Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT, dated as of July 25, 2014 (“First Amendment”), to the LOAN AND SERVICING AGREEMENT, dated as of
September 12, 2013 (prior to the effectiveness of the First Amendment, the “Existing Agreement” and following the effectiveness of the First Amendment, the “Agreement”), among NFIC SPV LLC, a Delaware limited
liability company (the “Borrower”), NF INVESTMENT CORP., a Maryland corporation (“NF”), as the Transferor and the Servicer, each of the Conduit Lenders, Liquidity Banks, Lender Agents and Institutional Lenders party
to the Existing Agreement (as defined below), CITIBANK, N.A., as the Collateral Agent, WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Account Bank, the Backup Servicer, the Collateral Custodian and the Collateral Administrator, CITIBANK, N.A., as
the Lead Arranger and CITIBANK, N.A., as the Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Existing Agreement. 

The parties to the Existing Agreement desire to extend and amend the Existing Agreement in the manner set forth herein. 

Accordingly, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Amendments to the Existing Agreement. 

(a) The defined term “Broadly Syndicated Loan Asset” appearing in Section 1.01(b) of the Existing Agreement is hereby amended by
(i) deleting such defined term in its entirety and (ii) substituting therefor the following: 

“‘Broadly Syndicated Loan Asset’ means a Loan Asset that (i) is a broadly syndicated commercial
loan, (ii) has a Tranche Size of $200,000,000 or greater (without consideration of reductions thereon from scheduled amortization payments), and (iii) is either (x) an Initial Unrated Loan Asset, or (y) rated (or will be) by both
S&P and Moody’s (or the Obligor is rated by S&P and Moody’s) as of the Cut-Off Date relating thereto, and such ratings are not lower than B3 by Moody’s and B- by S&P.” 

(b) Clause (c) of the defined term “Concentration Limits” appearing in Section 1.01(b) of the Existing Agreement is hereby
amended by (i) deleting such clause in its entirety, and (ii) substituting therefor the following new clause (c): 

“(c) [Intentionally Omitted]” 

(c) Clauses (q), (r) and (s) of the defined term “Concentration Limits” appearing in Section 1.01(b) of the Existing
Agreement are hereby amended by (i) deleting such clauses in their entirety, and (ii) substituting therefor the following new clauses (q), (r) and (s): 

“(q) the sum of Outstanding Loan Balances of all Eligible Loan Assets for which the Senior Debt/EBITDA Ratio (determined
as of its related Cut-Off Date) of the related Obligor (i) with respect to all Large-Market Loan Assets, is greater than 4.50:1.00, plus (ii) with respect to all Mid-Market Loan Assets, is greater than 3.75:1.00, shall not exceed
15% of the Concentration Test Amount; 

 (r) the sum of Outstanding Loan Balances of all Unitranche Loan Assets that are
Eligible Loan Assets for which the Total Debt/EBITDA Ratio (determined as of its related Cut-Off Date) of the related Obligor (and for which the Obligor thereunder has no other senior Indebtedness outstanding) (i) with respect to Unitranche
Loan Assets that are Large-Market Loan Assets, is greater than 5.25:1.00, plus (ii) with respect to Unitranche Loan Assets that are Mid-Market Loan Assets, is greater than 4.50:1.00, shall not exceed 10% of the Concentration Test Amount;

 (s) the sum of Outstanding Loan Balances of all Eligible Loan Assets for which the Total Debt/EBITDA Ratio (determined as
of its related Cut-Off Date) of the related Obligor (other than an Obligor subject to the test under clause (r) above) (i) with respect to all Loan Assets, is greater than 6.00:1.00, shall not exceed 10% of the Concentration Test Amount,
and (ii) with respect to all Mid-Market Loan Assets, is greater than 5.00:1.00, shall not exceed 5% of the Concentration Test Amount;” 

(d) The defined term “Concentration Limits” appearing in Section 1.01(b) of the Existing Agreement is hereby amended by
(i) deleting the word “and” at the end of clause (u), (ii) deleting the period at the end of clause (v) and substituting therefor “;”, and (iii) adding the following new clauses (w), (x) and (y) at
the end of such defined term: 
 “(w) the sum of Outstanding Loan Balances of all Cov Lite Loan Assets that are Eligible
Loan Assets (including all Special Cov Lite Loan Assets) shall not exceed 30% of the Concentration Test Amount; 
 (x) the
sum of Outstanding Loan Balances of all Special Cov Lite Loan Assets that are Eligible Loan Assets shall not exceed 5% of the Concentration Test Amount; and 

(y) the sum of Outstanding Loan Balances of all Second Lien Loan Assets that are Eligible Loan Assets shall not exceed 10% of
the Concentration Test Amount.” 
 (e) The defined term “Concentration Test Amount” appearing in Section 1.01(b) of the
Existing Agreement is hereby amended by (i) deleting such defined term in its entirety, and (ii) substituting therefor the following: 

“‘Concentration Test Amount’ means (i) $122,500,000 until the earlier to occur of (x) the date
on which the AOLB equals or exceeds $122,500,000, and (y) November 30, 2014, and (ii) at all times thereafter, the AOLB.” 

(f) The defined term “Cov Lite Loan Asset” appearing in Section 1.01(b) of the Existing Agreement is hereby amended by
(i) deleting such defined term in its entirety, and (ii) substituting therefor the following: 
 “‘Cov
Lite Loan Asset’ means a First Lien Loan Asset that (A) is (i) a Broadly Syndicated Loan Asset with at least two current Bid Prices or a Side Quote that is based on two current Bid Prices, or (ii) a Special Cov Lite Loan
Asset, and (B) does not (x) contain any financial covenants or (y) require the Obligor thereunder to comply with any Maintenance Covenant (regardless of whether compliance with one or more Incurrence Covenants is otherwise required by
the Loan Documents for such Loan Asset); provided that for all purposes other than the determination of the S&P and Moody’s Recovery Rates for such Loan Asset, a Loan Asset described in clause (i) or

  
 2 

 (ii) above which either contains a cross-default provision to, or is pari passu with,
another loan of the underlying Obligor forming part of the same loan facility that requires the underlying Obligor to comply with a Maintenance Covenant will be deemed not to be a Cov Lite Loan Asset. For the purposes of this definition,
“Maintenance Covenant” means a covenant by the Obligor to comply with one or more financial covenants during each reporting period, whether or not such Obligor has taken any specified action, and “Incurrence
Covenant” means a covenant by the Obligor to comply with one or more financial covenants only upon the occurrence of certain actions of the Obligor, including a debt issuance, dividend payment, share purchase, merger, acquisition or
divestiture.” 
 (g) The defined term “Cut-Off Date” appearing in Section 1.01(b) of the Existing Agreement is hereby
amended by (i) deleting such defined term in its entirety, and (ii) substituting therefor the following: 

“‘Cut-Off Date’ means, with respect to each Loan Asset, either (i) the date (which may be the
Closing Date) such Loan Asset is Pledged and an Advance based on a Borrowing Base including such Loan Asset is funded hereunder, or (ii) with respect to a Loan Asset that is part of the Collateral Portfolio and either (A) the term of this
Agreement is extended, or (B) the term of the Loan Agreement thereunder has been extended during the Revolving Period, the effective date of the amendment extending this Agreement or the term of such Loan Agreement, as applicable (the
evaluation as of such Cut-Off Date being in accordance with the Servicing Standard and the valuation practices of the Servicer and relying upon the most recent compliance certificates and financial information provided by each Obligor under
Section 6.08(f) or otherwise).” 
 (h) The defined term “Eligible Loan Asset” appearing in Section 1.01(b)
of the Existing Agreement is hereby amended by inserting “or a Second Lien Loan Asset” immediately after the words “First Lien Loan Asset” appearing in the first line of such defined term. 

(i) The defined term “First Lien Loan Asset” appearing in Section 1.01(b) of the Existing Agreement is hereby amended by
inserting “including Liens securing Second Lien Loan Assets, but otherwise” immediately before the word “excluding” in the parenthetical appearing in the ninth line of such defined term. 

(j) The defined term “Indebtedness” appearing in Section 1.01(b) of the Existing Agreement is hereby amended by inserting
“‘Second Lien Loan Asset’,” immediately after the words “‘First Lien Loan Asset’,” appearing in the second line of such defined term. 

(k) Clauses (iv) and (v) of the defined term “Material Modification” appearing in Section 1.01(b) of the Existing
Agreement are hereby amended by (i) deleting such clauses in their entirety, and (ii) substituting therefor the following new clauses (iv) and (v): 

“(iv) (1) in the case of a Unitranche Loan Asset or First Lien Loan Asset, contractually or structurally subordinates such Loan Asset by
operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than any expressly permitted Liens, including “permitted liens” as defined
in the applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein) on any of the Underlying Collateral securing such Loan Asset or (2) in the case of a Second Lien Loan
Asset, contractually or structurally subordinates such Loan 

  
 3 

 
Asset to any obligation (other than any first lien loan which existed at the Cut-Off Date for such Loan Asset) by operation of a priority of payments, turnover provisions, the transfer of assets
in order to limit recourse to the related Obligor or the granting of Liens (other than expressly permitted Liens, including any “permitted liens” as defined in the applicable Loan Agreement for such Loan Asset or such comparable definition
if “permitted liens” is not defined therein) on any of the Underlying Collateral securing such Loan Asset; or 
 (v) substitutes,
alters or releases the Underlying Collateral securing such Loan Asset and each such substitution, alteration or release, as determined in the sole reasonable discretion of the Administrative Agent, materially and adversely affects the value of such
Loan Asset (other than releases for value with application of 100% of net proceeds in permanent reductions of amounts outstanding under the Loan Asset (or in the case of a Second Lien Loan Asset, under such Loan Asset or the related first lien loan
asset) as may be permitted in the underlying Loan Agreement).” 
 (l) The defined term “Middle Market Loan Asset” appearing
in Section 1.01(b) of the Existing Agreement is hereby amended by deleting the words “First Lien” appearing in the first line of such defined term. 

(m) The defined term “Minimum Credit Enhancement” appearing in Section 1.01(b) of the Existing Agreement is hereby amended by
(i) deleting such defined term in its entirety, and (ii) substituting therefor the following: 

“‘Minimum Credit Enhancement’ means, as of any date of determination, the sum of (A) the URC Reserve
Requirement, plus (B) the greatest of (1) $10,500,000; (2) the aggregate amount of the four largest Outstanding Principal Balances of all Eligible Loan Assets (and, for the purpose of this calculation, all Eligible Loan Assets
funding to an Obligor and its Affiliates shall constitute a single Eligible Loan Asset); (3) 50% of the Aggregate Outstanding Loan Balance other than the Excess Concentration Amounts for all Eligible Loan Assets; and (4) the sum of the
following: 
 (i) 60% of the aggregate Outstanding Loan Balance of all Second Lien Broadly Syndicated Loan Assets that are
Eligible Loan Assets, other than the Excess Concentration Amount for all Second Lien Broadly Syndicated Loan Assets, if any; 

(ii) 65% of the aggregate Outstanding Loan Balance of all Second Lien Loan Assets that are Eligible Loan Assets and not
considered in clause (i) above, other than the Excess Concentration Amount for such Middle Market Loan Assets, if any; and 

(iii) 50% of the aggregate Outstanding Loan Balance of all Eligible Loan Assets not considered in clauses (i) and
(ii) above, other than the Excess Concentration Amount for such Eligible Loan Assets, if any.” 

  
 4 

 (n) The defined term “Minimum Ratings” appearing in Section 1.01(b) of the
Existing Agreement is hereby amended by (i) deleting such defined term in its entirety, and (ii) substituting therefor the following: 

“‘Minimum Ratings’ means (i) with respect to a Broadly Syndicated Loan Asset, a rating of B- by
S&P and B3 by Moody’s, and (ii) with respect to any Loan Asset that is not a Broadly Syndicated Loan Asset, a rating of CCC by S&P and Caa2 by Moody’s.” 

(o) The defined term “Scheduled Commitment Termination Date” appearing in Section 1.01(b) of the Existing Agreement is hereby
amended by (i) deleting such defined term in its entirety, and (ii) substituting therefor the following: 

“‘Scheduled Commitment Termination Date’ means the earlier of (i) September 12, 2017, as such
date may be extended by mutual agreement of the parties hereto (each, in their sole and absolute discretion) pursuant to Sections 2.21 and 12.01(b), and (ii) the date on which the Servicer certifies to the Administrative
Agent that Carlyle GMS Finance, Inc. has completed an initial public offering.” 
 (p) The defined term “Scheduled Maturity
Date” appearing in Section 1.01(b) of the Existing Agreement is hereby amended by (i) deleting such defined term in its entirety, and (ii) substituting therefor the following: 

“‘Scheduled Maturity Date’ means the earlier of (i) September 11, 2020, as such date may be
extended by the mutual agreement of the parties hereto (in their sole and absolute discretion) pursuant to Sections 2.21 and 12.01(b), and (ii) the third anniversary of the date on which the Servicer certifies to the
Administrative Agent that Carlyle GMS Finance, Inc. has completed an initial public offering.” 
 (q) Section 1.01(b) of the
Existing Agreement is hereby amended by adding the following new defined terms and placing them in their appropriate alphabetical order: 

“‘Bid Price’ means a bid price on a Loan Asset obtained from a bank or a broker-dealer registered under
the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof. 
 ‘Large-Market Loan
Asset’ means a Loan Asset for which the EBITDA of the related Obligor thereof (as set forth in, or as calculated in connection with, the Underwriting Memoranda for such Loan Asset) is equal to or greater than $25,000,000. 

‘Mid-Market Loan Asset’ means a Loan Asset for which the EBITDA of the related Obligor thereof (as set forth
in, or as calculated in connection with, the Underwriting Memoranda for such Loan Asset) is less than $25,000,000. 

‘Second Lien Broadly Syndicated Loan Asset’ means a Broadly Syndicated Loan Asset that is a Second Lien Loan
Asset or a Last Out Senior Secured Loan Asset. 
 ‘Second Lien Loan Asset’ means any Loan Asset that
(a) is secured by a valid and perfected Lien on substantially all of the Obligor’s assets constituting Underlying Collateral for the Loan Asset, subject only to (i) the prior lien provided to secure the obligations under a “first
lien” loan pursuant to typical commercial terms, and (ii) any other expressly permitted liens under the applicable Loan Agreement for such Loan Asset, including those set forth in “permitted liens” as defined in such Loan
Agreement, or such comparable definition if “permitted liens” is not defined therein, and (b) provides that the payment obligation of the 

  
 5 

 
Obligor on such Loan Asset is “senior debt” and, except for the express priority provisions under the documentation of the “first lien” lenders, is either senior to, or
pari passu with, all other Indebtedness of such Obligor. 
 ‘Side Quote’ means, with respect to any
Loan Asset, bid side quotes for such Loan Asset obtained from one or more of Loan Pricing Corporation, MarkIt Partners or any other nationally recognized loan pricing service selected by the Servicer and approved in writing by the Administrative
Agent. 
 ‘Special Cov Lite Loan Asset’ means a Loan Asset that would qualify as a Cov Lite Loan Asset,
except that such Loan Asset (i) does not qualify as a Broadly Syndicated Loan Asset solely because such Loan Asset has a Tranche Size of $150,000,000 or greater but less than $200,000,000 (without consideration of reductions thereon from
scheduled amortization payments), or (ii) has only one current Bid Price or a Side Quote that is based on only one current Bid Price.” 

(r) Section 2.04(a) of the Existing Agreement is hereby amended by (i) deleting the word “and” at the end of clause (xii),
(ii) deleting clause (xiii) in its entirety, and (iii) adding the following new clauses (xiii) and (xiv) at the end of such Section: 
  

	 	“(xiii)	thirteenth, to the Administrative Agent for distribution to each Lender Agent for the account of the applicable Lender, to pay the Advances Outstanding in connection with any voluntary prepayment of
Advances hereunder in accordance with Section 2.18(b); and 

  

	 	(xiv)	fourteenth, during any Release Period, to the Borrower, any remaining amounts.” 

(s) Section 2.04(b) of the Existing Agreement is hereby amended by (i) deleting the word “and” at the end of clause (vi),
(ii) deleting clause (vii) in its entirety, and (iii) adding the following new clauses (vii) and (viii) at the end of such Section: 
  

	 	“(vii)	seventh, to the Administrative Agent for distribution to each Lender Agent for the account of the applicable Lender, to pay the Advances Outstanding in connection with any voluntary prepayment of Advances
hereunder in accordance with Section 2.18(b); and 

  

	 	(viii)	eighth, during any Release Period, to the Borrower, any remaining amounts.” 

(t) Annex A to the Existing Agreement is hereby amended by (i) deleting such annex in its entirety and (ii) substituting
therefor a new Annex A attached to this First Amendment. 
 (u) Annex D to the Existing Agreement is hereby amended by
(i) deleting such annex in its entirety and (ii) substituting therefor a new Annex D attached to this First Amendment. 
 (v)
Schedule III to the Existing Agreement is hereby amended by (i) deleting clause (b) of Section II thereof in its entirety, and (ii) substituting therefor the following new clause (b): 

“(b) The Loan Asset is either a First Lien Loan Asset or a Second Lien Loan Asset.” 

  
 6 

 (w) Schedule III to the Existing Agreement is hereby amended by (i) deleting the phrase
“ratings not lower than Caa1 by Moody’s and CCC+ by S&P;” in clause II.(d), and (ii) substituting therefor the following: “ratings not lower than B3 by Moody’s and B- by S&P;”. 

(x) Schedule III to the Existing Agreement is hereby amended by (i) deleting clause II.(z) in its entirety and
(ii) substituting therefor the following: 
  

	 	“(z)	(A) If the Loan Asset is a Cov Lite Loan Asset (i) it has an Assigned Value of at least 90%, and (ii) the EBITDA of the related Obligor thereof (as set forth in, or as calculated in connection with, the
Underwriting Memoranda for such Loan Asset) is greater than or equal to $50,000,000, and (B) if the Loan Asset is not a Cov Lite Loan Asset, it contains at least one financial maintenance covenant. 

2. Effective Date. This First Amendment shall become effective (the “Effective Date”) upon the satisfaction of the
following conditions (in form and substance reasonably acceptable to the Administrative Agent): 
  

	 	(a)	The Administrative Agent shall have received a copy of this First Amendment duly executed by each of the Borrower, NF, the Lender Agents, the Conduit Lenders, the Liquidity Banks, the Institutional Lenders, the
Collateral Agent, the Joint Lead Arrangers, the Administrative Agent and the Account Bank, Backup Servicer and Collateral Custodian. 

  

	 	(b)	The Administrative Agent shall have received a copy of the amendment to the Transaction Fee Letter, duly executed by each of the Borrower, NF and the Administrative Agent. 

3. Miscellaneous. 

(a) Amended Terms. On and after the date hereof, all references to the Agreement in each of the Transaction
Documents shall hereafter mean the Agreement as amended by this First Amendment. Except as specifically amended hereby or otherwise agreed, the Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its
terms. 
 (b) Representations and Warranties of the Borrower and Servicer. Each of the Borrower and the Servicer,
severally, for itself only, represents and warrants as of the date of this First Amendment as follows: 
 (i) It has taken
all necessary action to authorize the execution, delivery and performance of this First Amendment. 
 (ii) This First
Amendment has been duly executed and delivered by such Person and each of this First Amendment and the Agreement, as amended by this First Amendment constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with
its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (B) general principles of
equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

  
 7 

 (iii) No consent, approval, authorization or order of, or filing, registration or
qualification with, any court or governmental authority or first party is required in connection with the execution, delivery or performance by such Person of this First Amendment other than such as has been met or obtained and are in full force and
effect. 
 (iv) The representations and warranties set forth in Sections 4.01, 4.02 and 4.03 of the Agreement are true
and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date). 

(v) No event has occurred and is continuing which constitutes a Event of Default or an Unmatured Event of Default. 

(c) Transaction Document. This First Amendment shall constitute a Transaction Document under the terms of the Agreement.

 (d) Counterparts; Electronic Signatures; Severability; Integration. This First Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this First Amendment by e-mail in portable document format (.pdf) or facsimile shall be effective as delivery of a manually executed counterpart of this First Amendment. 

(e) GOVERNING LAW. THIS FIRST AMENDMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE
STATE OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT
OF, UNDER OR IN CONNECTION WITH THIS FIRST AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER. 
 (f) Successors
and Assigns. This First Amendment shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Administrative Agent, each Lender, the Lender Agents, the Collateral Agent, the Account Bank, the Collateral Custodian and their
respective successors and permitted assigns. 
 [Signature pages to follow.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed as of
the date first above written. 
  

			
	THE BORROWER:
	
	NFIC SPV LLC

			
		
	By:	 	 

			
		 	Name: Karen Vejseli
		 	Title: CFO

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

			
	THE SERVICER:
	
	NF INVESTMENT CORP.

			
		
	By:	 	 

			
		 	Name: Karen Vejseli
		 	Title: CFO & Treasurer

			
	
	THE TRANSFEROR:
	
	NF INVESTMENT CORP.

			
		
	By:	 	 

			
		 	Name: Karen Vejseli
		 	Title: CFO & Treasurer

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

			
	THE ADMINISTRATIVE AGENT:
	
	CITIBANK, N.A.

			
		
	By:	 	 

			
		 	Name: Wayne Gee
		 	Title: Vice President

			
	
	THE COLLATERAL AGENT:
	
	CITIBANK, N.A.

			
		
	By:	 	 

			
		 	Name: Wayne Gee
		 	Title: Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

			
	 THE ACCOUNT BANK, COLLATERAL CUSTODIAN AND,

COLLATERAL ADMINISTRATOR:

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION

			
		
	By:	 	 

			
		 	Name: Brett Hudson
		 	Title: Assistant Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

			
	THE BACKUP SERVICER:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION

			
		
	By:	 	 

			
		 	Name: Marie E. Carrell
		 	Title: Assistant Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

 CONDUIT LENDER: 
  

	
	CRC FUNDING, LLC
	
	By: Citibank, N.A., as Attorney-in-Fact

			
		
	By:	 	

		 	Name: Linda Moses
		 	Title: Vice President

  

	
	CRC Funding, LLC
	
	c/o Citibank, N.A.
	750 Washington Boulevard
	Stamford, CT 06901
	
	Attention: Global Securitization
	
	Tel No.: (203) 975-6417
	
	Fax No.: (914) 274-9027

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

 CONDUIT LENDER: 
  

	
	CIESCO, LLC
	
	 By: Citibank, N.A., as Attorney-in-Fact

			
		
	By:	 	

		 	 Name: Linda Moses

		 	 Title: Vice President

  

	
	
	CIESCO, LLC
	
	 c/o Citibank, N.A.

	 750 Washington Boulevard

	 Stamford, CT 06901

	
	 Attention: Global Securitization

	
	 Tel No.: (203) 975-6417

	
	 Fax No.: (914) 274-9027

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

 LIQUIDITY BANK AND CONDUIT LENDER: 

 

	
	CHARTA, LLC
	
	By: Citibank, N.A., as Attorney-in-Fact

			
		
	 By:
	 	

		 	Name: Linda Moses
		 	Title: Vice President

  

	
	 CHARTA, LLC

	
	c/o Citibank, N.A.
	750 Washington Boulevard
	Stamford, CT 06901
	
	Attention: Global Securitization
	
	Tel No.: (203) 975-6417
	
	Fax No.: (914) 274-9027

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

 CONDUIT LENDER: 
  

	
	CAFCO, LLC
	
	 By: Citibank, N.A., as Attorney-in-Fact

			
		
	By:	 	

		 	 Name: Linda Moses

		 	 Title: Vice President

  

	
	CAFCO, LLC
	
	c/o Citibank, N.A.
	750 Washington Boulevard
	Stamford, CT 06901
	
	Attention: Global Securitization
	Tel No.: (203) 975-6417
	Fax No.: (914) 274-9027

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

 LENDER AGENT: 

 

	
	CITIBANK, N.A.

			
		
	 By:
	 	 

		 	  

			
	Name:	 	Wayne Gee
	Title:	 	Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

			
	INSTITUTIONAL LENDER:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	

		 	  

			
	Name:	 	Lawrence Beller
	Title:	 	Senior Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

			
	LENDER AGENT:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 

		 	  

			
	Name:	 	Lawrence Beller
	Title:	 	Senior Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

			
	INSTITUTIONAL LENDER:
	
	AMALGAMATED BANK
		
	By:	 	 

		 	  

			
	Name:	 	Michael LaManes
	Title:	 	FVP

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

			
	LENDER AGENT:
	
	AMALGAMATED BANK
		
	 By:
	 	 

		 	  

			
	 Name:
	 	Michael LaManes
	 Title:
	 	FVP

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

			
	INSTITUTIONAL LENDER:
	
	STATE STREET BANK AND TRUST COMPANY
		
	By:	 	 

		 	  

			
	Name:	 	Emma Wallace
	Title:	 	Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[NFIC SPV LLC—First Amendment to LSA] 

			
	LENDER AGENT:
	
	STATE STREET BANK AND TRUST COMPANY
		
	By:	 	 

~

		 	  

			
	Name:	 	Emma Wallace
	Title:	 	Vice President

 [NFIC SPV LLC—First Amendment to LSA] 

 Annex A 

Commitments 
  

							
	 Liquidity Bank or Institutional Lender
	  	 Name of Institution
	  	Commitment	 
	 Liquidity Bank
	  	CHARTA, LLC	  	$	52,000,000	  
	 Institutional Lender
	  	PNC Bank, National Association	  	$	48,000,000	  
	 Institutional Lender
	  	Amalgamated Bank	  	$	20,000,000	  
	 Institutional Lender
	  	State Street Bank and Trust Company	  	$	20,000,000	  
	 AGGREGATE COMMITMENT
	  		  	$	140,000,000	  
		  		  	  
	  
	 

 Annex D 

WARR and WARF Matrix Models 

Collateral Quality Matrix 
 For any date of determination,
the intersection set forth in the matrices below that has been selected by the Servicer for use in determining the scores that are required to satisfy the Diversity Score Test, the WARF Test, the WARR Test and the Weighted Average Spread Test. The
Servicer may elect from time to time to apply a different intersection in the matrices set forth below upon notice to the Administrative Agent, however the Servicer may not elect to apply an intersection in which any Collateral Quality Test is not
satisfied if there exists an intersection in which all of the Collateral Quality Tests would be satisfied. In determining whether the criteria set forth in the matrices are satisfied, the Servicer may interpolate linearly between either
Weighted Average Spread or Minimum Recovery Rate (but not both) while leaving the other values in the matrices constant. 
 CQT Matrix

 Minimum Diversity Score 
  

													
	Minimum	  	18 - 19.99	  	20 - 24.99	  	25 - 29.99	  	30 - 34.99	  	35 - 39.99	  	>=40
	WAS	  	Minimum Recovery Rate 56%
	 3.50%
	  	3600	  	3700	  	3800	  	3800	  	3800	  	3800
	 4.00%
	  	3800	  	3800	  	3800	  	3800	  	3800	  	3800
	 4.50%
	  	3800	  	3800	  	3800	  	3800	  	3800	  	3800
	 5.00%
	  	3800	  	3800	  	3800	  	3800	  	3800	  	3800

 Minimum Diversity Score 

 

													
	Minimum	  	18 - 19.99	  	20 - 24.99	  	25 - 29.99	  	30 - 34.99	  	35 - 39.99	  	>=40
	WAS	  	Minimum Recovery Rate 55%
	 3.50%
	  	3400	  	3600	  	3800	  	3800	  	3800	  	3800
	 4.00%
	  	3600	  	3800	  	3800	  	3800	  	3800	  	3800
	 4.50%
	  	3800	  	3800	  	3800	  	3800	  	3800	  	3800
	 5.00%
	  	3800	  	3800	  	3800	  	3800	  	3800	  	3800

 Minimum Diversity Score 

 

													
	Minimum	  	18 - 19.99	  	20 - 24.99	  	25 - 29.99	  	30 - 34.99	  	35 - 39.99	  	>=40
	WAS	  	Minimum Recovery Rate 54%
	 3.50%
	  	3200	  	3500	  	3800	  	3800	  	3800	  	3800
	 4.00%
	  	3400	  	3700	  	3800	  	3800	  	3800	  	3800
	 4.50%
	  	3600	  	3800	  	3800	  	3800	  	3800	  	3800
	 5.00%
	  	3800	  	3800	  	3800	  	3800	  	3800	  	3800

 Minimum Diversity Score 

 

													
	Minimum	  	18 - 19.99	  	20 - 24.99	  	25 - 29.99	  	30 - 34.99	  	35 - 39.99	  	>=40
	WAS	  	Minimum Recovery Rate 53%
	 3.50%
	  	3100	  	3400	  	3800	  	3800	  	3800	  	3800
	 4.00%
	  	3200	  	3600	  	3800	  	3800	  	3800	  	3800
	 4.50%
	  	3500	  	3700	  	3800	  	3800	  	3800	  	3800
	 5.00%
	  	3700	  	3800	  	3800	  	3800	  	3800	  	3800

 Minimum Diversity Score 

 

													
	Minimum	  	18 - 19.99	  	20 - 24.99	  	25 - 29.99	  	30 - 34.99	  	35 - 39.99	  	>=40
	WAS	  	Minimum Recovery Rate 52%
	 3.50%
	  	2900	  	3300	  	3700	  	3800	  	3800	  	3800
	 4.00%
	  	3100	  	3500	  	3800	  	3800	  	3800	  	3800
	 4.50%
	  	3300	  	3600	  	3800	  	3800	  	3800	  	3800
	 5.00%
	  	3500	  	3800	  	3800	  	3800	  	3800	  	3800

 Minimum Diversity Score 

 

													
	Minimum	  	18 - 19.99	  	20 - 24.99	  	25 - 29.99	  	30 - 34.99	  	35 - 39.99	  	>=40
	WAS	  	Minimum Recovery Rate 51%
	 3.50%
	  	2800	  	3200	  	3600	  	3800	  	3800	  	3800
	 4.00%
	  	3000	  	3400	  	3700	  	3800	  	3800	  	3800
	 4.50%
	  	3200	  	3500	  	3800	  	3800	  	3800	  	3800
	 5.00%
	  	3400	  	3700	  	3800	  	3800	  	3800	  	3800

 Minimum Diversity Score 

 

													
	 Minimum
	  	18 - 19.99	  	20 - 24.99	  	25 - 29.99	  	30 - 34.99	  	35 - 39.99	  	>=40
	WAS	  	Minimum Recovery Rate 50%
	 3.50%
	  	2700	  	3100	  	3500	  	3700	  	3800	  	3800
	 4.00%
	  	2900	  	3300	  	3600	  	3800	  	3800	  	3800
	 4.50%
	  	3000	  	3400	  	3800	  	3800	  	3800	  	3800
	 5.00%
	  	3200	  	3600	  	3800	  	3800	  	3800	  	3800

 Minimum Diversity Score 

 

													
	 Minimum
	  	18 - 19.99	  	20 - 24.99	  	25 - 29.99	  	30 - 34.99	  	35 - 39.99	  	>=40
	WAS	  	Minimum Recovery Rate 49%
	 3.50%
	  	2600	  	3000	  	3300	  	3500	  	3700	  	3800
	 4.00%
	  	2700	  	3100	  	3500	  	3700	  	3800	  	3800
	 4.50%
	  	2900	  	3300	  	3600	  	3800	  	3800	  	3800
	 5.00%
	  	3000	  	3400	  	3800	  	3800	  	3800	  	3800

 Minimum Diversity Score 

 

													
	 Minimum
	  	18 - 19.99	  	20 - 24.99	  	25 - 29.99	  	30 - 34.99	  	35 - 39.99	  	>=40
	WAS	  	Minimum Recovery Rate 48%
	 3.50%
	  	2500	  	2900	  	3200	  	3400	  	3600	  	3700
	 4.00%
	  	2600	  	3000	  	3400	  	3600	  	3700	  	3800
	 4.50%
	  	2800	  	3200	  	3500	  	3700	  	3800	  	3800
	 5.00%
	  	2900	  	3300	  	3700	  	3800	  	3800	  	3800EX-4.3

 Exhibit 4.3 
  

 
 DEPOSIT AGREEMENT AMONG 
TUNIU CORPORATION,

JPMORGAN CHASE BANK, N.A. AS 
DEPOSITARY 
AND 
HOLDERS OF AMERICAN DEPOSITARY 
RECEIPTS 
J.P.Morgan 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	PARTIES	 		  	 	1	  
	RECITALS	 		  	 	1	  
			
	Section 1.	 	 Certain Definitions
	  			
	 (a)
	 	 ADR Register
	  	 	1	  
	 (b)
	 	 ADRs; Direct Registration ADRs
	  	 	1	  
	 (c)
	 	 ADS
	  	 	1	  
	 (d)
	 	 Custodian
	  	 	1	  
	 (e)
	 	 Deliver, execute, issue et al.
	  	 	1	  
	 (f)
	 	 Delivery Order
	  	 	2	  
	 (g)
	 	 Deposited Securities
	  	 	2	  
	 (h)
	 	 Direct Registration System
	  	 	2	  
	 (i)
	 	 Holder
	  	 	2	  
	 (j)
	 	 Securities Act of 1933
	  	 	2	  
	 (k)
	 	 Securities Exchange Act of 1934
	  	 	2	  
	 (l)
	 	 Shares
	  	 	2	  
	 (m)
	 	 Transfer Office
	  	 	2	  
	 (n)
	 	 Withdrawal Order
	  	 	2	  
	Section 2.	 	 ADRs
	  	 	2	  
	Section 3.	 	 Deposit of Shares
	  	 	3	  
	Section 4.	 	 Issue of ADRs
	  	 	3	  
	Section 5.	 	 Distributions on Deposited Securities
	  	 	4	  
	Section 6.	 	 Withdrawal of Deposited Securities
	  	 	4	  
	Section 7.	 	 Substitution of ADRs
	  	 	4	  
	Section 8.	 	 Cancellation and Destruction of ADRs
	  	 	4	  
	Section 9.	 	 The Custodian
	  	 	4	  
	Section 10.	 	 Lists of Holders
	  	 	5	  
	Section 11.	 	 Depositary’s Agents
	  	 	5	  
	Section 12.	 	 Successor Depositary
	  	 	5	  
	Section 13.	 	 Reports
	  	 	6	  
	Section 14.	 	 Additional Shares
	  	 	6	  
	Section 15.	 	 Indemnification
	  	 	7	  
	Section 16.	 	 Notices
	  	 	8	  
	Section 17.	 	 Miscellaneous
	  	 	8	  
	Section 18.	 	 Consent to Jurisdiction
	  	 	9	  
	TESTIMONIUM	  	 	13	  
	SIGNATURES	  	 	13	  

  
 – i – 

							
	 	    	 	  	Page	 
	
	EXHIBIT A	  
		
	 FORM OF FACE OF ADR
	  	 	A-1	  
		
	 Introductory Paragraph
	  	 	A-1	  
			
	 (1)
	    	 Issuance and Pre-Release of ADSs
	  	 	A-2	  
	 (2)
	    	 Withdrawal of Deposited Securities
	  	 	A-3	  
	 (3)
	    	 Transfers of ADRs
	  	 	A-4	  
	 (4)
	    	 Certain Limitations
	  	 	A-4	  
	 (5)
	    	 Taxes
	  	 	A-5	  
	 (6)
	    	 Disclosure of Interests
	  	 	A-6	  
	 (7)
	    	 Charges of Depositary
	  	 	A-6	  
	 (8)
	    	 Available Information
	  	 	A-8	  
	 (9)
	    	 Execution
	  	 	A-8	  
		
	 Signature of Depositary
	  	 	A-8	  
		
	 Address of Depositary’s Office
	  	 	A-8	  
		
	 FORM OF REVERSE OF ADR
	  	 	A-9	  
			
	 (10)
	    	 Distributions on Deposited Securities
	  	 	A-9	  
	 (11)
	    	 Record Dates
	  	 	A-10	  
	 (12)
	    	 Voting of Deposited Securities
	  	 	A-10	  
	 (13)
	    	 Changes Affecting Deposited Securities
	  	 	A-11	  
	 (14)
	    	 Exoneration
	  	 	A-12	  
	 (15)
	    	 Resignation and Removal of Depositary; the Custodian
	  	 	A-13	  
	 (16)
	    	 Amendment
	  	 	A-14	  
	 (17)
	    	 Termination
	  	 	A-14	  
	 (18)
	    	 Appointment
	  	 	A-15	  
	 (19)
	    	 Waiver
	  	 	A-15	  

  
 – ii – 

 DEPOSIT AGREEMENT dated as of May 8, 2014 (the “Deposit Agreement”) among TUNIU
CORPORATION and its successors (the “Company”), JPMORGAN CHASE BANK, N.A., as depositary hereunder (the “Depositary”), and all holders from time to time of American Depositary Receipts issued hereunder (“ADRs”)
evidencing American Depositary Shares (“ADSs”) representing deposited Shares (defined below). The Company hereby appoints the Depositary as depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in
accordance with the terms set forth in this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in Section 1 or elsewhere in this Deposit Agreement. The parties hereto agree as follows: 

1. Certain Definitions. 

(a) “ADR Register” is defined in paragraph (3) of the form of ADR. 

(b) “ADRs” mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical
certificated form or Direct Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct Registration ADRs, shall be substantially in the form of Exhibit A annexed hereto (the
“form of ADR”). The term “Direct Registration ADR” means an ADR, the ownership of which is recorded on the Direct Registration System. References to “ADRs” shall include certificated ADRs and Direct
Registration ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be binding upon the parties hereto. 

(c) Subject to paragraph (13) of the form of ADR, each “ADS” evidenced by an ADR represents the right to receive three
Shares and a pro rata share in any other Deposited Securities. 
 (d) “Custodian” means the agent or agents of the
Depositary (singly or collectively, as the context requires) and any additional or substitute Custodian appointed pursuant to Section 9. 

(e) The terms “deliver”, “execute”, “issue”, “register”,
“surrender”, “transfer” or “cancel”, when used with respect to Direct Registration ADRs, shall refer to an entry or entries or an electronic transfer or transfers in the Direct Registration System,
and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or cancellation of certificates representing the ADRs. 

  
 1 

 (f) “Delivery Order” is defined in Section 3. 

(g) “Deposited Securities” as of any time means all Shares at such time deposited under this Deposit Agreement and any and
all other shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and other shares, securities, property and cash. 

(h) “Direct Registration System” means the system for the uncertificated registration of ownership of securities established
by The Depository Trust Company (“DTC”) and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic
statements issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC which provides for automated transfer of ownership
between DTC and the Depositary. 
 (i) “Holder” means the person or persons in whose name an ADR is registered on the ADR
Register. 
 (j) “Securities Act of 1933” means the United States Securities Act of 1933, as from time to time amended.

 (k) “Securities Exchange Act of 1934” means the United States Securities Exchange Act of 1934, as from time to time
amended. 
 (l) “Shares” mean the Class A ordinary shares of the Company, and shall include the rights to receive
Shares specified in paragraph (1) of the form of ADR. 
 (m) “Transfer Office” is defined in paragraph (3) of the
form of ADR. 
 (n) “Withdrawal Order” is defined in Section 6. 

2. ADRs. (a) ADRs in certificated form shall be engraved, printed or otherwise reproduced at the discretion of the Depositary in
accordance with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with
such changes as may be required by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate any special limitations or restrictions to which any particular ADRs are subject.
ADRs may be issued in denominations of any number of ADSs. ADRs in certificated form shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. ADRs in certificated form bearing the
facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such ADRs. 

  
 2 

 (b) Direct Registration ADRs. Notwithstanding anything in this Deposit Agreement or in the
form of ADR to the contrary, ADSs shall be evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder. 

(c) Holders shall be bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless of whether their ADRs are
Direct Registration ADRs or certificated ADRs. 
 3. Deposit of Shares. In connection with the deposit of Shares hereunder, the
Depositary or the Custodian shall require a written order, in a form satisfactory to the Depositary, directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order a Direct Registration ADR or ADRs
evidencing the number of ADSs representing such deposited Shares (a “Delivery Order”). Shares presented for deposit shall, at the time of such deposit, be registered in the name of JPMorgan Chase Bank, N.A., as depositary for the
benefit of holders of ADRs or in such other name as the Depositary shall direct. Deposited Securities shall be held by the Custodian for the account and to the order of the Depositary for the benefit of Holders of ADRs (to the extent not prohibited
by law) at such place or places and in such manner as the Depositary shall determine. Deposited Securities may be delivered by the Custodian to any person only under the circumstances expressly contemplated in this Deposit Agreement. To the extent
that the provisions of or governing the Shares make delivery of certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept, including, without limitation,
by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or an accredited intermediary, such as a bank, acting as a registrar for the Shares, together with delivery of the documents, payments and
Delivery Order referred to herein to the Custodian or the Depositary. 
 4. Issue of ADRs. After any such deposit of Shares, the
Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by SWIFT,
cable, telex or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR
or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled. 

  
 3 

 5. Distributions on Deposited Securities. To the extent that the Depositary determines in
its discretion that any distribution pursuant to paragraph (10) of the form of ADR is not practicable with respect to any Holder, the Depositary may make such distribution as it so deems practicable, including the distribution of foreign
currency, securities or property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or the retention thereof as Deposited Securities with respect to such Holder’s ADRs (without liability for
interest thereon or the investment thereof). 
 6. Withdrawal of Deposited Securities. In connection with any surrender of an ADR for
withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, the Depositary may require proper endorsement in blank of such ADR (or duly executed instruments of transfer thereof in blank) and the Holder’s written order
directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written order of, any person designated in such order (a “Withdrawal Order”).
Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail postage prepaid, or, at the request, risk and expense of the Holder, by SWIFT, cable, telex or facsimile transmission.
Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law, shall be properly endorsed or accompanied by properly executed instruments of transfer or, if such certificates may be registered, registered in
the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem practicable, including, without limitation, by transfer of record ownership thereof to an account designated in the
Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar for the Deposited Securities. 

7. Substitution of ADRs. The Depositary shall execute and deliver a new Direct Registration ADR in exchange and substitution for any
mutilated certificated ADR upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, upon the Holder
thereof filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary. 

8. Cancellation and Destruction of ADRs. All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is
authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices. 
 9. The Custodian. Any
Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt notice of any such
action, which will be advance notice if practicable. 

  
 4 

 Any Custodian may resign from its duties hereunder by at least 30 days written notice to the
Depositary. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged. Any Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities
held by it to a Custodian continuing to act. Notwithstanding anything to the contrary contained in this Deposit Agreement (including the ADRs) and subject to the penultimate sentence of paragraph (14) of the form of ADR, the Depositary shall
not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that the Custodian has (i) committed fraud or willful misconduct in the
provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the
Custodian is located. 
 10. Lists of Holders. The Company shall have the right to inspect transfer records of the Depositary and its
agents and the ADR Register, take copies thereof and require the Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary or its agent shall furnish to the Company promptly upon the
written request of the Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven days of the Depositary’s receipt of such request. 

11. Depositary’s Agents. The Depositary may perform its obligations under this Deposit Agreement through any agent appointed by
it, provided that the Depositary shall notify the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed, subject to paragraph (14) of the form of ADR. 

12. Successor Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do
delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. The Depositary may at any time be removed by the Company by providing no less
than 120 days prior written notice of such removal to the Depositary, such removal to take effect the later of (i) the 120th day after such notice of removal is first provided and
(ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed within
the applicable 60-day period (in the case of resignation) or 120-day period (in the case of removal) as specified in paragraph (17) of the form of ADR, then the Depositary may elect to terminate this Deposit Agreement and the ADR and the
provisions of said paragraph (17) shall thereafter govern the Depositary’s obligations hereunder. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor
depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its
appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, only upon payment of all
sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification and fees owing,
each of which shall survive any such removal and/or resignation), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders
of all outstanding ADRs. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company into or with which the Depositary may be merged or consolidated, or to which the Depositary shall
transfer substantially all its American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document or any further act. 

  
 5 

 13. Reports. On or before the first date on which the Company makes any communication
available to holders of Deposited Securities or any securities regulatory authority or stock exchange, by publication or otherwise, the Company shall transmit to the Depositary a copy thereof in English or with an English translation or summary. The
Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company and, promptly upon any
change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon the Company’s
delivery of all such communications, information and provisions for all purposes of this Deposit Agreement and the Depositary shall have no liability for the accuracy or completeness of any thereof. 

14. Additional Shares. The Company agrees with the Depositary that neither the Company nor any company controlling, controlled by or
under common control with the Company shall issue additional Shares, rights to subscribe for Shares, securities convertible into or exchangeable for Shares or rights to subscribe for any such securities or shall deposit any Shares under this Deposit
Agreement, except under circumstances complying in all respects with the Securities Act of 1933. At the reasonable request of the Depositary where it deems necessary in the case of any such issuance, subscription, conversion, exchange or deposit,
the Company will furnish the Depositary with legal opinions, in forms and from counsels reasonably acceptable to the Depositary, dealing with such issues requested by the Depositary. The Depositary will use reasonable efforts to comply with written
instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s
compliance with securities laws in the United States. 

  
 6 

 15. Indemnification. The Company shall indemnify, defend and save harmless each of the
Depositary, the Custodian and their respective directors, officers, employees, agents and affiliates against any loss, liability or expense (including reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in
connection with the provisions of this Deposit Agreement and of the ADRs, as the same may be amended, modified or supplemented from time to time in accordance herewith (i) by either the Depositary or a Custodian or their respective directors,
officers, employees, agents and affiliates, except for any liability or expense directly arising out of the negligence or willful misconduct of the Depositary or its directors, officers or affiliates acting in their capacities as such hereunder, or
(ii) by the Company or any of its directors, officers, employees, agents and affiliates. 
 The indemnities set forth in the preceding
paragraph shall also apply to any liability or expense which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or
preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of ADSs, except to the extent any such liability or expense arises out of (i) information relating to the Depositary or its agents (other than the
Company), as applicable, furnished in writing by the Depositary and not changed or altered by the Company expressly for use in any of the foregoing documents or (ii) if such information is provided, the failure to state a material fact
necessary to make the information provided not misleading. 
 Except as provided in the next succeeding paragraph or contemplated in
Section 9 hereof, the Depositary shall indemnify, defend and save harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses of counsel) incurred by the Company in respect of this Deposit
Agreement to the extent such loss, liability or expense is due to the negligence or willful misconduct of the Depositary or its agents acting in their capacities as such hereunder. 

Notwithstanding any other provision of this Deposit Agreement or the ADRs to the contrary, neither the Company nor the Depositary, nor any of
their agents shall be liable to the other for any indirect, special, punitive or consequential damages (including, without limitation, lost profits but excluding legal fees and expenses) (collectively “Special Damages”) of any form
incurred by any of them or any other person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought; provided, however, that to the extent Special Damages arise from or out of a claim brought
by a third party (including, without limitation, Holders) against the Depositary or any of its agents acting under the Deposit Agreement, the Depositary and its agents shall be entitled to full indemnification from the Company for all such Special
Damages, unless such Special Damages are found to have been a direct result of the gross negligence or willful misconduct of the Depositary. 

  
 7 

 The obligations set forth in this Section 15 shall survive the termination of this Deposit
Agreement and the succession or substitution of any indemnified person. 
 16. Notices. Notice to any Holder shall be deemed given
when first mailed, first class postage prepaid, to the address of such Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of notification
to other Holders or to the beneficial owners of ADSs held by such other Holders. Notice to the Depositary or the Company shall be deemed given when first received by it at the address or facsimile transmission number set forth in (a) or (b),
respectively, or at such other address or facsimile transmission number as either may specify to the other by written notice: 
  

	 	(a)	JPMorgan Chase Bank, N.A. 

 1 Chase Manhattan Plaza, Floor 58 

New York, New York, 10005-1401 

Attention: Depositary Receipts Group 

Fax: (212) 552-2614 
  

	 	(b)	Tuniu Corporation 

 Tuniu Building, No. 699-32 

Xuanwudadao, Xuanwu District 

Nanjing, Jiangsu Province 210042 

People’s Republic of China 

Attention: Chief Financial Officer 

Fax: (86) 25 8467 6416 

17. Miscellaneous. This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Holders, and their
respective successors hereunder, and shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders and owners of ADRs from time to time shall be parties to this Deposit Agreement and shall be bound by all
of the provisions hereof. If any such provision is invalid, illegal or unenforceable in any respect, the remaining provisions shall in no way be affected thereby. This Deposit Agreement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one instrument. 

  
 8 

 18. Consent to Jurisdiction. (a) The Company irrevocably agrees that any legal suit,
action or proceeding against the Company brought by the Depositary or any Holder, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may be instituted in any state or federal court in New York, New York, and
irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company also
irrevocably agrees that any legal suit, action or proceeding against the Depositary brought by the Company, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may only be instituted in a state or federal
court in New York, New York. Notwithstanding the foregoing, any action against the Company based on this Deposit Agreement or the transactions contemplated hereby may be instituted by the Depositary in any competent court in the Cayman Islands, Hong
Kong, the People’s Republic of China and/or the United States, or through the commencement of an arbitration pursuant to Section 18(b) of this Deposit Agreement. The Company has appointed Law Debenture Corporate Services Inc., 400 Madison
Avenue, 4th Floor, New York, New York, 10017 as its authorized agent (the “Authorized Agent”) upon which process may be served in any such action or proceeding arising out of or based on this Deposit Agreement or the transactions
contemplated hereby which may be instituted in any state or federal court in New York, New York by the Depositary or any Holder, and waives any other requirements of or objections to personal jurisdiction with respect thereto. Subject to the
Company’s rights to replace the Authorized Agent, such appointment shall be irrevocable. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Company agrees to take any
and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. The Company further hereby irrevocably consents and agrees to the service of any
and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of such Authorized Agent shall for any reason
prove to be ineffective or such Authorized Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 16(b) hereof. The
Company agrees that the failure of the Authorized Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment or award rendered in any action or proceeding based thereon. If, for
any reason, the Authorized Agent named above or its successor shall no longer serve as agent of the Company to receive service of process, notice or papers, the Company shall promptly appoint a successor that is a legal entity with offices in New
York, New York, to serve as Authorized Agent hereunder, which successor shall be acceptable to the Depositary, and will promptly advise the Depositary thereof. In the event the Company fails to continue such designation and appointment in full force
and effect as aforesaid, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last
specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

  
 9 

 (b) Optional Arbitration. Notwithstanding anything in this Deposit Agreement to the contrary,
each of the parties hereto (i.e. the Company, the Depositary and all Holders from time to time of ADRs issued hereunder (and any persons holding interests in ADSs)) agrees that: (i) the Depositary may, in its sole discretion, elect to institute
any action, controversy, claim or dispute directly or indirectly based on, arising out of or relating to this Deposit Agreement or the ADRs or the transactions contemplated hereby or thereby, including without limitation any question regarding its
or their existence, validity, interpretation, performance or termination (a “Dispute”) against any other party or parties hereto (including, without limitation, Disputes brought against Holders and owners of interests in ADSs), by
having the Dispute referred to and finally resolved by an arbitration conducted under the terms set out below, and (ii) the Depositary may in its sole discretion require, by written notice to the relevant party or parties, that any Dispute,
legal suit, action or proceeding brought by any party or parties hereto (including, without limitation, Disputes, legal suits, actions or proceedings brought by Holders and owners of interests in ADSs) against the Depositary shall be referred to and
finally settled by an arbitration conducted under the terms set out below. Any such arbitration shall at the Depositary’s election be conducted either in New York, New York in accordance with the Commercial Arbitration Rules of the American
Arbitration Association or in Hong Kong following the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) with the Hong Kong International Arbitration Centre serving as the appointing authority, and the language
of any such arbitration shall be English. A notice of arbitration may be mailed to the Company at its address last specified for notices under this Deposit Agreement, and, if applicable, to any Holders at their addresses on the ADR Register. In any
case where the Depositary exercises its right to arbitrate hereunder, arbitration of the Dispute shall be mandatory and any pending litigation arising out of or related to such Dispute shall be stayed. Judgment upon the award rendered by the
arbitrators may be entered in any court having jurisdiction thereof. The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have no connection with any party thereto, and shall be an
attorney experienced in international securities transactions. Each of the Company and the Depositary shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson of the tribunal. If a Dispute
shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant and respondent), each of which shall appoint one arbitrator as if there were only two parties to such Dispute. If either or both parties
fail to select an arbitrator, or if such alignment (in the event there are more than two parties) shall not have occurred, within thirty (30) calendar days after the Depositary serves the arbitration demand or the two arbitrators fail to select
a third arbitrator within thirty (30) calendar days of the selection of the second arbitrator, the American Arbitration Association in the case of an arbitration in New York, or the Hong Kong International Arbitration Centre in the case of an
arbitration in Hong Kong, shall appoint the remaining arbitrator or arbitrators in accordance with its rules. The parties and the American Arbitration Association and/or the Hong Kong International Arbitration Centre, as the case may be, may appoint
the arbitrators from among the nationals of any country, whether or not the appointing party or any other party to the arbitration is a national of that country. The arbitrators shall have no authority to award damages against any party not measured
by the prevailing party’s actual damages and shall have no authority to award any consequential, special or punitive damages against any party and may not, in any event, make any ruling, finding or award that does not conform to the terms and
conditions of this Deposit Agreement. In all cases, the fees of the arbitrators and other costs incurred by the parties in connection with such arbitration shall be paid by the party (or parties) that is (or are) unsuccessful in such arbitration. No
party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration, or to include in any arbitration any dispute as a representative or member of a class, or act in any arbitration in the interest of the general
public or in a private attorney general capacity. 

  
 10 

 (c) Actions by Holders etc. By holding an ADS or an interest therein, Holders and owners of ADSs
each irrevocably agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may only be instituted in a state or
federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive
jurisdiction of such courts in any such suit, action or proceeding. 
 To the extent that the Company or any of its properties, assets or
revenues may have or may hereafter be entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding (including any arbitration), from the giving of any relief in
respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal
process or proceeding for the giving of any relief or for the enforcement of any judgment or arbitral award, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or other matters under
or arising out of or in connection with the Shares or Deposited Securities, the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or
claim, any such immunity and consents to such relief and enforcement. 

  
 11 

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

  
 12 

 IN WITNESS WHEREOF, TUNIU CORPORATION and JPMORGAN CHASE BANK, N.A. have duly executed this
Deposit Agreement as of the day and year first above set forth and all holders of ADRs shall become parties hereto upon acceptance by them of ADRs issued in accordance with the terms hereof. 

 

			
	TUNIU CORPORATION
		
	By:	 	 /s/ Dunde Yu

	Name:	 	Dunde Yu
	Title:	 	Chairman and chief executive officer
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Joseph M. Leinhauser

	Name:	 	Joseph M. Leinhauser
	Title:	 	Executive Director

  
 13 

 EXHIBIT A 

ANNEXED TO AND INCORPORATED IN 

DEPOSIT AGREEMENT 
 [FORM OF
FACE OF ADR] 
  

					
	                                    
    	 		 	No. of ADSs:
	Number	 		 	

  

	
	                                    
    
	 Each ADS represents
 Three Shares

 
 CUSIP:

 AMERICAN DEPOSITARY RECEIPT 

evidencing 
 AMERICAN DEPOSITARY
SHARES 
 representing 
 CLASS A
ORDINARY SHARES 
 of 
 TUNIU
CORPORATION 
 (Incorporated under the laws of the Cayman Islands) 

JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder
(the “Depositary”), hereby certifies that              is the registered owner (a “Holder”) of             
American Depositary Shares (“ADSs”), each (subject to paragraph (13)) representing three Class A ordinary shares (including the rights to receive Shares described in paragraph (1), “Shares” and, together with any other
securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the “Deposited Securities”), of Tuniu Corporation, a corporation organized under the laws of the Cayman Islands (the
“Company”), deposited under the Deposit Agreement dated as of May 8, 2014 (as amended from time to time, the “Deposit Agreement”) among the Company, the Depositary and all Holders from time to time of American Depositary
Receipts issued thereunder (“ADRs”), each of whom by accepting an ADR becomes a party thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in
accordance with the laws of the State of New York. 

  
 A-1 

 (1) Issuance and Pre-Release of ADSs. This ADR is one of the ADRs issued under the Deposit
Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (a) Shares in a form satisfactory to the Custodian; (b) rights to
receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions; or (c) in accordance with the next paragraph hereof. 

In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may issue ADSs prior to
the receipt of Shares (each such transaction a “Pre-Release”). The Depositary may receive ADSs in lieu of Shares under the preceding sentence (which ADSs will promptly be canceled by the Depositary upon receipt by the Depositary). Each
such Pre-Release will be subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered (a) represents that at the time of the Pre-Release the Applicant or its customer owns
the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release, (b) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such
Shares or ADSs are delivered to the Depositary or the Custodian, (c) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (d) agrees to any additional restrictions or
requirements that the Depositary deems appropriate. Each such Pre-Release will be at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate, terminable by the Depositary on
not more than five (5) business days’ notice and subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release
at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under Pre-Release transactions), provided, however, that the Depositary reserves the right to change or disregard such limit from time to
time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release with any one person on a case-by-case basis as it deems appropriate. The Depositary may retain for its own account
any compensation received by it in conjunction with the foregoing. Collateral provided in connection with Pre-Release transactions, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 

  
 A-2 

 Every person depositing Shares under the Deposit Agreement represents and warrants that
(a) such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and legally obtained by such person (b) all pre-emptive and comparable rights, if any, with respect to such Shares
have been validly waived or exercised, (c) the person making such deposit is duly authorized so to do, (d) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim
and (e) such Shares (A) are not “restricted securities” as such term is defined in Rule 144 under the Securities Act of 1933 (“Restricted Securities”) unless at the time of deposit the requirements of paragraphs (c),
(e), (f) and (h) of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely in the United States or (B) have been registered under the Securities Act of 1933. To the extent the
person depositing Shares is an “affiliate” of the Company as such term is defined in Rule 144, the person also represents and warrants that upon the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares to be freely
sold (in the form of ADSs) will be fully complied with and, as a result thereof, all of the ADSs issued in respect of such Shares will not be on the sale thereof, Restricted Securities. Such representations and warranties shall survive the deposit
and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. The Depositary will not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered under the
Securities Act of 1933 and not so registered; the Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate the Company’s compliance with the requirements of the Securities Act of 1933 or the
Rules made thereunder. 
 (2) Withdrawal of Deposited Securities. Subject to paragraphs (4) and (5), upon surrender of
(i) a certificated ADR in form satisfactory to the Depositary at the Transfer Office or (ii) proper instructions and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled to delivery at, or to the extent in
dematerialized form from, the Custodian’s office of the Deposited Securities at the time represented by the ADSs evidenced by this ADR. At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities
at such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction
I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933. 

  
 A-3 

 (3) Transfers of ADRs. The Depositary or its agent will keep, at a designated transfer
office (the “Transfer Office”), (a) a register (the “ADR Register”) for the registration, registration of transfer, combination and split-up of ADRs, and, in the case of Direct Registration ADRs, shall include the Direct
Registration System, which at all reasonable times will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter relating to the Deposit Agreement and
(b) facilities for the delivery and receipt of ADRs. The term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly endorsed (in the
case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York;
provided that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor the Company
will have any obligation or be subject to any liability under the Deposit Agreement to any holder of an ADR, unless such holder is the Holder thereof. Subject to paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be
split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office
properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law; provided that the Depositary may close the ADR Register
at any time or from time to time when deemed expedient by it or when reasonably requested by the Company solely in order to enable the Company to comply with applicable law. At the request of a Holder, the Depositary shall, for the purpose of
substituting a certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number
of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted. 
 (4) Certain
Limitations. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution in respect thereof, or, subject to the last sentence of paragraph (2), the withdrawal of any Deposited
Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian may require: (a) payment with respect thereto of (i) any stock transfer or other tax or other governmental
charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii) any applicable charges as provided in paragraph (7) of
this ADR; (b) the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence,
exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and
(c) compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement. The issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs
or, subject to the last sentence of paragraph (2), the withdrawal of Deposited Securities may be suspended, generally or in particular instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is
deemed advisable by the Depositary. 

  
 A-4 

 (5) Taxes. If any tax or other governmental charges (including any penalties and/or
interest) shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, including, without limitation, any Chinese
Enterprise Income Tax owing if the Circular Guoshuifa [2009] No. 82 issued by the Chinese State Administration of Taxation (SAT) or any other circular, edict, order or ruling, as issued and as from time to time amended, is applied or otherwise,
such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and by holding or having held an ADR the Holder and all prior Holders hereof, jointly and severally, agree to indemnify, defend and save harmless each of the
Depositary and its agents in respect thereof. The Depositary may refuse to effect any registration, registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2), any withdrawal of such Deposited
Securities until such payment is made. The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited
Securities (after attempting by reasonable means to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable
for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if
any) required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such
authority or agency by the Depositary or the Custodian. If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is
obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall
distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder of an ADR or an interest therein agrees to indemnify the Depositary, the Company, the
Custodian and any of their respective officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising
out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. 

  
 A-5 

 (6) Disclosure of Interests. To the extent that the provisions of or governing any
Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or
limits, Holders and all persons holding ADRs agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company instructions in respect thereof. The Company reserves the right to instruct
Holders to deliver their ADSs for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder thereof as a holder of Shares and Holders agree to comply with such instructions. The Depositary
agrees to cooperate with the Company in its efforts to inform Holders of the Company’s exercise of its rights under this paragraph and agrees to consult with, and provide reasonable assistance without risk, liability or expense on the part of
the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any Holder. 
 (7) Charges of
Depositary. The Depositary may charge, and collect from, (i) each person to whom ADSs are issued, including, without limitation, issuances against deposits of Shares, issuances in respect of Share Distributions, Rights and Other
Distributions (as such terms are defined in paragraph (10)), issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the
ADSs or the Deposited Securities, and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason, U.S. $5.00 for each 100 ADSs (or portion thereof) issued, delivered,
reduced, cancelled or surrendered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay
such charge. The following additional charges shall be incurred by the Holders, by any party depositing or withdrawing Shares or by any party surrendering ADSs, to whom ADSs are issued (including, without limitation, issuances pursuant to a stock
dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution of ADSs pursuant to paragraph (10)), whichever is applicable (i) a fee of U.S. $0.05 or less per ADS for
any Cash distribution made pursuant to the Deposit Agreement, (ii) a fee of U.S. $1.50 per ADR or ADRs for transfers made pursuant to paragraph (3) hereof, (iii) a fee for the distribution or sale of securities pursuant to paragraph
(10) hereof, such fee being in an amount equal to the fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities (for purposes of this paragraph (7) treating all
such securities as if they were Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to Holders entitled thereto, (iv) an aggregate fee of U.S. $0.05 per ADS per calendar year (or
portion thereof) for services performed by the Depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against Holders as of the record date or record dates set by the
Depositary during each calendar year and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions), and (v) a fee for the
reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of its agents (including, without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange
control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the Shares or other Deposited Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of
Deposited Securities or otherwise in connection with the Depositary’s or its Custodian’s compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders as of the record
date or dates set by the Depositary and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions). The Company will pay all other
charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to agreements from time to time between the Company and the Depositary, except (i) stock transfer or other taxes and other governmental
charges (which are payable by Holders or persons depositing Shares), (ii) cable, telex and facsimile transmission and delivery charges incurred at the request of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities
(which are payable by such persons or Holders), (iii) transfer or registration fees for the registration or transfer of Deposited Securities on any applicable register in connection with the deposit or withdrawal of Deposited Securities (which
are payable by persons depositing Shares or Holders withdrawing Deposited Securities; there are no such fees in respect of the Shares as of the date of the Deposit Agreement), and (iv) in connection with the conversion of foreign currency into
U.S. dollars, JPMorgan Chase Bank, N.A. (“JPMorgan”) shall deduct out of such foreign currency the fees, expenses and other charges charged by it and/or its agent (which may be a division, branch or affiliate) so appointed in connection
with such conversion. JPMorgan and/or its agent may act as principal for such conversion of foreign currency. Such charges may at any time and from time to time be changed by agreement between the Company and the Depositary. 

  
 A-6 

 The Depositary anticipates reimbursing the Company for certain expenses incurred by the Company
that are related to the establishment and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. The Depositary may make available to the Company a set amount or a portion of the
Depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time. 

The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit
Agreement. As to any Depositary, upon the resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal. 

  
 A-7 

 (8) Available Information. The Deposit Agreement, the provisions of or governing Deposited
Securities and any written communications from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities, are available for inspection
by Holders at the offices of the Depositary and the Custodian and at the Transfer Office. The Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company. The
Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports with the United States Securities and Exchange Commission (the “Commission”). Such reports and other
information may be inspected and copied at public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549. 

(9) Execution. This ADR shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a
duly authorized officer of the Depositary. 
 Dated: 
  

			
	JPMORGAN CHASE BANK, N.A., as Depositary
		
	By	 	  

	Authorized Officer

 The Depositary’s office is located at 1 Chase Manhattan Plaza, Floor 58, New York, New York,
10005-1401. 

  
 A-8 

 [FORM OF REVERSE OF ADR] 

(10) Distributions on Deposited Securities. Subject to paragraphs (4) and (5), to the extent practicable, the Depositary will
distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder’s address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on
Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder’s ADRs: (a) Cash. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or the net
proceeds of sales of any other distribution or portion thereof authorized in this paragraph (10) (“Cash”), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such
distribution being impermissible or impracticable with respect to certain Holders, and (iii) deduction of the Depositary’s and/or its agents’ fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in
such other manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary
may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a
reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. (b) Shares. (i) Additional ADRs evidencing whole ADSs representing any Shares available to
the Depositary resulting from a dividend or free distribution on Deposited Securities consisting of Shares (a “Share Distribution”) and (ii) U.S. dollars available to it resulting from the net proceeds of sales of Shares received in a
Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued therefor, as in the case of Cash. (c) Rights. (i) Warrants or other instruments in the discretion of the Depositary representing
rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities (“Rights”), to the extent that the
Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so
furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and
such sales cannot practicably be accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse). (d) Other Distributions.
(i) Securities or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions and Rights (“Other Distributions”), by any means that the Depositary may deem
equitable and practicable, or (ii) to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Other
Distributions as in the case of Cash. The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities hereunder. Such division,
branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated above and/or under paragraph (7) hereof. Any U.S. dollars available will be distributed by
checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the Depositary in accordance with its then current practices. The Company agrees that it shall not make
cash distributions (including, without limitation, cash dividends) to shareholders in a currency other than U.S. dollars. 

  
 A-9 

 (11) Record Dates. The Depositary may, after consultation with the Company if practicable,
fix a record date (which, to the extent applicable, shall be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be responsible for the fee assessed by the Depositary for
administration of the ADR program and for any expenses provided for in paragraph (7) hereof as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of Deposited Securities, to give
instructions for the exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so entitled or obligated. 

(12) Voting of Deposited Securities. As soon as practicable after receipt from the Company of notice of any meeting or solicitation of
consents or proxies of holders of Shares or other Deposited Securities, the Depositary shall distribute to Holders a notice stating (a) such information as is contained in such notice and any solicitation materials, (b) that each Holder on
the record date set by the Depositary therefor will, subject to any applicable provisions of Cayman Island law, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by the ADSs evidenced by such Holder’s ADRs and (c) the manner in which such instructions may be given, including instructions to give a discretionary proxy to a person designated by the Company. Upon actual receipt by the ADR
department of the Depositary of instructions of a Holder on such record date in the manner and on or before the time established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under the
provisions of or governing Deposited Securities to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs in accordance with such instructions. The Depositary will not itself exercise any
voting discretion in respect of any Deposited Securities. There is no guarantee that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable such Holder to return any voting instructions
to the Depositary in a timely manner. Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs are
listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders
with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies of the
materials). Holders are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such
instructions notwithstanding that such instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time. 

  
 A-10 

 The Depositary has been advised by the Company that under the Cayman Islands law and the
Memorandum and Articles of Association of the Company, each as in effect as of the date of the Deposit Agreement, voting at any meeting of shareholders of the Company is by show of hands unless a poll is (before or on the declaration of the results
of the show of hands) demanded. In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will refrain from voting and the voting
instructions (or the deemed voting instructions, as set out above) received by the Depositary from Holders shall lapse. The Depositary will not demand a poll or join in demanding a poll, whether or not requested to do so by Holders of ADSs. 

(13) Changes Affecting Deposited Securities. Subject to paragraphs (4) and (5), the Depositary may, in its discretion, and shall
if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any change
in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect
of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule,
regulation or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of
the Company, and to the extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall
constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted. Promptly upon the occurrence of any of the aforementioned changes affecting
Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company’s expense,
to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable. 

  
 A-11 

 (14) Exoneration. The Depositary, the Company, their agents and each of them shall:
(a) incur no liability (i) if any present or future law, rule, regulation, fiat, order or decree of the United States, the Cayman Islands, The People’s Republic of China (including the Hong Kong Special Administrative Region, the
People’s Republic of China) or any other country, or of any governmental or regulatory authority or any securities exchange or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future
provision of the Company’s charter, any act of God, war, terrorism, nationalization or other circumstance beyond its control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with,
any act which the Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without limitation, voting pursuant to paragraph (12) hereof), or (ii) by reason of any exercise or failure to exercise any
discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable); (b) assume no liability except to perform its
obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without gross negligence or willful misconduct; (c) in the case of the Depositary and its agents, be under no obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (d) in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be
furnished as often as may be required; or (e) not be liable for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other
person believed by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. The Depositary
shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price
received in connection with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so
retained in connection with any such sale or proposed sale. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs), subject to the penultimate sentence of this paragraph (14), the Depositary shall not be
responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that the Custodian has (i) committed fraud or willful misconduct in the provision of
custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located.
The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party
or parties. The Depositary shall be under no obligation to inform Holders or any other holders of an interest in any ADSs about the requirements of Cayman Island or People’s Republic of China (including the Hong Kong Special Administrative
Region, the People’s Republic of China) law, rules or regulations or any changes therein or thereto. The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities,
for the manner in which any such vote is cast or for the effect of any such vote. The Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or
distribution. The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in ADRs. 

  
 A-12 

 
Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests for information
maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority,
including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or beneficial
owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or beneficial owner’s income tax liability. The Depositary and the Company shall not incur any liability for any tax consequences that may be
incurred by Holders and beneficial owners on account of their ownership of the ADRs or ADSs. The Depositary shall not incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution to the
Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities, for the credit-worthiness of any third party,
for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. The Depositary shall not be liable for any acts or omissions made by a successor depositary in connection with
any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises JPMorgan Chase Bank, N.A., in its capacity as Depositary performed its obligations
without negligence while it acted as Depositary. By holding an ADS or an interest therein, Holders and owners of ADSs each irrevocably agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of
or based upon the Deposit Agreement or the transactions contemplated hereby, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection which it may
now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company has agreed to indemnify the Depositary and its agents under
certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances. Neither the Depositary nor any of its agents shall be liable to Holders or beneficial owners of interests in ADSs for any indirect, special,
punitive or consequential damages (including, without limitation, lost profits) of any form incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought. No disclaimer of
liability under the Securities Act of 1933 is intended by any provision hereof. 
 (15) Resignation and Removal of Depositary; the
Custodian. The Depositary may resign as Depositary by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as
provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by no less than 120 days prior written notice of such removal, to become effective upon the later of (i) the 120th day after delivery of the notice to
the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may appoint substitute or additional Custodians and the term
“Custodian” refers to each Custodian or all Custodians as the context requires. 

  
 A-13 

 (16) Amendment. Subject to the last sentence of paragraph (2), the ADRs and the Deposit
Agreement may be amended by the Company and the Depositary, provided that any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees,
cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders, shall become effective 30 days after notice of such amendment shall have been given to
the Holders. Every Holder of an ADR at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended
thereby. In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Any amendments
or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in
electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding the foregoing, if any governmental
body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the
Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is
given to Holders or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to
describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders to retrieve or receive the text of such amendment
(i.e., upon retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). 

(17) Termination. The Depositary may, and shall at the written direction of the Company, terminate the Deposit Agreement and this ADR
by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination; provided, however, if the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination
by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder within 60 days of the date of such resignation, or (ii) been removed as Depositary hereunder, notice of such termination by the
Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder on the 120th day after the Company’s notice of removal was first provided to the Depositary. After the date so fixed for termination,
(a) all Direct Registration ADRs shall cease to be eligible for the Direct Registration System and shall be considered ADRs issued on the ADR Register and (b) the Depositary shall use its reasonable efforts to ensure that the ADSs cease to
be DTC eligible so that neither DTC nor any of its nominees shall thereafter be a Holder. At such time as the ADSs cease to be DTC eligible and/or neither DTC nor any of its nominees is a Holder, the Depositary shall (a) instruct its Custodian
to deliver all Deposited Securities to the Company along with a general stock power that refers to the names set forth on the ADR Register and (b) provide the Company with a copy of the ADR Register (which copy may be sent by email or by any
means permitted under the notice provisions of the Deposit Agreement). Upon receipt of such Deposited Securities and the ADR Register, the Company shall use its best efforts to issue to each Holder a Share certificate representing the Shares
represented by the ADSs reflected on the ADR Register in such Holder’s name and to deliver such Share certificate to the Holder at the address set forth on the ADR Register. After providing such instruction to the Custodian and delivering a
copy of the ADR Register to the Company, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR and shall cease to have any obligations under the Deposit Agreement and/or the ADRs. After the Company
receives the copy of the ADR Register and the Deposited Securities, the Company shall be discharged from all obligations under the Deposit Agreement except (i) to distribute the Shares to the Holders entitled thereto and (ii) for its
obligations to the Depositary and its agents. 

  
 A-14 

 (18) Appointment. Each Holder and each person holding an interest in ADSs, upon acceptance
of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s),
and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to
comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the
conclusive determinant of the necessity and appropriateness thereof. 
 (19) Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING,
FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING
AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH
HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY). 

  
 A-15

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