner of American Depositary Shares held through DTC must rely on the procedures of DTC and the DTC participants to exercise and be entitled to any rights
attributable to such American Depositary Shares. The Receipt evidencing the American Depositary Shares held through DTC will be registered in the name of a nominee of DTC. So long as the American Depositary Shares are held through DTC or unless
otherwise required by law, ownership of beneficial interests in the Receipt registered in the name of DTC (or its nominee) will be shown on, and transfers of such ownership will be effected only through, records maintained by (i) DTC (or its
nominee), or (ii) DTC participants (or their nominees). 
 (2) Surrender of Receipts and Withdrawal of Deposited Securities. Upon
surrender, at the Principal Office of the Depositary, of ADSs evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the charges of the Depositary for the making of
withdrawals and cancellation of Receipts (as set forth in Article (9) hereof and in Section 5.9 and Exhibit A of the Deposit Agreement) and (ii) all fees, taxes and governmental charges payable in connection with such surrender and
withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Company’s Memorandum and Articles of Association, Section 7.9 of the Deposit Agreement, Article (22) of this Receipt 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 
  

 A-2 

 delivery, to him or upon his order, of the Deposited Securities represented by the ADS so surrendered. Subject to the
last sentence of this paragraph, such Deposited Securities may be delivered in certificated form or by electronic delivery. ADS may be surrendered for the purpose of withdrawing Deposited Securities by delivery of a Receipt evidencing such ADS (if
held in registered form) or by book-entry delivery of such ADS to the Depositary. 
 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 (subject to the terms and conditions of the Deposit Agreement, to the Company’s Memorandum and Articles of Association, and to the provisions of or governing the Deposited Securities and applicable
laws, now or hereafter in effect), to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such ADSs, together with any certificate or other
proper documents of or relating to title for the Deposited Securities or evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. The Depositary may make delivery to such person or persons
at the Principal Office of the Depositary of any dividends or 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. 
 The Depositary may, in its discretion, refuse to accept for surrender a number of American Depositary Shares representing
a number of Shares other than a whole number of Shares. In the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of
Shares to be delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing
any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes withheld) 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 Principal 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

 (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 Principal Office of the Depositary of a Receipt by 
  

 A-3 

 the Holder thereof in person or by duly authorized attorney, properly endorsed or accompanied by 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 and of the United States of America, 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 charges of the Depositary, the Depositary shall execute and deliver a new Receipt(s) (and if necessary, cause the Registrar to
countersign such Receipt(s)) and deliver same to or upon the order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced by the Receipts surrendered. Upon surrender of a Receipt or Receipts for the
purpose of effecting a split-up or combination of such Receipt or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall execute and deliver
a new Receipt or Receipts for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as the Receipt or Receipts surrendered. 
 (4) Pre-Conditions to Registration, Transfer, Etc. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt 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 matters and (iii) compliance with (A) any laws or governmental regulations relating to the execution and
delivery of Receipts and ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations of the Depositary or the Company consistent with the Deposit Agreement and applicable law. 
 The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the
deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfer of Receipts generally may be suspended, during any period when the transfer books of
the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission
or any securities exchange upon which the Receipts or Share are listed, or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities or any meeting of shareholders of the Company or for any other reason,
subject in all cases to Article (22) hereof. Notwithstanding any provision of the Deposit Agreement or this Receipt to the contrary, the Holders of Receipts are entitled to surrender outstanding ADSs to withdraw the Deposited Securities at any
time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the
payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the Deposited Securities, and (iv) other 
  

 A-4 

 circumstances specifically contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such General
Instructions may be amended from time to time). Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares or other Deposited Securities required to be registered under the
provisions of the Securities Act of 1933, as amended, unless a registration statement is in effect as to such Shares. 
 (5) Compliance
With Information Requests. Notwithstanding any other provision of the Deposit Agreement or this Receipt, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the
Cayman Islands, the rules and requirements of The New York Stock Exchange and any other stock exchange on which the Shares are, or will be registered, traded or listed, the Company’s Memorandum and Articles of Association, which are made
to provide information as to the capacity in which such Holder or Beneficial Owner owns ADSs and regarding the identity of any other person interested in such ADSs and the nature of such interest and various other matters whether or not they are
Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable efforts to forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary.

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

 A-5 

 (7) Representations and Warranties of Depositors. Each person depositing Shares under the Deposit
Agreement shall be deemed thereby to represent and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person, (ii) all preemptive
(and similar) rights, if any, with respect to such Shares, have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien,
encumbrance, security interest, charge, mortgage or adverse claim and are not, and the ADSs issuable upon such deposit will not be, Restricted Securities and (v) the Shares presented for deposit have not been stripped of any rights or
entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance, cancellation and transfer of ADSs. If any such representations or warranties are false in any way, the Company and Depositary
shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 
 (8) Filing Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, 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 or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities,
compliance with applicable laws and the terms of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information as the Depositary deem necessary or proper or as the Company may reasonably require by written
request to the Depositary consistent with its obligations under the Deposit Agreement. Subject to Article (22) hereof and the terms of the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the 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 the delivery of any Deposited Securities until such proof or other information is filed, or such
certifications are executed, or such representations and warranties made, or such information and documentation are provided. 
 (9)
Charges of Depositary. The Depositary shall charge the following fees for the services performed under the terms of the Deposit Agreement, unless otherwise agreed in writing by the Company and the Depositary; provided, however, that no fees
shall be payable upon distribution of cash dividends so long as the charging of such fee is prohibited by the exchange, if any, upon which the ADSs are listed: 
 (i) to any person to whom ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to
stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a fee not in excess of U.S. $ 5.00 per 100 ADSs (or fraction thereof) so issued under the terms of
the Deposit Agreement to be determined by the Depositary; 
 (ii) to any person surrendering ADSs for cancellation and
withdrawal of Deposited Securities including, inter alia, cash distributions made pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $ 5.00 per 100 ADSs (or fraction thereof) so surrendered; 
  

 A-6 

 (iii) to any Holder of ADSs, a fee not in excess of U.S. $ 2.00 per 100 ADS held for
the distribution of cash proceeds, including cash dividends or sale of rights and other entitlements, not made pursuant to a cancellation or withdrawal; 
 (iv) to any holder of ADSs, a fee not in excess of U.S. $ 5.00 per 100 ADSs (or portion thereof) issued upon the exercise of rights; 
 (v) for the operation and maintenance costs in administering the ADRs an annual fee of U.S.$0.02 or less per ADR: provided, however, that
if the Depositary imposes a fee under this clause (v), then the total of fees assessed under this clause (v), combined with the total of fees assessed under clause (iv) above, shall not exceed U.S.$0.02 per ADR in any calendar year; and

 (vi) in connection with inspections of the relevant share register maintained by the local registrar, if applicable
undertaken by the Depositary, the Custodian or their respective agents: an annual fee of U.S.$0.01 or less per ADR (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, persons depositing Shares for deposit and persons surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required to pay the following charges:

 (i) taxes (including applicable interest and penalties) and other governmental charges; 
 (ii) such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities with the
Foreign Registrar and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively; 
 (iii) such cable, telex, facsimile and electronic transmission and delivery expenses as are expressly provided in the Deposit Agreement to
be at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs; 
 (iv) the
expenses and charges incurred by the Depositary in the conversion of foreign currency; 
 (v) such fees and expenses as are
incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; 
 (vi) the fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities, including any fees of a
central depository for securities in the local market, where applicable; and 
  

 A-7 

 (vii) any additional fees, charges, costs or expenses that may be incurred by the
Depositary from time to time. 
 Any other charges and expenses of the Depositary under the Deposit Agreement will be paid by the Company
upon agreement between the Depositary and the Company. 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) of this Receipt. 
 (10) Title to Receipts. It is a condition of this
Receipt, and every successive Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly
endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security under the laws of the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt
(that is, the person in whose name this Receipt is registered on the books of the Depositary) as the absolute owner hereof for all purposes. The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this
Receipt to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s
representative is the Holder registered on the books of the Depositary. 
 (11) Validity of Receipt. This Receipt shall not be
entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose, unless this Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary,
(iii) if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the Depositary or the
Registrar, as applicable, for the issuance and transfer of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory of the
Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the execution and delivery of such Receipt by the Depositary or did not hold such office
on the date of issuance of such Receipts. 
 (12) Available Information; Reports; Inspection of Transfer Books. The Company is subject
to the periodic reporting requirements of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 under 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. The Depositary shall make available during normal business hours on any Business Day for inspection by
Holders at its Principal 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. 
  

 A-8 

 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 subject, in all cases, to Article (22) hereof. 
  

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

		 		 	Vice President

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

 A-9 

 EXHIBIT B 
 [FORM OF REVERSE OF RECEIPT] 
 SUMMARY OF CERTAIN ADDITIONAL PROVISIONS 
 OF THE DEPOSIT AGREEMENT 
 (13) Dividends
and Distributions in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares,
rights securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement),
be converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars and will distribute promptly the amount thus received (net of
applicable fees and charges of, and expenses incurred by, the Depositary and taxes withheld) to the Holders of record as of the ADS Record Date in proportion to the number of ADS representing such Deposited Securities held by such Holders
respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent
and so distributed to Holders entitled thereto. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account
of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the
Depositary to the relevant governmental authority. Any foreign currency received by the Depositary shall be converted upon the terms and conditions set forth in the Deposit Agreement. 
 If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall or cause such Shares to
be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt of confirmation of such deposit, the Depositary shall, subject to and in accordance with the Deposit
Agreement, establish the ADS Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares
received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes), or (ii) if additional ADSs
are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interest 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). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and
distribute the proceeds upon the terms set forth in the Deposit Agreement. 
  

 B-1 

 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 fees and charges of, and expenses incurred by, 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 of counsel the Depositary may request under the Deposit Agreement) determine whether such distribution is lawful and reasonably practicable.
If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to Article (14) hereof and establish procedures to enable the Holder hereof to elect to receive the proposed
distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed as in the case of a distribution in cash. If the Holder hereof elects to receive the distribution in additional
ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective distribution is not lawful or reasonably practicable or if the Depositary did not receive
satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same determination as is made in
[            ] in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon the terms
described in the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that the Holder hereof will
be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. 
 Upon receipt by the
Depositary of a notice indicating that the Company wishes rights to subscribe for additional Shares to be made available to Holders of ADSs, the Company shall determine whether it is lawful and reasonably practicable to make such rights available to
the Holders. The Depositary shall make such rights available to any Holders only if the Company shall have timely requested that such rights be made available to Holders, the Depositary shall have received the documentation required by the Deposit
Agreement, and the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set
forth above are satisfied, the Depositary shall establish an ADS Record Date and establish procedures (x) to distribute such rights (by means of 
  

 B-2 

 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 taxes). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs).
If (i) the Company does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to Holders, (ii) the Depositary fails to receive the documentation required
by the Deposit Agreement or determines it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine
whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity or otherwise, at such place and upon such terms (including public and 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 taxes) 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 feasible 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 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 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 or charges. 
 There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and
conditions as the holders of Shares or 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.

  

 B-3 

 Upon receipt of a notice regarding property other than cash, Shares or rights to purchase additional
Shares, to be made to Holders of ADSs, the Depositary shall determine, upon consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the
Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement, and (iii) the Depositary shall have determined that such
distribution is lawful and reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such
Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and
(ii) net of any taxes withheld. 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 (b) taxes) to the Holders upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such
property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances. 
 (14) Fixing
of Record Date. Whenever necessary in connection with any distribution (whether in cash, shares, rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS,
or whenever the Depositary shall receive notice of any meeting of 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 (“ADS Record Date”) for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, or to give or
withhold such consent, or to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. Subject to applicable law and the terms and
conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distributions, to give such voting instructions, to receive such notice
or solicitation, or otherwise take action. 
 (15) Voting of Deposited Securities. As soon as practicable after receipt of notice of
any meeting at which the holders of Shares are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall 
  

 B-4 

 fix the ADS Record Date in respect of such meeting or solicitation of such consent or proxy. 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 21 Business Days prior to the date of such vote or
meeting), at the Company’s expense, unless otherwise agreed in writing by the Company and the Depositary and provided no U.S. legal prohibitions exist, mail by ordinary, regular mail delivery or by electronic transmission (if agreed by the
Company and the Depositary), unless otherwise agreed in writing by the Company and the Depositary, to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxies; (b) a statement that the Holders as
of the ADS Record Date will be entitled, subject to any applicable law, the provisions of the 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 Shares or other Deposited Securities represented by such Holder’s ADSs; and (c) a
brief statement as to the manner in which such instructions may be given. Upon the timely receipt of written instructions of a Holder of ADSs on the ADS Record Date, the Depositary shall endeavor, insofar as practicable and permitted under
applicable law and the provisions of the Company’s Memorandum and Articles of Association and the provisions of the Deposit Agreement, to vote or cause the Custodian to vote the Shares and/or other Deposited Securities represented by ADSs held
by such Holder in accordance with such instructions. 
 In the event that the Depositary i) timely receives voting instructions from a Holder
which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs or ii) if no instructions are received by the Depositary from a Holder with respect to any of the Deposited
Securities represented by the ADSs evidenced by such Holder’s ADRs on or before the ADS Record Date established by the Depositary for such purpose, 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 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 Shares,
provided, further, that the Company will have no liability to any Holder or Beneficial Owner resulting from such notification. 
 Neither the
Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing
a quorum or otherwise, the Shares or other Deposited Securities represented by American Depositary Shares except pursuant to and in 
  

 B-5 

 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. Shares or other Deposited Securities represented by ADSs for which no specific voting instructions are received by the Depositary from the Holder shall not be voted. 
 Notwithstanding the above, and in accordance with Section 5.3 of the Deposit Agreement, the Depositary shall not be liable for any failure to carry
out any instructions to vote any of the Deposited Securities, or for the manner in which such vote is cast or the effect of any such vote. 
 (16) Changes Affecting Deposited Securities. Upon any change in par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or
consolidation or sale of assets affecting the Company or to which it otherwise is a party, any securities which shall be received by the Depositary or a Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such
Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the Receipts shall, subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing
the right to receive such additional securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, 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 taxes) 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. Neither 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 (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,

  

 B-6 

 present or future of the Company’s 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 Company’s Memorandum and Articles of Association or provisions of or
governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants,
any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for any inability by a
Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADS or
(v) for any consequential or punitive damages for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons, its 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 is intended by any
provision of the Deposit Agreement. 
 (18) Standard of Care. The Company and the Depositary and their respective agents assume no
obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Deposit Agreement, provided, that the Company and
the Depositary and their respective agents agree to perform their respective obligations specifically set forth in the Deposit Agreement without gross negligence or bad faith. The Depositary and its 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, provided that any such action or omission is in good faith and in accordance with the terms of the Deposit
Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the
Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result
from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. In no
event shall the Depositary or any of its Agents be liable for any indirect, special, punitive or consequential damage. 
 (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, or (ii) upon 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 
  

 B-7 

 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, or (ii) upon 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. Every successor depositary shall 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 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. 
 (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 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. The parties hereto agree that any
amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs or Shares to be traded solely
in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and
Beneficial Owner at the time any amendment or supplement so 
  

 B-8 

 becomes effective shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement
and to be bound by the Deposit Agreement as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure
compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such
circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, or rules or regulations. 
 (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, the Holder will, upon surrender of such Holder’s Receipt at the Principal 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 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 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 or governmental charges or assessments). At any time after the expiration of one year from the date of termination of the Deposit 
  

 B-9 

 Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the
net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been
surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and ADSs, except to account for such net proceeds and other
cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and
any applicable taxes or governmental charges or assessments). 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. 

(22) Compliance with U.S. Securities Laws; Regulatory Compliance. Notwithstanding any provisions in this Receipt or the Deposit Agreement to
the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended
from time to time, under the Securities Act. 
 (23) Certain Rights of the Depositary; Limitations. Subject to the further terms and
provisions of this Article (23), the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs against evidence of
rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall
consist of written blanket or specific guarantees of ownership of Shares furnished on behalf of the holder thereof. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may
(i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt and cancellation of ADSs pursuant to Section 2.6 of the Deposit Agreement, including ADSs
which were issued under (i) above but for which Shares may not have been received (each such transaction a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares under (i) above and receive Shares in lieu
of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) accompanied by or subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered
(1) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the Depositary as
owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the Depositary or
the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements that the Depositary deems appropriate; (b) at all times fully collateralized with cash, U.S. government securities or such
other collateral as the Depositary deems appropriate; (c) terminable by the Depositary on not more than five (5) business days’ notice; and (d) subject to such further indemnities and credit regulations as the Depositary deems
appropriate. The Depositary will normally limit the 
  

 B-10 

 number of ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the
ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate, including
(i) due to a decrease in the aggregate number of ADSs outstanding that causes existing Pre-Release Transactions to temporarily exceed the limit stated above or (ii) where otherwise required by market conditions. The Depositary may also set
limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it in
conjunction with the foregoing. Collateral provided pursuant to (b) above, but not earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 
 (24) Ownership Restrictions. Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Memorandum and
Articles of Association of the Company 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. 
  

 B-11 

 (ASSIGNMENT AND TRANSFER SIGNATURE LINES) 
 FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
                                        
             whose taxpayer identification number is
                                        
and whose address including postal zip code is
                                    , the within Receipt and
all rights thereunder, hereby irrevocably constituting and appointing
                                     attorney-in-fact to
transfer said Receipt on the books of the Depositary with full power of substitution in the premises. 
  

					
	Dated:	 	Name:	 	  

		 	By:	 	
		 	Title:	 	
		
		 	NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or
enlargement or any change whatsoever.
		
		 	If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and
proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.

  

	
	SIGNATURE GUARANTEED
	
	  

  

 B-12 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I      DEFINITIONS	  	2
			
	            SECTION 1.1	 	“Affiliate”	  	2
	            SECTION 1.2	 	“Agent”	  	3
	            SECTION 1.3	 	“American Depositary Share(s)” and “ADS(s)”	  	3
	            SECTION 1.4	 	“ADS Record Date”	  	3
	            SECTION 1.5	 	“Beneficial Owner”	  	3
	            SECTION 1.6	 	“Business Day”	  	3
	            SECTION 1.7	 	“Commission”	  	3
	            SECTION 1.8	 	“Company”	  	3
	            SECTION 1.9	 	“Custodian”	  	3
	            SECTION 1.10	 	“Deliver” and “Delivery”	  	3
	            SECTION 1.11	 	“Deposit Agreement”	  	4
	            SECTION 1.12	 	“Depositary”	  	4
	            SECTION 1.13	 	“Deposited Securities”	  	4
	            SECTION 1.14	 	“Dollars” and “$”	  	4
	            SECTION 1.15	 	“DRS/Profile”	  	4
	            SECTION 1.16	 	“DTC”	  	4
	            SECTION 1.17	 	“Exchange Act”	  	4
	            SECTION 1.18	 	“Foreign Currency”	  	4
	            SECTION 1.19	 	“Foreign Registrar”	  	4
	            SECTION 1.20	 	“Holder”	  	4
	            SECTION 1.21	 	“Indemnified Person” and “Indemnifying Person”	  	5
	            SECTION 1.22	 	“Pre-Release”	  	5
	            SECTION 1.23	 	“Principal Office”	  	5
	            SECTION 1.24	 	“Receipt(s)”; “American Depositary Receipt(s)” and “ADR(s)”	  	5
	            SECTION 1.25	 	“Registrar”	  	5
	            SECTION 1.26	 	“Restricted Securities”	  	5
	            SECTION 1.27	 	“Securities Act”	  	5
	            SECTION 1.28	 	“Shares”	  	5
	            SECTION 1.29	 	“United States“ or “U.S.”	  	6
		
	 ARTICLE II     APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;
DEPOSIT OF SHARES; EXECUTION AND
                           DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	  	6
			
	            SECTION 2.1	 	Appointment of Depositary	  	6
	            SECTION 2.2	 	Form and Transferability of Receipts	  	6
	            SECTION 2.3	 	Deposits	  	7
	            SECTION 2.4	 	Execution and Delivery of Receipts	  	9

  

 (i) 

					
	 	  	 	  	Page
	            SECTION 2.5	  	Transfer of Receipts; Combination and Split-up of Receipts	  	9
	            SECTION 2.6	  	Surrender of Receipts and Withdrawal of Deposited Securities	  	10
	            SECTION 2.7	  	Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.	  	11
	            SECTION 2.8	  	Lost Receipts, etc.	  	12
	            SECTION 2.9	  	Cancellation and Destruction of Surrendered Receipts; Maintenance of Records	  	12
	            SECTION 2.10	  	Pre-Release	  	12
		
	ARTICLE III     CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS	  	13
			
	            SECTION 3.1	  	Proofs, Certificates and Other Information	  	13
	            SECTION 3.2	  	Liability for Taxes and Other Charges	  	14
	            SECTION 3.3	  	Representations and Warranties on Deposit of Shares	  	14
	            SECTION 3.4	  	Compliance with Information Requests	  	14
		
	ARTICLE IV     THE DEPOSITED SECURITIES	  	15
			
	            SECTION 4.1	  	Cash Distributions	  	15
	            SECTION 4.2	  	Distribution in Shares	  	16
	            SECTION 4.3	  	Elective Distributions in Cash or Shares	  	16
	            SECTION 4.4	  	Distribution of Rights to Purchase Shares	  	17
	            SECTION 4.5	  	Distributions Other Than Cash, Shares or Rights to Purchase Shares	  	19
	            SECTION 4.6	  	Conversion of Foreign Currency	  	19
	            SECTION 4.7	  	Fixing of Record Date	  	20
	            SECTION 4.8	  	Voting of Deposited Securities	  	21
	            SECTION 4.9	  	Changes Affecting Deposited Securities	  	22
	            SECTION 4.10	  	Available Information	  	23
	            SECTION 4.11	  	Reports	  	23
	            SECTION 4.12	  	List of Holders	  	23
	            SECTION 4.13	  	Taxation/Withholding	  	23
		
	ARTICLE V     THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	  	24
			
	            SECTION 5.1	  	Maintenance of Office and Transfer Books by the Registrar	  	24
	            SECTION 5.2	  	Exoneration	  	25
	            SECTION 5.3	  	Standard of Care	  	26
	            SECTION 5.4	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	27
	            SECTION 5.5	  	The Custodian	  	28
	            SECTION 5.6	  	Notices and Reports	  	28
	            SECTION 5.7	  	Issuance of Additional Shares, ADSs etc.	  	29
	            SECTION 5.8	  	Indemnification	  	30
	            SECTION 5.9	  	Fees and Charges of Depositary	  	31
	            SECTION 5.10	  	Restricted Securities Owners/Ownership Restrictions	  	33

  

 (ii) 

					
	 	 	 	  	Page
	ARTICLE VI     AMENDMENT AND TERMINATION	  	33
			
	            SECTION 6.1	 	Amendment/Supplement	  	33
	            SECTION 6.2	 	Termination	  	34
		
	ARTICLE VII     MISCELLANEOUS	  	35
			
	            SECTION 7.1	 	Counterparts	  	35
	            SECTION 7.2	 	No Third-Party Beneficiaries	  	35
	            SECTION 7.3	 	Severability	  	35
	            SECTION 7.4	 	Holders and Beneficial Owners as Parties; Binding Effect	  	35
	            SECTION 7.5	 	Notices	  	35
	            SECTION 7.6	 	Governing Law and Jurisdiction	  	36
	            SECTION 7.7	 	Assignment	  	38
	            SECTION 7.8	 	Agents	  	38
	            SECTION 7.9	 	Exclusivity	  	38
	            SECTION 7.10	 	Compliance with U.S. Securities Laws	  	38
	            SECTION 7.11	 	Titles	  	38
		
	 EXHIBIT A Form of Face of Receipt
	  	A-1
	 EXHIBIT B Form of Reverse of Receipt
	  	B-1

  

 (iii)

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