Document:

EX-10.31

 Exhibit 10.31 

 

			
	STRICTLY CONFIDENTIAL	  	EXECUTION VERSION

 INVESTMENT AGREEMENT 

dated as of April 28, 2014 

by and between 
 YOUKU TUDOU
INC., 
 1LOOK HOLDINGS LTD., 

ALI YK INVESTMENT HOLDING LIMITED, 

and 
 Solely for purposes of
Sections 11.4, 11.5 and 11.16 hereof, 
 ALIBABA GROUP HOLDING LIMITED 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	1	  
			
	 Section 1.1
	  	Definitions	  	 	1	  
	 Section 1.2
	  	Interpretation and Rules of Construction	  	 	6	  
		
	 ARTICLE II PURCHASE AND SALE OF SECURITIES
	  	 	7	  
			
	 Section 2.1
	  	Purchase of Purchaser Shares	  	 	7	  
	 Section 2.2
	  	Purchase Price	  	 	7	  
	 Section 2.3
	  	Closing	  	 	7	  
	 Section 2.4
	  	Post-Closing Adjustment	  	 	8	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
	  	 	9	  
			
	 Section 3.1
	  	Organization	  	 	9	  
	 Section 3.2
	  	Authorization; Enforcement; Validity	  	 	10	  
	 Section 3.3
	  	No Conflicts	  	 	10	  
	 Section 3.4
	  	Consents	  	 	10	  
	 Section 3.5
	  	Litigation	  	 	10	  
	 Section 3.6
	  	Status and Investment Intent of the Purchaser	  	 	11	  
	 Section 3.7
	  	Sufficient Funds	  	 	11	  
	 Section 3.8
	  	Brokers and Finders	  	 	11	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	12	  
			
	 Section 4.1
	  	Organization and Qualification	  	 	12	  
	 Section 4.2
	  	Subsidiaries	  	 	12	  
	 Section 4.3
	  	Capitalization	  	 	13	  
	 Section 4.4
	  	Authorization; Enforcement; Validity	  	 	14	  
	 Section 4.5
	  	No Conflicts	  	 	14	  
	 Section 4.6
	  	Consents	  	 	14	  
	 Section 4.7
	  	Issuance of Issued Shares	  	 	15	  
	 Section 4.8
	  	No General Solicitation	  	 	15	  
	 Section 4.9
	  	No Integrated Offering	  	 	15	  
	 Section 4.10
	  	Public Documents	  	 	15	  
	 Section 4.11
	  	Financial Statements	  	 	15	  
	 Section 4.12
	  	No Undisclosed Liabilities	  	 	16	  
	 Section 4.13
	  	Internal Controls and Procedures	  	 	16	  

  
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	 Section 4.14
	  	Absence of Changes	  	 	16	  
	 Section 4.15
	  	Contracts	  	 	17	  
	 Section 4.16
	  	Litigation	  	 	18	  
	 Section 4.17
	  	Permits; Compliance with Applicable Laws	  	 	19	  
	 Section 4.18
	  	Tax Status	  	 	19	  
	 Section 4.19
	  	Intellectual Property	  	 	20	  
	 Section 4.20
	  	Variable Interest Entities	  	 	21	  
	 Section 4.21
	  	Transactions With Affiliates and Employees	  	 	21	  
	 Section 4.22
	  	Brokers and Finders	  	 	21	  
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES OF 1LOOK
	  	 	22	  
			
	 Section 5.1
	  	Organization	  	 	22	  
	 Section 5.2
	  	Authorization; Enforcement; Validity	  	 	22	  
	 Section 5.3
	  	Title	  	 	22	  
	 Section 5.4
	  	No Conflicts	  	 	22	  
	 Section 5.5
	  	Consents	  	 	23	  
	 Section 5.6
	  	Litigation	  	 	23	  
	 Section 5.7
	  	Brokers and Finders	  	 	23	  
		
	 ARTICLE VI AGREEMENTS OF THE PARTIES
	  	 	23	  
			
	 Section 6.1
	  	Further Assurances	  	 	23	  
	 Section 6.2
	  	Expenses	  	 	24	  
	 Section 6.3
	  	Public Disclosure	  	 	24	  
	 Section 6.4
	  	Compliance and Other Actions Prior to Closing	  	 	24	  
	 Section 6.5
	  	Exclusivity	  	 	25	  
	 Section 6.6
	  	Listing of Securities	  	 	25	  
	 Section 6.7
	  	Reservation of Shares	  	 	25	  
	 Section 6.8
	  	Board Representation Rights	  	 	25	  
	 Section 6.9
	  	Use of Proceeds	  	 	25	  
	 Section 6.10
	  	No Integrated Offering	  	 	25	  
		
	 ARTICLE VII CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL
	  	 	25	  
			
	 Section 7.1
	  	Investor Rights Agreement	  	 	25	  
	 Section 7.2
	  	Representations and Warranties; Covenants	  	 	26	  
	 Section 7.3
	  	No Stop Order	  	 	26	  
	 Section 7.4
	  	No Action	  	 	26	  
	 Section 7.5
	  	Officer’s Certificate	  	 	26	  

  
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	 ARTICLE VIII CONDITIONS TO 1LOOK’S OBLIGATION TO SELL
	  	 	26	  
			
	 Section 8.1
	  	Representations and Warranties; Covenants	  	 	26	  
	 Section 8.2
	  	No Stop Order	  	 	27	  
	 Section 8.3
	  	No Action	  	 	27	  
	 Section 8.4
	  	Officer’s Certificate	  	 	27	  
		
	 ARTICLE IX CONDITIONS TO THE PURCHASER’S OBLIGATION TO PURCHASE
	  	 	27	  
			
	 Section 9.1
	  	Investor Rights Agreement	  	 	27	  
	 Section 9.2
	  	Shareholders Agreement	  	 	27	  
	 Section 9.3
	  	Company Representations and Warranties; Covenants	  	 	27	  
	 Section 9.4
	  	1Look Representations and Warranties; Covenants	  	 	28	  
	 Section 9.5
	  	No Stop Order	  	 	28	  
	 Section 9.6
	  	No Action	  	 	28	  
	 Section 9.7
	  	NYSE Approval	  	 	28	  
	 Section 9.8
	  	Board Representation	  	 	28	  
	 Section 9.9
	  	No Material Adverse Effect	  	 	28	  
	 Section 9.10
	  	Company Officer’s Certificate	  	 	28	  
	 Section 9.11
	  	1Look Officer’s Certificate	  	 	28	  
		
	 ARTICLE X TERMINATION
	  	 	29	  
			
	 Section 10.1
	  	Termination	  	 	29	  
	 Section 10.2
	  	Effect of Termination	  	 	29	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	30	  
			
	 Section 11.1
	  	Survival	  	 	30	  
	 Section 11.2
	  	Indemnification	  	 	30	  
	 Section 11.4
	  	Governing Law	  	 	32	  
	 Section 11.5
	  	Dispute Resolution	  	 	32	  
	 Section 11.6
	  	Counterparts	  	 	33	  
	 Section 11.7
	  	Severability	  	 	33	  
	 Section 11.8
	  	Entire Agreement	  	 	33	  
	 Section 11.9
	  	Notices	  	 	33	  
	 Section 11.10
	  	No Third Party Beneficiaries	  	 	35	  
	 Section 11.11
	  	Successors and Assigns	  	 	35	  
	 Section 11.12
	  	Construction	  	 	35	  
	 Section 11.13
	  	Further Assurances	  	 	35	  
	 Section 11.14
	  	Adjustment of Share Numbers	  	 	35	  
	 Section 11.15
	  	Specific Performance	  	 	35	  
	 Section 11.16
	  	Guaranty	  	 	36	  
	 Section 11.17
	  	Amendment; Waiver	  	 	36	  

  
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 INVESTMENT AGREEMENT 

THIS INVESTMENT AGREEMENT (this “Agreement”), dated as of April 28, 2014, by and among Youku Tudou Inc., an exempted
company with limited liability incorporated under the laws of the Cayman Islands (the “Company”), 1Look Holdings Ltd., a company organized under the laws of the British Virgin Islands (“1Look”), Ali YK Investment
Holding Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Purchaser”), and, solely for the purposes of Sections 11.4, 11.5 and 11.16 hereof, Alibaba Group Holding Limited, an
exempted company with limited liability incorporated under the laws of the Cayman Islands (“AGHL”). 
 RECITALS 

A. WHEREAS, the Company desires to issue, sell and deliver to the Purchaser and 1Look desires to sell and deliver to the Purchaser, and
the Purchaser desires to purchase and acquire from the Company and 1Look (the “Investment”), upon the terms and conditions set forth in this Agreement, certain Ordinary Shares of the Company; and 

B. WHEREAS, as a condition and inducement to the Purchaser’s and the Company’s willingness to enter into this Agreement, the
Purchaser and the Company have contemporaneously entered into the Investor Rights Agreement (the “Investor Rights Agreement”), a copy of which is attached hereto as Exhibit B. 

NOW, THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows: 

ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. In this Agreement, except to the extent otherwise provided or that the context otherwise requires:

 “1Look” has the meaning set forth in the Preamble; 

“1Look Shares” means 13,869,990 Class B Shares held by 1Look as of the date hereof, which shall automatically convert to
an equal number of Class A Shares upon the Closing of the Investment pursuant to the Memorandum and Articles; 
 “1Look Shares
Purchase Price” has the meaning set forth in Section 2.2(b); 
 “2006 Plan” has the meaning set forth in
Section 4.3(a); 
 “2010 Plan” has the meaning set forth in Section 4.3(a); 

“Additional Issued Shares” has the meaning set forth in Section 2.4(b); 

  
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 “Additional Issued Shares Election Notice” has the meaning set forth in
Section 2.4(b); 
 “Additional Issued Shares Purchase Price” has the meaning set forth in Section 2.4(b); 

“ADS” means American Depositary Shares, each of which represents 18 Class A Shares, of the Company; 

“Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person; 
 “Aggregate Purchase
Price” has the meaning set forth in Section 2.2(b); 
 “AGHL” has the meaning set forth in the Preamble; 

“Agreement” has the meaning set forth in the Preamble; 

“Bankruptcy and Equity Exception” has the meaning set forth in Section 3.2; 

“Board” means the board of directors of the Company; 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law
to be closed in Beijing, Hong Kong or New York; 
 “Class A Shares” means Class A ordinary shares, par value
US$0.00001 per share, in the share capital of the Company; 
 “Class B Shares” means the Class B ordinary shares,
par value US$0.00001 per share, in the share capital of the Company; 
 “Closing” has the meaning set forth in
Section 2.1(b); 
 “Closing Date” has the meaning set forth in Section 2.3(a); 

“Closing Date Shares” has the meaning set forth in Section 2.4(a); 

“Closing Date Shares Notice” has the meaning set forth in Section 2.4(a); 

“Company” has the meaning set forth in the Preamble; 

“Company Share Plans” has the meaning set forth in Section 4.3(a); 

“Contract” means any agreement, contract, lease, indenture, instrument, note, debenture, bond, mortgage or deed of trust or
other agreement, commitment, arrangement or understanding; 
 “Control” (including the terms “Controlled
by” and “under common Control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, as trustee or executor, by contract or otherwise, including the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person or
securities that represent a majority of the outstanding voting securities of such Person; 

  
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 “Disclosure Letter” has the meaning set forth in Article IV; 

“Encumbrance” means any security interest, pledge, mortgage, lien, charge, claim, hypothecation, title defect, right of first
option or refusal, right of preemption, third-party right or interests, put or call right, lien, adverse claim of ownership or use, or other encumbrance of any kind; 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder; 
 “fully-diluted basis” means, with respect to any determination of a number or percentage of Ordinary Shares,
the total number of Ordinary Shares then outstanding determined according to the treasury method under GAAP ; 
 “Funds
Account” has the meaning set forth in Section 2.3(b)(i); 
 “GAAP” means generally accepted accounting
principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
or in such other statements by such other entity as have been approved by a significant segment of the accounting profession that are in effect from time to time, as codified and described in FASB Statement No. 18, the FASB Accounting Standards
Codification and the Hierarchy of Generally Accepted Accounting Principles, and applied consistently throughout the periods involved; 

“Governmental Authority” means any federal, national, foreign, supranational, state, provincial, local, municipal or other
political subdivision or other government, governmental, regulatory or administrative authority, agency, board, bureau, department, instrumentality or commission or any court, tribunal, judicial or arbitral body of competent jurisdiction or stock
exchange; 
 “ICC Rules” has the meaning set forth in Section 11.5; 

“Indemnitees” has the meaning set forth in Section 11.2(a); 

“Indemnified Liabilities” has the meaning set forth in Section 11.2(a); 

“Intellectual Property” means any and all rights in any of the following: (a) trademarks and service marks, trade dress,
trade names and other indications of origin, applications or registrations in any jurisdiction pertaining to the foregoing and all goodwill associated therewith; (b) inventions, discoveries, improvements, ideas, know-how, formula methodology,
processes, technology, software (including rights in password unprotected interpretive code or source code, object code, development documentation, programming tools, drawings, specifications and data) and patent applications and patents in any
jurisdiction pertaining to the foregoing, including re-issues, continuations, divisions, continuations-in-part, renewals or extensions; (c) trade secrets, including confidential information and the right in any jurisdiction to limit the use or
disclosure thereof; (d) copyrights in writings, designs software, mask works or other works, applications or registrations in any jurisdiction for the foregoing and all moral rights related thereto; (e) database rights; (f) rights in
Internet Web sites, domain names and applications and registrations pertaining thereto; (g) books and records pertaining to the foregoing; and (h) claims or causes of action arising out of past, present or future infringement or
misappropriation of any of the foregoing; 

  
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 “Investment” has the meaning set forth in Recital A; 

“Investor Rights Agreement” has the meaning set forth in Recital B; 

“Issued Shares” means 707,250,870 Class A Shares to be newly issued by the Company on the Closing Date, subject to
adjustment following the Closing to include any Additional Issued Shares pursuant to Section 2.4; 
 “Issued Shares Purchase
Price” has the meaning set forth in Section 2.2(a); 
 “Judgment” has the meaning set forth in
Section 3.5; 
 “knowledge” means, with respect to any party, the actual knowledge of such party’s executive
officers (as defined in Rule 405 under the Securities Act) after due inquiry, including inquiry of such party’s counsel and other officers or employees of such party; 

“Law” means any federal, national, foreign, supranational, state, provincial or local statute, law, ordinance, regulation,
rule, code, order, requirement or rule of law (including common law), official policy, rule or interpretation of any Governmental Authority with jurisdiction over the Company or the Purchaser, as the case may be; 

“Material Adverse Effect” means any event, circumstance, development, change or effect that, individually or in the
aggregate, has or would reasonably be expected to have a material adverse effect on (a) the business, properties, assets, liabilities, operations, results of operations or financial condition of the Company and its Subsidiaries, taken as a
whole, or (b) the authority or ability of the Company to perform its obligations under the Transaction Documents; provided, however, that for purposes of clause (a) above, in no event shall any of the following exceptions, alone or
in combination with the other enumerated exceptions below, be deemed to constitute, nor shall be taken into account in determining whether there has been or will be, a Material Adverse Effect: (i) any effect resulting from compliance with the
terms and conditions of, or from the announcement of the transactions contemplated by this Agreement and/or any other Transaction Document, (ii) any effect that results from changes affecting any of the industries in which the Company or its
Subsidiaries operate generally or the economy generally, (iii) any effect that results from changes affecting general worldwide economic or capital market conditions, provided that any such changes in (ii) and (iii) do not
disproportionately affect the Company in any material respect relative to other similarly situated participants in the industry in which they operate, (iv) any pandemic, earthquake, typhoon, tornado or other natural disaster or similar force
majeure event, (v) any failure to meet any internal or public projections, forecasts, or guidance, provided that the underlying causes that lead to any failure to meet any internal or public projections, forecasts, or guidance as set
forth in (v) are not exceptions to a Material Adverse Effect, or (vi) any change in the Company’s stock price or trading volume, in and of itself, provided that the underlying causes that lead to any change in the
Company’s stock price or trading volume as set forth in (vi) are not exceptions to a Material Adverse Effect; 

  
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 “Material Contract” has the meaning set forth in Section 4.15; 

“Memorandum and Articles” means the Amended and Restated Memorandum and Articles of Association of the Company in effect from
time to time; 
 “NYSE” means the New York Stock Exchange; 

“Ordinary Shares” mean the Class A Shares and Class B Shares, collectively; 

“Permits” has the meaning set forth in Section 4.17; 

“Person” means any individual, partnership, corporation, association, joint stock company, trust, joint venture, limited
liability company, organization, entity or Governmental Authority; 
 “PRC” means the People’s Republic of China; 

“Pro Rata Share” means, with respect to each of the Company and 1Look, a percentage obtained by dividing (a) the Issued
Shares or the 1Look Shares, respectively, by (b) the total number of Purchaser Shares. 
 “Proceedings” has the
meaning set forth in Section 3.5; 
 “Public Documents” has the meaning set forth in Section 4.10; 

“Purchaser” has the meaning set forth in the preamble; 

“Purchaser Director” means the one (1) individual whom the Purchaser is entitled to designate for appointment or
election as a director of the Board; 
 “Purchaser Shares” means the 1Look Shares and the Issued Shares; 

“Registered Intellectual Property” has the meaning set forth in Section 4.19(b); 

“Returns” has the meaning set forth in Section 4.18; 

“SEC” means the U.S. Securities and Exchange Commission; 

“Securities” means any Ordinary Shares or any equity interest of, or shares of any class in the share capital (ordinary,
preferred or otherwise) of, the Company and any convertible securities, options, warrants and any other type of equity or equity-linked securities convertible, exercisable or exchangeable for any such equity interest or shares of any class in the
share capital of the Company; 

  
 5 

 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder; 
 “Shareholders Agreement” means that certain Shareholders Agreement,
dated as of the date of this Agreement, by and among the Purchaser and certain other parties thereto, a copy of which is attached hereto as Exhibit C; 

“Subsidiary” of any Person means any corporation, partnership, limited liability company, joint stock company, joint venture
or other organization or entity, whether incorporated or unincorporated, which is Controlled by such Person and, for the avoidance of doubt, the Subsidiaries of any Person shall include any variable interest entity over which such Person or any of
its Subsidiaries effects Control pursuant to contractual arrangements and which is consolidated with such Person in accordance with generally accepted accounting principles applicable to such Person; 

“Tax” has the meaning set forth in Section 4.18; 

“Transaction Documents” mean this Agreement, the Investor Rights Agreement, and each of the other agreements and documents
entered into or delivered by the parties hereto or their respective Affiliates in connection with the transactions contemplated by this Agreement; 

“U.S.” or “United States” means the United States of America; and 

“Voting Company Debt” has the meaning set forth in Section 4.3. 

Section 1.2 Interpretation and Rules of Construction. In this Agreement, except to the extent otherwise provided or that
the context otherwise requires: 
 (a) when a reference is made in this Agreement to an Article or Section, such reference is to an
Article or Section of this Agreement; 
 (b) the headings for this Agreement are for reference purposes only and do not affect in
any way the meaning or interpretation of this Agreement; 
 (c) the words “hereof,” “herein” and “hereunder”
and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(d) all terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant
hereto, unless otherwise defined therein; 
 (e) the definitions contained in this Agreement are applicable to the singular as well as the
plural forms of such terms; 
 (f) references to a Person are also to its successors and permitted assigns; and 

(g) the use of the term “or” is not intended to be exclusive. 

  
 6 

 ARTICLE II 

PURCHASE AND SALE OF SECURITIES 

Section 2.1 Purchase of Purchaser Shares. Subject to the satisfaction or waiver of the conditions set forth in Articles VII,
VIII and IX below, on the Closing Date, (a) the Company shall issue and sell to the Purchaser the Issued Shares, and 1Look shall sell to the Purchaser the 1Look Shares, and (b) the Purchaser shall purchase the Issued Shares and the 1Look
Shares from the Company and 1Look, respectively (the “Closing”). 
 Section 2.2 Purchase Price. 

(a) Issued Shares Purchase Price. The purchase price shall be US$30.50 per each 18 Issued Shares, and the aggregate purchase price
for the Issued Shares (the “Issued Shares Purchase Price”) shall be US$1,198,397,307.50, subject to adjustment pursuant to Section 2.4. 

(b) 1Look Shares Purchase Price. The purchase price shall be US$30.50 per each 18 1Look Shares, and the aggregate purchase price
for the 1Look Shares (the “1Look Shares Purchase Price” and together with the Issued Shares Purchase Price, the “Aggregate Purchase Price”) shall be US$23,501,927.50. 

Section 2.3 Closing. 

(a) Date and Time. The Closing shall take place at the offices of Simpson Thacher & Bartlett, ICBC Tower, 3 Garden
Road, Central, Hong Kong, at 10:00 a.m. local time on (i) the later of (x) the third (3rd ) Business Day following the satisfaction or waiver of the conditions to the Closing set
forth in Articles VII, VIII and IX below (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions) and (y) the thirteenth (13th ) Business Day following the date of this Agreement, or (ii) such other date and time as may be mutually agreed in writing by the Company, 1Look and the Purchaser. The date on which the
Closing occurs is referred to herein as the “Closing Date.” 
 (b) Payment and Delivery. At the Closing: 

(i) the Purchaser shall pay the Issued Shares Purchase Price to the Company for the Issued Shares to be issued and sold to the Purchaser at the
Closing, by electronic bank transfer of immediately available funds to a bank account (the “Funds Account”) designated in writing by the Company at least five (5) Business Days prior to the Closing Date; 

(ii) the Purchaser shall pay the 1Look Shares Purchase Price to 1Look for the 1Look Shares to be sold to the Purchaser at the Closing, by
electronic bank transfer of immediately available funds to a bank account designated in writing by 1Look at least five (5) Business Days prior to the Closing Date; 

(iii) the Company shall deliver to the Purchaser: 

(A) a share certificate representing the Issued Shares, duly executed on behalf of the Company and registered in the name of the Purchaser;

  
 7 

 (B) a certified copy of the register of members of the Company, reflecting the Purchaser’s
ownership of the Purchaser Shares; 
 (C) a certified copy of the register of directors of the Company reflecting the appointment or
election of the Purchaser Director to the Board and the size of the Board of no more than nine (9) directors; 
 (D) a certificate,
executed on behalf of the Company by an authorized officer of the Company and dated as of the Closing Date, having attached thereto: (1) a certified copy of the Company’s Memorandum and Articles in effect at the Closing, (2) the board
resolutions of the Company approving the entering into and execution of this Agreement, the issuance of the Issued Shares, the entering into and execution of the other Transaction Documents and the consummation of all transactions contemplated
herein and therein and the appointment or election of the Purchaser Director, and (3) a certificate of good standing in respect of the Company issued by the Registrar of Companies in the Cayman Islands, dated a recent date before the Closing;

 (E) an indemnification agreement in respect of the Purchaser Director, dated the Closing Date, duly executed on behalf of the Company, in
the same form as the indemnification agreements to which the other directors of the Company are parties as of the Closing; 
 (F) an opinion
of Maples and Calder, Cayman Islands counsel to the Company, in the form attached hereto as Exhibit D; and 
 (G) an opinion of
TransAsia Lawyers, PRC counsel to the Company, in the form attached hereto as Exhibit E. 
 (iv) 1Look shall deliver to the
Purchaser: 
 (A) a share certificate representing the Class A Shares converted from 1Look Shares upon the Closing, duly executed on
behalf of the Company and registered in the name of the Purchaser; and 
 (B) a certificate, executed on behalf of 1Look by an authorized
officer of 1Look and dated as of the Closing Date, having attached thereto: (1) a certified copy of 1Look’s Memorandum and Articles in effect at the Closing, (2) the board resolutions of 1Look approving the entering into and execution
of this Agreement, the entering into and execution of the Shareholders Agreement, the sale of the 1Look Shares and the consummation of all transactions contemplated herein and therein, and (3) a certificate of good standing in respect of 1Look
issued by the Registrar of Companies in the British Virgin Islands, dated a recent date before the Closing. 
 Section 2.4
Post-Closing Adjustment. 
 (a) Within five (5) Business Days after the Closing Date, the Company shall deliver to the Purchaser
a certificate, executed on behalf of the Company by an authorized officer of the Company, that sets forth the total number of Class A Shares (the “Closing Date Shares”) which, in aggregate, represents eighteen and one-half
percent (18.5%) of the total Ordinary Shares as of the Closing Date, as rounded up to the nearest multiple of eighteen (18), calculated on a fully-diluted basis (as defined herein) after giving effect to the issuance of Issued Shares to the
Purchaser (the “Closing Date Shares Notice”). 

  
 8 

 (b) If the total Closing Date Shares exceeds the Purchased Shares purchased by the Purchaser on
the Closing Date, the Purchaser shall have the option, exercisable in its sole discretion by written notice to the Company (the “Additional Issued Shares Election Notice”) within five (5) Business Days from the receipt of the
Closing Date Shares Notice, to purchase, and the Company shall issue and sell to the Purchaser, such number of additional Class A Shares (the “Additional Issued Shares”) specified by the Purchaser in the Additional Issued
Shares Election Notice, which shall not exceed the difference between (i) the total Closing Date Shares, less (ii) the total Issued Shares purchased by the Purchaser on the Closing Date. The purchase price shall be US$30.50 per each
18 Additional Issued Shares, and the aggregate purchase price for the Additional Issued Shares (the “Additional Issued Shares Purchase Price”) shall be that per share price multiplied by the total number of Additional Issued Shares
elected to be acquired by the Purchaser 
 (c) The closing of the issuance and sale by the Company, and the purchase by the Purchaser, of the
Additional Issued Shares shall take place on the date specified by the Purchaser in the Additional Issued Shares Election Notice, which date shall be within twenty (20) days following the date of the Additional Issued Shares Election
Notice. At such closing: 
 (i) the Purchaser shall pay the Additional Issued Shares Purchase Price to the Company for the Additional
Issued Shares to be issued and sold to the Purchaser at such closing, by electronic bank transfer of immediately available funds to the Funds Account; and 

(ii) the Company shall deliver to the Purchaser (A) a share certificate representing the Additional Issued Shares, duly executed on behalf
of the Company and registered in the name of the Purchaser, and (B) a certified copy of the register of members of the Company, reflecting the Purchaser’s ownership of the Additional Issued Shares (as well as the Purchaser Shares acquired
by the Purchaser on the Closing Date). 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser represents and warrants to the Company and 1Look as of the date hereof and as of the Closing Date that: 

Section 3.1 Organization. The Purchaser is an exempted company duly incorporated, validly existing and in good standing under
the Laws of the Cayman Islands and has the requisite corporate power and authorization to own, lease and operate its properties and to carry on its business as now being conducted. The Purchaser is indirectly wholly owned by AGHL and YF Venus
Ltd, an exempted company incorporated under the laws of the Cayman Islands. 

  
 9 

 Section 3.2 Authorization; Enforcement; Validity. The Purchaser has the
requisite corporate power and authority to execute and deliver this Agreement and the other Transaction Documents and perform its obligations under this Agreement and the other Transaction Documents in accordance with the terms hereof. The
execution, delivery and performance of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby have been duly and validly authorized by all requisite corporate action by the
Purchaser and no other filing, consent or authorization on the part of the Purchaser is necessary to authorize or approve this Agreement or the other Transaction Documents or to consummate the transactions contemplated hereby or thereby. This
Agreement and the other Transaction Documents have been or will be duly executed and delivered by the Purchaser, and, assuming the due authorization, execution and delivery by the Company, constitutes a legal, valid and binding obligation of the
Purchaser, enforceable against the Purchaser in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights
and to general equity principles (the “Bankruptcy and Equity Exception”). 
 Section 3.3 No Conflicts. The
execution, delivery and performance by the Purchaser of this Agreement and the other Transaction Documents and the consummation by the Purchaser of the transactions contemplated hereby and thereby will not (a) result in a violation of the
organizational or constitutional documents of the Purchaser, (b) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any Contract to which the Purchaser is a party, or (c) result in a violation of any Law applicable to the Purchaser or by which any property or asset of the Purchaser is bound or affected, except in
the case of clauses (b) and (c) above, for such violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Purchaser to perform its obligations hereunder.

 Section 3.4 Consents. In connection with the entering into and performance of this Agreement and the other Transaction
Documents, subject to the accuracy of the warranties of the Company in Section 4.6 and the accuracy of the warranties of 1Look in Section 5.5, the Purchaser is not required to obtain any consent, authorization or order of, or make any
filing or registration with, (a) any Governmental Authority in order for it to execute, deliver or perform any of its obligations under or contemplated hereby or thereby or (b) any third party pursuant to any agreement, indenture or
instrument to which the Purchaser is a party, in each case in accordance with the terms hereof or thereof other than such as have been made or obtained except, in each case, for such consents, authorizations, orders, filings or registrations that,
if not obtains or made, would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Purchaser to perform its obligations hereunder. 

Section 3.5 Litigation. There are no pending or, to the Purchaser’s knowledge, threatened, legal, administrative,
arbitral or other claims, suits, actions or proceedings or governmental or regulatory investigations (“Proceedings”) of any nature against the Purchaser or any of its Subsidiaries or any director or officer of the Purchaser or any
of its Subsidiaries (in their capacity as directors and officers of the Purchaser or any of its Subsidiaries), which would, individually or in the aggregate, reasonably be expected to result in a material adverse effect on the Purchaser’s
ability to perform its obligations hereunder, or any Proceedings that seek to restrain or enjoin the consummation of the transactions contemplated by the Transaction Documents. There is no judgment, order, injunction or decree
(“Judgment”) outstanding against the Purchaser, any of its equity interests, material properties or assets, or any of its directors and officers (in their capacity as directors and officers), except for any Judgment which would not
reasonably be expected to have, individually or in the aggregate, a material adverse effect on the Purchaser. 

  
 10 

 Section 3.6 Status and Investment Intent of the Purchaser. 

(a) Not a U.S. Person. The Purchaser is not a “U.S. person” within the meaning of Regulation S under the Securities Act.

 (b) Experience. The Purchaser (i) has sufficient knowledge and experience in financial and business matters to be capable
of evaluating the merits and risks involved in purchasing the Purchaser Shares and (ii) is capable of bearing the economic risk of the Investment. 

(c) No Public Sale or Distribution. The Purchaser is acquiring the Purchaser Shares for its own account and not with a view
towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the Securities Act. The Purchaser does not presently have any agreement or understanding, directly or
indirectly, with any Person to distribute any of the Purchaser Shares. The Purchaser is not a broker-dealer registered with the SEC under the Exchange Act or an entity engaged in a business that would require it to be so registered as a
broker-dealer. 
 (d) Restricted Securities. The Purchaser acknowledges that the Purchaser Shares are “restricted
securities” that have not been registered under the Securities Act or any applicable state securities law and may not be offered or sold except pursuant to registration or to an exemption from the registration statements of the Securities Act.

 (e) Information. The Purchaser has been furnished access to all materials and information the Purchaser has requested from the
Company relating to the Company and its Subsidiaries in order to evaluate whether to acquire the Purchaser Shares hereunder. The Purchaser is relying solely on its own counsel and other advisors for legal, financial and other advice with
respect to the Investment or the transactions contemplated by this Agreement and the other Transaction Documents. 
 (f) Share
Ownership. The Purchaser does not beneficially own any Ordinary Shares or any other Securities of the Company. 
 Section 3.7
Sufficient Funds. The Purchaser shall have on the Closing Date sufficient funds on hand to pay in full the Aggregate Purchase Price. 

Section 3.8 Brokers and Finders. Neither the Purchaser nor any of its Affiliates is a party to any agreement, arrangement or
understanding with any Person that would give rise to any valid right, interest or claim against or upon 1Look, the Company or the Purchaser for any brokerage commission, finder’s fee or other similar compensation, as a result of the
transactions contemplated by the Transaction Documents. 

  
 11 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to the Purchaser as of the date hereof and as of the Closing Date that, except (a) as set forth in
the correspondingly numbered section of the disclosure letter delivered by the Company to the Purchaser in the form attached hereto as Exhibit A dated as of the date hereof (the “Disclosure Letter”) or as set forth in
any other section of the Disclosure Letter where it is readily apparent on the face of such disclosure that such disclosure is intended to be an exception to such Section of this Article IV or (b) as set forth in its Public Documents
filed prior to the date of this Agreement (without giving effect to any amendment thereto filed on or after the date of this Agreement) (excluding disclosures of non-specific risks faced by the Company included in any forward-looking statement,
disclaimer, risk factor disclosure or other similarly non-specific statements that are predictive, general or forward-looking in nature): 

Section 4.1 Organization and Qualification. The Company is an exempted company duly incorporated, validly existing and in
good standing under the Laws of the Cayman Islands, and has the requisite corporate power and authorization to own, lease and operate its properties and to carry on its business as now being conducted. The Company is duly qualified or licensed
to do business in each jurisdiction in which the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so qualified or licensed would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has heretofore furnished or otherwise made available to the Purchaser a complete and correct copy of the Memorandum and Articles, as
amended to date and as furnished to the SEC on August 24, 2012. The Memorandum and Articles are in full force and effect. The Company is not in violation of any of the provisions of its Memorandum and Articles. 

Section 4.2 Subsidiaries. Each material Subsidiary of the Company has been duly organized, is validly existing and in good
standing (with respect to jurisdictions that recognize the concept of good standing) under the Laws of its jurisdiction of organization, and has the requisite corporate power and authorization to own, lease and operate its properties and to carry on
its business as now being conducted. Each Subsidiary of the Company is duly qualified or licensed to do business in each jurisdiction in which the property owned, leased or operated by it or the nature of the business conducted by it makes such
qualification or licensing necessary, except where the failure to be so qualified or licensed would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The constitutional documents of each of the
Company’s material Subsidiaries are in full force and effect. None of the Company’s material Subsidiaries is in violation of any of the provisions of its constitutional documents. 

  
 12 

 Section 4.3 Capitalization. 

(a) As of the date of this Agreement, the authorized share capital of the Company consists of 9,340,238,793 Class A Shares and 659,761,207
Class B Shares. As of the date of this Agreement, (x)(i) 2,380,077,324 Class A Shares are issued and outstanding (including 4,629,275 Class A Shares that have been issued to the Company’s depositary and reserved for
future grants under the Company Share Plans), (ii) 8,214,107 Class A Shares are reserved and available for issuance pursuant to the Company’s 2006 Stock Option Scheme, as amended (the “2006 Plan”), and (iii) 61,190,251
Class A Shares are reserved and available for issuance pursuant to the Company’s Share Incentive Plan, as amended (the “2010 Plan”, and together with the 2006 Plan, the “Company Share Plans”) and
(y) 659,561,893 Class B Shares are issued and outstanding. As of the date of this Agreement, options to purchase 84,155,652 Class A Shares and restricted share units in respect of 94,201,506 Class A Shares have been granted
and are outstanding under the Company Share Plans. Except as set forth in this Section 4.3(a), as of the date of this Agreement, no Securities were issued, reserved for issuance or outstanding and no securities of any of its Subsidiaries
convertible into or exchangeable or exercisable for any Securities were issued or are outstanding. From the date of this Agreement to the Closing Date, (1) there will be no issuances by the Company of any Securities, other than issuances
of Class A Shares pursuant to options or restricted share units (as each such term is defined in the Company Share Plans) outstanding on the date of this Agreement and (2) there will be no issuances by the Company of stock-based
performance units, share appreciation rights or other rights to acquire Securities or voting interests in, the Company or other rights that give the holder thereof any economic interest of a nature accruing to the holders of the Ordinary Shares,
other than issuances pursuant to the Company Share Plans in accordance with their terms. All outstanding Ordinary Shares are, and all such shares that may be issued prior to the date hereof will be, when issued, duly authorized, validly issued,
fully paid and non-assessable and not subject to preemptive rights. There are no bonds, debentures, notes or other indebtedness of the Company having the right to vote (or convertible into, or exchangeable for, Securities having the right to
vote) on any matters on which holders of the Ordinary Shares may vote (“Voting Company Debt”). Except for any obligations pursuant to this Agreement or as otherwise set forth above in this Section 4.3(a), as of the date of
this Agreement, there are no Securities (including without limitation any shareholder rights plan or “poison pill”), stock-based performance units, share appreciation rights or other rights, Contracts or undertakings of any kind to which
the Company or any of its Subsidiaries is a party or by which the Company is bound (A) obligating the Company or any of its Subsidiaries to issue, deliver or sell, or cause to be issued, delivered or sold, additional Securities or any Voting
Company Debt, (B) obligating the Company or any of its Subsidiaries to issue, grant or enter into any such Securities, stock-based performance units, share appreciation rights or other rights, Contracts or undertakings or (C) that give any
Person the right to receive any economic interest of a nature accruing to the holders of the Ordinary Shares, including any stock-based performance unit, share appreciation right or similar right or interest based on shares of capital stock of the
Company. There are no outstanding obligations of the Company or any of its Subsidiaries to repurchase, redeem or otherwise acquire any Securities, stock-based performance units, share appreciation rights or other rights, other than pursuant to
the Company Share Plans or a share repurchase program of the Company that complies with Rule 10b-18 or Rule 10b5-1 under the Exchange Act. 

(b) All of the issued equity securities of each non-PRC Subsidiary of the Company are validly issued, fully paid and non-assessable, and were
issued in compliance with the applicable registration and qualification requirements of applicable Laws. The registered capital of each PRC Subsidiary of the Company was timely and fully contributed in accordance with its articles of
association. All the paid-in capital has been duly verified by a certified public accountant registered in the PRC and the accounting firm employing such accountant, the report of the certified public accountant evidencing such verification has
been registered with the relevant Governmental Authority, and such registered capital is free and clear of any Encumbrance. 

  
 13 

 Section 4.4 Authorization; Enforcement; Validity. The Company has the requisite
corporate power and authority to execute and deliver this Agreement and the other Transaction Documents and perform its obligations under this Agreement and the other Transaction Documents and to issue the Issued Shares in accordance with the terms
hereof. The Board of the Company has duly and validly authorized the execution, delivery and performance of this Agreement and the other Transaction Documents and approved the consummation of the transactions contemplated hereby and
thereby. No other filing, consent or authorization on the part of the Company is necessary to authorize or approve this Agreement or the other Transaction Documents or to consummate the transactions contemplated hereby or thereby, other than
any required filing or notification with the SEC or the NYSE regarding the issuance of the Issued Shares or the listing of the ADSs representing the Purchaser Shares with the NYSE. This Agreement and the other Transaction Documents have been or
will be duly executed and delivered by the Company, and, assuming the due authorization, execution and delivery by the Purchaser, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with
its terms, subject to the Bankruptcy and Equity Exception. 
 Section 4.5 No Conflicts. The execution, delivery and
performance by the Company of this Agreement and the other Transaction Documents and the consummation by the Company of the transactions contemplated hereby and thereby (including the issuance of the Issued Shares) will not (a) result in a
violation of the Memorandum and Articles, (b) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any Contract to which the Company or any of its Subsidiaries is a party, or (c) result in a violation of any Law applicable to the Company or by which any property or asset of the Company or any of its Subsidiaries is bound or
affected, except in the case of clauses (b) and (c) above, for such conflicts, defaults, rights or violations which, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

Section 4.6 Consents. In connection with the entering into and performance of this Agreement and the other Transaction
Documents, subject to the accuracy of the warranties of the Purchaser in Section 3.4, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, (a) any Governmental Authority in
order for it to execute, deliver or perform any of its obligations under or contemplated hereby or thereby or (b) any third party pursuant to any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party, in
each case in accordance with the terms hereof or thereof other than such as have been made or obtained, and except for (i) any required filing or notification with the SEC or the NYSE regarding the issuance of the Issued Shares or the listing
of the ADSs representing the Purchaser Shares with the NYSE and (ii) such consents, authorizations, orders, filings or registrations that, if not obtained or made, would not, individually or in the aggregate, reasonably be expected to result in
a Material Adverse Effect. 

  
 14 

 Section 4.7 Issuance of Issued Shares. The Issued Shares are duly authorized,
and, when issued and paid for in accordance with the terms hereof and entered in the register of members of the Company, shall be validly issued and non-assessable and free from all preemptive or similar rights and Encumbrances and the Issued Shares
shall be fully paid with the Purchaser being entitled to all rights accorded to a holder of the Class A Shares. Assuming the accuracy of the representations and warranties set forth in Section 3.6 of this Agreement, the offer and
issuance by the Company of the Issued Shares is exempt from registration under the Securities Act. 
 Section 4.8 No General
Solicitation. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D promulgated under the
Securities Act) in connection with the offer or sale of the Purchaser Shares. 
 Section 4.9 No Integrated Offering. None
of the Company, any of its Affiliates, or any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of the
issuance of any of the Issued Shares or the sale of any of the 1Look Shares under the Securities Act, whether through integration with prior offerings or otherwise. 

Section 4.10 Public Documents. The Company has timely filed or furnished, as applicable, all reports, schedules, forms,
statements and other documents required to be filed or furnished by it with the SEC pursuant to the Securities Act or the Exchange Act (all of the foregoing documents filed with or furnished to the SEC and all exhibits included therein and financial
statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the “Public Documents”). As of their respective filing or furnishing dates, the Public Documents complied
in all material respects with the requirements of the Securities Act or the Exchange Act, as the case may be, and the rules and regulations of the SEC promulgated thereunder, as applicable, to the respective Public Documents, and, other than as
corrected or clarified in a subsequent Public Document, none of the Public Documents, at the time they were filed or furnished, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of the date of this Agreement, there are no outstanding or unresolved comment letters received from the SEC or
its staff. 
 Section 4.11 Financial Statements. As of their respective dates, the financial statements of the Company
included in the Public Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. The consolidated financial statements (including
any related notes thereto) included or incorporated by reference in the Public Documents fairly presented in all material respects the consolidated financial position of the Company as of the dates indicated therein and the consolidated results of
its operations, cash flows and changes in shareholders’ equity for the periods specified therein, other than as corrected or clarified in a subsequent Public Document. Such financial statements were prepared in accordance with GAAP applied
on a consistent basis (except (a) as may be otherwise indicated in such financial statements or the notes thereto, or (b) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed to summary
statements). 

  
 15 

 Section 4.12 No Undisclosed Liabilities. Since December 31, 2013, the
Company and its Subsidiaries do not have any liabilities or obligations other than (a) liabilities or obligations reflected on, reserved against, or disclosed in the Company’s balance sheet as of December 31, 2013 (excluding those
discharged or paid in full prior to the date of this Agreement), (b) liabilities or obligations that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and (c) liabilities incurred since
December 31, 2013 in the ordinary course of business consistent with past practices and any liabilities incurred pursuant to this Agreement. There are no unconsolidated Subsidiaries of the Company or any off-balance sheet arrangements of
any type (including any off-balance sheet arrangement required to be disclosed pursuant to Item 303(a)(4) of Regulation S-K promulgated under the Securities Act) that have not been so described in the Public Documents nor any obligations
to enter into any such arrangements. 
 Section 4.13 Internal Controls and Procedures. The Company has established and
maintains disclosure controls and procedures as such terms are defined in, and required by, Rule 13a-15 or Rule 15d-15 under the Exchange Act. Such disclosure controls and procedures are effective to ensure that all material information
required to be disclosed by the Company in the reports that it files or furnishes under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. The Company
maintains a system of internal controls over financial reporting sufficient to provide reasonable assurance that (a) transactions are executed in accordance with management’s general or specific authorizations and (b) transactions are
recorded as necessary to permit preparation of financial statements in conformity with GAAP. The Company’s management has completed an assessment of the effectiveness of the Company’s system of internal controls over financial
reporting for the fiscal year ended December 31, 2013 in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, and such assessment concluded that such controls were effective and the Company’s independent
registered accountant has issued (and not subsequently withdrawn or qualified) or will issue, as applicable, an attestation report concluding that the Company maintained effective internal control over financial reporting as of December 31,
2013. To the knowledge of the Company, there is no reason that its chief executive officer and chief financial officer will not be able to give the certifications and attestations required pursuant to the rules and regulations adopted
pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, without qualification, when next due. 
 Section 4.14 Absence of
Changes. Except for the execution and performance of this Agreement and the discussions, negotiations and transactions related thereto, since December 31, 2013, the Company and its Subsidiaries have conducted their respective
businesses in all material respects in the ordinary course of business consistent with past practice and there has not been: 
 (a) any
Material Adverse Effect; 
 (b) (i) any declaration, setting aside or payment of any dividend or other distribution with respect to any
share capital of the Company or any of its Subsidiaries (except for dividends or other distributions by any Subsidiary to the Company or to any of the Company’s wholly owned Subsidiaries or (ii) any redemption, repurchase or other
acquisition of any share capital of the Company or any of its Subsidiaries; 

  
 16 

 (c) any material change in any method of accounting or accounting practice by the Company or any
of its Subsidiaries; 
 (d) any making or revocation of any material Tax election, any settlement or compromise of any material Tax
liability, or any change (or request to any taxing authority to change) in any material aspect of the method of accounting of the Company or any of its Subsidiaries for Tax purposes; 

(e) any incurrence of material indebtedness for borrowed money or any guarantee of such indebtedness for another Person or any issue or sale of
debt securities, warrants or other rights to acquire any debt security of the Company or any of its Subsidiaries; 
 (f) any adoption of
resolution to approve or petition or similar proceeding or order in relation to a plan of complete or partial liquidation, dissolution, scheme of arrangement, merger, consolidation, restructuring, recapitalization or other reorganization of the
Company or any of its Subsidiaries; 
 (g) any receiver, trustee, administrator or other similar Person appointed in relation to the affairs
of the Company or its property or any part thereof; or 
 (h) any agreement to carry out any of the foregoing. 

Section 4.15 Contracts. Except as set forth in the Disclosure Letter, neither the Company nor any of its Subsidiaries has any
current or future rights, responsibilities, obligations or liabilities, in each case as of the date of this Agreement, under any of the following (each, a “Material Contract”): 

(a) any Contract relating to Intellectual Property that is material to the Company and its Subsidiaries, taken as a whole; 

(b) any Contract that would be required to be filed or furnished by the Company pursuant to Item 19 and paragraph 4 of the Instructions to
Exhibits of Form 20-F under the Exchange Act; 
 (c) any Contract involving payments by the Company or any of its Subsidiaries in excess
of US$7 million in the aggregate under each such Contract; 
 (d) any Contract, including any distribution agreements, containing covenants
directly or explicitly limiting in any material respect the freedom of the Company and its Subsidiaries as a whole to compete in any geographic area, industry or line of business or with any Person or to offer any of its products or services, or any
material exclusivity agreement relating to Intellectual Property, business opportunity or any resources or assets of the Company or any of its Subsidiaries; 

(e) any indenture, mortgage, promissory note, loan agreement, guaranty or other agreement or commitment for the borrowing of money or pledging
or granting a security interest in respect of an aggregate amount of US$5 million or more; 

  
 17 

 (f) share or stock redemption or purchase agreements or other agreements affecting or relating to
the share capital of the Company or any of its Subsidiaries, including, without limitation, any agreement with any shareholder of the Company or any of its Subsidiaries which includes, without limitation, anti-dilution rights, voting arrangements or
operating covenants; 
 (g) any royalty or dividend arrangement that involves the payment by the Company of more than US$4 million annually
based on the revenues or profits of the Company or any of its Subsidiaries or based on the revenues or profits derived from any material contract; 

(h) any material acquisition, merger, asset purchase or other similar agreement; 

(i) any Contract under which the Company or any of its Subsidiaries has granted any Person any registration rights, or any right of first
refusal, first offer or first negotiation with respect to any Securities or securities of any Subsidiaries of the Company; 
 (j) any
Contract relating to the formation, creation, operation, management or control of any partnership, joint venture, limited liability company or similar arrangement; or 

(k) any Contract that contains a put, call or similar right pursuant to which the Company or any of its Subsidiaries could be required to
purchase or sell, as applicable, any equity interests of any Person. 
 Each of the Material Contracts is valid and in full force and
effect, is enforceable in accordance with its terms, subject to the Bankruptcy and Equity Exception. Neither the Company nor any of its Subsidiaries has violated or breached, or committed any default under, any Material Contract, and, to the
Company’s knowledge, no other Person has violated or breached, or committed any default under any Material Contract, except for violations, breaches or defaults which would not, individually or in the aggregate, in each case, reasonably be
expected to have a Material Adverse Effect. To the Company’s knowledge, no event has occurred, and no circumstance or condition exists, that (with or without notice or lapse of time or both) would reasonably be expected to: (A) result
in a material violation or breach of any of the provisions of any Material Contract, (B) give any Person the right to declare a default or exercise any remedy under any Material Contract, (C) give any Person the right to accelerate the
maturity or performance of any Material Contract or (D) give any Person the right to cancel, terminate or modify any Material Contract, except, in each case, as would not reasonably be expected to have a Material Adverse Effect. 

Section 4.16 Litigation. There are no pending or, to the Company’s knowledge, threatened, Proceedings of any nature
against the Company or any of its Subsidiaries or any director or officer of the Company or any of its Subsidiaries (in their capacity as directors and officers of the Company or any of its Subsidiaries), which would, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect or any Proceedings that seek to restrain or enjoin the consummation of the transactions contemplated by the Transaction Documents. There is no Judgment outstanding against
Company, any of its Subsidiaries, any of their equity interests, material properties or assets, or any of their directors and officers (in their capacity as directors and officers), except for any Judgment which would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. 

  
 18 

 Section 4.17 Permits; Compliance with Applicable Laws. The Company and each of
its Subsidiaries have conducted their businesses in compliance with all applicable PRC, U.S. and other national, federal, provincial, state and other Laws (including, without limitation, the U.S. Foreign Corrupt Practices Act, as amended, and PRC
anti-bribery Law) and applicable requirements of the NYSE, except where the failure to be in compliance would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company and each of its
Subsidiaries have all permits, licenses, authorizations, consents, orders and approvals (collectively, “Permits”) of, and have made all filings, applications and registrations with, any Governmental Authority that are required in
order to carry on their business as presently conducted, except where the failure to have such Permits or the failure to make such filings, applications and registrations, individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect; and all such Permits are in full force and effect and, to the knowledge of the Company, no suspension or cancellation of any of them is threatened, and all such filings, applications and registrations are current, except
where such absence, suspension or cancellation, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. The Company is not in violation of any listing requirements of the NYSE and has no knowledge
of any facts that would reasonably be expected to lead to delisting or suspension of its ADSs from the NYSE in the foreseeable future. 

Section 4.18 Tax Status. The Company and each of its Subsidiaries (a) has made or filed in a timely manner (within any
applicable extension periods) and in the appropriate jurisdictions all material foreign, federal and state income and all other tax returns, reports, information statements and other documentation (including any additional or supporting materials)
required to be filed or maintained in connection with the calculation, determination, assessment or collection of any and all federal, state, local, foreign and other taxes, levies, fees, imposts, duties, governmental fees and charges of whatever
kind (including any interest, penalties or additions to the tax imposed in connection therewith or with respect thereto), including, without limitation, taxes imposed on, or measured by, income, franchise, profits, gross income or gross receipts,
and also ad valorem, value added, sales, use, service, real or personal property, capital stock, stock transfer, license, payroll, withholding, employment, social security, workers’ compensation, unemployment compensation, utility, severance,
production, excise, stamp, occupation, premium, windfall profits, environmental, transfer and gains taxes and customs duties (each a “Tax”), including all amended returns required as a result of examination adjustments made by any
Governmental Authority responsible for the imposition of any Tax (collectively, the “Returns”), and such Returns are true, correct and complete in all material respects, (b) has paid all material Taxes and other governmental
assessments and charges shown or determined to be due on such Returns, except those being contested in good faith, not finally determined, and (c) has set aside on its books provision reasonably adequate for the payment of all material Taxes
for periods subsequent to the periods to which such Returns apply. Neither the Company nor any of its Subsidiaries has received notice regarding unpaid material Taxes in any material amount claimed to be due by the taxing authority of any
jurisdiction, and the Company is not aware of any reasonable basis for such claim. No Returns filed by or on behalf of the Company or any of its Subsidiaries with respect to material Taxes are currently being audited or examined, and neither
the Company nor any of its Subsidiaries has received notice of any such audit or examination. 

  
 19 

 Section 4.19 Intellectual Property. 

(a) The Company and its Subsidiaries own or possess adequate rights or licenses to use all Intellectual Property necessary to the conduct of
their businesses as now conducted, and such Intellectual Property represents all material intellectual property rights necessary to the conduct of their business as now conducted. There are no infringements or other violations of any
Intellectual Property owned by the Company or any of its Subsidiaries by any third party, except for such infringements and violations which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect. The conduct of the business of the Company and its Subsidiaries as currently conducted does not infringe or otherwise violate any proprietary right or Intellectual Property of any third party, except for such infringements and other
violations which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. There is no Proceeding pending or, to the knowledge of the Company, threatened against the Company or any Subsidiary:
(i) alleging any such infringement or other violation of any third party’s proprietary rights; or (ii) challenging the Company’s or any Subsidiary’s ownership or use of, or the validity or enforceability of any material
Intellectual Property owned by the Company or its Subsidiaries, excluding any office action or other form of preliminary or final refusal of registration in the ordinary course of business. 

(b) A complete and current list of material registered Intellectual Property and pending applications for registration of material Intellectual
Property anywhere in the world that are owned or filed by the Company or its Subsidiary (collectively, “Registered Intellectual Property”) and the owner of record, date of application or registration and relevant jurisdiction as to
each has been previously provided to the Purchaser. All Registered Intellectual Property is owned by the Company or its Subsidiaries, free and clear of Encumbrances of any nature. All Registered Intellectual Property is subsisting, valid
and enforceable, currently in compliance with any and all legal requirements necessary to maintain the validity and enforceability thereof and not subject to any outstanding Judgment materially and adversely affecting the Company’s use thereof
or rights thereto or that would materially impair the validity or enforceability thereof. To the Company’s knowledge, no material Registered Intellectual Property is the subject of any Proceeding before any governmental, registration or
other authority in any jurisdiction, excluding any office action or other form of preliminary or final refusal of registration in the ordinary course of business. The consummation of the transactions contemplated under the Transaction Documents
will not alter or impair any material Intellectual Property that is owned by or used pursuant to a license by the Company or a Subsidiary. 

(c) The Company and its Subsidiaries have taken commercially reasonable measures to protect the secrecy, and confidentiality of all of their
material trade secrets and, to the knowledge of the Company, there has been no unauthorized disclosure of any material data or information which, but for any such unauthorized disclosure, the Company would consider to be a material trade secret
owned by the Company or any of its Subsidiaries. 
 (d) Except as would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect, (i) each employee in research and development function who in the regular course of his employment may create programs, modifications, enhancements or other inventions, improvements, discoveries, methods or works of
authorship have signed an assignment or similar agreement with or otherwise have a binding legal obligation to the Company or its Subsidiaries confirming the Company’s or its Subsidiaries’ ownership or, in the alternate, transferring and
assigning to the Company or its Subsidiary all right, title and interest in and to such programs, modifications, enhancements or other inventions including copyright and other Intellectual Property rights therein and (ii) to the knowledge of
the Company, no employee of the Company and its Subsidiaries is in violation of any term of any patent or invention disclosure agreement or any patent or invention disclosure provisions in any employment agreement or other contract or agreement.

  
 20 

 (e) To the knowledge of the Company, the use of open source or public library software, including
any version of any software licensed pursuant to any GNU General Public License or other public license, in the Company’s or any of its Subsidiary’s software, if any, as currently used does not materially adversely impact the
Company’s or any of its Subsidiary’s ownership or use of, or the validity or enforceability or confidentiality of any material Intellectual Property (including rights in source code) owned or purported to be owned by the Company or any of
its Subsidiaries. 
 Section 4.20 Variable Interest Entities. The Company controls its variable interest entities, 1Verge
Information Technology (Beijing) Co., Ltd., Jiheyi Ad (Beijing) Co., Ltd., Beijing Miyu Cultural Diffusion Co., Ltd., Quan Toodou Network Science and Technology Co., Ltd., Shanghai Licheng Cultural Communications Co., Ltd.,
Shanghai Quan Toodou Cultural Communication Co., Ltd., Beijing Tixian Digital Science and Technology Co., Ltd. and Zhejiang Dongyang Tianshi Cultural Media Ltd., through a series of contractual arrangements, and there is no enforceable
agreement or understanding to rescind, amend or change the nature of such captive structure or material terms of such contractual arrangements. 

Section 4.21 Transactions With Affiliates and Employees. None of the officers or directors of the Company and, to the
knowledge of the Company, none of the employees of the Company is presently a party to any transaction with the Company or any of its Subsidiaries (other than for services as employees, officers and directors), including any contract, agreement or
other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company,
any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner, other than (a) for payment of salary or consulting fees for services rendered, (b) reimbursement for
expenses incurred on behalf of the Company and (c) for other employee benefits, including stock option agreements under the Company Share Plans. 

Section 4.22 Brokers and Finders. Neither the Company nor any of its Affiliates is a party to any agreement, arrangement or
understanding with any Person that would give rise to any valid right, interest or claim against or upon 1Look, the Purchaser or the Company for any brokerage commission, finder’s fee or other similar compensation, as a result of the
transactions contemplated by the Transaction Documents. 

  
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 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF 1LOOK 

1Look represents and warrants to the Purchaser as of the date hereof and as of the Closing Date that: 

Section 5.1 Organization. 1Look is a company duly organized, validly existing and in good standing under the Laws of the
British Virgin Islands and has the requisite company power and authorization to own, lease and operate its properties and to carry on its business as now being conducted. 

Section 5.2 Authorization; Enforcement; Validity. 1Look has the requisite company power and authority to execute and deliver
this Agreement, the Shareholders Agreement and any other Transaction Documents to which it is a party and perform its obligations under this Agreement, the Shareholders Agreement and such other Transaction Documents in accordance with the terms
hereof and thereof. The execution, delivery and performance of this Agreement, the Shareholders Agreement and any other Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby have
been duly and validly authorized by all requisite corporate action by 1Look and no other filing, consent or authorization on the part of 1Look is necessary to authorize or approve this Agreement, the Shareholders Agreement or any other Transaction
Documents to which it is a party or to consummate the transactions contemplated hereby or thereby. This Agreement, the Shareholders Agreement and any other Transaction Documents to which it is a party have been or will be duly executed and
delivered by 1Look, and, assuming the due authorization, execution and delivery by the Purchaser, constitutes a legal, valid and binding obligation of 1Look, enforceable against 1Look in accordance with its terms, subject to the Bankruptcy and
Equity Exception. 
 Section 5.3 Title. 1Look is the sole and exclusive record and beneficial owner of the 1Look Shares,
free and clear of any and all Encumbrances other than those existing under the Company’s Memorandum and Articles in effect as of the date hereof. Other than the Shareholders Agreement, 1Look is not a party to any voting trust, proxy, or
other agreement or understanding with respect to the voting of any of the 1Look Shares, and other than this Agreement, the Shareholders Agreement and any other Transaction Documents to which it is a party, there are no outstanding Contracts or
understandings to which 1Look is a party involving the purchase, sale or other acquisition or disposition of the 1Look Shares or any interest therein. The transfer by 1Look of the 1Look Shares upon the Closing will result in the conversion of
1Look Shares into the Class A Shares in an amount that is equal to the number of 1Look Shares. The delivery by 1Look of a certificate or certificates at the Closing representing the Class A Shares converted from 1Look Shares upon the
Closing in the manner provided in Section 2.3(b)(iv) will transfer to the Purchaser good and valid title to the Class A Shares converted from the 1Look Shares, free and clear of all Encumbrances and restrictions on transfer (except
for Encumbrances and restrictions on transfer created or imposed by the Transaction Documents and any restrictions on transfer under applicable securities Laws) and the Class A Shares converted from the 1Look Shares shall be fully paid with the
Purchaser being entitled to all rights accorded to a holder of the Class A Shares. 
 Section 5.4 No Conflicts. The
execution, delivery and performance by 1Look of this Agreement, the Shareholders Agreement and any other Transaction Documents to which it is a party and the consummation by 1Look of the transactions contemplated hereby and thereby will not
(a) result in a violation of the organizational or constitutional documents of 1Look, (b) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any
rights of termination, amendment, acceleration or cancellation of, any Contract to which 1Look is a party, or (c) result in a violation of any Law applicable to 1Look or by which any property or asset of 1Look is bound or affected, except in
the case of clauses (b) and (c) above, for such violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of 1Look to perform its obligations hereunder. 

  
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 Section 5.5 Consents. In connection with the entering into and performance of
this Agreement, the Shareholders Agreement and any other Transaction Documents to which it is a party, subject to the accuracy of the warranties of the Purchaser in Section 3.4, 1Look is not required to obtain any consent, authorization or
order of, or make any filing or registration with, (a) any Governmental Authority in order for it to execute, deliver or perform any of its obligations under or contemplated hereby or thereby or (b) any third party pursuant to any
agreement, indenture or instrument to which 1Look is a party, in each case in accordance with the terms hereof or thereof other than such as have been made or obtained except, in each case, for such consents, authorizations, orders, filings or
registrations that, if not obtains or made, would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of 1Look to perform its obligations hereunder. 

Section 5.6 Litigation. There are no pending or, to 1Look’s knowledge, threatened, Proceedings of any nature against
1Look or any director or officer of 1Look (in their capacity as directors and officers of 1Look), which would, individually or in the aggregate, reasonably be expected to result in a material adverse effect on 1Look’s ability to perform its
obligations hereunder, or any Proceedings that seek to restrain or enjoin the consummation of the transactions contemplated by the Transaction Documents or the Shareholders Agreement. There is no Judgment outstanding against 1Look, any of its
equity interests, material properties or assets, or any of its directors and officers (in their capacity as directors and officers), except for any Judgment which would not reasonably be expected to have, individually or in the aggregate, a material
adverse effect on 1Look. 
 Section 5.7 Brokers and Finders. Neither 1Look nor any of its Affiliates is a party to any
agreement, arrangement or understanding with any Person that would give rise to any valid right, interest or claim against or upon 1Look, the Company or the Purchaser for any brokerage commission, finder’s fee or other similar compensation, as
a result of the transactions contemplated by the Transaction Documents. 
 ARTICLE VI 

AGREEMENTS OF THE PARTIES 

Section 6.1 Further Assurances. Each of the Purchaser, the Company and 1Look shall use its reasonable best efforts to fulfill
or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated by this Agreement on a timely basis, including the execution and delivery of any documents, certificates, instruments or other papers that are
reasonably required for the consummation of such transactions, and will cooperate and consult with the other and use its reasonable best efforts to prepare and file all necessary documentation, to effect all necessary applications, notices,
petitions, filings and other documents, and to obtain all necessary Permits of, or any exemption by, all Governmental Authorities, necessary or advisable to consummate the transactions contemplated by this Agreement. During the period from the
date of this Agreement through the Closing Date, except as required by applicable Law or with the prior written consent of the other parties hereto, no party will take any action which, or fail to take any action the failure of which to be taken,
would, or would reasonably be expected to (a) result in any of the representations and warranties set forth in Article III, IV or V on the part of the party taking or failing to take such action being or becoming untrue in any
respect, (b) result in any conditions set forth in Article VII, VIII or IX not to be satisfied, or (c) result in any material violation of any provision of this Agreement. After the Closing Date, each party shall execute and
deliver such further certificates, agreements and other documents and take such other actions as the other party may reasonably request to consummate or implement such transactions or to evidence such events or matters. 

  
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 Section 6.2 Expenses. Except as otherwise provided in this Agreement and the
other Transaction Documents, each party shall bear and pay its own costs, fees and expenses incurred by it in connection with the Transaction Documents and the transactions contemplated by the Transaction Documents. 

Section 6.3 Public Disclosure. Without limiting any other provision of this Agreement, the parties hereto, to the extent
permitted by applicable Law, will consult with each other before issuance, and provide each other the opportunity to review, comment upon and concur with, and use all reasonable efforts to agree on any press release or public statement with respect
to this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby, and will not (to the extent practicable) issue any such press release or make any such public statement prior to such consultation and
agreement, except as may be required by Law or any listing agreement with or requirement of the NYSE or any other applicable securities exchange, provided that the disclosing party shall, to the extent permitted by applicable Law or any
listing agreement with or requirement of the NYSE or any other applicable securities exchange and if reasonably practicable, inform the other parties about the disclosure to be made pursuant to such requirements prior to the disclosure. 

Section 6.4 Compliance and Other Actions Prior to Closing. From the date hereof until the Closing, the Company shall, and
shall cause each of its Subsidiaries to, comply in material respect with all applicable Laws imposed by all relevant Governmental Authorities in respect of the operation of its and their business as currently conducted and contemplated to be
conducted, including without limitation, maintenance and compliance of all Permits required in connection with such businesses and shall use commercially reasonable efforts to ensure that its employees and agents to comply with all
Permits. From the date hereof until the Closing, the Company shall, and shall cause each of its Subsidiaries to, conduct its business and affairs in the ordinary course of business consistent with past practice and shall use its commercially
reasonable efforts to preserve substantially intact its business organization, keep available the services of its current officers, key employees, and key consultants and contractors and preserve its current material relationships and goodwill with
Governmental Authorities, key customers and suppliers, and any other persons with which the Company and its Subsidiaries have relations. Without limitation of the foregoing, the Company agrees that, prior to the Closing, it shall not issue any
New Securities (as defined in the Investor Rights Agreement) with respect to which the Purchaser would be entitled to exercise preemptive rights under the Investor Rights Agreement if such New Securities were issued following the Closing. 

  
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 Section 6.5 Exclusivity. Except as set forth in Section 6.5 of the
Disclosure Letter, during the period from the date of this Agreement and continuing until the earliest of the termination of this Agreement pursuant to Section 10.1 hereof or the Closing, the Company agrees not to initiate, solicit, encourage
or engage in any discussion or negotiation of any type with, provide any information to, accept any proposal from, or enter into any letter of intent, purchase contract or any other similar agreement, or consummate any transaction, with any Persons
other than the Purchaser with respect to the issuance, sale, grant, transfer, purchase or other acquisition by any such Person of any Securities. 

Section 6.6 Listing of Securities. The Company shall (a) take all reasonable action necessary to continue the listing
and trading of its ADSs on the NYSE and shall comply with the Company’s reporting, filing and other obligations under the rules of the NYSE, in each case, through the Closing, and (b) file with the NYSE the supplemental listing
application in respect of the ADSs representing the Purchaser Shares. 
 Section 6.7 Reservation of Shares. The Company
shall ensure that it has sufficient number of duly authorized Ordinary Shares at the Closing to comply with its obligations to issue the Issued Shares. 

Section 6.8 Board Representation Rights. The Company shall, subject to applicable Law and the Memorandum and Articles, take
all reasonably necessary or desirable actions as may be required under applicable Law to cause the individual designated by the Purchaser as the initial Purchaser Director to be appointed to the Board at the Closing. 

Section 6.9 Use of Proceeds. The Company intends to apply the proceeds from the Investment for general corporate purposes.

 Section 6.10 No Integrated Offering. The Company, shall not, and shall cause its Affiliates and any Person acting on its or
their behalf not to, directly or indirectly, make any offers or sales of any security or solicit any offers to buy any security, under circumstances that would require registration of the issuance of any of the Purchaser Shares under the Securities
Act whether through integration with prior offerings or otherwise. 
 ARTICLE VII 

CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL 

The obligation of the Company hereunder to issue and sell the Issued Shares to the Purchaser at the Closing is subject to the satisfaction or
waiver by the Company, at or before the Closing Date, of each of the following conditions: 
 Section 7.1 Investor Rights
Agreement. The Purchaser and AGHL shall have performed, satisfied and complied in all material respects with the covenants and agreements contained in the Investor Rights Agreement through the Closing Date. 

  
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 Section 7.2 Representations and Warranties; Covenants. The representations and
warranties of the Purchaser contained in Article III hereof shall be true and correct in all material respects (except for those representations and warranties that are qualified by materiality or material adverse effect, which shall be true
and correct to such extent) as of the date of this Agreement and as of the Closing Date as though made at that date (except for those representations and warranties that speak as of a specific date, which shall be so true and correct in all material
respects as of such specified date); provided that each representation or warranty made by the Purchaser in Sections 3.1, 3.2 and 3.7 shall be true and correct in all respects as of the date of this Agreement and as of the Closing Date as
though made at that date (except for those representations and warranties that speak as of a specific date, which shall be so true and correct as of such specified date); and the Purchaser shall have performed, satisfied and complied in all material
respects with the covenants and agreements required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Closing Date (including payment of the Issued Shares Purchase Price as required pursuant to
Section 2.3(b)(i) hereof). 
 Section 7.3 No Stop Order. No stop order suspending the qualification or exemption
from qualification of the Issued Shares in any jurisdiction shall have been issued and no Proceeding for that purpose shall have been commenced or shall be pending or threatened. 

Section 7.4 No Action. No Law or Judgment entered by or with any Governmental Authority with competent jurisdiction, shall be
in effect that enjoins, prohibits or materially alters the terms of the transactions contemplated by the Transaction Documents, nor any Proceeding challenging any Transaction Document or the transactions contemplated hereby and thereby, or seeking
to prohibit, alter, prevent or delay the Closing, shall have been instituted or being pending before any Governmental Authority. 

Section 7.5 Officer’s Certificate. The Purchaser shall have delivered to the Company a certificate, dated as of the
Closing Date, executed by a duly authorized officer of the Purchaser, certifying to the fulfillment of the condition specified in Section 7.2 above. 

ARTICLE VIII 

CONDITIONS TO 1LOOK’S OBLIGATION TO SELL 

The obligation of 1Look hereunder to issue and sell the 1Look Shares to the Purchaser at the Closing is subject to the satisfaction or waiver
by 1Look, at or before the Closing Date, of each of the following conditions: 
 Section 8.1 Representations and Warranties;
Covenants. The representations and warranties of the Purchaser contained in Article III hereof shall be true and correct in all material respects (except for those representations and warranties that are qualified by materiality or
material adverse effect, which shall be true and correct to such extent) as of the date of this Agreement and as of the Closing Date as though made at that date (except for those representations and warranties that speak as of a specific date, which
shall be so true and correct in all material respects as of such specified date); provided that each representation or warranty made by the Purchaser in Sections 3.1, 3.2 and 3.7 shall be true and correct in all respects as of the date of
this Agreement and as of the Closing Date as though made at that date (except for those representations and warranties that speak as of a specific date, which shall be so true and correct as of such specified date); and the Purchaser shall have
performed, satisfied and complied in all material respects with the covenants and agreements required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Closing Date (including payment of the 1Look
Shares Purchase Price as required pursuant to Section 2.3(b)(ii) hereof). 

  
 26 

 Section 8.2 No Stop Order. No stop order suspending the qualification or
exemption from qualification of the 1Look Shares in any jurisdiction shall have been issued and no Proceeding for that purpose shall have been commenced or shall be pending or threatened. 

Section 8.3 No Action. No Law or Judgment entered by or with any Governmental Authority with competent jurisdiction, shall be
in effect that enjoins, prohibits or materially alters the terms of the transactions contemplated by the Transaction Documents, nor any Proceeding challenging any Transaction Document or the transactions contemplated hereby and thereby, or seeking
to prohibit, alter, prevent or delay the Closing, shall have been instituted or being pending before any Governmental Authority. 

Section 8.4 Officer’s Certificate. The Purchaser shall have delivered to 1Look a certificate, dated as of the Closing
Date, executed by a duly authorized officer of the Purchaser, certifying to the fulfillment of the condition specified in Section 8.1 above. 

ARTICLE IX 

CONDITIONS TO THE PURCHASER’S OBLIGATION TO PURCHASE 

The obligation of the Purchaser hereunder to purchase the Purchaser Shares at the Closing is subject to the satisfaction or waiver by the
Purchaser, at or before the Closing Date, of each of the following conditions: 
 Section 9.1 Investor Rights
Agreement. The Company shall have performed, satisfied and complied in all material respects with the covenants and agreements contained in the Investor Rights Agreement through the Closing Date. 

Section 9.2 Shareholders Agreement. The representations and warranties of the parties to the Shareholders Agreement (other
than the Purchaser) contained in the Shareholders Agreement shall be true and correct in all material respects as of the Closing Date as though made at that date, and the parties to the Shareholders Agreement (other than the Purchaser) shall have
performed, satisfied and complied in all material respects with the covenants and agreements contained in the Shareholders Agreement through the Closing Date. 

Section 9.3 Company Representations and Warranties; Covenants. The representations and warranties of the Company contained in
Article IV hereof shall be true and correct in all material respects (except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be true and correct to such extent) as of the date
of this Agreement and as of the Closing Date as though made at that date (except for those representations and warranties that speak as of a specific date, which shall be so true and correct in all material respects as of such specified date);
provided that each representation or warranty made by the Company in this Agreement under Sections 4.1, 4.2, 4.3, 4.4 and 4.7 shall be true and correct in all respects as of the date of this Agreement and as of the Closing Date as though made
at that date (except for those representations and warranties that speak as of a specific date, which shall be so true and correct as of such specified date), and the Company shall have performed, satisfied and complied in all material respects with
the covenants and agreements required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date (including providing all deliverables required pursuant to Section 2.3(b)(iii) hereof). 

  
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 Section 9.4 1Look Representations and Warranties; Covenants. The representations
and warranties of 1Look contained in Article V hereof shall be true and correct in all material respects (except for those representations and warranties that are qualified by materiality or material adverse effect, which shall be true and
correct to such extent) as of the date of this Agreement and as of the Closing Date as though made at that date (except for those representations and warranties that speak as of a specific date, which shall be so true and correct in all material
respects as of such specified date); provided that each representation or warranty made by 1Look in this Agreement under Sections 5.1, 5.2 and 5.3 shall be true and correct in all respects as of the date of this Agreement and as of the
Closing Date as though made at that date (except for those representations and warranties that speak as of a specific date, which shall be so true and correct as of such specified date), and 1Look shall have performed, satisfied and complied in all
material respects with the covenants and agreements required by this Agreement to be performed, satisfied or complied with by 1Look at or prior to the Closing Date (including providing all deliverables required pursuant to
Section 2.3(b)(iv) hereof). 
 Section 9.5 No Stop Order. No stop order suspending the qualification or exemption
from qualification of the Purchaser Shares in any jurisdiction shall have been issued and no Proceeding for that purpose shall have been commenced or shall be pending or threatened. 

Section 9.6 No Action. No Law or Judgment entered by or with any Governmental Authority with competent jurisdiction, shall be
in effect that enjoins, prohibits or materially alters the terms of the transactions contemplated by the Transaction Documents, nor any Proceeding challenging any Transaction Document or the Shareholders Agreement or the transactions contemplated
hereby or thereby, or seeking to prohibit, alter, prevent or delay the Closing, shall have been instituted or being pending before any Governmental Authority. 

Section 9.7 NYSE Approval. The ADSs representing the Purchaser Shares shall have been approved for listing on the NYSE,
subject only to official notice of issuance. 
 Section 9.8 Board Representation. The Company shall have procured that the
Purchaser Director be appointed or elected to the Board at the Closing. 
 Section 9.9 No Material Adverse Effect. From and
after the date hereof, there shall not have occurred and be continuing a Material Adverse Effect. 
 Section 9.10 Company
Officer’s Certificate. The Company shall have delivered to the Purchaser a certificate, dated as of the Closing Date, executed by a duly authorized officer of the Company, certifying to the fulfillment of the conditions specified in
Sections 9.3 and 9.9 above. 
 Section 9.11 1Look Officer’s Certificate. 1Look shall have delivered to the Purchaser a
certificate, dated as of the Closing Date, executed by a duly authorized officer of 1Look, certifying to the fulfillment of the conditions specified in Section 9.4 above. 

  
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 ARTICLE X 

TERMINATION 

Section 10.1 Termination. Subject to Section 10.2 below, this Agreement may be terminated and the transactions
contemplated by this Agreement abandoned at any time prior to the Closing: 
 (a) by unanimous agreement of the Company, 1Look and the
Purchaser; 
 (b) by the Company, 1Look or the Purchaser if any Law, or any final, non-appealable injunction or order shall have been
enacted, issued, promulgated, enforced or entered which is in effect and has the effect of prohibiting the sale and issuance of the Issued Shares or the sale of the 1Look Shares; 

(c) by the Purchaser if there has been a breach of any representation or warranty by the Company under this Agreement or any breach of any
covenant or agreement by the Company under this Agreement that, in any case, would give rise to the failure of the condition set forth in Section 9.3, and such breach is not cured within ten (10) Business Days of receipt of written notice
thereof from the Purchaser; 
 (d) by the Purchaser if there has been a breach of any representation or warranty by 1Look under this
Agreement or any breach of any covenant or agreement by 1Look under this Agreement that, in any case, would give rise to the failure of the condition set forth in Section 9.4, and such breach is not cured within ten (10) Business Days of
receipt of written notice thereof from the Purchaser; 
 (e) by the Company if there has been a material breach of any representation or
warranty by Purchaser under this Agreement or any material breach of any covenant or agreement by the Purchaser under this Agreement that, in any case, would give rise to the failure of the condition set forth in Section 7.2, and such breach is
not cured within ten (10) Business Days of receipt of written notice thereof from the Company; or 
 (f) by 1Look if there has been a
material breach of any representation or warranty by Purchaser under this Agreement or any material breach of any covenant or agreement by the Purchaser under this Agreement that, in any case, would give rise to the failure of the condition set
forth in Section 8.1, and such breach is not cured within ten (10) Business Days of receipt of written notice thereof from 1Look; or 

(g) by the Company, 1Look or the Purchaser, upon written notice to the other parties if the Closing has not occurred within 45 days of the date
hereof, provided, however, that the right to terminate this Agreement under this paragraph (g) shall not be available to any party whose failure to fulfill any obligation under this Agreement shall have been the principal cause of, or
shall have resulted in, the failure of the Closing to occur on or prior to such date. 
 Section 10.2 Effect of
Termination. In the event of termination of this Agreement as provided in Section 10.1 above, written notice thereof shall be given to the other parties specifying the provision hereof pursuant to which such termination is made, and
this Agreement shall forthwith become void and there shall be no liability or obligation on the part of the parties hereto; provided that (a) nothing herein shall relieve any party hereto from liability for any breach of this Agreement
that occurred before such termination and (b) the provisions of this Article X, Article XI and Section 6.3 shall remain in full force and effect and survive any termination of this Agreement pursuant to the terms of this
Article X. 

  
 29 

 ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Survival. Other than the representations and warranties set forth in Sections 4.1, 4.2, 4.3, 4.4, 4.7, 4.22,
5.1, 5.2, 5.3 and 5.7, which shall survive the Closing indefinitely, and the representations and warranties set forth in Sections 4.18, which shall survive the Closing until the date that is five (5) years after the Closing, the representations
and warranties of the parties set forth in Articles III, IV and V of this Agreement shall survive the execution and delivery of this Agreement and the Closing until the date that is fifteen (15) months after the Closing. All of the
covenants or other agreements of the parties contained in this Agreement shall survive the Closing until fully performed in accordance with their terms. 

Section 11.2 Indemnification. 

(a) In consideration of the Purchaser’s execution and delivery of the Transaction Documents and acquiring the Issued Shares thereunder and
in addition to all of the Company’s other obligations under this Agreement and the other Transaction Documents, the Company, from and after the Closing, shall defend, protect, indemnify and hold harmless the Purchaser and its Affiliates,
shareholders, partners, members, officers, directors, employees, agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the
“Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith, and including reasonable attorneys’ fees and
disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation or warranty made by the Company in this
Agreement or (ii) any breach of any covenant, agreement or obligation of the Company contained in this Agreement or the other Transaction Documents to which it is a party. 

(b) In consideration of the Purchaser’s execution and delivery of the Transaction Documents and acquiring the 1Look Shares thereunder and
in addition to all of 1Look’s other obligations under this Agreement, the Shareholders Agreement and any other Transaction Documents to which it is a party, 1Look, from and after the Closing, shall defend, protect, indemnify and hold harmless
the Indemnitees from and against any and all Indemnified Liabilities incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation or warranty made by 1Look in this
Agreement or (ii) any breach of any covenant, agreement or obligation of 1Look contained in this Agreement, the Shareholders Agreement or any other Transaction Documents to which it is a party. 

(c) In calculating the amount of any Indemnified Liabilities of an Indemnitee hereunder, there shall be subtracted the amount of any insurance
proceeds and third-party payments received by the Indemnitee with respect to such Indemnified Liabilities, if any. To the extent that the foregoing undertaking by the Company or 1Look may be unenforceable for any reason, the Company or 1Look
shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable Law. 

  
 30 

 Section 11.3 Limitation to Liability. Notwithstanding anything to the contrary
in this Agreement: 
 (a) the Company shall have no liability to the Indemnitees under Section 11.2(a)(i) with respect to any
misrepresentation or breach of any representation or warranty made by the Company in this Agreement unless the aggregate amount of Indemnified Liabilities suffered or incurred by the Indemnitees pursuant to Section 11.2(a)(i) or
Section 11.2(b)(i) exceeds US$1,000,000, in which case the Company shall be liable for all Indemnified Liabilities pursuant to Section 11.2(a)(i); provided that, the limitation to the Company’s liabilities under this
Section 11.3(a) shall not apply to any misrepresentation or breach of any representation or warranty made by the Company under Section 4.1, 4.2, 4.3, 4.4, 4.7, 4.18 or 4.22 hereof 

(b) the maximum aggregate liabilities of the Company in respect of Indemnified Liabilities pursuant to Section 11.2(a)(i) with
respect to any misrepresentation or breach of representations and warranties made by the Company in this Agreement and Section 11.2(a)(ii) with respect to any breach of any covenant, agreement or obligation of the Company contained in this
Agreement shall be subject to a cap equal to the Issued Shares Purchase Price; provided that, the cap under this Section 11.3(b) shall not apply to any misrepresentation or breach of any representation or warranty made by the
Company under Section 4.1, 4.2, 4.3, 4.4, 4.7, 4.18 or 4.22 hereof; 
 (c) 1Look shall have no liability to the Indemnitees under
Section 11.2(b)(i) with respect to any misrepresentation or breach of any of the representation or warranty made by 1Look in this Agreement unless the aggregate amount of Indemnified Liabilities suffered or incurred by the Indemnitees
pursuant to Section 11.2(a)(i) or Section 11.2(b)(i) exceeds US$1,000,000, in which case 1Look shall be liable for all Indemnified Liabilities pursuant to Section 11.2(b)(i); provided that, the limitation to
1Look’s liabilities under this Section 11.3(c) shall not apply to any misrepresentation or breach of any representation or warranty made by 1Look under Section 5.1, 5.2, 5.3, or 5.7 hereof; 

(d) the maximum aggregate liabilities of 1Look in respect of Indemnified Liabilities pursuant to Section 11.2(b)(i) with respect to
any misrepresentation or breach of representations and warranties made by 1Look in this Agreement and Section 11.2(b)(ii) with respect to any breach of any covenant, agreement or obligation of 1Look contained in this Agreement shall be
subject to a cap equal to the 1Look Shares Purchase Price; provided that, the cap under this Section 11.3(d) shall not apply to any misrepresentation or breach of any representation or warranty made by 1Look under Section 5.1,
5.2, 5.3 or 5.7 hereof; 
 (e) notwithstanding any other provision contained herein and except in the case of fraud, intentional
misrepresentation and/or willful misconduct, from and after the Closing, this Section 11.3(a) shall be the sole and exclusive remedy of any of the Indemnitees for any claims against the Company, and this Section 11.3(c) shall be
the sole and exclusive remedy of any of the Indemnitees for any claims against 1Look, in each case, arising out of or resulting from this Agreement and the transactions contemplated hereby; provided that the Indemnitee shall also be entitled
to specific performance or other equitable remedies in any court of competent jurisdiction pursuant to Section 11.15 hereof; 

  
 31 

 (f) for the avoidance of doubt, the parties hereto agree and acknowledge that the Company will
not be responsible to the Purchaser or any of its Indemnitees for any Indemnified Liabilities resulting from any breach of a representation, warranty, covenant or undertaking by 1Look under this Agreement, the Shareholders Agreement or any other
Transaction Documents to which 1Look is a party and 1Look will not be responsible to the Purchaser or any of its Indemnitees for any Indemnified Liabilities resulting from any breach of a representation, warranty, covenant or undertaking by the
Company under this Agreement or any of the Transaction Documents to which the Company is a party; and 
 (g) except where specifically noted
otherwise (i.e., in a representation or covenant where the statement or obligation is expressly stated as being made “jointly and severally”), the Company and 1Look are each severally and not jointly liable for their obligations hereunder.

 Section 11.4 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York, without regard to principles of conflict of laws thereunder other than New York General Obligations Law Section 5-1401. 

Section 11.5 Dispute Resolution. Any dispute, controversy or claim arising out of or relating to this Agreement, including,
but not limited to, any question regarding the breach, termination or invalidity thereof shall be finally resolved by arbitration in Hong Kong in accordance with the rules (the “ICC Rules”) of the International Chamber of
Commerce in force at the time of commencement of the arbitration. 
 (a) The arbitral tribunal shall consist of three arbitrators. The
arbitrators shall be appointed in accordance with the ICC Rules. 
 (b) The language to be used in the arbitration proceedings shall be
English. 
 (c) Any arbitration award shall be (i) in writing and shall contain the reasons for the decision, (ii) final and
binding on the parties hereto and (iii) enforceable in any court of competent jurisdiction, and the parties hereto agree to be bound thereby and to act accordingly. 

(d) The parties hereto expressly consent to the consolidation of arbitration proceedings commenced hereunder with arbitration proceedings
commenced pursuant to the arbitration agreements contained in the Transaction Documents and the Shareholders Agreement. In addition, the parties hereto expressly agree that any disputes arising out of or in connection with this Agreement and
the other Transaction Documents or the Shareholders Agreement concern the same transaction or series of transactions. 
 (e) In the event a
dispute is referred to arbitration hereunder, the parties hereto shall continue to exercise their remaining respective rights and fulfill their remaining respective obligations under this Agreement. 

  
 32 

 (f) It shall not be incompatible with this arbitration agreement for any party to seek interim or
conservatory relief from courts of competent jurisdiction before the constitution of the arbitral tribunal. 
 Section 11.6
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to
the other parties. A facsimile or “PDF” signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. 

Section 11.7 Severability. If any provision of this Agreement is found to be invalid or unenforceable, then such provision
shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as originally set forth herein, and if no feasible
interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights or benefits intended by the parties. In such
event, the parties shall use commercially reasonable efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement, which most nearly effects the parties’ intent in entering into this Agreement. 

Section 11.8 Entire Agreement. This Agreement and the other Transaction Documents and the Shareholders Agreement, together
with all the schedules and exhibits hereto and thereto and the certificates and other written instruments delivered in connection therewith from time to time on and following the date hereof, constitute and contain the entire agreement and
understanding between the Company and 1Look, on the one hand, and the Purchaser and AGHL, on the other hand, with respect to the subject matter hereof and thereof and supersedes any and all prior negotiations, correspondence, agreements,
understandings, duties or obligations between the Company and 1Look, on the one hand, and the Purchaser and AGHL, on the other hand, respecting the subject matter hereof and thereof. 

Section 11.9 Notices. Except as may be otherwise provided herein, any notices, consents, waivers or other communications
required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon receipt, when sent by facsimile ( provided
confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (c) one (1) Business Day after deposit with an internationally recognized overnight courier service; in each case properly
addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 
  

					
	If to the Company:
		
		 	 Youku Tudou Inc.

		 	 Address:
	  	11/F, SinoSteel Plaza
		 		  	8 Haidian Street, Haidian District
		 		  	Beijing, China 1000080
		 	 Facsimile:
	  	(8610) 5970-8818
		 	 Attention:
	  	Mr. Victor Wing Cheung Koo

  
 33 

					
	with a copy (for informational purposes only) to:
		
		 	 Skadden, Arps, Slate, Meagher & Flom

		 	 Address:
	  	42/F, Edinburgh Tower, The Landmark
		 		  	15 Queen’s Road Central, Hong Kong
		 	 Email:
	  	Julie.Gao@skadden.com
		 	 Facsimile:
	  	(852) 3910-4850
		 	 Attention:
	  	Ms. Z. Julie Gao, Esq.
	
	If to 1Look:
		
		 	 1Look Holdings Ltd.

		 	 Address:
	  	c/o 5/F, Sino Steel Plaza
		 		  	8 Haidian Street, Haidian District
		 		  	Beijing, China 100080
		 	 Facsimile:
	  	(8610) 8460-8311
		 	 Attention:
	  	Mr. Victor Wing Cheung Koo
	
	with a copy (for informational purposes only) to:
		
		 	 O’Melveny & Myers

		 	 Address:
	  	Two Embarcadero Center, 28th Floor
		 		  	San Francisco, CA, United States 94111
		 	 Email:
	  	pscrivano@omm.com
		 	 Facsimile:
	  	(1) 415-984-8701
		 	 Attention:
	  	Mr. Paul S. Scrivano, Esq.
	
	If to the Purchaser or AGHL:
		
		 	 Ali YK Investment Holding Limited

		 	 Address:
	  	c/o Taobao China Holding Limited
		 		  	26/F, Tower 1, Times Square
		 		  	1 Matheson Street, Causeway Bay
		 		  	Hong Kong
		 	 Facsimile:
	  	(852) 2215-5200
		 	 Attention:
	  	Mr. Timothy A. Steinert, Esq.
	
	 with a copy (for informational purposes only) to:

		
		 	 Simpson Thacher & Bartlett

		 	 Address:
	  	ICBC Tower, 35/F, 3 Garden Road
		 		  	Hong Kong
		 	 Email:
	  	ksudol@stblaw.com
		 	 Facsimile:
	  	(852) 2869-7694
		 	 Attention:
	  	Ms. Kathryn King Sudol, Esq.

  
 34 

 A party may change or supplement the addresses given above, or designate additional addresses, for purposes of
this Section 11.9 by giving the other parties written notice of the new address in the manner set forth above. 
 Section 11.10
No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of, and be enforceable by, only the parties hereto and their respective successors and permitted assigns and nothing herein, express or
implied, is intended to or shall confer upon any other Person (other than the Indemnitees) any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 11.11 Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and shall be binding
upon, the successors and permitted assigns of the parties hereto. Except as otherwise provided herein, neither this Agreement nor any of the rights, interests, or obligations hereunder shall be assigned by any party hereto (whether by operation of
law or otherwise) without the prior written consent of the other parties hereto; provided, however, that the Purchaser may assign any of its rights, interests, or obligations hereunder to an Affiliate of the Purchaser who expressly agrees in
writing to be bound by the terms hereof without the prior written consent of the Company and 1Look. 
 Section 11.12
Construction. Each of the parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the parties and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement. 

Section 11.13 Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts
and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other parties may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the
consummation of the transactions contemplated hereby. 
 Section 11.14 Adjustment of Share Numbers. If there is a
subdivision, split, stock dividend, combination, reclassification or similar event with respect to any of the shares of Company’s Ordinary Shares referred to in this Agreement, then, in any such event, the numbers and types of shares of such
Ordinary Shares, referred to in this Agreement shall be adjusted to the number and types of shares of such stock that a holder of such number of shares of such stock would own or be entitled to receive as a result of such event of such holder had
held such number of shares immediately prior to the record date for, or effectiveness of, such event. 
 Section 11.15 Specific
Performance. The parties hereto acknowledge and agree irreparable harm may occur for which money damages would not be an adequate remedy in the event that any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. It is accordingly agreed that, in addition to any other remedies at law or in equity, the parties to this Agreement shall be entitled to injunction to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement without posting any bond or other undertaking. 

  
 35 

 Section 11.16 Guaranty. AGHL hereby unconditionally and irrevocably guarantees
the performance by the Purchaser of all of its obligations under this Agreement without offset or deduction. This Section 11.16 shall terminate immediately after the Closing. 

Section 11.17 Amendment; Waiver. This Agreement may be amended, modified or supplemented only by a written instrument duly
executed by all the parties hereto. The observance of any provision in this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by the written consent of the party against whom such
waiver is to be effective. Any amendment or waiver effected in accordance with this Section 11.17 shall be binding upon the Company, 1Look and the Purchaser and their respective assigns. It is agreed that no delay or omission to exercise
any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or
noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. 
 [Signature
Page Follows] 

  
 36 

 IN WITNESS WHEREOF, the parties hereto have caused their respective signature page to
this Agreement to be duly executed as of the date first written above. 
  

					
	YOUKU TUDOU INC.
		
	By:	 	/s/ Victor Wing Cheung Koo
		 	Name: Victor Wing Cheung Koo
		 	Title: Chief Executive Officer

 Yankee - Signature Page - Investment Agreement 

 
					
	1LOOK HOLDINGS LTD.
		
	By:	 	/s/ Victor Wing Cheung Koo
		 	Name: Victor Wing Cheung Koo
		 	Title: Authorized Signatory

 Yankee - Signature Page - Investment Agreement 

 
					
	ALI YK INVESTMENT HOLDING LIMITED
		
	By:	 	/s/ Timothy A. Steinert
		 	Name: Timothy A. Steinert
		 	Title: Authorized Signatory
	  
 Solely for
purposes of Sections 11.4, 11.5 and 11.16:

  

					
	ALIBABA GROUP HOLDING LIMITED
		
	By:	 	/s/ Timothy A. Steinert
		 	Name: Timothy A. Steinert
		 	Title: Authorized Signatory

 Yankee - Signature Page - Investment Agreement 

 LIST OF EXHIBITS 
  

			
		
	Exhibit A	  	Disclosure Letter
		
	Exhibit B	  	Investor Rights Agreement
		
	Exhibit C	  	Shareholders Agreement
		
	Exhibit D	  	Form of Cayman Legal Opinion
		
	Exhibit E	  	Form of PRC Legal Opinion

 List of Exhibits to Investment AgreementEX-10.32

 Exhibit 10.32 

 

			
	STRICTLY CONFIDENTIAL	  	EXECUTION VERSION

 INVESTOR RIGHTS AGREEMENT 

dated as of April 28, 2014 

by and among 
 YOUKU TUDOU
INC., 
 ALI YK INVESTMENT HOLDING LIMITED, 

and 
 Solely for purposes of
Sections 7.1 and 7.2 and Article VIII hereof, 
 ALIBABA GROUP HOLDING LIMITED 

and 
 YF VENUS LTD 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	1	  
			
	 Section 1.1
	 	Definitions	  	 	1	  
	 Section 1.2
	 	Interpretation and Rules of Construction	  	 	7	  
		
	 ARTICLE II BOARD REPRESENTATION
	  	 	8	  
			
	 Section 2.1
	 	Board Representation	  	 	8	  
	 Section 2.2
	 	Vacancies; Removal of Investor Director	  	 	8	  
	 Section 2.3
	 	Investor Observer	  	 	9	  
	 Section 2.4
	 	Expenses and Indemnification	  	 	9	  
	 Section 2.5
	 	No Inconsistent Amendments	  	 	9	  
		
	 ARTICLE III INVESTOR RIGHT OF FIRST OFFER; DRAG-ALONG RIGHT
	  	 	9	  
			
	 Section 3.1
	 	Investor Right of First Offer	  	 	9	  
	 Section 3.2
	 	Failure to Exercise Right of First Offer	  	 	10	  
	 Section 3.3
	 	Drag-Along Right	  	 	11	  
		
	 ARTICLE IV REGISTRATION RIGHTS
	  	 	11	  
			
	 Section 4.1
	 	Demand Registration	  	 	11	  
	 Section 4.2
	 	Piggyback Registrations	  	 	13	  
	 Section 4.3
	 	Procedures	  	 	14	  
	 Section 4.4
	 	Expenses of Registration	  	 	17	  
	 Section 4.5
	 	Indemnification	  	 	18	  
	 Section 4.6
	 	Reports under the Exchange Act	  	 	20	  
	 Section 4.7
	 	Limitations on Subsequent Registration Rights	  	 	21	  
	 Section 4.8
	 	Termination of the Investor’s Registration Rights	  	 	21	  
	 Section 4.9
	 	Assignment of the Investor’s Registration Rights	  	 	21	  
		
	 ARTICLE V TRANSFER RESTRICTIONS
	  	 	21	  
			
	 Section 5.1
	 	Lock-Up	  	 	21	  
	 Section 5.2
	 	Restrictions on Transfer	  	 	22	  
	 Section 5.3
	 	Transfers Relating to YF Fund	  	 	22	  
	 Section 5.4
	 	Conversions of Ordinary Shares into ADSs by YF Fund	  	 	22	  
		
	 ARTICLE VI PREEMPTIVE RIGHT
	  	 	22	  

  
 i 

							
		
	 ARTICLE VII CERTAIN RESTRICTIVE COVENANTS AND AGREEMENTS
	  	 	24	  
			
	 Section 7.1
	 	Standstill	  	 	24	  
	 Section 7.2
	 	Non-Solicitation	  	 	25	  
	 Section 7.3
	 	Additional Agreements	  	 	25	  
	 Section 7.4
	 	Delivery of Information	  	 	26	  
	 Section 7.5
	 	Access to Information	  	 	26	  
		
	 ARTICLE VIII GENERAL PROVISIONS
	  	 	27	  
			
	 Section 8.1
	 	Confidentiality	  	 	27	  
	 Section 8.2
	 	Termination	  	 	27	  
	 Section 8.3
	 	Notices	  	 	28	  
	 Section 8.4
	 	Entire Agreement	  	 	29	  
	 Section 8.5
	 	Governing Law	  	 	29	  
	 Section 8.6
	 	Dispute Resolution	  	 	29	  
	 Section 8.7
	 	Severability	  	 	30	  
	 Section 8.8
	 	No Third Party Beneficiaries	  	 	30	  
	 Section 8.9
	 	Successors and Assigns	  	 	30	  
	 Section 8.10
	 	Construction	  	 	30	  
	 Section 8.11
	 	Counterparts	  	 	31	  
	 Section 8.12
	 	Aggregation of Shares	  	 	31	  
	 Section 8.13
	 	Investor Rights Agreement to Control	  	 	31	  
	 Section 8.14
	 	Specific Performance	  	 	31	  
	 Section 8.15
	 	Amendment; Waiver	  	 	31	  
	 Section 8.16
	 	Expenses	  	 	31	  
	 Section 8.17
	 	Public Announcements	  	 	32	  

  
 ii 

 INVESTOR RIGHTS AGREEMENT 

THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of April 28 , 2014 by and among Youku
Tudou Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Company”), Ali YK Investment Holding Limited, an exempted company with limited liability incorporated under the laws of
the Cayman Islands (the “Investor”) and, solely for the purposes of Sections 7.1 and 7.2 and Article VIII, Alibaba Group Holding Limited, an exempted company with limited liability organized under the laws of the Cayman Islands
(“AGHL”), and YF Venus Ltd, an exempted company incorporated under the laws of the Cayman Islands (“YF Fund”). 

RECITALS 
 WHEREAS,
the Investor has agreed to purchase from the Company and 1Look Holdings Ltd. (“1Look”), and the Company and 1Look have agreed to sell to the Investor certain Ordinary Shares, on the terms and conditions set forth in that certain
Investment Agreement dated as of April 28, 2014 by and among the Company, 1Look, the Investor and, solely for the purposes of Sections 11.4, 11.5 and 11.16 therein, AGHL, as it may be amended, modified or supplemented from time to time in
accordance with the terms thereof (the “Investment Agreement”); and 
 WHEREAS, this Agreement is being entered into
by the parties hereto in connection with the execution and delivery of the Investment Agreement and sets forth certain rights and obligations of the parties hereto in connection with the transactions contemplated under the Investment Agreement. 

NOW, THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. In this Agreement, except to the extent otherwise provided or that the context otherwise
requires: 
 “1Look” has the meaning set forth in the Recitals; 

“ADS” means American Depositary Shares, each of which represents 18 Class A Shares, of the Company; 

“Affiliate” means, with respect to any Person, any other Person which directly or indirectly Controls or is Controlled by or
is under common Control with such Person; 
 “AGHL” has the meaning set forth in the Preamble; 

“Agreement” has the meaning set forth in the Preamble; 

“Alternate Investor Attendee” has the meaning set forth in Section 2.2; 

  
 1 

 “Alternative Transaction” has the meaning set forth in Section 3.2; 

“Alternative Transaction Notice” has the meaning set forth in Section 3.2; 

“beneficial ownership” or “beneficially own” or similar term shall mean beneficial ownership as defined under
Rule 13d-3 under the Exchange Act; 
 “Board” means the board of directors of the Company; 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to
be closed in Beijing, Hong Kong or New York, New York; 
 “Class A Shares” means Class A ordinary shares, par
value US$0.00001 per share, in the share capital of the Company; 
 “Class B Shares” means the Class B ordinary
shares, par value US$0.00001 per share, in the share capital of the Company; 
 “Closing” means the closing of the
transactions contemplated under the Investment Agreement, being the date hereof; 
 “Commission” means the SEC or any other
federal agency at the time administering the Securities Act; 
 “Company” has the meaning set forth in the Preamble; 

“Company Change of Control Transaction” means any of the following transactions (or series of related transactions resulting
in): (a) any transfer of Securities of the Company, or any consolidation, amalgamation, merger, scheme of arrangement or other reorganization or similar business combination involving the Company in which the Shareholders of the Company
immediately prior to such transaction (i) own in the aggregate Voting Securities representing less than fifty percent (50%) of the Company’s aggregate voting power, (ii) no longer have the right to appoint a majority of the
directors of the Board or (iii) otherwise lose the right to direct the management of the Company, in each case, immediately after such transaction; or (b) any sale, lease, license, exchange, transfer or other disposition or joint venture
which would result in a third party acquiring assets, individually or in the aggregate, constituting fifty percent (50%) or more of the fair market value of the assets of the Company and its Subsidiaries or to which fifty percent (50%) or
more of the net revenue, net income or EBITDA of the Company and its Subsidiaries are attributable; 
 “Competitor” has the
meaning set forth in Exhibit A attached hereto; 
 “Confidential Information” has the meaning set forth in
Section 8.1; 
 “Control” (including the terms “Controlled by” and “under common Control
with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or
otherwise, including the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person or securities that represent a majority of the outstanding
voting securities of such Person; 

  
 2 

 “Control Stake” has the meaning set forth in Section 7.1(b); 

“Demand Notice” has the meaning set forth in Section 4.1(a); 

“Election Notice” has the meaning set forth in Section 6.2. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder; 
 “Exempt Registration” means a Registration by the Company relating solely to the sale of Securities to
participants in any employee equity incentive plan adopted by the Company; 
 “Exercise Notice” has the meaning set forth in
Section 3.1; 
 “Exercise Period” has the meaning set forth in Section 3.1; 

“Final Prospectus” has the meaning set forth in Section 4.5(a); 

“fully-diluted basis” means, with respect to any determination of a number or percentage of Ordinary Shares, the total number
of Ordinary Shares then outstanding determined according to the treasury method under generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession that
are in effect from time to time, as codified and described in FASB Statement No. 18, the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles, and applied consistently throughout the periods
involved; 
 “Governmental Authority” means any federal, national, foreign, supranational, state, provincial, local,
municipal or other political subdivision or other government, governmental, regulatory or administrative authority, agency, board, bureau, department, instrumentality or commission or any court, tribunal, judicial or arbitral body of competent
jurisdiction or stock exchange; 
 “ICC Rules” has the meaning set forth in Section 8.6; 

“Intellectual Property” means all U.S., People’s Republic of China and other foreign intellectual property and rights
therein, including (a) patents, patent applications, patent disclosures, provisionals, inventions (whether or not patentable and whether or not reduced to practice), and any reissues, continuations, continuations in part, counterparts,
divisions, extensions or reexaminations thereof, and any statutory invention registrations, (b) trademarks, service marks, trade dress, logos, trade names, corporate names and other source identifiers, and registrations and applications for
registration thereof, (c) copyrightable works, copyrights, moral rights, and registrations and applications for registration thereof, (d) Internet domain names, (e) confidential and proprietary information, including trade secrets,
know-how, drawings, specifications, designs, techniques, technical information, algorithms, processes, methods net lists, and code modules, (f) Software, (g) all other intellectual property rights, and (h) all income, royalties,
damages and payments due or payable, the right to sue and recover for past or future infringements or misappropriation thereof and any and all corresponding rights that, now or hereafter, may be secured throughout the world; 

  
 3 

 “Investment Agreement” has the meaning set forth in Recitals; 

“Investor” has the meaning set forth in the Preamble; 

“Investor Change of Control” means AGHL (a) ceasing to beneficially own, directly or indirectly, through entities
Controlled by AGHL, at least a majority of the voting power of the Investor, (b) no longer having the right to appoint a majority of the board of the Investor, or (c) otherwise losing the power to direct or control the management of the
Investor; 
 “Investor Director” has the meaning set forth in Section 2.1(a); 

“Investor Observer” has the meaning set forth in Section 2.1(b); 

“Investor Shares” has the meaning set forth in Section 2.1; 

“Issue Notice” has the meaning set forth in Section 6.1; 

“Law” means any federal, national, foreign, supranational, state, provincial or local statute, law, ordinance, regulation,
rule, code, order, requirement or rule of law (including common law), official policy, rule or interpretation of any Governmental Authority with jurisdiction over the Company or the Shareholders, as the case may be; 

“Lock-up Period” has the meaning set forth in Section 5.1; 

“Memorandum and Articles” means the Amended and Restated Memorandum and Articles of Association of the Company in effect from
time to time; 
 “Minimum Ownership Percentage” means ten percent (10%) of the total number of Ordinary Shares then
outstanding, which shall be calculated without taking into account (a) any Securities issued after the date of this Agreement pursuant to a New Issuance Exception or (b) any Securities issued after the date of this Agreement that are not
Ordinary Shares (“Convertible Securities”) or any Securities issued upon the conversion, exchange or exercise of such Convertible Securities ; 

  
 4 

 “New Issuance Exceptions” means the following new issuances of Securities of the
Company: 
 (a) issuances of Securities to employees and other eligible recipients in the ordinary course of business pursuant to the
Company’s equity-based incentive plans approved by the Shareholders and the Board and in effect from time to time; 
 (b) issuances
of Securities as consideration to be paid in acquisitions by the Company or any of its Subsidiaries of businesses, equity securities or assets of a third party (including acquisitions of content) in an aggregate amount not to exceed: (i) eight
percent (8%) of the Ordinary Shares on a fully-diluted basis (as calculated as of the date of Closing) in total during the four (4) year period following the Closing or (ii)(x) four percent (4%) of the Ordinary Shares on a
fully-diluted basis (as calculated as of the date of Closing) in any single twelve (12) month period during such four (4) year period following the Closing or (y) two percent (2%) of the Ordinary Shares on a fully-diluted basis
(as calculated as of the date of Closing) in any single twelve (12) month period after the fourth (4th ) anniversary of the Closing, provided that in connection with any such issuance
under this paragraph (b), the Company shall deliver to the Investor a notice setting forth the number of Securities to be issued in such issuance, the aggregate number of securities issued during the relevant period, the number of the fully diluted
Ordinary Shares on a fully-diluted basis as of the applicable date and the percentage of fully diluted Ordinary Shares represented by such issuance, and provided, further, for the avoidance of doubt, in the event that the Company issues any
Securities as consideration to be paid in acquisitions by the Company or any of its Subsidiaries in excess of any limit set forth in subsections (ii)(x) or (ii)(y) above, such issuance shall be subject to preemptive rights of the Investor
under Section 6.1 hereof only to the extent that such issuance exceeds the relevant percentage limits set forth above; 

(c) issuances of Securities pursuant to outstanding options, warrants or other rights to acquire Ordinary Shares, in each case, specified
in Exhibit B attached hereto; and 
 (d) issuances of Securities in connection with any shareholder rights plan adopted by
the Company; 
 “New Security” or “New Securities” has the meaning set forth in Section 6.1; 

“NYSE” means the New York Stock Exchange; 

“Ordinary Shares” mean the Class A Shares and the Class B Shares, collectively; 

“Permitted Transferee” means any Affiliate of the Investor, AGHL or YF Fund; 

“Person” means any individual, partnership, corporation, association, joint stock company, trust, joint venture, limited
liability company, organization, entity or Governmental Authority; 
 “Preemptive Rights Closing Date” has the meaning set
forth in Section 6.3; 
 “Proposal Notice” has the meaning set forth in Section 3.1; 

  
 5 

 “Registrable Securities” means the Ordinary Shares or ADSs (including any shares
or other equity interests issued or issuable with respect to such Securities by way of stock dividends or stock splits or in connection with a combination of recapitalization, merger, reorganization, reclassification or similar transaction) held by
the Investor or any of its Affiliates, Permitted Transferees or permitted successors or assigns; provided that, once issued, such Securities will not be Registrable Securities when (a) such Registrable Securities have been sold pursuant
to an effective Registration Statement under the Securities Act, (b) such Registrable Securities have been sold pursuant to Rule 144 or (c) such Registrable Securities shall have ceased to be outstanding; 

“Registration” means a registration effected by preparing and filing a Registration Statement and the declaration or ordering
of the effectiveness of that Registration Statement, which shall be modified or supplemented, as applicable. The terms “Register” and “Registered” have meanings correlative to the foregoing; 

“Registration Statement” means a registration statement prepared on Form S-1 or Form F-1 under the Securities Act
(or a successor form or substantially similar form then in effect) or a Shelf Registration Statement; 
 “Restricted Party”
has the meaning set forth in Section 7.2; 
 “Rule 144” means Rule 144 promulgated under the Securities Act
(or any successor provision); 
 “SEC” means the U.S. Securities and Exchange Commission; 

“Securities” means any Ordinary Share or any equity interest of, or shares of any class in the share capital (ordinary,
preferred or otherwise) of, the Company and any convertible securities, options, warrants and any other type of equity or equity-linked securities convertible, exercisable or exchangeable for any such equity interest or shares of any class in the
share capital of the Company; 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder; 
 “Shareholder” or “Shareholders” means Persons who hold the Ordinary
Shares from time to time; 
 “Shareholders Agreement” means that certain Shareholders Agreement dated as of April 28,
2014 by and among the Investor, 1Verge Holding Ltd. and certain other parties thereto, as it may be amended, modified or supplemented from time to time in accordance with the terms thereof; 

“Shareholders Agreement Transferee” has the meaning set forth in Exhibit C attached hereto; 

“Shelf Registration Statement” means a registration statement prepared on Form S-3 or Form F-3 (or a successor form
or substantially similar form then in effect) or another appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (or any successor provision); 

  
 6 

 “Software” means any and all (a) computer programs and software code,
including any and all software implementations of algorithms, applications, application programming interfaces, architecture, utilities, models and methodologies, whether in object code, interpreted code or source code, (b) databases and
compilations, including any and all data and collections of data, whether machine readable or otherwise, and (c) descriptions, flow-charts and other work product used to design, plan, organize and develop any of the foregoing, including any and
all screens, user interfaces, report formats, firmware, middleware, software applications, development tools, templates, menus, diagnostics, files, records, schematics, verilog files, netlists, emulation and simulation reports, test vectors, buttons
and icons; 
 “Subsidiary” of any Person means any corporation, partnership, limited liability company, joint stock company,
joint venture, or other organization or entity, whether incorporated or unincorporated, which is Controlled by such Person and, for the avoidance of doubt, the Subsidiaries of any Person shall include any variable interest entity over which such
Person or any of its Subsidiaries effects Control pursuant to contractual arrangements and which is consolidated with such Person in accordance with generally accepted accounting principles applicable to such Person; 

“Trading Day” means any day on which the stock exchange on which the ADSs are then listed and traded is open for trading in
securities; 
 “Transaction Documents” mean this Agreement, the Investment Agreement, and each of the other agreements and
documents entered into or delivered by the parties hereto in connection with the transactions contemplated by the Investment Agreement; 

“Underwriting Election” has the meaning set forth in Section 4.1(e); 

“U.S. Securities Laws” means the federal securities Laws of the United States, including the Exchange Act and the Securities
Act, and any applicable securities Laws of any State of the United States; 
 “Violation” has the meaning set forth in
Section 4.5(a); 
 “Voting Securities” means the Ordinary Shares and any other Securities which are entitled to vote in
any meeting of Shareholders of the Company or grant a consent or approval with respect to any matter over which a consent or approval of the holders of any voting securities is sought; and 

“YF Fund” has the meaning set forth in the Preamble. 

Section 1.2 Interpretation and Rules of Construction. In this Agreement, except to the extent otherwise provided or
that the context otherwise requires: 
 (a) when a reference is made in this Agreement to an Article or Section, such reference is
to an Article or Section of this Agreement; 
 (b) the headings for this Agreement are for reference purposes only and do not
affect in any way the meaning or interpretation of this Agreement; 

  
 7 

 (c) the words “hereof,” “herein” and “hereunder” and words of
similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(d) all terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto, unless otherwise defined therein; 
 (e) the definitions contained in this Agreement are applicable to the singular as
well as the plural forms of such terms; 
 (f) references to a Person are also to its successors and permitted assigns; and 

(g) the use of the term “or” is not intended to be exclusive. 

ARTICLE II 
 BOARD
REPRESENTATION 
 Section 2.1 Board Representation. For so long as the Investor (together with any Affiliates and
Permitted Transferees) beneficially owns a number of Class A Shares that, in aggregate, is equal to at least (i) seventy-five percent (75%) of the Ordinary Shares purchased by the Investor at the Closing under the Investment Agreement
(the “Investor Shares”) (as appropriately adjusted for share splits, reverse share splits, share dividends, share consolidations, recapitalizations and the like), and (ii) the Minimum Ownership Percentage: 

(a) the Investor shall be entitled to designate one (1) individual who shall be reasonably acceptable to the Board and shall meet all
qualifications required by the Company’s written policies for appointment or election to the Board (the “Investor Director”) and the Company shall cause the appointment or election of such Investor Director to the Board,
including, in the case of an election, (i) nominating such individual to be elected as a director as provided herein, (ii) recommending to the Shareholders the election of such Investor Director to the Board in any meeting of Shareholders
to elect directors and (iii) including such nomination and recommendation regarding such individual in the Company’s notice for any meeting of Shareholders to elect directors; and 

(b) the Investor shall be entitled to appoint the Investor Director as a non-voting observer to each committee of the Board (acting in
such capacity, the “Investor Observer”). 
 Section 2.2 Vacancies; Removal of Investor Director. For
so long as the Investor has the right to designate any person for appointment or election to the Board pursuant to Section 2.1, (a) in the event that a vacancy is created at any time by the death, disability, retirement, resignation or
removal (with or without cause) of the Investor Director, the Investor shall have the right to designate a replacement (who shall be reasonably acceptable to the Board and shall meet all qualifications required by the Company’s written
policies) to fill such vacancy, and the Company, subject to applicable Law, shall take all necessary or desirable actions as may be required under applicable Law to cause the individual designated by the Investor to be appointed or elected, and
(b) the Company shall not take any action to cause the removal of the Investor Director without cause unless it is directed to do so by the Investor, and if the Company is so directed, the Company shall take all necessary or desirable actions
to effect such removal and to elect a replacement Investor Director as provided in the immediately preceding sentence. In addition, for so long as the Investor has the right to designate any Person as the Investor Director, any such Investor
Director may designate at any time an alternate (an “Alternate Investor Attendee”) to attend a meeting of the Board in lieu of such Investor Director, and in such an event, such Alternate Investor Attendee shall be entitled to
attend such meeting of the Board, receive copies of materials provided to the Board, count for quorum purposes and be entitled to vote at such meeting, in each case, in lieu of such Investor Director. 

  
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 Section 2.3 Investor Observer. For so long as the Investor has the right to
designate any Person as the Investor Observer pursuant to Section 2.1(b), the Investor Observer shall be entitled to attend all meetings of any committees of the Board, observe all deliberations of any committees of the Board and receive copies
of materials provided to any committees of the Board, provided that (a) such Investor Observer shall have no voting rights with respect to actions taken or elected not to be taken by any committees of the Board and (b) such Investor
Observer may be excluded from attending a meeting of a committee of the Board if the attendance of such Investor Observer would violate any applicable Law or corporate governance policies adopted by the Company as of the date hereof and then in
effect. 
 Section 2.4 Expenses and Indemnification. The Company agrees to reimburse the Investor Director and any
Alternate Investor Attendee for all reasonable out-of-pocket expenses incurred in connection with the performance of his or her services as an Investor Director or Alternate Investor Attendee, as the case may be, including without limitation
reasonable out-of-pocket expenses incurred in attending meetings of the Board or any committee thereof, to the same extent as other members of the Board, and the Investor Director shall be entitled to indemnification arrangements and director and
officer insurance coverage equivalent to such arrangements and insurance coverage applicable to all non-employee directors of the Company or to which all non-employee directors of the Company are entitled to receive. 

Section 2.5 No Inconsistent Amendments. For so long as the Investor has the right to designate any Person for
appointment or election to the Board pursuant to Section 2.1, the Company shall not amend its Memorandum and Articles in any manner (or take any similar action) that would adversely affect in any material respect the Investor’s rights
under this Article II or the Company’s ability to comply with its obligations under this Article II. 
 ARTICLE III

 INVESTOR RIGHT OF FIRST OFFER; DRAG-ALONG RIGHT 

Section 3.1 Investor Right of First Offer. From the date of the Closing until the earlier of: (a) the eighth (8th ) anniversary of the Closing and (b) the date upon which the Investor (together with any Affiliates and Permitted Transferees) ceases to beneficially own a number of Class A Shares that,
in aggregate, is equal to at least (i) eighty percent (80%) of the Investor Shares (as appropriately adjusted for share splits, reverse share splits, share dividends, share consolidations, recapitalizations and the like), and (ii) the
Minimum Ownership Percentage, if at any time (x) the Board desires to authorize the Company to initiate or pursue a proposal which could reasonably be expected to lead to a Company Change of Control Transaction, (y) the Board desires to
recommend that the Shareholders approve a proposal which could reasonably be expected to lead to a Company Change of Control Transaction, or (z) the Company otherwise seeks to effect a Company Change of Control Transaction, the Company shall
provide the Investor with a written notice of the proposal and a summary of the material terms and conditions of the proposal (which must include the proposed number and type of Securities to be transferred, the proposed purchase price per Security
and, if the Company desires to propose any such provisions for inclusion in definitive documentation for the proposed transaction, a customary “go shop” provision for up to thirty (30) days and any other customary protections
(including termination rights) that the Board has determined (after consultation with outside legal counsel) are required or advisable so that the Board would not violate its fiduciary duties under applicable Law in connection with the proposed
transaction) (the “Proposal Notice”). The Investor shall have a right, exercisable by written notice to the Company (the “Exercise Notice”) within thirty (30) calendar days of receiving the Proposal Notice
(the “Exercise Period”), to offer to consummate the Company Change of Control Transaction at a stated price per share that is at least equal to that stated in the Proposal Notice and on substantially the same material terms and
conditions set forth in the Proposal Notice. If the Investor delivers the Exercise Notice within the Exercise Period, such Exercise Notice shall be irrevocable and binding, and each of the Investor and the Company shall use its reasonable best
efforts to agree in good faith and enter into definitive documentation reflecting the terms above providing for such Company Change of Control Transaction and, subject to the terms of such definitive documentation, shall consummate such Company
Change of Control Transaction as soon as reasonably practicable following delivery of such Exercise Notice, but in no event later than four (4) months after the delivery of such Exercise Notice, subject to extension solely to the extent
necessary to obtain any required regulatory approvals or shareholder approval required to consummate such transaction. 

  
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 Section 3.2 Failure to Exercise Right of First Offer. If (a) the
Investor does not deliver the Exercise Notice on or before the last day of the Exercise Period, (b) the Exercise Notice states a price that is not at least equal to that stated in the Proposal Notice or (c) the Investor fails to consummate
the Company Change of Control Transaction within four (4) months after delivery of the Exercise Notice (subject to extension solely to the extent necessary to obtain any required regulatory approvals or shareholder approval required to
consummate such transaction) (other than as a result of breach or fault of the Company or termination of definitive documentation with the Investor), upon written notice to the Investor that shall include a description of the Alternative Transaction
and a summary of the material terms and conditions thereof (which must include the number and type of Securities to be sold or transferred and the purchase price per Security and each of the other terms and conditions included in the Exercise
Notice, if any Exercise Notice has been delivered in accordance with Section 3.1 hereof, or, in the event no such Exercise Notice has been delivered, in the Proposal Notice) (the “Alternative Transaction Notice”), the Company
may proceed to consummate the Company Change of Control Transaction with a third party upon terms and conditions no more favorable to such third party in the Company Change of Control Transaction than those specified in the Proposal Notice
(including any “go shop” provision or any other protections that the Board determined were required or advisable in connection with a proposed transaction with the Investor) and at a price that is equal to or higher than the price stated
in the Proposal Notice (an “Alternative Transaction”). In the event of any material amendment or change to the terms and conditions of the Alternative Transaction (or any decrease in the proposed purchase price per share below
that stated in the Alternative Transaction Notice), or in the event that the Company has not consummated such Alternative Transaction within four (4) months after the delivery of the Alternative Transaction Notice (subject to extension solely
to the extent necessary to obtain any required regulatory approvals or shareholder approval required to consummate such Alternative Transaction), the Company shall be required to deliver a new Proposal Notice to the Investor, and the parties shall
otherwise comply with the terms of Sections 3.1 and 3.2 of this Agreement. 

  
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 Section 3.3 Drag-Along Right. In the event that the Investor is entitled to
exercise its right of first offer pursuant to Section 3.1, but the Company is permitted to, and determines to, proceed with an Alternative Transaction under and in accordance with Section 3.2, upon the written request of the Company
following delivery to the Investor of the Alternative Transaction Notice, the Investor shall (a) consent to and vote its Investor Shares in favor of, and use its reasonable best efforts to cause (subject to the Investor Director’s
fiduciary duties and other applicable Law) the Investor Director to vote in favor of, the Alternative Transaction, (b) waive any dissenters’, appraisal and similar rights, if any, with respect thereto, and (c) if the Alternative
Transaction involves a transfer of Securities, agree to sell a percentage of the Investor Shares beneficially owned by the Investor and/or its Affiliates at that time equal to the percentage of the total Securities (on a fully-diluted basis) to be
sold in the Alternative Transaction, on the terms and conditions of Alternative Transaction; provided that (i) the counterparties in the Alternative Transaction are third parties which are not Affiliates of the Company, (ii) 100% of
the consideration to be paid in the Alternative Transaction is comprised of cash and/or shares which are publicly traded and listed on an internationally recognized stock exchange, or to the extent that any consideration to be paid in the
Alternative Transaction is comprised of consideration other than cash and/or shares which are publicly traded and listed on an internationally recognized stock exchange, the Investor shall be entitled to receive the cash equivalent of such
consideration as of the date the Alternative Transaction is consummated, (iii) the Board has approved or recommended the Alternative Transaction, (iv) the Company consummates the Alternative Transaction within four (4) months after
last day of the Exercise Period (subject to extension solely to extent necessary to obtain any required regulatory approvals or Shareholder approval required to consummate such Alternative Transaction), and (v) the Investor shall not
(A) be liable for any matters that relate to any other seller or party to the Alternative Transaction (other than any of its Affiliates), (B) be required to provide any representations, warranties or indemnities that relate to any matters
other than with respect to the organization and ability to consummate the Alternative Transaction of the Investor and any of its Affiliates, as applicable, and title to shares being sold by the Investor and any of its Affiliates, as applicable,
(C) be required to agree that the Investor, AGHL, YF Fund or any of their respective Affiliates shall become subject to any non-competition, non-solicitation or similar agreement, or (D) have any liability with respect to any
indemnification or other obligations related to the Alternative Transaction that would be joint and several with any other person (other than an Affiliate of the Investor) or would involve any potential liability that would exceed the consideration
to be received by the Investor in such Alternative Transaction. 
 ARTICLE IV 

REGISTRATION RIGHTS 

Section 4.1 Demand Registration. 

(a) Request by the Investor. Subject to the terms of this Article IV, at any time after the end of the Lock-up Period, the
Investor may by written notice to the Company (a “Demand Notice”) request the Company to effect the Registration of all or part of the Registrable Securities owned by the Investor and its Affiliates. Each request must
specify the number of Registrable Securities for which registration is requested and the intended method or methods of distribution thereof. Upon receipt of such a request, the Company shall as soon as practicable cause the Registrable
Securities specified in such Demand Notice to be Registered and/or qualified for sale and distribution in such jurisdictions as the Investor may reasonably request, to the extent necessary to permit the disposition (in accordance with the intended
methods as aforesaid). The Company shall use its reasonable best efforts to cause such Registration and/or qualification to be complete as soon as practicable, but in no event later than sixty (60) days, after receipt of the Demand
Notice. The Company shall be obligated to effect no more than two (2) Registrations requested by the Investor under this Section 4.1; provided that a Registration shall not be deemed to have been effected under this
Section 4.1 if (i) less than all Registrable Securities set forth in such Demand Notice are Registered in such Registration or (ii) prior to the sale of all of the Registrable Securities included in the applicable registration
relating to such request, such Registration is adversely affected by any stop order, injunction or other order or requirement of the Commission (other than any such stop order, injunction, or other requirement of the Commission prompted by act or
omission of the Investor). 

  
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 (b) Limitation. The Company shall not be obligated to Register or qualify Registrable
Securities pursuant to Section 4.1(a) above, if the aggregate offering price of the Registrable Securities to be Registered under the Demand Notice is less than US$250,000,000. 

(c) Right of Deferral. If, after receiving a Demand Notice, the Company furnishes to the Investor a certificate signed by a
director of the Company stating that, in the good faith judgment of the Board of the Company, it would materially interfere with a bona fide business, acquisition or divestiture or financing transaction of the Company or is reasonably likely to
require premature disclosure of information, the premature disclosure of which would reasonably be expected to materially and adversely affect the Company, then the Company shall have the right to defer such filing for a period not exceeding ninety
(90) days from the receipt of a Demand Notice; provided, that the Company shall not utilize this right more than once in any twelve (12) month period; and provided further that the Company shall not Register any other
Securities during such ninety (90) day period (other than Exempt Registrations). In the event that the Company exercises such right, the Investor shall be entitled to withdraw its Demand Notice by written notice to the Company and such
withdrawn Demand Notice shall not constitute a request by such Investor to effect a Registration under Section 4.1(a). 

(d) Shelf Registration. The Company shall use its reasonable best efforts to facilitate its eligibility under U.S. Securities Laws
to use a Shelf Registration Statement. Upon the written request of the Investor, and provided that the Company is so eligible, the Company shall file a Shelf Registration Statement covering all of the Registrable Securities of the
Investor as soon as practicable, but in no event later than thirty (30) days, after receipt of such request. Unless such Shelf Registration Statement shall become automatically effective, the Company shall use its reasonable best efforts
to cause the Shelf Registration Statement to become or be declared effective by the Commission for all of the Registrable Securities of the Investor as promptly as practicable after the filing thereof. The Company shall use its reasonable best
efforts to keep such Shelf Registration Statement (or a successor Registration Statement filed with respect to the Registrable Securities) continuously effective (including by filing a new Shelf Registration Statement if the initial Shelf
Registration Statement expires) in order to permit the prospectus or any prospectus supplement related thereto to be lawfully delivered and the Shelf Registration Statement useable for resale of such Registrable Securities until such Registration
Securities may be sold without restriction or limitation under Rule 144. 

  
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 (e) Underwriting Election. The Investor may request to distribute its or its
Affiliates’ Registrable Securities in an underwritten offering by notifying the Company in writing (the “Underwriting Election”). Upon receipt of an Underwriting Election, the Company shall use its reasonable best efforts
to cause such Registration or “takedown” of such Shelf Registration Statement to be in the form of a firm commitment underwritten offering and the managing underwriters for such offering shall be internationally reputable investment
banking firms selected by the Investor and reasonably acceptable to the Company. 
 Section 4.2 Piggyback Registrations.

 (a) Registration of the Company’s Securities. Subject to Section 4.2(c) hereof, if the Company proposes to
Register for its own account any of its Securities (other than a registration statement on S-4, F-4 or S-8 or Shelf Registration Statement (or any substitute form that may be adopted by the SEC) for securities to be offered in a transaction of the
type referred to in Rule 145 under the Securities Act or to employees of the Company pursuant to any employee benefit plan, respectively), or for the account of any holder of Securities any of such holder’s Securities, in connection with
the public offering of such Securities, the Company shall promptly give the Investor written notice of such Registration and, upon the written request of the Investor given within fifteen (15) days after delivery of such notice, the Company
shall use its reasonable best efforts to include in such Registration any Registrable Securities thereby requested by the Investor. If the Investor decides not to include all or any of its or its Affiliates’ Registrable Securities in such
Registration by the Company, the Investor shall nevertheless continue to have the right to include any Registrable Securities in any subsequent Registration Statement or Registration Statements as may be filed by the Company with respect to
offerings of its Securities upon the terms and conditions set forth herein. 
 (b) Right to Terminate Registration. The Company
shall have the right to terminate or withdraw any Registration that was initiated by it under this Section 4.2 prior to the effectiveness of such Registration whether or not the Investor has elected to participate therein. The expenses of such
withdrawn Registration shall be borne by the Company, in accordance with Section 4.4 hereof. 

  
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 (c) Underwriting Requirements. In connection with any offering involving an
underwriting of the Company’s Securities, the Company shall not be required to Register the Registrable Securities of the Investor under this Section 4.2 unless the Investor’s Registrable Securities are included in the underwriting
and the Investor enters into an underwriting agreement in customary form with the underwriters and setting forth such terms for the underwriting. In the event the underwriters advise the Investor seeking Registration of Registrable Securities
pursuant to this Section 4.2 in writing that, in their reasonable opinion, market factors (including the aggregate number of Registrable Securities requested to be Registered, the general condition of the market, and the status of the Persons
proposing to sell securities pursuant to the Registration) require a limitation of the number of Securities to be underwritten, the underwriters may exclude some or all Registrable Securities from the Registration and underwriting; provided
that the Company shall include the Company’s Securities in such registration, in the priority listed below: (i) in the event the Company initiated such piggyback registration, the Company shall include in such piggyback registration
first, the Securities the Company proposes to register and second, the Securities of all other selling security holders, including the Registrable Securities requested to be included by the Investor to be included in such piggyback
registration in an amount that, together with the Securities the Company proposes to register, shall not exceed the maximum offering size and shall be allocated among such selling security holders on a pro rata basis (based on the number of the
Ordinary Shares or ADSs (as applicable) sought to be Registered by each such selling security holder); and (ii) in the event any holder of Securities initiated such piggyback registration, the Company shall include in such piggyback
registration first, the Securities such initiating security holder proposes to register, second, pro rata among any other Securities requested to be registered pursuant to a contractual right of registration (including Securities
requested to be Registered by the Investor pursuant to this Section 4.2) and third, any Securities the Company proposes to register, in an amount that, together with the Securities the initiating security holder and the other selling
security holders propose to register, shall not exceed the maximum offering size; provided further that the number of the Registrable Securities that are included in an underwriting must not be reduced below thirty percent (30%) of the
total number of Registrable Securities requested by the Investor to be included in the Registration. If the Investor (or its Affiliate) disapproves of the terms of any underwriting, the Investor (or such Affiliate) may elect to withdraw therefrom by
written notice to the Company and the underwriters delivered at least ten (10) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from the underwriting shall be withdrawn from the
Registration. 
 (d) Exempt Registration. The Company shall have no obligation to Register any Registrable Securities under this
Section 4.2 in connection with an Exempt Registration. 
 (e) Not a Demand Registration. Registration pursuant to this
Section 4.2 shall not be deemed to be a Registration as described in Section 4.1(a). There shall be no limit on the number of times the Investor may participate in Registration of Registrable Securities under this Section 4.2.

 Section 4.3 Procedures. Whenever required under this Article IV to effect the Registration of any Registrable
Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the Commission a Registration
Statement with respect to those Registrable Securities and use its reasonable best efforts to cause that Registration Statement to become effective, and, keep the Registration Statement effective and current for not less than ninety (90) days
or until the date on which all Registrable Securities included in such Registration Statement shall have been sold or shall have otherwise ceased to be Registrable Securities; provided, that a Shelf Registration shall be kept effective and
current for not less than eighteen (18) months or until the date on which all Registrable Securities included in such Registration Statement shall have been sold or shall have otherwise ceased to be Registrable Securities, subject to
Section 4.1; provided further that before filing such Registration Statement or any amendments thereto, the Company will furnish to the counsel selected by the Investor copies of all such documents proposed to be filed; 

  
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 (b) prepare and file with the Commission amendments and supplements to that Registration
Statement and the prospectus or prospectus supplement used in connection with the Registration Statement as may be necessary to comply with the provisions of U.S. Securities Law with respect to the disposition of all Securities covered by the
Registration Statement; 
 (c) furnish to the Investor and underwriters the number of copies of a prospectus, including a preliminary
prospectus, required by U.S. Securities Laws, and any other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by the Investor; 

(d) use its reasonable best efforts to Register and qualify the Securities covered by the Registration Statement under U.S. Securities
Laws, as reasonably requested by the Investor or underwriters; provided that the Company shall not be required to qualify to do business, subject itself to taxation in or file a general consent to service of process in any such jurisdictions;
and provided further that in the event any jurisdiction in which the Securities shall be qualified imposes a non-waivable requirement that expenses incurred in connection with the qualification of the Securities be borne by the selling
Shareholders, those expenses shall be payable by such selling Shareholders on a pro rata basis; 
 (e) in the event of any underwritten
public offering, enter into and perform its obligations under an underwriting agreement in customary form (including indemnification provisions and procedures customary in underwritten offerings) and take all such other actions reasonably requested
by the underwriters to expedite or facilitate the underwritten disposition of such Registrable Securities (including making its officers and management team available for investor road shows, sales events, marketing activities and other meetings)
and in connection therewith in any underwritten offering, (i) make such representations and warranties to the underwriters and the Investor with respect to the business of the Company and its Subsidiaries, and the Registration Statement,
prospectus and documents incorporated or deemed to be incorporated by reference therein, in each case, in customary form and confirm the same if and when requested, (ii) furnish opinions of counsel to the Company, addressed to the underwriters
covering the matters customarily covered in such opinions requested in underwritten offerings, (iii) use its reasonable best efforts to obtain “comfort” letters from the independent certified public accountants of the Company (and, if
necessary, any other independent certified public accountants of any business acquired by the Company for which financial statements or financial data are included in the Registration Statement) who have certified the financial statements included
in the Registration Statement, addressed to the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters and (iv) deliver such documents and certificates as may be
reasonably requested by the Investor whose Registrable Securities being sold in connection therewith, its counsel and the underwriters to evidence the continued validity of the representations and warranties made pursuant to clause (i) above
and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company; 

  
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 (f) promptly notify the Investor: (i) when the Registration Statement, the prospectus
or any prospectus supplement related thereto or post-effective amendment to the Registration Statement has been filed, and, with respect to the Registration Statement or any post-effective amendment thereto, when the same has become effective;
(ii) of any request by the Commission for amendments or supplements to the Registration Statement or the prospectus used in connection with the Registration Statement or any additional information; (iii) of the issuance by the Commission
of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings by any Person for that purpose; and (iv) of the receipt by the Company of any written notification with respect to the suspension
of the qualification of any Registrable Securities for sale in any jurisdiction or the initiation or overt threat of any proceeding for such purpose; 

(g) notify the Investor, at any time when a prospectus relating thereto is required to be delivered under U.S. Securities Laws, of the
happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in the light of the circumstances then existing and promptly prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus and file any other required document,
and prepare and furnish to the Investor and underwriters a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary, so that, as thereafter delivered to the Investor and any underwriters, the prospectus
will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

(h) use its reasonable best efforts to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness of any
Registration Statement at the earliest practicable time; 
 (i) if any such Registration Statement refers to the Investor by name or
otherwise as the holder of any Securities, and if the Investor is advised by counsel that it is or may be deemed to be a control person in relation to, or an Affiliate of, the Company, then the Investor shall have the right to require (i) the
insertion therein of language, in form and substance satisfactory to the Investor, to the effect that the holding by the Investor is not to be construed as a recommendation by the Investor of the investment quality of the Company’s Securities
covered thereby and that such holding does not imply that the Investor will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to the Investor by name or otherwise is not, based on the
advice of the counsels to the Company, the Investor and if applicable, the underwriters, required by the Securities Act or any similar federal statute then in force, the deletion of the reference to the Investor; 

(j) if requested by the Investor or the underwriters, include in a prospectus supplement or amendment to the Registration Statement such
information as reasonably required to be included therein in order to permit the intended method of distribution of the Registrable Securities and make all required filings of such prospectus supplement or such amendment as soon as practicable after
the Company’s receipt of such request; 

  
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 (k) provide a transfer agent and registrar for all Registrable Securities Registered
pursuant to the Registration Statement and, where applicable, a number assigned by the Committee on Uniform Securities Identification Procedures for all those Registrable Securities, in each case not later than the effective date of the
Registration; 
 (l) subject to the execution of confidentiality agreements reasonably satisfactory in form and substance to the
Company, pursuant to the reasonable request of the Investor or underwriters, make available for inspection by the Investor, any underwriters participating in any disposition pursuant to a Registration Statement and any attorneys or accountants or
other agents retained by any such underwriters or selected by the Investor, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent
accountants to supply all information reasonably requested by the Investor, underwriters, attorneys, accountants, or agents, in each case, as necessary or advisable to verify the accuracy of the information in such Registration Statement and to
conduct appropriate due diligence in connection therewith; 
 (m) use its reasonable best efforts to cause the transfer agent to remove
restrictive legends on certificates representing the securities covered by such Registration Statement, as appropriate and settle any offering or sale of Registrable Securities, including with respect to the transfer of physical stock certificates
into book-entry form in accordance with any procedures reasonably requested by the Investor or underwriters; 
 (n) cooperate with the
Investor and the underwriters to facilitate the timely delivery of Registrable Securities to be sold and to enable such Registrable Securities to be issued in such denominations and registered in such names as the Investor may reasonably request at
least two (2) Business Days prior to the closing of any sale of Registrable Securities; and 
 (o) use its reasonable best efforts
to cause the Registrable Securities to be listed on the NYSE. 
 Section 4.4 Expenses of Registration. All expenses
incurred in connection with Registrations, filings or qualifications pursuant to a Registration, including (i) all registration and filing fees (including fees and expenses with respect to (A) all Commission, stock exchange or trading
system and NYSE registration, listing, filing and qualification and any other fees associated with such filings, including with respect to counsel for the underwriters and any qualified independent underwriter in connection with NYSE qualifications,
(B) rating agencies and (C) compliance with securities or “blue sky” Laws, including any fees and disbursements of counsel for the underwriters in connection with “blue sky” qualifications of the Registrable
Securities), (ii) fees and expenses of the financial printer, (iii) messenger, telephone and delivery expenses of the Company, (iv) fees and disbursements of counsel for the Company, (v) fees and disbursements of all independent
certified public accountants, including the expenses of any special audits and/or “comfort letters” required by or incident to such performance and compliance) and (vi) all reasonable fees and expenses of one counsel retained by the
Investor in participating in such Registration shall be borne by the Company, whether or not any Registration Statement is filed or becomes effective, provided that any underwriters’ discounts and selling commissions and ADS conversion
fees, in each case related to Registrable Securities Registered in accordance with this Agreement, shall be borne by the Investor on a pro rata basis based on the Investor’s relative percentage of Registrable Securities included in such
Registration. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Article IV (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on the NYSE. 

  
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 Section 4.5 Indemnification. 

(a) Company Indemnification. 

(i) To the extent permitted by applicable Law, the Company will indemnify and hold harmless the Investor, each Person who controls the Investor
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and their respective officers, directors, members, managers, shareholders, agents and employees and any underwriter for the Company and each Person
who controls such underwriter (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) from and against all losses, claims, costs, damages or liabilities (whether joint or several) to which they may become
subject under applicable Laws or otherwise, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (each a
“Violation”): (i) any untrue statement (or alleged untrue statement) of a material fact contained in such Registration Statement, including any preliminary prospectus or Final Prospectus contained therein or any amendments or
supplements thereto, (ii) the omission (or alleged omission) to state in the Registration Statement, including any preliminary prospectus or Final Prospectus contained therein or any amendments or supplements thereto, a material fact required
to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of U.S. Securities Laws, or any rule or regulation promulgated under U.S. Securities Laws. The
Company will reimburse any Person intended to be indemnified pursuant to this Section 4.5(a) for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability
or action. 
 (ii) The indemnity agreement contained in this Section 4.5(a) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable for any such loss, claim, damage,
liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such Registration by the Investor,
underwriter or controlling Person. 
 (iii) The foregoing indemnity of the Company is subject to the condition that, insofar as they relate
to any defect in a preliminary prospectus but such defect has been eliminated or remedied in the amended prospectus on file with the Commission at the time the applicable Registration becomes effective (the “Final Prospectus”), such
indemnity shall not inure to the benefit of any Person if a copy of the Final Prospectus was timely furnished to the Investor or underwriter and was not furnished to the Person asserting the loss, liability, claims or damages at or prior to the time
such action is required by the Securities Act. 

  
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 (b) Investor Indemnification. 

(i) To the extent permitted by applicable Law, the Investor will indemnify and hold harmless the Company, each Person who controls the Company
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and each of their respective officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees from and
against all losses, claims, costs, damages or liabilities (whether joint or several) to which any of the foregoing Persons may become subject, under U.S. Securities Laws or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereto) arise out of or are based on any untrue statement (or alleged untrue statement) of a material fact contained in any such Registration Statement, including any preliminary prospectus or Final Prospectus contained therein
or any amendments or supplements thereto, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse any Person intended to be
indemnified pursuant to this Section 4.5(b) for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but
only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement, including any preliminary prospectus or Final Prospectus contained therein or any amendments or
supplements thereto, in reliance upon and in conformity with written information furnished to the Company and signed by the Investor and intended to be specifically for use therein. 

(ii) The indemnity contained in this Section 4.5(b) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Investor (which consent shall not be unreasonably withheld), and in no event shall the aggregate indemnity under this Section 4.5(b) (including any reimbursement
of any expenses) exceed the net proceeds (less underwriting discounts and selling commissions) from the offering received by the Investor. The Investor will not be required to enter into any agreement or undertaking in connection with any
Registration providing for any indemnification or contribution on the part of the Investor greater than the Investor’s obligations under this Section 4.5. 

(c) Notice of Indemnification Claim. Promptly after receipt by an indemnified party under Section 4.5(a) or
Section 4.5(b) of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under Section 4.5(a) or
Section 4.5(b), deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and to assume the defense thereof with counsel reasonably satisfactory to the
indemnifying party. An indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonably incurred fees and expenses to be
paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. It is understood and agreed that the Indemnifying Party shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more
than one separate firm (in addition to any local counsel) for all Indemnified Parties and that all such fees and expenses shall be reimbursed as they are incurred. The failure to deliver written notice to the indemnifying party within a reasonable
time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of liability to the indemnified party under this Section 4.5 to the extent the indemnifying party is so
prejudiced, but the omission to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 4.5. 

  
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 (d) Contribution. If any indemnification provided for in Section 4.5(a) or
Section 4.5(b) is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the
indemnifying party, on the one hand, and of the indemnified party, on the other hand, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material
fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.5(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 4.5(d), (i) the Investor as an indemnifying party shall not be required to contribute any amount in excess of the amount that the
Investor has otherwise been, or would otherwise be, required to pay pursuant to this Section 4.5(d) by reason of such untrue or alleged untrue statement or omission or alleged omission and (ii) no Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to a contribution from any Person who was not guilty of such fraudulent misrepresentation. 

Section 4.6 Reports under the Exchange Act. With a view to making available to the Investor the benefits of Rule 144 or
pursuant to a Registration on a Shelf Registration Statement, the Company agrees to: 
 (a) make and keep public information available, as
those terms are understood and defined in Rule 144 under the Securities Act, at all times so long as the Company remains subject to the periodic reporting requirements under Sections 13 or 15(d) of the Exchange Act; 

(b) file with the Commission in a timely manner all reports and other documents required of the Company under all U.S. Securities Laws; 

(c) promptly furnish to the Investor upon request (i) a written statement by the Company that it has complied with the reporting
requirements of all U.S. Securities Laws or, at any time after so qualified, that it qualifies as a registrant whose securities may be resold pursuant to a Shelf Registration Statement, (ii) a copy of the most recent annual or quarterly report
of the Company and such other reports and documents as may be filed by the Company with the Commission, and (iii) such other information as may be reasonably requested in availing the Investor of any rule or regulation of the Commission,
that permits the selling of any such securities without Registration or pursuant to a Shelf Registration Statement; and 

  
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 (d) if the Company is no longer subject to the periodic reporting requirements under
Section 13 or 15(d) of the Exchange Act, prepare and furnish to the Investor and make publicly available in accordance with Rule 144(c) such information as is required for the Investor to sell the Investor Shares under
Rule 144, and take such further action as any holder of the Investor Shares may reasonably request to the extent required from time to time to enable such Person to sell the Investor Shares without registration under the Securities Act within
the limitation of the exemptions provided by Rule 144. 
 Section 4.7 Limitations on Subsequent Registration
Rights. From and after the date of this Agreement, the Company shall not, without the approval of the Investor, enter into any agreement with any holder or prospective holder of any Securities that would (i) grant such holder or
prospective holder any registration rights more favorable to such holder or prospective holder than those rights granted pursuant to this Article IV, (ii) allow such holder or prospective holder to demand Registration of their securities,
unless under the terms of such agreement, such holder or prospective holder may demand such Securities in any such Registration only to the extent that the demand of such securities will not reduce the amount of the Registrable Securities of the
Investor that are demanded or (iii) allow such holder or prospective holder to include such securities in any Registration filed under Section 4.1(d), Section 4.1(e) or Section 4.2, unless under the terms of such agreement
such holder or prospective holder may include such Securities in any such Registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Investor that are included. 

Section 4.8 Termination of the Investor’s Registration Rights. The right of the Investor to request Registration or
inclusion of Registrable Securities in any Registration pursuant to Section 4.1 or 4.2 shall terminate when all of the Investor’s Registrable Securities may be sold without restriction or limitation under Rule 144. 

Section 4.9 Assignment of the Investor’s Registration Rights. The rights and obligations of the Investor under this
Article IV may be assigned by the Investor to any transferee or assignee of any of the Investor’s Registrable Securities; provided that: (a) the Company is, within a reasonable time after such transfer, furnished with written
notice of the name and address of such transferee or assignee and the Securities with respect to which such registration rights are being assigned and (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and
conditions of this Article IV. 
 ARTICLE V 

TRANSFER RESTRICTIONS 

Section 5.1 Lock-Up. During the period commencing on the date of the Closing and ending on the date of the first (1 st )
anniversary of the Closing (the “Lock-up Period”), the Investor shall not, directly or indirectly, sell, transfer or assign (including by Investor Change of Control) any of the Investor Shares, without the prior written consent of
the Company, other than any sale, transfer or assignment of Investor Shares to a Permitted Transferee or a Shareholders Agreement Transferee. 

  
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 Section 5.2 Restrictions on Transfer. The Investor shall not, directly or
indirectly, sell, transfer or assign (including by Investor Change of Control) any of the Investor Shares (a) to any Competitor of the Company or (b) for so long as the Investor is subject to the standstill obligations set forth in
Section 7.1, to any transferee who, to the actual knowledge of the Investor, directly or indirectly, immediately prior to such sale, transfer or assignment, beneficially owns, together with its Affiliates and any members of a group (as defined
under Rule 13d-5 under the Exchange Act) with respect to such Ordinary Shares, Ordinary Shares of the Company representing ten percent (10%) or more of the total voting power of the Ordinary Shares, other than to a Permitted Transferee or
a Shareholders Agreement Transferee. Notwithstanding anything herein (express or implied) to the contrary, nothing in this Agreement shall restrict any direct or indirect sale, transfer or assignment of any securities of Alibaba Investment
Limited or any holders of any securities of Alibaba Investment Limited. 
 Section 5.3 Transfers Relating to YF
Fund. Notwithstanding anything herein (express or implied) to the contrary, (a) the Investor shall have the right to sell, transfer or assign any Ordinary Shares to YF Fund and its Affiliates and (b) after the Lock-up Period, YF
Fund and its Affiliates may sell, transfer or assign any such Ordinary Shares to any Person, in each case, free from any restrictions on transfer set forth in this Agreement, provided, however, that in no event shall the aggregate number of
Ordinary Shares sold, transferred or assigned by the Investor to YF Fund and its Affiliates exceed, in the aggregate, the sum of (i) two percent (2%) of the total Ordinary Shares of the Company as of the Closing Date, calculated on a
fully-diluted basis (as defined herein) after giving effect to the issuance of Issued Shares (as defined in the Investment Agreement) to the Investor and (ii) any additional Ordinary Shares indirectly owned by YF Fund through the Investor that
have been acquired by the Investor through the exercise of its preemptive rights under Article VI hereof or its right of first offer under Article III hereof. 

Section 5.4 Conversions of Ordinary Shares into ADSs by YF Fund. The Company hereby agrees to, upon request from YF Fund or
any of its Affiliates, use its reasonable efforts to cause the ADS depositary to issue ADSs upon deposit of the underlying Ordinary Shares held by YF Fund or any of its Affiliates within three (3) Business Days after receipt of such request, it
being understood that YF Fund or its Affiliate shall bear any fees payable to the depositary. 
 ARTICLE VI 

PREEMPTIVE RIGHT 

Section 6.1 For so long as the Investor (together with any Affiliates and Permitted Transferees) beneficially owns a number of
Class A Shares that, in aggregate, is equal to at least fifty percent (50%) of the Investor Shares (as appropriately adjusted for share splits, reverse share splits, share dividends, share consolidations, recapitalizations and the like),
at any time the Company proposes to issue any Securities or transfer any Securities that have been repurchased from the open market and held under the Company’s brokerage account or otherwise held under the Company’s name, including any
Ordinary Shares (the “New Securities”), other than: (i) the New Issuance Exceptions and (ii) the issuance of Ordinary Shares on a pro rata basis in connection with the payment of any share dividends, the Company shall
notify the Investor in writing of such proposal (an “Issue Notice”). The Issue Notice shall specify the number and type of New Securities to be offered by the Company and all material terms and conditions of the proposed offer
(including the proposed price or range of prices) per New Security. 

  
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 Section 6.2 The Investor shall have the right to purchase, or to purchase through an
Affiliate, up to a number of New Securities so as to enable the Investor to beneficially hold, after the issue of the New Securities which are the subject to the Issue Notice, a pro rata portion of the New Securities equal to the percentage of the
issued and outstanding Ordinary Shares then beneficially owned by the Investor (together with its Affiliates and Permitted Transferees) prior to the issuance of the New Securities upon the same terms and conditions set forth in the Issue Notice, by
giving written notice to the Company of the exercise of this right within ten (10) Trading Days of Investor’s receipt of the Issue Notice (the “Election Notice”). If such notice is not given by the Investor within such ten
(10) Trading Days thereof, the Investor shall be deemed to have elected not to exercise its preemptive rights under this Article VI with respect to the issuance described in that specific Issue Notice. 

Section 6.3 If the Investor (or its Affiliate) exercises its preemptive rights under this Article VI, the closing of the purchase of
the New Securities with respect to which such right has been exercised (the “Preemptive Rights Closing Date”) shall take place at the time of the closing of the issuance or transfer of the New Securities, which may not be earlier
than five (5) Trading Days after the giving of the Election Notice, provided that the Preemptive Rights Closing Date may be extended for a maximum of sixty (60) Trading Days to the extent required to comply with applicable Laws
(including receipt of any required regulatory approvals). The Company and the Investor (or its Affiliate exercising preemptive rights under this Article VI) will use commercially reasonable efforts to secure any required regulatory or
shareholder approvals or other consents, and to comply with any applicable Law necessary in connection with the offer, sale and purchase of, such New Securities. 

Section 6.4 In the event that the Investor fails to exercise its preemptive rights under this Article VI within such ten
(10) Trading Day period, or in the event that the Investor fails to consummate the purchase of such New Securities within the specified period of time pursuant to Section 6.3 (other than as a result of breach or fault of the Company), the
Company shall thereafter be entitled to issue and sell within sixty (60) Trading Days the New Securities not elected to be purchased by the Investor (or its Affiliate) pursuant its preemptive rights to this Article VI, at a price no less
than that specified in the Issue Notice, and otherwise upon terms and conditions no more favorable to any purchaser of such New Securities than were specified in the Issue Notice. In the event the Company has not issued and sold such New Securities
within such sixty (60) Trading Day period, the Company shall not thereafter offer, issue or sell such New Securities without first offering such New Securities to the Investor in the manner provided in this Article VI. 

Section 6.5 In the case of the offering of New Securities for a consideration in whole or in part other than cash, including securities
acquired in exchange therefor, the consideration other than cash shall be deemed to be the fair value thereof as determined in good faith by the Board; provided, however, that such fair value as determined by the Board shall not exceed the
aggregate market price of the New Securities being offered as of the date the Board authorizes the offering of such New Securities. 

  
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 Section 6.6 The rights and obligations of the Investor under this Article VI may be
assigned by the Investor to any transferee or assignee of any of the Investor Shares; provided that: (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such
transferee or assignee and the Securities with respect to which such preemptive rights are being assigned, (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Article VI and
(c) immediately after such transfer, such transferee or assignee beneficially owns a number of Class A Shares equal to at least fifty percent (50%) of the Investor Shares (as appropriately adjusted for share splits, reverse share
splits, share dividends, share consolidations, recapitalizations and the like). 
 ARTICLE VII 

CERTAIN RESTRICTIVE COVENANTS AND AGREEMENTS 

Section 7.1 Standstill. 

(a) From the Closing until the earlier of the first (1st ) anniversary of the Closing and
the date on which the Investor beneficially owns a number of Class A Shares equal to less than five percent (5%) of the Ordinary Shares, on a fully-diluted basis, of the Company (as appropriately adjusted for share splits, reverse share
splits, share dividends, share consolidations, recapitalizations and the like), none of the Investor, AGHL or YF Fund shall, and each of the Investor, AGHL and YF Fund shall procure that its Controlled Affiliates shall not, without the
Company’s prior written consent, directly or indirectly (whether acting alone, as a part of a group or otherwise in concert with others), except in connection with an exercise of the Investor’s rights under any of the Transaction Documents
or the Shareholders Agreement: (i) acquire or offer, seek or propose or agree to acquire, any additional Voting Securities of the Company, (ii) publicly seek or propose to change or control the management or the Board of the Company,
(iii) propose to have called, or cause to be called, any meeting of Shareholders for the purpose of electing directors to the Board of the Company or amending the Memorandum and Articles to facilitate any of the actions described in the
foregoing clause (i) or (ii) or this clause (iii), (iv) enter into any arrangements or understandings with any third party with respect to any of the foregoing, (v) advise, assist, act as a financing source for or otherwise
invest in any other Person for the purpose of any of the foregoing, or (vi) publicly disclose any intention, plan or arrangement with respect to any of the foregoing. 

(b) Notwithstanding Section 7.1(a) above, none of the Investor, AGHL, YF Fund or any of their respective Affiliates shall be
prohibited from making any confidential proposal to the Board of the Company or requesting that the Company waive or amend any of the provisions in this Section 7.1. Furthermore, the restrictions set forth in Section 7.1(a) shall
automatically terminate if (i)(A) the Board of the Company approves a transaction with any Person and (B) such transaction would result in such Person beneficially owning ten percent (10%) or more of the outstanding Voting Securities
or Voting Securities with voting power, in aggregate, that is greater than the aggregate voting power of the Investor Shares held by the Investor and its Affiliates, or securities convertible into ten percent (10%) or more of the outstanding
Voting Securities, or any option or other right to acquire ten percent (10%) or more of the Voting Securities, or any Person acquiring assets, individually or in the aggregate, constituting ten percent (10%) or more of the fair market
value of the assets of the Company and its Subsidiaries or to which ten percent (10%) or more of the net revenue, net income or EBITDA of the Company and its Subsidiaries are attributable of the Company (each, a “Control
Stake”), (ii) any Person or Persons acting in concert shall have commenced or publicly announced an intention to commence a tender offer or exchange offer for a Control Stake, or shall have made a proposal to the Company or any holder
of Voting Securities to acquire a Control Stake (including through an acquisition of securities of such holder or any of its Affiliates which beneficially own any Voting Securities), or (iii) any Competitor acquires five percent (5%) or
more of the outstanding Voting Securities. 

  
 24 

 Section 7.2 Non-Solicitation. Each of the Investor, AGHL and YF Fund agrees
that, from the Closing until the first date after the Closing on which the Investor beneficially owns a number of Class A Shares equal to less than five percent (5%) of the Ordinary Shares, on a fully-diluted basis, of the Company (as
appropriately adjusted for share splits, reverse share splits, share dividends, share consolidations, recapitalizations and the like), none of the Investor, AGHL and YF Fund shall, and each of the Investor, AGHL and YF Fund shall procure that its
Controlled Affiliates shall not, (a) solicit any individual who is an executive officer of the Company named in the Company’s most recent annual report on Form 20-F filed with the Commission to leave his or her employment with the
Company or (b) hire any such individual; provided, however, that the foregoing provision shall not prevent the Investor, AGHL or YF Fund or their respective Affiliates (collectively, the “Restricted Party”) from
employing any person who (i) contacts the Restricted Party or any Affiliate thereof on his or her own initiative without any solicitation prohibited by this Section 7.2 or encouragement from the Restricted Party or any Affiliate thereof,
(ii) ceases to be employed by the Company prior to any solicitation prohibited by this Section 7.2 by the Restricted Party or any affiliate thereof, or (iii) responds to general solicitations of employment from advertisement of
employment opportunities and generalized employee searches by headhunter or search firms, in each case, not focused specifically on or directed in any way at an executive officer of the Company. 

Section 7.3 Additional Agreements. The Company hereby agrees that, from the date hereof and, from and after the Closing, for
so long as the Investor (together with any Affiliates and Permitted Transferees) beneficially owns a number of Class A Shares that, in aggregate, is equal to at least (i) eighty percent (80%) of the Investor Shares (as appropriately
adjusted for share splits, reverse share splits, share dividends, share consolidations, recapitalizations and the like) and (ii) the Minimum Ownership Percentage: 

(a) if any Person would acquire Ordinary Shares or other Securities representing seven and one-half percent (7.5%) or more of the issued
and outstanding Ordinary Shares of the Company, the Company shall require such Person and its Controlling equity owner(s) to enter into an agreement with the Company that includes restrictions on transfer, standstill restrictions (if such
standstill restrictions apply to the Investor, AGHL or YF Fund at such time) and non-solicitation restrictions that are substantially similar to, and no less restrictive with respect to such Person and its Controlling equity owner(s) than, the
terms of Sections 5.1, 5.2, 7.1 and 7.2 hereunder, as applicable, or release the Investor, AGHL and YF Fund from the restrictions on transfer, standstill restrictions and non-solicitation restrictions provided for under Sections 5.1, 5.2, 7.1 and
7.2; 

  
 25 

 (b) the Company shall not enter into an agreement with any Person that provides such Person with
preemptive rights that are more favorable to such Person than the terms of Article VI; 
 (c) the Company shall not grant to any Person
a right of first offer over a Company Change of Control Transaction or any similar right that would conflict with or impair the Investor’s right of first offer under Article III; 

(d) (i) until the first (1st ) anniversary of the Closing, the Company shall not
grant to any Person (other than the Investor) the right to appoint, nominate or elect any director to the Board, and (ii) after the first (1st ) anniversary of the Closing, the Company may
grant such rights with respect to the appointment, nomination or election of any directors to the Board to any Person who acquires seven and one-half percent (7.5%) or more of the issued and outstanding Ordinary Shares of the Company,
provided that the Company shall not grant any Person such rights with respect to the appointment, nomination or election of more than one (1) director to the Board without the Investor’s prior written consent unless such Person
acquires at the closing of such transaction Voting Securities with voting power, in aggregate, that is greater than the aggregate voting power of the Investor Shares held by the Investor and its Affiliates; and 

(e) the Company shall not grant to any Person or any of its Affiliates or designees any consent or veto rights; 

provided that, at the time that the Investor (together with any Affiliates and Permitted Transferees) ceases to beneficially own a number of
Class A Shares that, in aggregate, is equal to at least (i) eighty percent (80%) of the Investor Shares (as appropriately adjusted for share splits, reverse share splits, share dividends, share consolidations, recapitalizations and
the like) and (ii) the Minimum Ownership Percentage, the restrictions contained in Sections 5.1, 5.2, 7.1 and 7.2 shall automatically terminate and cease to apply. 

Section 7.4 Delivery of Information. For so long as the Investor (together with any Affiliates and Permitted Transferees)
beneficially owns a number of Class A Shares that, in aggregate, is equal to at least (i) eighty percent (80%) of the Investor Shares (as appropriately adjusted for share splits, reverse share splits, share dividends, share
consolidations, recapitalizations and the like), and (ii) the Minimum Ownership Percentage, the Company hereby agrees to provide to the Investor, as soon as reasonably practicable and in any event within: (a) seventy-five (75) days
after the end of each fiscal year, and (b) sixty (60) days after the end of each fiscal quarter other than the fourth fiscal quarter, the consolidated balance sheet of the Company and its Subsidiaries as of the end of such fiscal quarter,
the related consolidated statement of operations of the Company and its Subsidiaries for such fiscal quarter and the related consolidated statement of cash flows of the Company and its Subsidiaries for such fiscal quarter. 

Section 7.5 Access to Information. For so long as the Investor (together with any Affiliates and Permitted Transferees)
beneficially owns a number of Class A Shares that, in aggregate, is equal to at least (i) eighty percent (80%) of the Investor Shares (as appropriately adjusted for share splits, reverse share splits, share dividends, share
consolidations, recapitalizations and the like), and (ii) the Minimum Ownership Percentage, the Company shall afford the Investor and its directors, officers, employees, auditors and advisors, upon reasonable notice, reasonable access to
the offices, properties and books and records and management of the Company and its Subsidiaries; provided, however, that any such access shall be conducted at the Investor’s expense, during normal business hours and in such a manner as
not to interfere with the normal operations of the Company or its Subsidiaries. 

  
 26 

 ARTICLE VIII 

GENERAL PROVISIONS 

Section 8.1 Confidentiality. Each of the Company, the Investor, AGHL and YF Fund hereby agrees that it will, and will cause
its respective Affiliates and its and their respective representatives to hold in strict confidence any non-public records, books, contracts, instruments, computer data and other data and information concerning the other parties hereto, whether in
written, verbal, graphic, electronic or any other form provided by any party hereto (except to the extent that such information has been (a) previously known by such party on a non-confidential basis from a source other than the other parties
hereto or its representatives, provided that, to such party’s knowledge, such source is not prohibited from disclosing such information to such party or its representatives by a contractual, legal or fiduciary obligation to the other
parties hereto or its representatives, (b) in the public domain through no breach of this Agreement by such party, (c) independently developed by such party or on its behalf, or (d) later lawfully acquired from other sources) (the
“Confidential Information”). In the event that a party hereto is requested or required by Law, Governmental Authority or other applicable judicial or governmental order to disclose any Confidential Information concerning any of
the other parties hereto, such party shall, to the extent legally permissible, provide the other parties with sufficient advance written notice of such request or requirement and, if requested by another party hereto (at such other party’s sole
expense) assist such other party in seeking a protective order or other appropriate remedy to limit or minimize such disclosure. 

Section 8.2 Termination. Unless expressly provided otherwise herein, in addition to the other termination provisions in this
Agreement, this Agreement shall terminate, and have no further force and effect, upon the earliest of: (a) a written agreement to that effect, signed by all parties hereto, (b) the date following the Closing on which the Investor (together
with its Affiliates and Permitted Transferees) no longer hold a number of Class A Shares that, in aggregate, is equal to at least (i) seventy-five percent (75%) of the Investor Shares (as appropriately adjusted for share splits,
reverse share splits, share dividends, share consolidations, recapitalizations and the like), and (ii) the Minimum Ownership Percentage, and (c) the termination of the Investment Agreement in accordance with its terms; provided
that, notwithstanding the foregoing, following the Closing, (1) Article IV shall survive (including with respect to any transferee or assignee of the Investor’s Registrable Securities to whom the rights and obligations of the Investor
under Article IV were assigned in accordance with Section 4.9) any termination of this Agreement until the specific provisions thereof terminate in accordance with their express terms, (2) Article VI shall survive (including with
respect to any transferee or assignee of the Investor Shares to whom the rights and obligations of the Investor under Article VI were assigned in accordance with Section 6.6) any termination of this Agreement until the specific provisions
thereof terminate in accordance with their express terms and (3) Section 5.4 shall survive any termination of this Agreement until such time as YF Fund no longer holds any Ordinary Shares. In addition, upon the occurrence of an
Investor Change of Control, Articles II, III and VII shall terminate and have no further force and effect. 

  
 27 

 Section 8.3 Notices. Except as may be otherwise provided herein, any notices,
consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon receipt, when
sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (c) one (1) Business Day after deposit with an internationally recognized overnight courier
service; in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 
 If to
the Company: 
 Youku Tudou Inc. 

	 	Address:	11/F, SinoSteel Plaza 

	 	    	8 Haidian Street, Haidian District 

	 	    	Beijing, China 100080 

	 	Facsimile:	(8610) 5970-8818 

	 	Attention:	Mr. Victor Wing Cheung Koo 

 with a copy (for informational purposes only) to: 

Skadden, Arps, Slate, Meagher & Flom 

	 	Address:	42/F, Edinburgh Tower, The Landmark 

	 	    	15 Queen’s Road Central, Hong Kong 

	 	Email:	Julie.Gao@skadden.com 

	 	Facsimile:	(852) 3910-4850 

	 	Attention:	Z. Julie Gao, Esq. 

 If to the Investor or AGHL: 

Ali YK Investment Holding Limited 

	 	Address:	c/o Taobao China Holding Limited 

	 	    	26/F, Tower 1, Times Square 

	 	    	1 Matheson Street, Causeway Bay, Hong Kong 

	 	Facsimile:	(852) 2215-5200 

	 	Attention:	Mr. Timothy A. Steinert, Esq. 

 with a copy (for informational purposes only) to: 

Simpson Thacher & Bartlett 

	 	Address:	ICBC Tower, 35/F, 3 Garden Road 

	 	    	Hong Kong 

	 	Email:	ksudol@stblaw.com 

	 	Facsimile:	(852) 2869 7694 

	 	Attention:	Kathryn King Sudol, Esq. 

  
 28 

 If to YF Fund: 

YF Venus Ltd 

	 	Address:	c/o Suites 2201-03, 50 Connaught Road Central, Hong Kong 

	 	Facsimile:	(852) 2516-6993 

	 	Attention:	Huang Xin 

 with a copy (for informational purposes only) to: 

Shearman & Sterling LLP 

	 	Address:	12th Floor, East Tower, Twin Towers 

	 	    	B-12 Jianguomenwai Avenue 

	 	    	Beijing, China 100022 

	 	Facsimile:	(8610) 6563-6001 

	 	Attention:	Lee Edwards 

 A party may change or supplement the addresses given above, or designate
additional addresses, for purposes of this Section 8.3 by giving the other parties written notice of the new address in the manner set forth above. 

Section 8.4 Entire Agreement. This Agreement, the other Transaction Documents and the Shareholders Agreement, together with
all the schedules and exhibits hereto and thereto and the certificates and other written instruments delivered in connection therewith from time to time on and following the date hereof, constitute and contain the entire agreement and understanding
of the parties with respect to the subject matter hereof and thereof, and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject matter hereof and
thereof. 
 Section 8.5 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York, without regard to principles of conflict of laws thereunder other than New York General Obligations Law Section 5-1401. 

Section 8.6 Dispute Resolution. Any dispute, controversy or claim arising out of or relating to this Agreement, including,
but not limited to, any question regarding the breach, termination or invalidity thereof shall be finally resolved by arbitration in Hong Kong in accordance with the rules (the “ICC Rules”) of the International Chamber of Commerce
in force at the time of commencement of the arbitration. 
 (a) The arbitral tribunal shall consist of three arbitrators. The
arbitrators shall be appointed in accordance with the ICC Rules. 
 (b) The language to be used in the arbitration proceedings shall be
English. 
 (c) Any arbitration award shall be (i) in writing and shall contain the reasons for the decision, (ii) final and
binding on the parties hereto and (iii) enforceable in any court of competent jurisdiction, and the parties hereto agree to be bound thereby and to act accordingly. 

  
 29 

 (d) The parties hereto expressly consent to the consolidation of arbitration proceedings
commenced hereunder with arbitration proceedings commenced pursuant to the arbitration agreements contained in the Transaction Documents. In addition, the parties hereto expressly agree that any disputes arising out of or in connection with
this Agreement and the other Transaction Documents concern the same transaction or series of transactions. 
 (e) In the event a dispute is
referred to arbitration hereunder, the parties hereto shall continue to exercise their remaining respective rights and fulfill their remaining respective obligations under this Agreement. 

(f) It shall not be incompatible with this arbitration agreement for any party to seek interim or conservatory relief from courts of competent
jurisdiction before the constitution of the arbitral tribunal. 
 Section 8.7 Severability. If any provision of this
Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially
the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is
essential to the rights or benefits intended by the parties. In such event, the parties shall use commercially reasonable efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement, which most nearly effects the
parties’ intent in entering into this Agreement. 
 Section 8.8 No Third Party Beneficiaries. This Agreement shall be
binding upon and inure solely to the benefit of, and be enforceable by, only the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any
right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement. 
 Section 8.9 Successors and
Assigns. The provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto. Except as otherwise provided herein, neither this Agreement nor any of the
rights, interests, or obligations hereunder shall be assigned by any party hereto (whether by operation of law or otherwise) without the prior written consent of the other parties; provided, however, that the Investor may transfer or
assign its rights, interests, or obligations hereunder in connection with a sale, transfer or assignment of any Ordinary Shares to (a) any Shareholders Agreement Transferee or (b) any Permitted Transferee, provided that, prior to
any such transfer or assignment, such Permitted Transferee shall agree to be bound by the terms of this Agreement as a party to this Agreement (and, to the extent applicable, in the same capacity as if the transferee was the transferor) in a written
instrument in form and substance reasonably satisfactory to the other parties hereto. 
 Section 8.10 Construction. Each of
the parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the parties and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement. 

  
 30 

 Section 8.11 Counterparts. This Agreement may be executed in two or more
identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other parties. A facsimile or “PDF” signature shall be
considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. 

Section 8.12 Aggregation of Shares. All Securities held or acquired by the Investor and/or its Affiliates and Permitted
Transferees shall be aggregated together for the purpose of determining the availability of any rights of the Investor under this Agreement. 

Section 8.13 Investor Rights Agreement to Control. If, and to the extent that, there are inconsistencies between the
provisions of this Agreement and those of the Memorandum and Articles, the terms of this Agreement shall control to the extent permissible under any applicable Law. The parties agree to take all actions necessary or advisable, as promptly as
practicable after the discovery of such inconsistency, to amend the Memorandum and Articles so as to eliminate such inconsistency to the extent permissible under any applicable Law. 

Section 8.14 Specific Performance. The parties hereto acknowledge and agree irreparable harm may occur for which money
damages would not be an adequate remedy in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, in addition to any other remedies
at law or in equity, the parties to this Agreement shall be entitled to injunction to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement without posting any bond or other undertaking. 

Section 8.15 Amendment; Waiver. This Agreement may be amended, modified or supplemented only by a written instrument duly
executed by all the parties hereto. The observance of any provision in this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by the written consent of the party against whom such
waiver is to be effective. Any amendment or waiver effected in accordance with this Section 8.15 shall be binding upon the Company and the Investor and their respective assigns. It is agreed that no delay or omission to exercise any right,
power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or
noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. 

Section 8.16 Expenses. Except as expressly provided herein, each party will bear its own costs and expenses incurred by it or
on its behalf in connection with the Transaction Documents and the transactions contemplated thereby. 

  
 31 

 Section 8.17 Public Announcements. Without limiting any other provision of this
Agreement, the parties hereto, to the extent permitted by applicable Law, will consult with each other before issuance, and provide each other the opportunity to review, comment upon and concur with, and use all reasonable efforts to agree on any
press release or public statement with respect to this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby, and will not (to the extent practicable) issue any such press release or make any such public
statement prior to such consultation and agreement, except as may be required by Law or any listing agreement with or requirement of the NYSE or any other applicable securities exchange, provided that the disclosing party shall, to the extent
permitted by applicable Law or any listing agreement with or requirement of the NYSE or any other applicable securities exchange and if reasonably practicable, inform the other parties about the disclosure to be made pursuant to such requirements
prior to the disclosure. 
 [Signature Page Follows] 

  
 32 

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

			
	YOUKU TUDOU INC.
		
	By:	 	 /s/ Victor Wing Cheung Koo

		 	Name: Victor Wing Cheung Koo
		 	Title:   Chief Executive Officer

 Yankee - Signature Page - Investor Rights Agreement 

  
 33 

 
			
	ALI YK INVESTMENT HOLDING LIMITED
		
	By:	 	 /s/ Timothy A. Steinert

		 	Name: Timothy A. Steinert
		 	Title:   Authorized Signatory
	
	Solely for purposes of Sections 7.1 and 7.2 and Article VIII
	
	ALIBABA GROUP HOLDING LIMITED
		
	By:	 	 /s/ Timothy A. Steinert

		 	Name: Timothy A. Steinert
		 	Title:   Authorized Signatory

 Yankee - Signature Page - Investor Rights Agreement 

 
			
	Solely for purposes of Sections 7.1 and 7.2 and Article VIII
	
	YF VENUS LTD
		
	By:	 	 /s/ Huang Xin

		 	Name: Huang Xin
		 	Title:   Director

 Yankee - Signature Page - Investor Rights Agreement 

 LIST OF EXHIBITS 
  

			
	Exhibit A	  	Definition of Competitor
		
	Exhibit B	  	List of Options to Acquire Ordinary Shares
		
	Exhibit C	  	Definition of Shareholders Agreement Transferee

 List of Exhibits to Investor Rights Agreement

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