Document:

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                                                                     EXHIBIT 4.4

                                                                  CONFORMED COPY
                                                                  --------------

                                NETEASE.COM, INC.

          (a company incorporated under the laws of the Cayman Islands)

          Zero Coupon Convertible Subordinated Notes due July 15, 2023

                                   ----------

                                    INDENTURE

                            Dated as of July 14, 2003

                                   ----------

                              The Bank of New York,
                                     Trustee

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                                TABLE OF CONTENTS
                                -----------------

                                                                            Page
                                                                            ----

                                    ARTICLE 1
                   Definitions And Incorporation By Reference

Section 1.01.  Definitions.....................................................1
Section 1.02.  Other Definitions...............................................6
Section 1.03.  Incorporation by Reference of Trust Indenture Act...............8
Section 1.04.  Rules of Construction...........................................9

                                    ARTICLE 2
                                 The Securities

Section 2.01.  Form and Dating.................................................9
Section 2.02.  Execution and Authentication; Transfers.........................9
Section 2.03.  Registrar, Paying Agent and Conversion Agent...................10
Section 2.04.  Paying Agent to Hold Money and Securities in Trust.............10
Section 2.05.  Securityholder Lists...........................................11
Section 2.06.  Replacement Securities.........................................11
Section 2.07.  Outstanding Securities; Determinations of Holders' Action......11
Section 2.08.  Cancellation...................................................12
Section 2.09.  Restrictive Legends............................................13
Section 2.10.  Transfer and Exchange..........................................13
Section 2.11.  Book-Entry Provisions for Global Notes.........................14
Section 2.12.  Special Transfer Provisions....................................15
Section 2.13.  CUSIP and ISIN Numbers.........................................16
Section 2.14.  Restrictions Upon Conversion of Restricted Securities..........16

                                    ARTICLE 3
                           Redemption and Repurchases

Section 3.01.  Right to Redeem................................................16
Section 3.02.  Selection of Securities to be Redeemed.........................17
Section 3.03.  Notice of Redemption...........................................17
Section 3.04.  Effect of Notice of Redemption.................................18
Section 3.05.  Deposit of Redemption Price....................................18
Section 3.06.  Securities Redeemed in Part....................................18
Section 3.07.  Conversion Arrangement on Call for Redemption..................19
Section 3.08.  Repurchase of Securities at the Option of the Holder...........19
Section 3.09.  Repurchase of Securities at the Option of the Holder
               Upon a Fundamental Change......................................22
Section 3.10.  Repurchase At Option Of A Holder Upon A Delisting Event........25
Section 3.11.  Withdrawal of Notice or No Repurchase..........................26

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Section 3.12.  Deposit of Repurchase Price, Fundamental Change
               Repurchase Price or Delisting Put Price........................27
Section 3.13.  Securities Repurchased in Part.................................27
Section 3.14.  Covenant to Comply With Securities Laws Upon Repurchase
               of Securities..................................................28
Section 3.15.  Repayment to the Company.......................................28
Section 3.16.  Failure by the Company to Redeem or Repurchase.................28

                                    ARTICLE 4
                                    Covenants

Section 4.01.  Payment of Securities..........................................28
Section 4.02.  SEC Reports....................................................29
Section 4.03.  Compliance Certificate; Notice of Defaults.....................29
Section 4.04.  Further Instruments and Acts...................................30
Section 4.05.  Maintenance of Office or Agency................................30
Section 4.06.  Additional Amounts.............................................30
Section 4.07.  Rule 144 Information Requirement...............................31
Section 4.08.  Registration Rights............................................31

                                    ARTICLE 5
                              Successor Corporation

Section 5.01.  When Company May Merge or Transfer Assets......................31

                                    ARTICLE 6
                              Defaults and Remedies

Section 6.01.  Events of Default..............................................33
Section 6.02.  Acceleration...................................................35
Section 6.03.  Other Remedies.................................................35
Section 6.04.  Waiver of Past Defaults........................................35
Section 6.05.  Control by Majority............................................36
Section 6.06.  Limitation on Suit.............................................36
Section 6.07.  Rights of Holders to Receive Payment...........................36
Section 6.08.  Collection Suit by Trustee.....................................36
Section 6.09.  Trustee May File Proofs of Claim...............................37
Section 6.10.  Priorities.....................................................37
Section 6.11.  Undertaking for Costs..........................................38
Section 6.12.  Waiver of Stay, Extension or Usury Laws........................38

                                    ARTICLE 7
                                     Trustee

Section 7.01.  Duties of Trustee..............................................38
Section 7.02.  Rights of Trustee..............................................39
Section 7.03.  Individual Rights of Trustee...................................40
Section 7.04.  Trustee's Disclaimer...........................................40
Section 7.05.  Notice of Defaults.............................................40

                                       ii

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Section 7.06.  Reports by Trustee to Holders..................................40
Section 7.07.  Compensation and Indemnity.....................................40
Section 7.08.  Replacement of Trustee.........................................41
Section 7.09.  Successor Trustee, Agents by Merger, Etc.......................42
Section 7.10.  Eligibility; Disqualification..................................42
Section 7.11.  Preferential Collection of Claims Against Company..............42

                                    ARTICLE 8
                             Discharge Of Indenture

Section 8.01.  Discharge of Liability on Securities...........................42
Section 8.02.  Repayment to the Company.......................................43
Section 8.03.  Application Of Trust Money.....................................43
Section 8.04.  Reinstatement..................................................43

                                    ARTICLE 9
                                   Amendments

Section 9.01.  Without Consent of Holders.....................................44
Section 9.02.  With Consent of Holders........................................44
Section 9.03.  Revocation and Effect of Consent, Waivers and Actions..........45
Section 9.04.  Notation on or Exchange of Securities..........................45
Section 9.05.  Trustee to Sign Supplemental Indentures........................45
Section 9.06.  Effect of Supplemental Indentures..............................45

                                   ARTICLE 10
                                   Conversion

Section 10.01.  Conversion Privilege..........................................45
Section 10.02.  Conversion Conditions.........................................46
Section 10.03.  Conversion Procedure..........................................48
Section 10.04.  Fractional Shares.............................................51
Section 10.05.  Taxes on Conversion...........................................51
Section 10.06.  Company to Provide Stock......................................51
Section 10.07.  Adjustments for Change in Capital Stock.......................52
Section 10.08.  Adjustment for Rights Issue...................................52
Section 10.09.  Adjustment for Other Distributions............................53
Section 10.10.  Adjustment for all Cash Distribution..........................54
Section 10.11.  Adjustment for Repurchase.....................................55
Section 10.12.  When No Adjustment Required...................................56
Section 10.13.  Notice of Adjustment..........................................56
Section 10.14.  Voluntary Decrease............................................56
Section 10.15.  Notice of Certain Transactions................................57
Section 10.16.  Reorganization of Company; Special Distributions..............57
Section 10.17.  Company Determination Final...................................58
Section 10.18.  Trustee's Disclaimer..........................................58
Section 10.19.  Simultaneous Adjustments......................................58

                                      iii

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Section 10.20.  Successive Adjustments........................................58

                                   ARTICLE 11
                           Subordination Of Securities

Section 11.01.  Agreement Of Subordination....................................58
Section 11.02.  Payments To Holders...........................................59
Section 11.03.  Subrogation Of Securities.....................................61
Section 11.04.  Authorization To Effect Subordination.........................62
Section 11.05.  Notice To Trustee.............................................62
Section 11.06.  Trustee's Relation To Senior Indebtedness.....................63
Section 11.07.  No Impairment Of Subordination................................64
Section 11.08.  Certain Conversions Deemed Payment............................64
Section 11.09.  Article Applicable To Paying Agents...........................64
Section 11.10.  Senior Indebtedness Entitled To Rely..........................64

                                   ARTICLE 12
                                  Miscellaneous

Section 12.01.  Trust Indenture Act Controls..................................64
Section 12.02.  Notices.......................................................65
Section 12.03.  Certificate and Opinion to Conditions Precedent...............65
Section 12.04.  Statements Required in Certificate or Opinion.................66
Section 12.05.  Separability Clause...........................................66
Section 12.06.  Rules by Trustee, Paying Agents, Conversion Agent
                and Registrar.................................................66
Section 12.07.  Legal Holiday.................................................66
Section 12.08.  Governing Law.................................................66
Section 12.09.  Submission to Jurisdiction, Appointment of
                Agent for Service.............................................66
Section 12.10.  Successors....................................................67
Section 12.11.  Acts of Holders...............................................67
Section 12.12.  Waiver of Jury Trial..........................................68
Section 12.13.  Multiple Originals............................................68

EXHIBIT A-1 - Form of Face of Global Note..................................A-1-1
EXHIBIT A-2 - Form of Face of Definitive Registered Note...................A-2-1
EXHIBIT B-1 - Form of Reverse of Note......................................B-1-1
EXHIBIT C   - Form of Certificate to be delivered in connection
              with transfers pursuant to Regulation S .......................C-1

                                       iv

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                           CROSS-REFERENCING TABLE/1/

                                                                      Indenture
TIA Section                                                            Section
310  (a) (1)......................................................       7.10
     (a) (2)......................................................       7.10
     (a) (3)......................................................       N.A.
     (a) (4)......................................................       N.A.
     (a) (5)......................................................       7.10
     (b)..........................................................    7.08; 7.10
     (c)..........................................................       N.A.
311  (a)..........................................................       7.11
     (b)..........................................................       7.11
     (c)..........................................................       N.A.
312  (a)..........................................................       2.05
     (b)..........................................................      12.03
     (c)..........................................................      12.03
313  (a)..........................................................       7.06
     (b)..........................................................       7.06
     (c)..........................................................   7.06, 12.02
     (d)..........................................................       7.06
314  (a)..........................................................   4.02, 12.02
     (b)..........................................................       N.A.
     (c) (1)......................................................      12.04
     (c) (2)......................................................      12.04
     (c) (3)......................................................       N.A.
     (d)..........................................................       N.A.
     (e)..........................................................      12.05
     (f)..........................................................       4.04
315  (a)..........................................................       7.01
     (b)..........................................................   7.05; 12.04
     (c)..........................................................       7.01
     (d) (1)......................................................       7.01
     (d) (2)......................................................       7.01
     (d) (3)......................................................       7.01
     (e)..........................................................       6.11
316  (a) (1) (A)..................................................       6.05
     (a) (1) (B)..................................................       6.04
     (a) (2)......................................................       N.A.
     (a) (last sentence)..........................................       2.07
     (b)..........................................................       6.07
317  (a) (1)......................................................       6.08

----------
     /1/This Cross-Reference Table shall not, for any purpose, be deemed to be
part of the Indenture.

                                       v

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     (a) (2)......................................................       6.09
     (b)..........................................................       2.04
318  (a)..........................................................      12.01

                                       vi

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     INDENTURE, dated as of July 14, 2003 between NetEase.com, Inc., a company
incorporated under the laws of the Cayman Islands with its corporate seat in
Beijing, People's Republic of China (the "Company"), and The Bank of New York, a
New York banking corporation, as trustee (in such capacity, together with any
co-trustee, agent or successor, as the case may be, the "Trustee").

     Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of the Company's Zero Coupon
Convertible Subordinated Notes due July 15, 2023 (the "Securities"):

                                   ARTICLE 1
                   Definitions And Incorporation By Reference

     Section 1.01.  Definitions.

     "ADR" means an American Depositary Receipt, evidencing one or more ADSs,
issued pursuant to the Deposit Agreement.

     "ADS" means an American Depositary Share, issued pursuant to the Deposit
Agreement, initially representing 100 Ordinary Shares of the Company. Unless the
context otherwise requires, references to ADSs include ADSs in the form of ADRs
evidencing American Depositary Receipts of the Company.

     "ADS Depositary" means The Bank of New York, as depositary for the ADSs.

     "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control", when used with respect to any specified Person, means the power to
direct or cause the direction of the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms "controlling" and "controlled" have
meanings correlative to the foregoing.

     "Board" means, with respect to any matter, the Board of Directors of the
Company.

     "Business Day" means each day of the year on which banking institutions in
The City of New York, any Place of Payment or any Place of Conversion are not
required or authorized by law or regulation to close.

     "Capital Stock" for any corporation means any and all shares, interests,
rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) capital stock issued by that corporation.

     "Cash" or "cash" means such coin or currency of The United States of
America as at any time of payment is legal tender for the payment of public and
private debts.

<PAGE>

     "Close of Business" on any day shall mean 5:00 p.m. The City of New York
time on that day.

     "Company" means the party named as the "Company" in the first paragraph of
this Indenture until a successor replaces it pursuant to the applicable
provisions of this Indenture and, thereafter, shall mean such successor. The
foregoing sentence shall likewise apply to any subsequent successor to such
successor or successors.

     "Company Order" means a written request or order signed in the name of the
Company by any two Officers and delivered to the Trustee.

     "Consolidated Subsidiary" means, at any date, any Subsidiary the accounts
of which are consolidated with those of the Company as of such date for public
financial reporting purposes.

     "Corporate Trust Office" means the office of the Trustee at which at any
time the trust created by this Indenture shall be administered, which office at
the date of the execution of this Indenture is located at its address for
notices in Section 12.02 or at any other time at such other address as the
Trustee may designate from time to time by notice to the Company.

     "Default" means any event that is, or after notice or passage of time or
both would be, an Event of Default.

     "Definitive Registered Note" means a Definitive Registered Note issued in
respect of an interest in a Global Note, substantially in the form attached
hereto as Exhibit A-2.

     "Deposit Agreement" means the deposit agreement dated July 6, 2000 among
the Company, the ADS Depository, and the holders from time to time of the ADRs
issued thereunder or, if amended or supplemented as provided therein, as so
amended or supplemented.

     "Depositary" means The Depository Trust Company ("DTC") and its nominee and
successors.

     "Designated Senior Indebtedness" means the Company's obligations under any
particular Senior Indebtedness in which the instrument creating or evidencing
the same or the assumption or guarantee thereof (or any related agreements or
documents to which the Company is a party) expressly provides that such
Indebtedness shall be "Designated Senior Indebtedness" for purposes of this
Indenture (provided that such instrument, agreement or other document may place
limitations and conditions on the right of such Senior Indebtedness to exercise
the rights of Designated Senior Indebtedness). If any payment made to any holder
of any Designated Senior Indebtedness or its Representative with respect to such
Designated Senior Indebtedness is rescinded or must otherwise be returned by
such holder or Representative upon the insolvency, bankruptcy or reorganization
of the Company or otherwise, the reinstated Indebtedness of the Company arising
as a result of such rescission or return shall constitute Designated Senior
Indebtedness effective as of the date of such rescission or return.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Global Note" means the Global Note or Notes without coupons, which will
represent all of the Securities sold in compliance with Rule 144A, unless or
until Definitive Registered Notes

                                       2

<PAGE>

are issued in respect of all or any Securities represented by the Global Note in
which case the "Global Note" will represent all those Securities that are not
from time to time evidenced by Definitive Registered Notes.

     "Holder" or "Securityholder" means a Person in whose name a Security is
registered on the Trustee's books.

     "Indebtedness" means, with respect to any Person, without duplication, (a)
all indebtedness, obligations and other liabilities (contingent or otherwise) of
such Person for borrowed money (including obligations of such Person in respect
of overdrafts, foreign exchange contracts, currency exchange agreements,
interest rate protection agreements, and any loans or advances from banks,
whether or not evidenced by notes or similar instruments) or evidenced by credit
or loan agreements, bonds, debentures, notes or similar instruments (whether or
not the recourse of the lender is to the whole of the assets of such Person or
to only a portion thereof) (other than any trade accounts payable or other
accrued current liability or obligation incurred in the ordinary course of
business in connection with the obtaining of materials or services), (b) all
reimbursement obligations and other liabilities (contingent or otherwise) of
such Person with respect to letters of credit, bank guarantees or bankers'
acceptances, (c) all obligations and liabilities (contingent or otherwise) of
such Person (i) in respect of leases of such Person required, in conformity with
generally accepted accounting principles, to be accounted for as capitalized
lease obligations on the balance sheet of such Person, (ii) as lessee under
other leases for facilities equipment (and related assets leased together
therewith), whether or not capitalized, entered into or leased for financing
purposes (as determined by the Company) or (iii) under any lease or related
document (including a purchase agreement, conditional sale or other title
retention agreement) in connection with the lease of real property or
improvements thereon (or any personal property included as part of any such
lease) which provides that such Person is contractually obligated to purchase or
cause a third party to purchase the leased property or pay an agreed upon
residual value of the leased property, including such Person's obligations under
such lease or related document to purchase or cause a third party to purchase
such leased property or pay an agreed upon residual value of the leased property
to the lessor (whether or not such lease transaction is characterized as an
operating lease or a capitalized lease in accordance with generally accepted
accounting principles), (d) all obligations (contingent or otherwise) of such
Person with respect to any interest rate, currency or other swap, cap, floor or
collar agreement, hedge agreement, forward contract, or other similar instrument
or foreign currency hedge, exchange, purchase or similar instrument or
agreement, (e) all direct or indirect guarantees, agreements to be jointly
liable or similar agreements by such Person in respect of, and obligations or
liabilities (contingent or otherwise) of such Person to purchase or otherwise
acquire or otherwise assure a creditor against loss in respect of, indebtedness,
obligations or liabilities of another Person of the kind described in clauses
(a) through (d), (f) any indebtedness or other obligations described in clauses
(a) through (e) secured by any mortgage, pledge, lien or other encumbrance
existing on property which is owned or held by such Person, regardless of
whether the indebtedness or other obligation secured thereby shall have been
assumed by such Person, and (g) any and all deferrals, renewals, extensions,
refinancings and refundings of, or amendments, modifications or supplements to,
any Indebtedness, obligation or liability of the kind described in clauses (a)
through (f).

                                        3

<PAGE>

     "Indenture" means this Indenture as amended or supplemented from time to
time in accordance with the terms hereof.

     "Issue Date" of any Security means the date on which the Security was
originally issued or deemed issued as set forth on the face of the Security.

     "Issue Price" of any Security means, in connection with the original
issuance of such Security, the initial issue price at which the Security is sold
as set forth on the face of the Security.

     "Lien" means a preference arrangement on property, such as, a mortgage or
deed of trust, pledge, hypothecation, assignment, deposit arrangement, security
interest, charge, preference, priority, security agreement, capital lease
obligation, conditional sale or any other agreement that has the same economic
effect as any of the foregoing.

     "Notes" means Global Notes and Definitive Registered Notes, collectively.

     "Officers" means the Company's Chief Executive Officer, Chief Financial
Officer and Executive Director, or any Vice President, or Persons who carry out
similar responsibilities at the Company from time to time.

     "Officers' Certificate" means a written certificate containing the
information specified in Section 12.04, and, if applicable, Sections 3.08(a),
4.06, 8.01, 9.05, 10.15, 12.03 and other relevant sections hereof, signed by any
two Officers.

     "Opinion of Counsel" means a written opinion containing the information
specified in Sections 12.03 and 12.04 and, if applicable, Sections 2.12(c), 8.01
and 9.05 rendered by legal counsel who may be (i) an employee of, or counsel to,
the Company or (ii) other counsel designated by the Company and reasonably
satisfactory to the Trustee.

     "Ordinary Shares" means the Ordinary Shares, nominal value $0.0001 per
share, of the Company as it exists on the date of this Indenture or any other
shares of Capital Stock of the Company into which such Ordinary Shares shall be
reclassified or changed.

     "Participant" means, with respect to DTC, a Person who has an account with
DTC.

     "Payable Amount" means the Principal Amount, Redemption Price, Repurchase
Price, Fundamental Change Repurchase Price, Delisting Put Price, or Merger
Redemption Price, as applicable, to be paid to a Holder.

     "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

     "Principal" or "Principal Amount" of a Security means the principal amount
due at the Stated Maturity of the Security as set forth on the face of the
Security.

                                        4

<PAGE>

     "Private Placement Legend" means the restrictive legend initially set forth
in the Global Note or the Definitive Registered Notes, as set forth in Exhibits
A-1 or A-2, as applicable.

     "QIB" means a "qualified institutional buyer" as defined under Rule 144A.

     "Redemption Date" shall mean the date specified for redemption of any of
the Securities in accordance with the terms of the Securities and this
Indenture.

     "Redemption Price" shall mean an amount equal to the Principal Amount.

     "Regulation S" means Regulation S promulgated under the Securities Act.

     "Representative" means the (a) indenture trustee or other trustee, agent or
representative for any Senior Indebtedness or (b) with respect to any Senior
Indebtedness that does not have any such trustee, agent or other representative,
(i) in the case of such Senior Indebtedness issued pursuant to an agreement
providing for voting arrangements as among the holders or owners of such Senior
Indebtedness, any holder or owner of such Senior Indebtedness acting with the
consent of the required Persons necessary to bind such holders or owners of such
Senior Indebtedness and (ii) in the case of all other such Senior Indebtedness,
the holder or owner of such Senior Indebtedness.

     "Rule 144A" means Rule 144A under the Securities Act.

     "SEC" means the Securities and Exchange Commission.

     "Securities" means any of the Company's Zero Coupon Convertible
Subordinated Notes due July 15, 2023, as amended or supplemented from time to
time in accordance with the terms hereof, issued under this Indenture.

     "Securities Act" means the Securities Act of 1933, as amended.

     "Senior Indebtedness" means the principal of, premium, if any, interest
(including all interest accruing subsequent to the commencement of any
bankruptcy or similar proceeding, whether or not a claim for post-petition
interest is allowable as a claim in any such proceeding) and rent payable on or
in connection with, and all fees, costs, expenses and other amounts accrued or
due on or in connection with, Indebtedness of the Company, whether secured or
unsecured, absolute or contingent, due or to become due, outstanding on the date
of this Indenture or thereafter created, incurred, assumed, guaranteed or in
effect guaranteed by the Company, including all deferrals, renewals, extensions
or refundings of, or amendments, modifications or supplements to, the foregoing,
unless in the case of any particular Indebtedness the instrument creating or
evidencing the same or the assumption or guarantee thereof expressly provides
that such Indebtedness shall not be senior in right of payment to the Securities
or expressly provides that such Indebtedness is "pari passu" or "junior" to the
Securities. If any payment made to any holder of any Senior Indebtedness or its
Representative with respect to such Senior Indebtedness is rescinded or must
otherwise be returned by such holder or Representative upon the insolvency,
bankruptcy or reorganization of the Company or otherwise, the reinstated
Indebtedness of the Company arising as a result of such rescission or return
shall constitute Senior Indebtedness effective as of the date of such rescission
or return.

                                        5

<PAGE>

Notwithstanding the foregoing, Senior Indebtedness shall not include any
Indebtedness of the Company to any wholly-owned Subsidiary, other than
Indebtedness to Subsidiaries arising by reason of guarantees by the Company of
Indebtedness of such Subsidiary to a Person that is not the Company's
Subsidiary.

     "Stated Maturity", when used with respect to any Security, means the date
specified in such Security as the fixed date on which the Principal of such
Security is due and payable.

     "Subsidiary" means (i) a corporation, a majority of whose Capital Stock
with voting power, under ordinary circumstances, to elect directors (or other
governing body of such corporation) is, at the date of determination, directly
or indirectly owned by the Company, by one or more Subsidiaries of the Company
or by the Company and one or more Subsidiaries of the Company, (ii) a
partnership in which the Company or a Subsidiary of the Company holds a majority
interest in the equity capital or profits of such partnership, or (iii) any
other Person (other than a corporation) in which the Company, a Subsidiary of
the Company or the Company and one or more Subsidiaries of the Company, directly
or indirectly, at the date of determination, has (x) at least a majority
ownership interest or (y) the power to elect or direct the election of a
majority of the directors or other governing body of such Person.

     "The Nasdaq National Market" means the National Market of the National
Association of Securities Dealers Automated Quotation System.

     "TIA" means the Trust Indenture Act of 1939, as amended by the Trust
Indenture Reform Act of 1990, and as in effect on the date of this Indenture.

     "Trading Day" means each day on which the securities exchange or quotation
system which is used to determine the ADS Sale Price is open for trading or
quotation.

     "Trustee" means the party named as the "Trustee" in the first paragraph of
this Indenture until a successor replaces it pursuant to the applicable
provisions of this Indenture and, thereafter, shall mean such successor.

     "Trust Officer" when used with respect to the Trustee means any officer
within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant treasurer, trust officer or any
other officer of the Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such Person's
knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Indenture.

     Section 1.02.  Other Definitions.

Term                                                          Defined in Section
----                                                          ------------------

"Additional Amounts" .....................................           4.06
"ADS Sale Price" .........................................         10.02(a)
"Applicable Cash Settlement Averaging Period" ............         10.03(c)

                                        6

<PAGE>

Term                                                          Defined in Section
----                                                          ------------------

"Authorized Agent" .......................................          12.09
"Bankruptcy Law" .........................................           6.01
"Beneficial Owner" .......................................         3.09(a)
"Cash, Property or Securities" ...........................         11.02(c)
"Close of Business" ......................................           3.03
"Company Notice" .........................................         3.08(c)
"Company Notice Date" ....................................         3.08(c)
"Conversion Agent" .......................................           2.03
"Conversion Date" ........................................          10.03
"Conversion Obligation" ..................................          10.03
"Conversion Price" .......................................          10.01
"Conversion Retraction Period" ...........................         10.03(c)
"Conversion Value" .......................................         10.02(c)
"Custodian" ..............................................           6.01
"Delisting Event" ........................................           3.10
"Delisting Notice" .......................................           3.10
"Delisting Put Date" .....................................           3.10
"Delisting Put Option" ...................................           3.10
"Delisting Put Price" ....................................           3.10
"Delisting Put Surrender Date" ...........................           3.10
"Delisting Put Notice" ...................................           3.10
"Event of Default" .......................................           6.01
"Expiration Time" ........................................          10.11
"Final Surrender Date" ...................................         3.09(c)
"Fundamental Change" .....................................         3.09(a)
"Fundamental Change Notice" ..............................         3.09(b)
"Fundamental Change Repurchase Date" .....................         3.09(a)
"Fundamental Change Repurchase Notice" ...................         3.09(c)
"Fundamental Change Repurchase Price" ....................         3.09(a)
"Junior Securities" ......................................          11.08
"Legal Holiday" ..........................................          12.07
"Merger Event" ...........................................           5.01
"Merger Redemption Date" .................................         5.01(b)
"Merger Redemption Notice" ...............................         5.01(b)
"Merger Redemption Obligation" ...........................         5.01(b)
"Merger Redemption Price" ................................         5.01(b)

                                        7

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Term                                                          Defined in Section
----                                                          ------------------

"Merger Redemption Surrender Date" .......................         5.01(b)
"Notice of Default" ......................................           6.01
"Partial Cash Amount" ....................................          10.03
"Paying Agent" ...........................................           2.03
"Payment Blockage Notice" ................................          11.02
"Place of Conversion" ....................................           2.03
"Place of Payment" .......................................           2.03
"Purchaser" ..............................................           2.02
"Purchased Shares" .......................................          10.11
"Purchaser's Increase Option" ............................           2.02
"Record Date" ............................................   10.08, 10.09, 10.10
"Reference Price" ........................................         10.02(a)
"Registrar" ..............................................           2.03
"Repurchase Date" ........................................         3.08(a)
"Repurchase Deadline" ....................................         3.08(a)
"Repurchase Notice" ......................................         3.08(a)
"Repurchase Price" .......................................         3.08(a)
"Senior Indebtedness" ....................................          11.02
"Settlement Notice Period" ...............................         10.03(c)
"Taxes" ..................................................           4.06
"Time of Determination" ..................................          10.08
"Trading Price" ..........................................         10.02(c)

     Section 1.03.  Incorporation by Reference of Trust Indenture Act. Whenever
this Indenture refers to a provision of the TIA, such provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

     "Commission" means the SEC.

     "indenture securities" means the Securities.

     "indenture security holder" means a Securityholder.

     "indenture to be qualified" means this Indenture.

     "indenture trustee" or "institutional trustee" means the Trustee.

     "obligor" on the indenture securities means the Company.

                                        8

<PAGE>

     All other TIA terms used in this Indenture that are defined by the TIA or
defined by TIA reference to another statute or regulation have the meanings
assigned to them by such definitions.

     Section 1.04.  Rules of Construction. Unless the context otherwise
requires:

     (a)  a term has the meaning assigned to it;

     (b)  an accounting term not otherwise defined has the meaning assigned to
it in accordance with generally accepted accounting principles as in effect from
time to time in The United States of America;

     (c)  "or" is not exclusive;

     (d)  "including" means including, without limitation; and

     (e)  words in the singular include the plural, and words in the plural
include the singular.

                                   ARTICLE 2
                                 The Securities

     Section 2.01.  Form and Dating. The Securities shall be substantially in
the form of Exhibits A-1 and A-2, which are a part of this Indenture. The
Securities may have notations, legends or endorsements required by law, stock
exchange rule or usage (provided that any such notation, legend or endorsement
required by usage is in a form acceptable to the Company and the Trustee). Each
Security shall be dated the date of its authentication.

     Section 2.02.  Execution and Authentication; Transfers. The Securities
shall be executed by the Company by one or more Officers. The signature of any
of these Officers on the Securities may be manual or facsimile.

     Securities bearing the manual or facsimile signatures of individuals who
were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities or did not
hold such offices at the Issue Date of such Securities.

     No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein duly
executed by the Trustee by manual signature of an authorized officer, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder.

     The Trustee shall authenticate and deliver Securities for original issue in
an aggregate Principal Amount of $75,000,000 upon a Company Order without any
further action by the Company; provided, however, that in the event that Credit
Suisse First Boston LLC (the "Purchaser") elects to purchase additional
Securities pursuant to the option (the "Purchaser's

                                        9

<PAGE>

Increase Option") granted pursuant to Section 3 of the Purchase Agreement, dated
July 8, 2003, between the Company and the Purchaser, then the Trustee shall
authenticate and deliver Securities for original issue in an aggregate Principal
Amount of up to $75,000,000 plus up to $25,000,000 aggregate Principal Amount of
Securities sold pursuant to the Purchaser's Increase Option upon a Company
Order. The aggregate Principal Amount of Securities outstanding at any time,
plus the aggregate Principal Amount of any Securities that have been converted
or redeemed pursuant to the provisions of this Indenture prior to such time, may
not exceed the amount set forth in the foregoing sentence, subject to the
proviso set forth therein, except as provided in Section 2.06.

     The Securities shall be issued in fully registered form without interest
coupons in the form of one or more Global Notes. The Securities shall be held
through The Depository Trust Company and shall be represented by a Global Note
in fully registered form without interest coupons, substantially in the form set
forth in Exhibit A-1 hereto. The Global Note shall be deposited with The Bank of
New York, as custodian for DTC, and registered in the name of the nominee of
DTC.

     Section 2.03.  Registrar, Paying Agent and Conversion Agent. The Company
initially appoints The Bank of New York as conversion agent (in such capacity,
the "Conversion Agent"), paying agent (in such capacity, the "Paying Agent") and
registrar (in such capacity, the "Registrar"). The terms "Conversion Agent",
"Paying Agent" and "Registrar" shall also include any successors in such
capacities to The Bank of New York. The Trustee, so long as it acts also as the
Conversion Agent, Paying Agent and Registrar, shall maintain an office or agency
in The City of New York where Securities may be presented for registration of
transfer, exchange or conversion.

     The City of New York, as the city in which payment or conversion occurs,
shall be called herein the "Place of Payment" or the "Place of Conversion",
respectively. The Registrar shall keep a register of the Securities and of their
transfer and exchange.

     The Trustee shall be entitled to appropriate compensation for acting as
Registrar, Paying Agent and Conversion Agent pursuant to Section 7.07.

     Section 2.04.  Paying Agent to Hold Money and Securities in Trust. In
accordance with Section 4.05 and except as otherwise provided herein, prior to
or on each due date for payments in respect of any Security, the Company shall
deposit with the Paying Agent a sum of money or, if permitted by the terms
hereof, securities sufficient to make such payments when so becoming due.

     The Company shall require the Paying Agent (if other than the Trustee) to
agree in writing that such Paying Agent shall hold in trust for the benefit of
Securityholders or the Trustee all money and securities held by such Paying
Agent for the making of payments in respect of the Securities and shall promptly
notify the Trustee of any default by the Company in making any such payment. At
any time during the continuance of any default by the Company in making any
payments in respect of the Securities, each Paying Agent shall, upon the written
request of the Trustee, forthwith pay to the Trustee all money and securities so
held in trust.

                                       10

<PAGE>

     If the Company, a Subsidiary or an Affiliate of either of them acts as the
Paying Agent, it shall segregate the money and securities held by it as such
Paying Agent and hold it as a separate trust fund. The Company at any time may
require a Paying Agent to pay all money and securities held by it to the Trustee
and to account for any money and securities disbursed by it. Upon doing so, such
Paying Agent shall have no further liability for such money and securities.

     Section 2.05.  Securityholder Lists. The Registrar shall preserve in as
current a form as is reasonably practicable the most recent list available to it
of the names and addresses of Securityholders.

     The Company shall furnish or cause to be furnished to the Trustee (i) at
least semiannually on June 1 and December 1 a list of the names and addresses of
Securityholders dated within 15 days of the date on which the list is furnished
and (ii) at such other times as the Trustee may request in writing a list, in
such form and as of such date as the Trustee may reasonably require, of the
names and addresses of Securityholders, other than those registered with the
Trustee.

     Section 2.06.  Replacement Securities. If (a) any mutilated Security is
surrendered to the Trustee, or (b) the Company and the Trustee receive evidence
to their satisfaction of the destruction, loss or theft of any Security, and
there is delivered to the Company and the Trustee such security or indemnity as
may be required by them to save each of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a
bona fide purchaser, the Company shall execute, and upon its written request the
Trustee shall authenticate and deliver, in exchange for any such mutilated
Security or in lieu of any such destroyed, lost or stolen Security, a new
Security of like tenor and Principal Amount, bearing a number not
contemporaneously outstanding.

     Upon the issuance of any new Securities under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Trustee) in connection therewith.

     Every new Security issued pursuant to this Section in lieu of any
mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all benefits of this Indenture equally and proportionately with any
and all other Securities duly issued hereunder.

     The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

     Section 2.07.  Outstanding Securities; Determinations of Holders' Action.
Securities outstanding at any time are all the Securities authenticated by the
Trustee except for those cancelled by it, those delivered to it for
cancellation, mutilated, destroyed, lost or stolen Securities for which the
Trustee has authenticated and delivered a new Security in lieu therefor pursuant
to Section 2.06 and those described in this Section 2.07 as not outstanding.
Subject to

                                       11

<PAGE>

Section 2.08, a Security does not cease to be outstanding because the Company or
an Affiliate thereof holds the Security; provided, however, that in determining
whether the Holders of the requisite Principal Amount of Securities have given
or concurred in any request, demand, authorization, direction, notice, consent
or waiver hereunder, Securities owned by the Company, or any other obligor upon
the Securities, or any Affiliate of the Company or such other obligor, shall be
disregarded and deemed not to be outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a
Trust Officer of the Trustee has actual knowledge or has received written notice
to be so owned shall be so disregarded. Subject to the foregoing, only
Securities outstanding at the time of such determination shall be considered in
any such determination (including, without limitation, determinations pursuant
to Articles 6 and 9).

     If a Security is replaced pursuant to Section 2.06, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

     If the Paying Agent holds, in accordance with this Indenture, on a
Redemption Date, or on the Business Day following the Repurchase Date, a
Fundamental Change Repurchase Date, a Delisting Put Date or a Merger Redemption
Date, or on the Stated Maturity, money sufficient to pay the Securities payable
on that date, then on and after that date such Securities shall cease to be
outstanding and accrued and unpaid interest, if any, on such Securities shall
cease to accrue and all other rights of the Holder shall terminate whether or
not the applicable Securities are delivered to the Paying Agent (other than the
right to receive the applicable Redemption Price, Repurchase Price, Fundamental
Change Repurchase Price, Delisting Put Price or Merger Redemption Price, as the
case may be, upon delivery of the Security in accordance with the terms of this
Indenture); provided, that if such Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made.

     If a Security is converted in accordance with Article 10, then from and
after the Conversion Date such Security shall cease to be outstanding and
accrued and unpaid interest, if any, shall cease to accrue on such Security.

     Section 2.08.  Cancellation. All Securities surrendered for payment,
redemption or repurchase by the Company pursuant to Article 3, conversion
pursuant to Article 10, registration of transfer or exchange shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly cancelled by it. The Company may at any time deliver to
the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly cancelled by the
Trustee. The Company may not issue new Securities to replace Securities it has
paid or delivered to the Trustee for cancellation or that any Holder has
converted pursuant to Article 10. No Securities shall be authenticated in lieu
of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. Unless the Company requests
otherwise, the Trustee shall dispose of all cancelled Securities in accordance
with its outstanding procedures.

                                       12

<PAGE>

     Section 2.09.  Restrictive Legends. Subject to Section 2.12(c), until the
expiration of the applicable holding period with respect to the Securities set
forth in Rule 144(k) promulgated under the Securities Act, the Global Note and
the Definitive Registered Note, if any, shall bear a restrictive legend in the
face thereof substantially in the form contained in Exhibits A-1 and A-2,
respectively.

     Section  2.10.  Transfer and Exchange. (a) Global Notes.  Transfers of any
Global Note shall be limited to transfers in whole, but not in part, only to DTC
or another nominee of DTC.

     (b)  Definitive Registered Notes. Definitive Registered Notes will be
issued in exchange for the Global Note as directed by the Holder thereof (i) if
an Event of Default occurs, upon the written request of the Holder of such
Global Note or, (ii) if the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary, and, in each case, in accordance with the
provisions of Section 2.12. In any such event,

          (i)  the Company shall execute, and the Trustee, upon receipt of an
     Officers' Certificate for the authentication and delivery of Definitive
     Registered Notes, shall authenticate and deliver, without service charge,
     to the Persons specified by the Holder of such Global Note, Definitive
     Registered Notes each evidencing $1,000 principal amount at maturity or
     integral multiples thereof and registered in such names as such Holder
     shall instruct the Trustee evidencing an aggregate principal amount at
     maturity equal to and in exchange for such Global Note held by such Holder;
     and

          (ii) if the principal amount at maturity evidenced by the surrendered
     Global Note is greater than the aggregate principal amount at maturity
     evidenced by all the Definitive Registered Notes authenticated and
     delivered pursuant to clause (i) above, the Registrar shall adjust the
     register relating to such Global Note to decrease the principal amount at
     maturity evidenced by such Global Note by an amount equal to the aggregate
     principal amount at maturity evidenced by all such Definitive Registered
     Notes.

     Upon the exchange of such Global Note for Definitive Registered Notes
evidencing an aggregate principal amount of Indebtedness at maturity equal to
that of such Global Note, such Global Note shall be canceled by the Trustee.

     The Company shall reimburse the Registrar and the Trustee for expenses they
incur in documenting such exchanges and issuances of Definitive Registered
Notes.

     Any Definitive Registered Note delivered in exchange for an interest in the
Global Notes pursuant to paragraph (b) of this Section 2.10 shall, except as
otherwise provided by paragraph (c) of Section 2.12, bear the legend regarding
transfer restrictions applicable to a Definitive Registered Note set forth in
Exhibit A-2.

     All Definitive Registered Notes issued upon any exchange of beneficial
interests in the Global Note shall be valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Securities evidenced by such Global Note surrendered upon such
exchange.

                                       13

<PAGE>

     When a Definitive Registered Note, if any, is presented to the Registrar
with a request from the Holder of such Definitive Registered Note to register a
transfer, the Registrar shall register the transfer as requested. Every
Definitive Registered Note presented or surrendered for registration of transfer
or exchange shall be duly endorsed or be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Registrar, duly executed by
the Holder thereof or his attorneys duly authorized in writing.

     At the option of the Holder, a Definitive Registered Note may be exchanged
for another Definitive Registered Note in denominations of $1,000 principal
amount at maturity and integral multiples thereof evidencing an equivalent
aggregate principal amount at maturity, upon surrender of the Definitive
Registered Note to be exchanged at the office or agency maintained for such
purpose pursuant to Section 2.03.

     To permit registrations of transfers and exchanges, the Company shall issue
and execute and the Trustee shall authenticate new Definitive Registered Notes
evidencing such transfer or exchange at the Registrar's request. No service
charge shall be made to the Holder for any registration of transfer or exchange.
The Company shall not charge a service charge for any registration of transfer
or exchange, but the Company may require payment of a sum sufficient to pay all
taxes, assessments or other governmental charges that may be imposed in
connection with the transfer or exchange of the Securities from the
Securityholder requesting such transfer or exchange (other than any exchange of
a temporary Security for a definitive Security not involving any change in
ownership). The Registrar shall not be required to exchange or register a
transfer of any Definitive Registered Note for a period of 15 days immediately
preceding the first mailing of notice of redemption of Definitive Registered
Notes to be redeemed or of any Definitive Registered Note selected, called or
being called for redemption except, in the case of any Definitive Registered
Note where public notice has been given that such Definitive Registered Note is
to be redeemed in part, the portion thereof not to be redeemed.

     (c)  Global Notes and Definitive Registered Notes. The Company shall not be
required to make, and the Registrar need not register, transfers or exchanges of
(i) Securities selected for redemption (except, in the case of Securities to be
redeemed in part, the portion thereof not to be redeemed), (ii) any Securities
in respect of which the Repurchase Notice, a Fundamental Change Repurchase
Notice or a Delisting Put Notice has been given and not withdrawn by the Holder
thereof in accordance with the terms of this Indenture (except, in the case of
Securities to be repurchased in part, the portion thereof not to be repurchased)
or (iii) any Securities for a period of 15 days before a selection of Securities
to be redeemed.

     Section 2.11.  Book-Entry Provisions for Global Notes. (a) Any beneficial
interest in one of the Global Notes that is transferred to a Person who takes
delivery in the form of an interest in another Global Note will, upon transfer,
cease to be an interest in such Global Note and become an interest in such other
Global Note and, accordingly, will thereafter be subject to all transfer
restrictions, if any, and other procedures applicable to beneficial interests in
such other Global Note for as long as it remains such an interest.

     (b)  The Holder of a Global Note may grant proxies and otherwise authorize
any Person to take any action which a Holder is entitled to take under this
Indenture or the Securities.

                                       14

<PAGE>

     Section 2.12.  Special Transfer Provisions. Unless and until a Security is
registered under the Securities Act, the following provisions shall apply:

     (a)  Transfers to U.S. Persons. If the Security is to be transferred to a
U.S. Person and consists of (A) Definitive Registered Notes prior to the removal
of the Private Placement Legend, the transferor must advise the Company and the
Trustee in writing that the sale has been made in compliance with the provisions
of Rule 144A to a transferee who has advised the Company and the Trustee in
writing that it is purchasing the Security for its own account or an account
with respect to which it exercises sole investment discretion and that it and
any such account is a QIB within the meaning of Rule 144A and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding the Company as it has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware
that the transferor is relying upon its foregoing representations in order to
claim the exemption from registration provided by Rule 144A or (B) an interest
in the Global Note, the transfer of such interest may be effected only through
the book-entry system maintained by the Depositary.

     (b)  Transfers to Non-U.S. Persons at Any Time. Any proposed transfer to
any Non-U.S. Person of a Definitive Registered Note or an interest in a Global
Note may be made upon receipt by the Trustee of a certificate substantially in
the form of Exhibit C hereto from the proposed transferor.

     (c)  Private Placement Legend. Upon the transfer, exchange or replacement
of Securities not bearing the Private Placement Legend, the Trustee shall
deliver Securities that do not bear the Private Placement Legend. Upon the
transfer, exchange or replacement of Securities bearing the Private Placement
Legend, the Trustee shall deliver only Securities that bear the Private
Placement Legend unless (i) the Securities are registered under the Securities
Act, or (ii) if the time period referred to in Rule 144(k) has expired and there
is delivered to the Trustee an Opinion of Counsel reasonably satisfactory to the
Company and the Trustee to the effect that neither such legend nor the related
restrictions on transfer are required in order to maintain compliance with the
provisions of the Securities Act.

     (d)  General. By its acceptance of any Security bearing the Private
Placement Legend, each Holder of such a Security acknowledges the restrictions
on transfer of such Security set forth in this Indenture and in the Private
Placement Legend and agrees that it will transfer such Security only as provided
in this Indenture. In connection with any transfer of Securities, each Holder
agrees by its acceptance of the Securities to furnish the Trustee or the Company
such certifications, legal opinions or other information as either of them may
reasonably require to confirm that such transfer is being made pursuant to an
exemption from, or a transaction not subject to, the registration requirements
of the Securities Act; provided that the Trustee shall not be required to
determine (but may conclusively rely on a determination made by the Company with
respect to) the sufficiency of any such certifications, legal opinions or other
information.

     The Trustee shall retain copies of all letters, notices and other written
communications received pursuant to Section 2.11 or this Section 2.12 in
accordance with its customary record retention procedures. The Company shall
have the right to inspect and make copies of all such

                                       15

<PAGE>

letters, notices or other written communications at any reasonable time upon the
giving of reasonable written notice to the Trustee.

     Section 2.13.  CUSIP and ISIN Numbers. The Company in issuing the
Securities may use "CUSIP" and/or "ISIN"numbers (if then generally in use), and,
if so, the Trustee shall use "CUSIP" and/or "ISIN" numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee of any
change in the "CUSIP" or "ISIN" numbers.

     Section 2.14.  Restrictions Upon Conversion of Restricted Securities. Any
purchaser of Securities, other than a foreign purchaser outside the U.S., shall,
upon conversion of any Securities, if at the time of conversion such Securities
are "restricted securities" within the meaning of Rule 144 under the Securities
Act, be required to sign a letter addressed to the Company agreeing that:

     (a)  if it should offer, resell or otherwise transfer any Ordinary Shares
issued upon conversion of its beneficial interests in the Securities within the
time period referred to in Rule 144(k) under the Securities Act after the
original issuance of the Securities, it will do so only:

          (i)    to the Company or any Subsidiary thereof,

          (ii)   outside the United States in compliance with Rule 903 or 904
     under the Securities Act (and not in a pre-arranged transaction resulting
     in the resale of such interests in the Securities into the U.S.), or

          (iii)  pursuant to the exemption from registration provided by Rule
     144A (if available); and

     (b)  the Ordinary Shares received upon conversion of the Securities will be
"restricted securities" (within the meaning of Rule 144(a)(3)).

                                    ARTICLE 3
                           Redemption And Repurchases

     Section 3.01.  Right to Redeem. The Company, at its option, may redeem the
Securities, in whole or in part, for cash in accordance with the provisions set
forth in paragraphs 5 and 8 of the Securities; provided, however, that the
Securities may not be redeemed prior to July 15, 2008 except as provided for in
Section 5.01 hereof. Beginning on such date and until the Close of Business on
the Stated Maturity, the Company may redeem the Securities, in whole or in part,
for cash at the Redemption Price, together with accrued and unpaid interest, if
any, if the Reference Price of the Ordinary Shares for 20 out of any 30
consecutive Trading Day period, the last Trading Day of which occurs no more
than five days prior to the date the notice of redemption under Section 3.03 is
published, is at least 130% of the Conversion Price in effect on

                                       16

<PAGE>

such Trading Day. If the Company elects to redeem Securities pursuant to
paragraph 5 of the Securities, it shall notify the Holders in writing of the
Redemption Date and the Principal Amount of Securities to be redeemed.

     The Company shall not give less than 30 days' or more than 60 days' notice
of redemption by mail to Holders of Securities, with a copy to the Trustee.

     Section 3.02.  Selection of Securities to be Redeemed. If less than all the
Securities are to be redeemed, the Trustee shall select the Securities to be
redeemed pro rata or by lot or by any other method the Trustee considers fair
and appropriate (so long as such method is not prohibited by the rules of any
stock exchange on which the Securities are then listed). The Trustee shall make
the selection at least 30 but not more than 60 days before the Redemption Date
from outstanding Securities not previously called for redemption. The Trustee
may select for redemption portions of the Principal Amount of Securities that
have denominations larger than $1,000. Securities and portions of them the
Trustee selects shall be in Principal Amounts of $1,000 or an integral multiple
of $1,000. Provisions of this Indenture that apply to Securities called for
redemption also apply to portions of Securities called for redemption. The
Trustee shall notify the Company promptly of the Securities or portions of
Securities to be redeemed.

     If any Security selected for partial redemption is thereafter surrendered
for conversion in part before termination of the conversion right with respect
to the portion of the Security so selected and prior to such redemption, the
converted portion of such Security shall be deemed (so far as may be), solely
for purposes of determining the aggregate Principal Amount of Securities to be
redeemed by the Company, to be the portion selected for redemption. Securities
that have been converted during a selection of Securities to be redeemed may be
treated by the Trustee as outstanding for the purpose of such selection. Nothing
in this Section 3.02 shall affect the right of any Holder to convert any
Security pursuant to Article 10 before the termination of the conversion right
with respect thereto.

     Section 3.03.  Notice of Redemption. At least 30 days but not more than 60
days before a Redemption Date, the Company shall mail a notice of redemption by
first-class mail to each Holder of Securities to be redeemed in the manner
provided in Section 12.02.

     The notice shall identify the Securities to be redeemed and shall state:

     (a)  the Redemption Date;

     (b)  the Redemption Price;

     (c)  the Conversion Price;

     (d)  the name and address of the Paying Agent and Conversion Agent, and of
the offices or agencies referred to in Section 4.05;

     (e)  that Securities called for redemption may be converted at any time
before the Close of Business on the Redemption Date;

                                       17

<PAGE>

     (f)  that Holders who want to convert Securities must satisfy the
requirements set forth in paragraph 9 of the Securities;

     (g)  that Securities called for redemption must be surrendered to the
Paying Agent or at any applicable office or agency referred to in Section 4.05
to collect the Redemption Price;

     (h)  the CUSIP, ISIN or other certificate numbers, if any, of the
Securities;

     (i)  if fewer than all the outstanding Securities are to be redeemed, the
certificate numbers, if any, and Principal Amounts of the particular Securities
to be redeemed; and

     (j)  that, unless the Company defaults in payment of the Redemption Price,
accrued and unpaid interest, if any, will cease to accrue on and after the
Redemption Date.

     If fewer than all the outstanding Securities are to be redeemed and the
Trustee is to select the Securities to be redeemed, the Company shall provide
notice thereof to the Trustee at least 10 days before notice is provided to each
Holder of Securities.

     At the Company's written request, the Trustee shall give the notice of
redemption in the Company's name, at the Company's expense and using the text of
such notice prepared by the Company.

     Section 3.04.  Effect of Notice of Redemption. Once notice of redemption is
given, Securities called for redemption become due and payable on the Redemption
Date stated in the notice and at the Redemption Price therefor except for
Securities which a Holder surrenders for conversion in accordance with Section
10.02(b). On the Redemption Date, such Securities called for redemption shall be
paid at the Redemption Price therefor. Notice of redemption shall be deemed to
be given when mailed, whether or not the Holder receives such notice.

     Section 3.05.  Deposit of Redemption Price. On or prior to the Redemption
Date, the Company shall deposit or cause to be deposited with the Paying Agent
(or if the Company or a Subsidiary or an Affiliate of either of them is the
Paying Agent, shall segregate and hold in trust) money sufficient to pay the
Redemption Price of all Securities to be redeemed on that date other than
Securities or portions of Securities called for redemption which prior thereto
have been delivered by the Company to the Trustee for cancellation. The Company
shall pay redemption funds into an account in the name of the Paying Agent, on
behalf of the relevant Holder. When the redemption funds are paid into the
account in the Paying Agent's name, the Paying Agent shall immediately transfer
the redemption funds to the relevant Holder in exchange for the Securities
surrendered to the Paying Agent by the relevant Holder. The Paying Agent shall
as promptly as practicable return to the Company any money, with interest, if
any, thereon (subject to the provisions of Section 7.01(e)), not required for
that purpose because of conversion of Securities pursuant to Article 10. If such
money is then held by the Company or a Subsidiary or an Affiliate of the Company
in trust and is not required for such purpose it shall be discharged from such
trust.

     Section 3.06.  Securities Redeemed in Part. Upon surrender of a Security
that is redeemed in part, the Company shall execute, and the Trustee shall
authenticate and deliver to

                                       18

<PAGE>

the Holder, a new Security in an authorized denomination equal in Principal
Amount to the unredeemed portion of the Security surrendered.

     Section 3.07.  Conversion Arrangement on Call for Redemption. In connection
with any redemption of Securities, the Company may arrange for the purchase and
conversion of any Securities called for redemption by an agreement with one or
more investment bankers or other purchaser to purchase all or a portion of such
Securities by paying to the Trustee in trust for the Holders whose Securities
are to be so purchased, before the Close of Business on the Redemption Date, an
amount that, together with any amounts deposited with the Trustee by the Company
for redemption of such Securities, is not less than the Redemption Price,
together with accrued and unpaid interest, if any, accrued to the Redemption
Date of such Securities. Notwithstanding anything to the contrary contained in
this Article 3, the obligation of the Company to pay the Redemption Price of
such Securities, together with accrued and unpaid interest, if any, shall be
deemed to be satisfied and discharged to the extent such amount is so paid by
such purchaser but no such agreement shall relieve the Company of its obligation
to pay such Redemption Price, together with accrued and unpaid interest, if any.
If such an agreement is entered into, any Securities not duly surrendered for
conversion by the Holders thereof in accordance with Section 10.02(b) may, at
the option of the Company, be deemed, to the fullest extent permitted by law,
acquired by such purchaser from such Holders and (notwithstanding anything to
the contrary contained in Article 10) surrendered by such purchaser for
conversion, all as of immediately prior to the Close of Business on the
Redemption Date, subject to payment to the Holders of the above amount as
aforesaid. The Trustee shall hold and pay to the Holders whose Securities are
selected for redemption any such amount paid to it for purchase and conversion
in the same manner as it would moneys deposited with it by the Company for the
redemption of Securities. Without the Trustee's prior written consent, no
arrangement between the Company and such purchaser for the purchase and
conversion of any Securities shall increase or otherwise affect any of the
powers, duties, responsibilities or obligations of the Trustee as set forth in
this Indenture, and the Company agrees to fully indemnify the Trustee from, and
hold it harmless against, any and all loss, liability or expense (including
taxes other than taxes based on the income of the Trustee) arising out of or in
connection with any such arrangement for the purchase and conversion of any
Securities between the Company and such purchaser, including the costs and
expenses incurred by the Trustee in the defense of any claim (whether asserted
by the Company, any Holder or any other Person) or liability arising out of or
in connection with the exercise or performance of any of its powers, duties,
responsibilities or obligations under this Indenture other than resulting from
the Trustee's gross negligence or willful misconduct.

     Section 3.08.  Repurchase of Securities at the Option of the Holder. (a)
General. Securities shall be repurchased by the Company pursuant to paragraph 6
of the Securities on July 15, 2006, July 15, 2007, July 15, 2008, July 15, 2013
and July 15, 2018 (each, a "Repurchase Date"), at a Repurchase Price equal to
the Principal Amount of such Securities (the "Repurchase Price"), together with
accrued and unpaid interest, if any, at the option of the Holder thereof, upon:

          (i)    delivery to the Paying Agent or to any applicable office or
     agency referred to in Section 4.05 by the Holder of a written notice of
     repurchase (the "Repurchase Notice") at any time from the opening of
     business on the date that is 20 Business Days

                                       19

<PAGE>

     prior to a Repurchase Date until the Close of Business on the fifth
     Business Day prior to the Repurchase Date (the "Repurchase Deadline")
     stating:

                 (A)  the certificate numbers of the Holder's Securities to be
          delivered for repurchase, in the case of a Definitive Registered Note;

                 (B)  the portion of the Principal Amount of the Security which
          the Holder will deliver to be repurchased, which portion must be
          $1,000 or an integral multiple thereof; and

                 (C)  that such Security shall be repurchased on the Repurchase
          Date pursuant to the terms and conditions specified in this Indenture
          and in paragraph 6 of the Securities.

          (ii)   delivery of such Security prior to the Repurchase Deadline
     (together with all necessary endorsements) to the Paying Agent or to any
     applicable office or agency referred to in Section 4.05, such delivery
     being a condition to receipt by the Holder of the Repurchase Price
     therefor; provided, however, that the Repurchase Price shall be so paid
     pursuant to this Section 3.08 only if the Security so delivered conforms in
     all material respects to the description thereof in the related Repurchase
     Notice.

     The Company shall repurchase from the Holder thereof, pursuant to this
Section 3.08, a portion of a Security if the Principal Amount of such portion is
$1,000 or an integral multiple of $1,000. Provisions of this Indenture that
apply to the repurchase of all of a Security also apply to the repurchase of
such portion of such Security.

     Notwithstanding anything herein to the contrary, any Holder delivering to
the Paying Agent or any applicable office or agency referred to in Section 4.05
the Repurchase Notice contemplated by this Section 3.08(a) shall have the right
to withdraw such Repurchase Notice at any time prior to the Close of Business on
the third Business Day prior to the Repurchase Date by delivery of a written
notice of withdrawal to the Paying Agent or such office or agency in accordance
with Section 3.11. If the Holder of a Security has delivered a Repurchase
Notice, such Security can be converted only if the Repurchase Notice is
withdrawn.

     The Paying Agent shall promptly notify the Company of the receipt by it of
any Repurchase Notice or written notice of withdrawal thereof.

     At least five Business Days before the Company Notice Date (as defined
below), the Company shall deliver an Officers' Certificate to the Trustee
specifying:

          (i)    the information required by Section 3.08(c); and

          (ii)   whether the Company desires the Trustee to give, on its behalf,
     the notice required by Section 3.08(c).

     (b)  Repurchase. On the Repurchase Date, subject to Section 3.11, the
Principal Amount of the Securities in respect of which the Repurchase Notice
pursuant to Section 3.08(a) has been given, or a specified percentage thereof,
shall be repurchased by the Company with

                                       20

<PAGE>

cash equal to the aggregate Repurchase Price of such Securities, together with
accrued but unpaid interest, if any.

     (c)  Notice of Election. The Company shall send notices (the "Company
Notice") to the Holders (and to beneficial owners as required by applicable law)
in the manner provided in Section 12.02, on a date not less than 20 Business
Days prior to the Repurchase Date (such date not less than 20 Business Days
prior to the Repurchase Date being herein referred to as the "Company Notice
Date"). Such notices shall include a form of Repurchase Notice to be completed
by the Securityholder and shall state:

          (i)    the Repurchase Price and Conversion Price;

          (ii)   the name and address of the Paying Agent and Conversion Agent,
     and of the offices or agencies referred to in Section 4.05;

          (iii)  that Securities as to which the Repurchase Notice has been
     given may be converted into Ordinary Shares at any time prior to the Close
     of Business on the applicable Repurchase Date only if the applicable
     Repurchase Notice has been withdrawn in accordance with the terms of this
     Indenture;

          (iv)   that Securities must be surrendered to the Paying Agent or to
     any applicable office or agency referred to in Section 4.05 to collect
     payment;

          (v)    that the Repurchase Price for any security as to which the
     Repurchase Notice has been given and not withdrawn will be paid promptly
     following the later of the Repurchase Date and the time of surrender of
     such Security as described in (iii);

          (vi)  the procedures the Holder must follow to exercise rights under
     Section 3.08 and a brief description of those rights;

          (vii)  briefly, the conversion rights of the Securities and that
     Holders who want to convert Securities must satisfy the requirements set
     forth in paragraph 9 of the Securities; and

          (viii) the procedures for withdrawing the Repurchase Notice.

     At the Company's written request, the Trustee shall give such notice in the
Company's name and at the Company's expense; provided, however, that, in all
cases, the text of such notice shall be prepared by the Company.

     (d)  Procedure Upon Repurchase. The Company shall deposit cash at the time
and in the manner as provided in Section 3.12, sufficient to pay the aggregate
Repurchase Price of all Securities to be repurchased pursuant to this Section
3.08. Promptly after the later of the Repurchase Date or the date on which such
Securities are surrendered to the Paying Agent or at any applicable office or
agency referred to in Section 4.05, the Paying Agent shall deliver to each
Holder entitled to receive payment of the Repurchase Price, cash in payment of
such Repurchase Price.

                                       21

<PAGE>

     Section 3.09.  Repurchase of Securities at the Option of the Holder Upon a
Fundamental Change. (a) If there shall have occurred a Fundamental Change (as
defined below), a Holder's Securities shall be repurchased, in whole or in any
part that is an integral multiple of $1,000, at the option of the Holder
thereof, by the Company with cash equal to the Principal Amount of such
Securities (the "Fundamental Change Repurchase Price"), together with accrued
and unpaid interest, if any, on the date selected by the Company (the
"Fundamental Change Repurchase Date") that is not less than 10 or more than 30
days after the Final Surrender Date (as defined below), subject to satisfaction
by or on behalf of the Holder of the requirements set forth in Section 3.09(c).

     A "Fundamental Change" shall be deemed to have occurred at such time as any
of the following events shall occur:

          (i)    Any Person (for the purposes of this Section 3.09 only, the
     term "Person" shall include a "person" within the meaning of Section
     13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision
     to either of the foregoing) (other than the Company's existing controlling
     shareholder William Ding and his affiliates) has become the beneficial
     owner (as the term "Beneficial Owner" is defined under Rule 13d-3 or any
     successor rule or regulation promulgated under the Exchange Act) of 50% or
     more of the total voting power in the aggregate of all classes or series
     (however designated) of Capital Stock of the Company then outstanding
     normally entitled to vote generally in elections of members of the board of
     directors of the Company (including any right to acquire voting shares that
     are not then outstanding of which such Person or group is deemed the
     Beneficial Owner); or

          (ii)   There shall be consummated any consolidation of the Company
     with, or merger of the Company into, another Person, or any merger of
     another Person into the Company, or any sale, or transfer of all or
     substantially all of the Company's assets to another Person, other than (a)
     a stock-for-stock merger, (b) a merger that does not result in any
     reclassification, conversion, exchange or cancellation of outstanding
     Ordinary Shares, (c) a merger that is effected solely to change the
     Company's jurisdiction of incorporation or (d) any consolidation with or
     merger of the Company into one of its wholly owned Subsidiaries, or any
     sale or transfer by the Company of all or substantially all its assets to
     one or more of its wholly owned Subsidiaries, in any one transaction or a
     series of transactions; provided, in any such case, the resulting
     corporation or each such Subsidiary assumes or guarantees the Company's
     obligations under the Securities;

provided, however, that a Fundamental Change shall not occur with respect to any
such transaction if either (a) the Reference Price for any five Trading Days
during the ten Trading Days immediately following the public announcement by the
Company of such transaction is at least equal to 105% of the Conversion Price in
effect on such Trading Day or (b) the consideration in such transaction to the
holders of Ordinary Shares consists of cash, securities that are, or immediately
upon issuance will be, listed on a national securities exchange or quoted on The
Nasdaq National Market, or a combination of cash and such securities, and the
aggregate fair market value of such consideration (which, in the case of such
securities, shall be equal to the average of the last sale prices of such
securities during the ten consecutive Trading Days commencing with the sixth
Trading Day following consummation of the transaction) is at least

                                       22

<PAGE>

105% of the Conversion Price in effect on the date immediately preceding the
closing date of such transaction.

     (b)  Unless the Company shall previously have called for the redemption of
all the Securities, within 30 days after the occurrence of a Fundamental Change,
(i) the Company shall deliver to the Trustee and mail (or cause the Trustee, at
the Company's expense and using the text of such notice prepared by the Company,
to mail) to each Holder a written notice (the "Fundamental Change Notice") of
such Fundamental Change and (ii) the Company shall cause a copy of the
Fundamental Change Notice to be published in a newspaper of general circulation
in the Borough of Manhattan, The City of New York, which newspaper shall be The
Wall Street Journal. The Fundamental Change Notice shall state:

          (i)    briefly, the events causing a Fundamental Change, and the date
     such Fundamental Change is deemed to have occurred for purposes of this
     Section 3.09;

          (ii)   the date by which the Fundamental Change Repurchase Notice (as
     defined below) pursuant to this Section 3.09 must be given;

          (iii)  the Final Surrender Date (as defined below);

          (iv)   the Fundamental Change Repurchase Price;

          (v)    the name and address of the Paying Agent and Conversion Agent
     and the offices or agencies referred to in Section 4.05;

          (vi)   the Conversion Price and any adjustments thereto;

          (vii)  that Securities as to which a Fundamental Change Repurchase
     Notice has been given may be converted into Ordinary Shares at any time
     prior to the Close of Business on the Business Day immediately preceding
     the Fundamental Change Repurchase Date only if the Fundamental Change
     Repurchase Notice has been withdrawn in accordance with the terms of this
     Indenture;

          (viii) that Securities must be surrendered to the Paying Agent or any
     applicable office or agency referred to in Section 4.05 to collect payment;

          (ix)   that the Fundamental Change Repurchase Price for any Security
     as to which the Fundamental Change Repurchase Notice has been duly given
     and not withdrawn will be paid promptly following the Business Day
     following the Fundamental Change Repurchase Date;

          (x)    the procedures the Holder must follow to exercise rights under
     this Section 3.09 and a brief description of those rights;

          (xi)   briefly, the conversion rights of the Securities;

          (xii)  that Holders who want to convert Securities must satisfy the
     requirements set forth in paragraph 9 of the Securities; and

                                       23

<PAGE>

          (xiii) the procedures for withdrawing a Fundamental Change Repurchase
     Notice.

     (c)  A Holder may exercise its rights specified in Section 3.09(a) upon
delivery of a written notice of repurchase (a "Fundamental Change Repurchase
Notice") to the Paying Agent or to any applicable office or agency referred to
in Section 4.05 at any time prior to the Close of Business on the date (the
"Final Surrender Date") that is, subject to any contrary requirements of
applicable law, 60 days after the date of mailing of the Fundamental Change
Notice, stating:

          (i)    the certificate numbers of the Holder's Securities to be
     delivered for repurchase, in the case of a Definitive Registered Note;

          (ii)   the portion of the Principal Amount of the Security which the
     Holder will deliver to be repurchased, which portion must be $1,000 or an
     integral multiple thereof; and

          (iii)  that such Security shall be repurchased on the date specified
     in Section 3.11 and pursuant to the terms and conditions specified in
     paragraph 6 of the Securities.

     Receipt of the Security by the Paying Agent prior to or on the Final
Surrender Date (together with all necessary endorsements), at the office of the
Trustee or to any applicable office or agency referred to in Section 4.05 shall
be a condition to the receipt by the Holder of the Fundamental Change Repurchase
Price therefor; provided, however, that such Fundamental Change Repurchase Price
shall be so paid pursuant to this Section 3.09 only if the Security so delivered
to the Trustee or such office or agency shall conform in all material respects
to the description thereof set forth in the related Fundamental Change
Repurchase Notice.

     Notwithstanding anything herein to the contrary, any Holder delivering to
the Paying Agent or any applicable office or agency referred to in Section 4.05
the Fundamental Change Repurchase Notice contemplated by this Section 3.09(c)
shall have the right to withdraw such Fundamental Change Repurchase Notice until
the Fundamental Change Repurchase Date by delivery of a written notice of
withdrawal to the Paying Agent or such office or agency in accordance with
Section 3.11. If a Holder of a Security has delivered a Fundamental Change
Repurchase Notice, such Security may be converted only if the Fundamental Change
Repurchase Notice is withdrawn. The submission of a Fundamental Change
Repurchase Notice, together with such Securities pursuant to the exercise of a
repurchase right, shall become irrevocable on the part of the Holder on the
Fundamental Change Repurchase Date (unless the Company fails to repurchase the
Securities on the Fundamental Change Repurchase Date) and the right to convert
the Securities will expire at Close of Business on the Business Day immediately
preceding the Fundamental Change Repurchase Date.

     The Company shall repurchase from the Holder thereof, pursuant to this
Section 3.09, a portion of a Security if the Principal Amount of such portion is
$1,000 or an integral multiple of $1,000. Provisions of this Indenture that
apply to the repurchase of all of a Security also apply to the repurchase of
such portion of such Security.

                                       24

<PAGE>

     Any repurchase by the Company contemplated pursuant to the provisions of
this Section 3.09 shall be consummated by the delivery of the Fundamental Change
Purchase Price, together with accrued and unpaid interest, if any, promptly
following the Business Day following the Fundamental Change Repurchase Date.

     If the Securities are represented by a Global Note, Holders may surrender a
Security for repurchase by the Company by means of book entry delivery in
accordance with the provisions set forth herein and the regulations of the
applicable book entry facility. For the purposes of this Section 3.09, a
Security shall be deemed to have been surrendered to the Paying Agent upon
receipt by the Paying Agent of a copy of an irrevocable notice given by any book
entry facility to the holder of the certificate corresponding to such Security
instructing it to deliver such certificate to the Registrar for cancellation.

     The Paying Agent shall promptly notify the Company of the receipt by it of
any Fundamental Change Repurchase Notice or written withdrawal thereof.

     Section 3.10.  Repurchase At Option Of A Holder Upon A Delisting Event. (a)
In the event that the ADSs are no longer listed or quoted for trading on The
Nasdaq National Market or the Ordinary Shares or any security representing such
Ordinary Shares are not listed or quoted for trading on a national securities
exchange in the United States (the occurrence of such an event being referred to
herein as a "Delisting Event"), each Holder of Securities shall have the right,
at its option (the "Delisting Put Option"), to require the Company to repurchase
all of its Securities, or any portion thereof that is an integral multiple of
$1,000, on the date (the "Delisting Put Date") selected by the Company that is
not less than 10 or more than 30 days after the Delisting Put Surrender Date (as
defined below), at a price equal to 100% of the Principal Amount of the
Securities (the "Delisting Put Price"), together with accrued and unpaid
interest, if any, except in any case in which a Delisting Event occurs as a
result of a Merger Event as described under Section 5.01 hereof and the Company
redeems the Securities as described thereunder. For the avoidance of any doubt,
no Holder shall be entitled to exercise its Delisting Put Option if the Company
elects to exercise the Merger Redemption Obligation in case of a Merger Event as
described under Section 5.01 hereof.

     (b)  Within 30 days after the occurrence of the Delisting Event, the
Company shall deliver to the Trustee and mail to all Holders of record of the
Securities a notice (the "Delisting Notice") describing, among other things, the
occurrence of such Delisting Event and the repurchase right arising as a result
thereof and specify the Delisting Put Surrender Date and the Delisting Put Date.
The Company shall cause a copy of the Delisting Notice to be published in a
newspaper of general circulation in the Borough of Manhattan, The City of New
York, which newspaper shall be The Wall Street Journal. To exercise the
repurchase right, a Holder must, on or before the date (the "Delisting Put
Surrender Date") that is, subject to any contrary requirements of applicable
law, 60 days after the mailing of the Delisting Notice, give a written notice
(the "Delisting Put Notice") of the Holder's exercise of such right and
surrender the Securities with respect to which the right is being exercised,
duly endorsed for transfer to the Company, at any place where principal is
payable on the Securities.

     (c)  Receipt of the Security by the Paying Agent prior to or on the
Delisting Put Surrender Date (together with all necessary endorsements), at the
office of the Trustee or to any

                                       25

<PAGE>

applicable office or agency referred to in Section 4.05 shall be a condition to
the receipt by the Holder of the Delisting Put Price therefor; provided,
however, that such Delisting Put Price shall be so paid pursuant to this Section
3.10 only if the Security so delivered to the Trustee or such office or agency
shall conform in all material respects to the description thereof set forth in
the related Delisting Put Notice.

     Notwithstanding anything herein to the contrary, any Holder delivering to
the Paying Agent or any applicable office or agency referred to in Section 4.05
the Delisting Put Notice contemplated by this Section 3.10(c) shall have the
right to withdraw such Delisting Put Notice until the Delisting Put Date by
delivery of a written notice of withdrawal to the Paying Agent or such office or
agency in accordance with Section 3.11. If a Holder of a Security has delivered
a Delisting Put Notice, such Security may be converted only if the Delisting Put
Notice is withdrawn. The submission of a Delisting Put Notice, together with
such Securities pursuant to the exercise of a repurchase right, shall be
irrevocable on the part of the Holder on the Delisting Put Date (unless the
Company fails to repurchase the Securities on the Delisting Put Date) and the
right to convert the Securities will expire at Close of Business on the Business
Day immediately preceding the Delisting Put Date.

     The Company shall repurchase from the Holder thereof, pursuant to this
Section 3.10, a portion of a Security if the Principal Amount of such portion is
$1,000 or an integral multiple of $1,000. Provisions of this Indenture that
apply to the repurchase of all of a Security also apply to the repurchase of
such portion of such Security.

     Any repurchase by the Company contemplated pursuant to the provisions of
this Section 3.10 shall be consummated by the delivery of the Delisting Put
Price, together with accrued and unpaid interest, if any, promptly following the
Business Day following the Delisting Put Date.

     If the Securities are represented by a Global Note, Holders may surrender a
Security for repurchase by the Company by means of book entry delivery in
accordance with the provisions set forth herein and the regulations of the
applicable book entry facility. For the purposes of this Section 3.10, a
Security shall be deemed to have been surrendered to the Paying Agent upon
receipt by the Paying Agent of a copy of an irrevocable notice given by any book
entry facility to the holder of the certificate corresponding to such Security
instructing it to deliver such certificate to the Registrar for cancellation.

     The Paying Agent shall promptly notify the Company of the receipt by it of
any Delisting Put Notice or written withdrawal thereof.

     Section 3.11.  Withdrawal of Notice or No Repurchase. (a) The Repurchase
Notice, Fundamental Change Repurchase Notice or Delisting Put Notice, as the
case may be, may be withdrawn by means of a written notice of withdrawal
delivered to any office of the Paying Agent or to any applicable office or
agency referred to in Section 4.05 at any time until Close of Business on the
third Business Day immediately preceding the Repurchase Date, or until the
Fundamental Change Repurchase Date or the Delisting Put Date, as the case may
be, specifying:

          (i)    the certificate numbers of the Holder's Securities to be
     withdrawn, in the case of a Definitive Registered Note;

                                       26

<PAGE>

          (ii)   the portion of the Principal Amount of the Security with
     respect to which such notice of withdrawal is being submitted; and

          (iii)  the Principal Amount, if any, of such Security which remains
     subject to the original Repurchase Notice, Fundamental Change Repurchase
     Notice or Delisting Put Notice, as the case may be, and which has been or
     will be delivered for repurchase by the Company.

     (b)  There shall be no repurchase of any Securities pursuant to Sections
3.08, 3.09 or 3.10 if there has occurred (prior to, on or after, as the case may
be, the giving, by the Holders of such Securities, of the required Repurchase
Notice, Fundamental Change Repurchase Notice or Delisting Put Notice, as the
case may be) and is continuing an Event of Default (other than a default in the
payment of the Repurchase Price, Fundamental Change Repurchase Price or
Delisting Put Price, as the case may be, together with accrued and unpaid
interest, if any, with respect to such Securities).

     (c)  The Paying Agent will promptly return to the respective Holders
thereof any Securities (x) with respect to which the Repurchase Notice,
Fundamental Change Repurchase Notice or Delisting Put Notice, as the case may
be, has been withdrawn in compliance with this Indenture, or (y) held by it
during the continuance of an Event of Default (other than a default in the
payment of the Repurchase Price, Fundamental Change Repurchase Price or
Delisting Put Price, as the case may be, together with accrued and unpaid
interest, if any, with respect to such Securities).

     Section 3.12.  Deposit of Repurchase Price, Fundamental Change Repurchase
Price or Delisting Put Price. Promptly following the Repurchase Date, the
Fundamental Change Repurchase Date or the Delisting Put Date, as the case may
be, the Company shall deposit or cause to be deposited with the Trustee or with
the Paying Agent (or, if the Company or a Subsidiary or an Affiliate of either
of them is acting as Paying Agent, shall segregate and hold in trust as provided
in Section 2.04) an amount of cash in immediately available funds, sufficient to
pay the aggregate Repurchase Price, Fundamental Change Repurchase Price or
Delisting Put Price, as the case may be, of all the Securities or portions
thereof which are to be repurchased.

     Section 3.13.  Securities Repurchased in Part. Any Security which is to be
repurchased only in part shall be surrendered at any office of the Paying Agent
or any applicable office or agency referred to in Section 4.05 (with, if the
Company or the Trustee so requires, due endorsement, or a written instrument of
transfer in form satisfactory to the Company and the Trustee executed by the
Holder or such Holder's attorney duly authorized in writing) and the Company
shall execute and the Trustee shall authenticate and deliver to the Holder of
such Security, without service charge, a new Security or Securities, of any
authorized denomination as requested by such Holder in aggregate Principal
Amount equal to, and in exchange for, the portion of the Principal Amount of the
Security so surrendered which is not repurchased.

     Holders may surrender a Security for repurchase in part by the Company by
means of book entry delivery in accordance with the provisions set forth herein
and the regulations of the applicable book entry facility. For the purposes of
this Section 3.13, a Security shall be deemed to have been surrendered to the
Paying Agent upon receipt by such Paying Agent of a copy of an

                                       27

<PAGE>

irrevocable notice given by any book entry facility to the holder of the
certificate corresponding to such Security instructing it to deliver such
certificate to the relevant Registrar for cancellation.

     Section 3.14.  Covenant to Comply With Securities Laws Upon Repurchase of
Securities. In connection with any repurchase of Securities, the Company shall
(i) comply with Rule 13e-4, Rule 14e-1 and any other tender offer rules under
the Exchange Act, if applicable, (ii) file the related Schedule TO (or any
successor schedule, form or report) or any other required schedule under the
Exchange Act, if applicable, and (iii) otherwise comply with all U.S. Federal
and state and other applicable securities laws and regulations, including any
applicable securities laws outside the United States, regulating the offer and
delivery of Ordinary Shares upon repurchase of the Securities (including
positions of the SEC under applicable no-action letters) so as to permit the
rights and obligations under Sections 3.08, 3.09 or 3.10 to be exercised in the
time and in the manner specified in Sections 3.08, 3.09 or 3.10.

     Section 3.15.  Repayment to the Company. The Trustee and the Paying Agent
shall return to the Company, upon request of the Company, any cash together with
interest on such cash, if any, held by them for the payment of the Repurchase
Price, Fundamental Change Repurchase Price or Delisting Put Price, as the case
may be, of the Securities that remain unclaimed as provided in paragraph 13 of
the Securities; provided, however, that to the extent that the aggregate amount
of cash deposited by the Company pursuant to Section 3.12 exceeds the aggregate
Repurchase Price, Fundamental Change Repurchase Price or Delisting Put Price, as
the case may be, of the Securities or portions thereof to be repurchased, then
promptly after the Repurchase Date, Fundamental Change Repurchase Date or
Delisting Put Date, as the case may be, the Trustee shall return any such excess
to the Company together with accrued and unpaid interest, if any, thereon.

     Section 3.16.  Failure by the Company to Redeem or Repurchase. The Company
may not repurchase any Security at any time when the subordinated provisions of
this Indenture otherwise would prohibit it from making such repurchase. If the
Company fails to repurchase the Securities when required, including upon
occurrence of a Repurchase Date, Fundamental Change or Delisting Event, such
failure shall constitute an Event of Default (as defined below), whether or not
repurchase is permitted by the subordination provisions of this Indenture.

                                    ARTICLE 4
                                    Covenants

     Section 4.01.  Payment of Securities. The Company shall promptly make all
payments in respect of the Securities on the dates and in the manner provided in
the Securities or pursuant to this Indenture. Any Payable Amount, together with
accrued and unpaid interest, if any, shall be considered paid on the applicable
date due if on such date the Trustee or the Paying Agent holds, in accordance
with this Indenture, cash or securities, if expressly permitted hereunder,
sufficient to pay all such amounts then due. Payment of any Payable Amount,
together with accrued and unpaid interest, if any, on the Securities shall be
made at the office or agency of the Company maintained for that purpose in the
Borough of Manhattan, The City of New York at the Corporate Trust Office of the
Trustee (which shall initially be The Bank of New York, 101 Barclay Street,
Floor 21 West, New York, New York 10286, Attention: Global Trust Services) in

                                       28

<PAGE>

such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that
at the option of the Company, payment of interest amounts may be made by check
mailed to the address of the Person entitled thereto as such address appears in
the Register. The Trustee or Paying Agent shall not be obliged to pay any
Holders until the Company has deposited such amounts of money provided in this
Section 4.01 with the Trustee or the Paying Agent.

     The Company shall, to the extent permitted by law, pay interest on overdue
amounts at the per annum rate of interest set forth in paragraph 1 of the
Securities, compounded semi-annually, which interest on overdue amounts (to the
extent payment of such interest shall be legally enforceable) shall accrue from
the date such overdue amounts were originally due and payable. The Company will
pay any transfer taxes, stamp taxes, capital contributions or other similar
taxes upon (i) issue of the Securities or (ii) delivery of the Ordinary Shares
upon conversion of the Securities, except that a holder of the Securities will
be required to pay any such tax which may be payable in respect of any transfer
involved in the issue or delivery of the Ordinary Shares in a name other than
such holder's name.

     Section 4.02.  SEC Reports. The Company shall file with the Trustee, within
15 days after it files such annual and quarterly reports, information, documents
and other reports with the SEC, copies of its annual and quarterly reports and
of the information, documents and other reports (or copies of such portions of
any of the foregoing as the SEC may by rules and regulations prescribe) which
the Company is required to file with the SEC pursuant to Section 13 or 15(d) of
the Exchange Act (or any such successor provisions thereto). In the event the
Company is at any time no longer subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act (or any such successor provisions), it
shall continue to provide the Trustee with reports containing substantially the
same information as would have been required to be filed with the SEC had the
Company continued to have been subject to such reporting requirements, and the
Trustee shall make any such reports available to Securityholders upon request.
In such event, such reports shall be provided at the times the Company would
have been required to provide reports had it continued to have been subject to
such reporting requirements. The Company also shall comply with the other
provisions of TIA Section 314(a), to the extent such provisions are applicable.

     Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee's receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company's
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers' Certificates).

     Section 4.03.  Compliance Certificate; Notice of Defaults. (a) The Company
shall deliver to the Trustee within 120 days after the end of each fiscal year
of the Company a certificate of any two Officers stating whether or not, to the
knowledge of the signers, the Company has complied with all conditions and
covenants on its part contained in this Indenture and, if the signers have
obtained knowledge of any default by the Company in the performance, observance
or fulfillment of any such condition or covenant, specifying each such default
and the nature thereof. For the purpose of this Section 4.03, compliance shall
be determined without regard to any grace period or requirement of notice
provided pursuant to the terms of this Indenture.

                                       29

<PAGE>

     (b)  The Company shall file with the Trustee written notice of the
occurrence of any Default or Event of Default within 30 Business Days of its
becoming aware of such Default or Event of Default, its status and what action
the Company is taking or proposes to take with respect thereto.

     Section 4.04.  Further Instruments and Acts. Upon request of the Trustee,
the Company will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more
effectively the purposes of this Indenture.

     Section 4.05.  Maintenance of Office or Agency. The Company will maintain
in the Borough of Manhattan, The City of New York, and such other locations as
may be required by, or necessary under, the rules of any securities exchange or
quotation system on which the Securities may from time to time be listed, an
office or agency where Securities may be presented or surrendered for payment,
where Securities may be surrendered for registration of transfer, exchange,
repurchase, redemption or conversion and where notices and demands to or upon
the Company in respect of the Securities and this Indenture may be served. The
office of the Trustee in The City of New York, which office on the date hereof
is located at The Bank of New York, 101 Barclay Street, Floor 21 West, New York,
New York 10286, Attention: Global Trust Services, shall be such office or agency
for the respective purposes described above, unless the Company shall maintain
some other office or agency for such purposes and shall give prompt written
notice to the Trustee of the location, and any change of location, of such other
office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the address of the Trustee set forth in Section 12.02.

     The Company may also from time to time designate one or more other offices
or agencies where the Securities may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in The City of New
York for the purposes described in the preceding paragraph.

     Section 4.06.  Additional Amounts. The Company will pay the holder of the
Securities such amounts (the "Additional Amounts") or deliver additional
Ordinary Shares, as the case may be, as may be necessary in order that every net
payment of a Payable Amount, together with accrued and unpaid interest, if any,
in respect of any Security by the Company, after deduction or withholding for or
on account of any present or future tax, assessment or other governmental charge
imposed upon or as a result of such payment by the Cayman Islands, Hong Kong or
the People's Republic of China or any political subdivision or taxing authority
thereof or therein ("Taxes") will not be less than the amount provided for in
such Security to be then due and payable; provided, however, that the foregoing
obligation to pay Additional Amounts will not apply with respect to any Security
presented for payment by, or on behalf of, a holder who is liable to such taxes
or duties in respect of such Security by reason of his having some connection
with the Cayman Islands, Hong Kong or the People's Republic of China or any
political subdivision or any authority thereof or therein, other than the mere
holding of such Security.

     Whenever in this Indenture there is mentioned, in any context, the payment
of any Payable Amount, in respect of, or interest on, any Security, such mention
shall be deemed to

                                       30

<PAGE>

include mention of the payment of Additional Amounts provided for in this
Section to the extent that, in such context, additional amounts are, were or
would be payable in respect thereof pursuant to the provisions of this Section
and express mention of the payment of Additional Amounts (if applicable) in any
provisions hereof shall not be construed as excluding Additional Amounts in
those provisions hereto where such express mention is not made.

     At least 10 days prior to the first day on which payment of the Payable
Amount in respect of any Security by the Company is made and at least 10 days
prior to each date of such payment if there has been any change with respect to
the matters set forth in the below-mentioned Officers' Certificate, the Company
will furnish the Trustee and the Paying Agent, if other than the Trustee, with
an Officers' Certificate instructing the Trustee and such Paying Agent whether
such payment with respect to the Securities shall be made to Holders of
Securities without withholding for or on account of any Taxes. If any such
withholding shall be required, then such Officers' Certificate shall specify by
country the amount if any, required to be withheld on such payments to such
holders and the Company will pay to the Trustee or the Paying Agent the
Additional Amounts required by this Section. The Company covenants to fully
indemnify the Trustee and the Paying Agent for, and to hold them harmless
against, any and all loss, liability or expense (including taxes other than
taxes based on the income of the Trustee) incurred without gross negligence or
willful misconduct on their part arising out of or in connection with actions
taken or omitted by any of them in reliance on any Officers' Certificate
furnished pursuant to this Section.

     Section 4.07.  Rule 144 Information Requirement. The Company shall use its
reasonable efforts to file the reports required to be filed by it under the
Securities Act and the Exchange Act in a timely manner and, if at any time it is
not required to file such reports but in the past had been required to or did
file such reports, it will, upon the request of any holder of the Securities,
make available other information as required by, and so long as necessary to
permit, sales of its Securities pursuant to Rules 144 and 144A under the
Securities Act or, in each case, any similar rule or regulation hereafter
adopted by the SEC as a replacement thereto having substantially the same effect
as such rule. Notwithstanding the foregoing, nothing in this Section 4.07 shall
be deemed to require the Company to register any of its securities pursuant to
the Exchange Act.

     Section 4.08.  Registration Rights. The Holders shall have the benefit of
the Registration Rights Agreement, dated July 8, 2003, between the Company and
the Purchaser and, in the event of Registration Default (as defined therein),
the Company shall pay to the Holders the Additional Interest, as defined and set
forth therein.

                                    ARTICLE 5
                              Successor Corporation

     Section 5.01.  When Company May Merge or Transfer Assets. The Company, in a
single transaction or through a series of related transactions, may not
consolidate with or merge with or into or transfer (by assignment, sale or
otherwise) or lease its assets substantially as an entirety to any Person (a
"Merger Event"), unless:

                                       31

<PAGE>

     (a)  (i)    the Company is the surviving Person or the successor or
transferee is a corporation organized and existing under the laws of the United
States, any state thereof or the District of Columbia, or a corporation or
comparable legal entity organized under the laws of a foreign jurisdiction and
whose equity securities are listed on a national securities exchange in the
United States or authorized for quotation on The Nasdaq National Market;

          (ii)   the successor shall expressly assume, by an indenture
     supplemental hereto, executed and delivered to the Trustee, in form
     satisfactory to the Trustee, all of the obligations of the Company under
     the Securities and this Indenture;

          (iii)  after giving effect to such transaction, no Event of Default
     shall be continuing; and

          (iv)   the Company delivers to the Trustee an Officers' Certificate
     and Opinion of Counsel that the transaction and the supplemental indenture
     comply with this Indenture and that all conditions precedent in this
     Indenture related to the transaction have been complied with; or

     (b)  the Company redeems the Securities in whole for cash at the Merger
Redemption Price (as defined below), together with accrued and unpaid interest,
if any.

     If a Merger Event occurs, and the Company has not met the criteria under
(a) above, the Company shall have the obligation (the "Merger Redemption
Obligation") to repurchase for cash all of the Securities on the date (the
"Merger Redemption Date") selected by the Company that is not less than 10 or
more than 30 days after the Merger Redemption Surrender Date (as defined below),
at a price equal to the Merger Redemption Price, together with accrued and
unpaid interest, if any.

     If the Merger Redemption Obligation applies, the Company will within 30
days after the occurrence of a Merger Event deliver to the Trustee and mail (or
cause the Trustee to mail at the Company's expense and using the text of such
notice prepared by the Company) to all Holders of record of the Securities a
notice (the "Merger Redemption Notice") describing, among other things, the
occurrence of such Merger Event and its right to repurchase the Securities
arising as a result thereof and specifying the Merger Redemption Surrender Date
and the Merger Redemption Date. The Company shall cause a copy of the Merger
Redemption Notice to be published in a newspaper of general circulation in the
Borough of Manhattan, The City of New York, which newspaper shall be The Wall
Street Journal. Each Holder must, on or before the date (the "Merger Redemption
Surrender Date") that is, subject to any contrary requirements of applicable
law, 60 days after the date of mailing of the Merger Redemption Notice,
surrender the Securities (if such Securities are represented by a Global Note,
by book-entry transfer to the Conversion Agent through the facilities of DTC)
with respect to which the right is being exercised, duly endorsed for transfer
to the Company, at any place where principal is payable on the Securities.

     The term "Merger Redemption Price" shall mean, on any date of
determination, the sum of (i) 10% of the Principal Amount of a Security plus
(ii) the Trading Price of the Securities; provided however, that if the
foregoing sum is less than the Principal Amount of a Security on

                                       32

<PAGE>

the determination date, then the Merger Redemption Price shall be the principal
amount of a Security.

     For purposes of the foregoing, the transfer (by assignment, sale or
otherwise) or lease of the properties and assets of one or more Subsidiaries
(other than to the Company or another wholly owned Subsidiary), which, if such
assets were owned by the Company, would constitute all or substantially all of
the properties and assets of the Company, shall be deemed to be the transfer of
the assets, substantially as an entirety, of the Company.

     The successor Person formed by such consolidation or into which the Company
is merged or the successor Person to which such conveyance, transfer or lease is
made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such
successor had been named as the Company herein; and thereafter, except in the
case of (i) a lease of its properties and assets substantially as an entirety
and (ii) obligations the Company may have under a supplemental indenture
pursuant to Section 10.16, the Company shall be discharged and released from all
obligations and covenants under this Indenture and the Securities. Subject to
Section 9.05, the Trustee shall enter into a supplemental indenture to evidence
the succession and substitution of such successor Person and such discharge and
release of the Company.

                                    ARTICLE 6
                              Defaults And Remedies

     Section 6.01.  Events of Default. An "Event of Default" occurs if:

     (a)  the Company defaults in the payment of any Payable Amount when the
same becomes due and payable at its Stated Maturity, upon redemption, upon
declaration, when due for repurchase by the Company or otherwise, whether or not
such payment shall be prohibited by this Indenture;

     (b)  the Company defaults in the payment of accrued and unpaid interest, if
any, on any Security which continues for 30 days or more after such a payment is
due, whether or not prohibited by this Indenture;

     (c)  the Company fails to comply with any of its agreements in this
Indenture (other than those referred to in clauses (a) and (b) above) and such
failure continues for 60 days after receipt by the Company of a Notice of
Default (as defined below);

     (d)  the Company fails to make any payment in accordance with the terms
hereof when such payment is required to be made, in respect of any mortgage
(including any pledge, lien, deed of trust, security interest or other similar
encumbrance), indenture, or instrument under which there may be issued or by
which there may be secured or evidenced any Indebtedness for money borrowed by
the Company or any Consolidated Subsidiary, whether such Indebtedness now exists
or shall hereafter be created, in an aggregate principal amount exceeding $10
million and such failure is not remedied for a period of 10 days;

                                       33

<PAGE>

     (e)  a default shall occur under any mortgage (including any pledge, lien,
deed of trust, security interest or other similar encumbrance), indenture, or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any Consolidated
Subsidiary, whether such Indebtedness now exists or shall hereafter be created,
which default shall have resulted in such Indebtedness, in an aggregate
principal amount exceeding $10 million becoming or being declared due and
payable prior to the date on which it would otherwise have become due and
payable, without such Indebtedness having been discharged, such acceleration
having been rescinded or annulled or there having been deposited in trust a sum
of money sufficient to discharge in full such Indebtedness within a period of 20
days after there shall have been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at
least 25% in Principal Amount of the Securities, a written notice specifying
such default and requiring the Company to cause such Indebtedness to be
discharged, to cause such acceleration to be rescinded or annulled or to cause
there to be deposited in trust a sum sufficient to discharge in full such
Indebtedness and stating that such notice is a Notice of Default (as defined
below) hereunder;

     (f)  the Company pursuant to or within the meaning of any Bankruptcy Law:

          (i)    commences a voluntary case or proceeding;

          (ii)   consents to the entry of an order for relief against it in an
     involuntary case or proceeding or the commencement of any case against it;

          (iii)  consents to the appointment of a Custodian of it or for any
     substantial part of its property;

          (iv)   makes a general assignment for the benefit of its creditors;

          (v)    files a petition in bankruptcy or answer or consent seeking
     reorganization or relief; or

          (vi)   consents to the filing of such petition or the appointment of
     or taking possession by a Custodian; or

     (g)  a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that:

          (i)    is for relief against the Company in an involuntary case or
     proceeding, or adjudicates the Company insolvent or bankrupt;

          (ii)   appoints a Custodian of the Company or for any substantial part
     of its property; or

          (iii)  orders the winding up or liquidation of the Company;

     and the order or decree remains unstayed and in effect for 60 days;

                                       34

<PAGE>

     "Bankruptcy Law" means any applicable bankruptcy law, insolvency law, or
any similar law for the relief of debtors, of the Cayman Islands or any
successor jurisdiction in which the Company (or any successor) is incorporated.

     "Custodian" means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law.

     A Default under clause (c) above is not an Event of Default until the
Trustee, pursuant to Section 7.05 notifies the Company, or the Holders of at
least 25% in aggregate Principal Amount of the Securities at the time
outstanding notify the Company and the Trustee, of the Default and the Company
does not cure such Default within the time specified in clause (c) above after
receipt of such notice. Any such notice must specify the Default, demand that it
be remedied and state that such notice is a "Notice of Default."

     Section 6.02.  Acceleration. If an Event of Default occurs and is
continuing, either the Trustee by notice to the Company, or the Holders of at
least 25% in aggregate Principal Amount of the Securities at the time
outstanding by notice to the Company and the Trustee, may declare the Principal
Amount, together with accrued and unpaid interest, if any, to the date of
declaration on all the Securities to be immediately due and payable, whereupon
such Principal Amount, together with accrued and unpaid interest, if any, shall
be due and payable immediately; provided that, if an Event of Default specified
in clauses (f) or (g) to Section 6.01 occurs and is continuing, the Principal
Amount, together with accrued and unpaid interest, if any, on all the Securities
to the date of the occurrence of such Event of Default shall become and be
immediately due and payable without any declaration or other act on the part of
the Trustee or any Securityholders. The Holders of a majority in aggregate
Principal Amount of the Securities at the time outstanding, by notice to the
Trustee (and without notice to any other Securityholder) may rescind an
acceleration and its consequences if the rescission would not conflict with any
judgment or decree and if all existing Events of Default have been cured or
waived except nonpayment of the Principal Amount, together with accrued and
unpaid interest, if any, that have become due solely as a result of acceleration
and if all amounts due to the Trustee under Section 7.07 have been paid. No such
rescission shall affect any subsequent Default or impair any right consequent
thereto.

     Section 6.03.  Other Remedies. If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment
of the Principal Amount, together with accrued and unpaid interest, if any, on
the Securities or to enforce the performance of any provision of the Securities
or this Indenture.

     The Trustee may maintain a proceeding even if the Trustee does not possess
any of the Securities or does not produce any of the Securities in the
proceeding. A delay or omission by the Trustee or any Securityholder in
exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of, or acquiescence in, the
Event of Default. No remedy is exclusive of any other remedy. All available
remedies are cumulative.

     Section 6.04.  Waiver of Past Defaults. The Holders of not less than a
majority in aggregate Principal Amount of the Securities at the time
outstanding, by notice to the Trustee

                                       35

<PAGE>

(and without notice to any other Securityholder), may waive an existing Default
and its consequences except (a) an Event of Default described in Section
6.01(a), (b) a Default in respect of a provision that under Section 9.02 cannot
be amended without the consent of each Securityholder affected or (c) a Default
under Article 10. When a Default is waived, it is deemed cured and shall cease
to exist, but no such waiver shall extend to any subsequent or other Default or
impair any consequent right.

     Section 6.05.  Control by Majority. The Holders of a majority in aggregate
Principal Amount of the Securities at the time outstanding may direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee or of exercising any trust or power conferred on the Trustee. However,
the Trustee may refuse to follow any direction that conflicts with law or this
Indenture or that the Trustee determines in good faith is unduly prejudicial to
the rights of other Securityholders or would involve the Trustee in personal
liability unless the Trustee shall have been provided with security or indemnity
against such liability satisfactory to the Trustee.

     Section 6.06.  Limitation on Suit. A Securityholder may not pursue any
remedy with respect to this Indenture or the Securities unless:

     (a)  the Holder gives to the Trustee written notice stating that an Event
of Default is continuing;

     (b)  the Holders of at least 25% in aggregate Principal Amount of the
Securities at the time outstanding make a written request to the Trustee to
pursue the remedy;

     (c)  such Holder or Holders offer to the Trustee security or indemnity
against any loss, liability or expense satisfactory to the Trustee;

     (d)  the Trustee does not comply with the request within 60 days after
receipt of the notice, the request and the offer of security or indemnity; and

     (e)  the Holders of a majority in aggregate Principal Amount of the
Securities at the time outstanding do not give the Trustee a direction
inconsistent with the request during such 60-day period.

     A Securityholder may not use this Indenture to prejudice the rights of any
other Securityholder or to obtain a preference or priority over any other
Securityholder.

     Section 6.07.  Rights of Holders to Receive Payment. Notwithstanding any
other provision of this Indenture, the right of any Holder to receive payment of
a Payable Amount, together with accrued and unpaid interest, if any, in respect
of the Securities held by such Holder, on or after the respective due dates
expressed in the Securities or any Redemption Date, and to convert the
Securities in accordance with Article 10 or to bring suit for the enforcement of
any such payment on or after such respective dates or the right to convert,
shall not be impaired or affected adversely without the consent of each such
Holder.

     Section 6.08.  Collection Suit by Trustee. If an Event of Default described
in Section 6.01(a) occurs and is continuing, the Trustee may recover judgment in
its own name and as

                                       36

<PAGE>

trustee of an express trust against the Company for the whole amount of a
Payable Amount, together with accrued and unpaid interest, if any, owing with
respect to the Securities and the amounts provided for in Section 7.06.

     Section 6.09.  Trustee May File Proofs of Claim. In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Company or any other obligor upon the Securities or the property of the
Company or of such other obligor or their creditors, the Trustee (irrespective
of whether a Payable Amount, together with accrued and unpaid interest, if any,
in respect of the Securities shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall
have made any demand on the Company for the payment of any such amount) shall be
entitled and empowered, by intervention in such proceeding or otherwise:

     (a)  to file and prove a claim for the whole amount of any Payable Amount,
together with accrued and unpaid interest, if any, owing and unpaid on the
Securities, as applicable, and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any
claim for the compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel) and of the Holders allowed in such judicial proceeding;
and

     (b)  to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same;

and any Custodian, receiver, assignee, trustee, liquidator, sequestrator or
similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay the
Trustee any amount due it for the compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07.

     Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

     Section 6.10.  Priorities. If the Trustee collects any money pursuant to
this Article 6, it shall pay out the money in the following order:

     FIRST: to the Trustee for amounts due under Section 7.07;

     SECOND: to Securityholders for amounts due and unpaid on the Securities for
any Payable Amount, together with accrued and unpaid interest, if any, ratably,
without preference or priority of any kind, according to such amounts due and
payable on the Securities; and

     THIRD: the balance, if any, to the Company.

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<PAGE>

     The Trustee may fix a record date and payment date for any payment to
Securityholders pursuant to this Section 6.10. At least 15 days before such
record date, the Company shall mail to each Securityholder and the Trustee a
notice that states the record date, the payment date and amount to be paid.

     Section 6.11.  Undertaking for Costs. In any suit for the enforcement of
any right or remedy under this Indenture or in any suit against the Trustee for
any action taken or omitted by it as Trustee, a court in its discretion may
require the filing by any party litigant (other than the Trustee) in the suit of
an undertaking to pay the costs of the suit, and the court in its discretion may
assess costs, including attorneys' fees and expenses, against any party litigant
in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section 6.11 does not apply to a suit
initiated by the Trustee, a suit by a Holder pursuant to Section 6.06 or a suit
by Holders of more than 10% in aggregate Principal Amount of the Securities at
the time outstanding.

     Section 6.12.  Waiver of Stay, Extension or Usury Laws. The Company
covenants (to the extent it may lawfully do so) that it shall not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law or any usury or other law, wherever
enacted, now or at any time hereafter in force, that would prohibit or forgive
the Company from paying all or any portion of any Payable Amount, or any
interest on any such amount, as contemplated herein, or that may affect the
covenants or the performance of this Indenture or the Securities; and the
Company (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law
had been enacted.

                                   ARTICLE 7
                                    Trustee

     Section 7.01.  Duties of Trustee. (a) If to the knowledge of the Trustee an
Event of Default has occurred and is continuing, the Trustee shall exercise such
of the rights and powers vested in it by this Indenture and use the same degree
of care and skill in their exercise as a prudent Person would exercise or use
under the circumstances in the conduct of his own affairs.

     (b)  Except during the continuance of an Event of Default:

          (i)   the Trustee need perform only those duties that are specifically
     set forth in this Indenture and no others; and

          (ii)  in the absence of bad faith on its part, the Trustee may
     conclusively rely, as to the truth of the statements and the correctness of
     the opinions expressed therein, upon certificates or opinions furnished to
     the Trustee and conforming to the requirements of this Indenture. However,
     the Trustee shall examine the certificates and opinions to determine
     whether or not they conform to the requirements of this Indenture, but need
     not verify the accuracy of the contents thereof.

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<PAGE>

     (c)  The Trustee may not be relieved from liability for its own grossly
negligent action, its own grossly negligent failure to act, or its own willful
misconduct, except that:

          (i)   this paragraph does not limit the effect of paragraph (b) of
     this Section;

          (ii)  the Trustee shall not be liable for any error of judgment made
     in good faith by a Trust Officer of the Trustee unless it is proved that
     the Trustee was grossly negligent in ascertaining the pertinent facts;

          (iii) the Trustee shall not be liable with respect to any action it
     takes or omits to take in good faith in accordance with a direction
     received by it pursuant to Section 6.05; and

          (iv)  no provision of this Indenture shall require the Trustee to
     expend or risk its own funds or otherwise incur any financial liability in
     the performance of any of its duties hereunder, or in the exercise of any
     of its rights or powers, if it shall have grounds for believing that
     repayment of such funds or adequate indemnity against such risk or
     liability is not assured to it.

     (d)  Every provision of this Indenture that in any way relates to the
Trustee is subject to paragraphs (a), (b) and (c) of this Section.

     (e)  The Trustee shall not be liable for interest on any money received by
it except as the Trustee may agree with the Company. Money held in trust by the
Trustee need not be segregated from other funds except to the extent required by
law and need not be invested except as agreed to by the Trustee.

     Section 7.02.  Rights of Trustee. Subject to Section 7.01:

     (a)  the Trustee may rely on any document believed by it to be genuine and
to have been signed or presented by the proper Person. The Trustee need not
investigate any fact or matter stated in the document;

     (b)  before the Trustee acts or refrains from acting, it may require an
Officers' Certificate or an Opinion of Counsel. The Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on such
Officers' Certificate or Opinion of Counsel.

     (c)  the Trustee may act through agents and shall not be responsible for
the misconduct or negligence of any agent appointed with due care;

     (d)  the Trustee shall not be liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its rights or
power;

     (e)  the Trustee may consult with counsel reasonably acceptable to the
Trustee, which may be counsel to the Company, and the advice of such counsel as
to matters of law shall be full and complete authorization and protection in
respect of any action taken, omitted or suffered by it hereunder in good faith
and in accordance with the advice or opinion of such counsel;

                                       39

<PAGE>

     (f)  the Trustee shall not be bound to ascertain or inquire as to the
performance or observance of any covenants, conditions or agreements on the part
of the Company under this Indenture; but the Trustee may require of the Company
full information and advice as to the performance of the covenants, conditions
and agreements aforesaid; and

     (g)  the Trustee shall not be required to give any bond or surety in
respect of the execution of its trusts and powers or in respect of this
Indenture.

     Section 7.03.  Individual Rights of Trustee. The Trustee in its individual
or any other capacity may become the owner or pledgee of Securities and may
otherwise deal with the Company or an Affiliate with the same rights the Trustee
would have if it were not Trustee. Any Agent may do the same with like rights.

     Section 7.04.  Trustee's Disclaimer. The Trustee makes no representation as
to the validity or adequacy of this Indenture or the Securities, shall not be
accountable for the Company's use of the proceeds from the sale of the
Securities or the use or application of any money received by any Paying Agent
other than the Trustee, and shall not be responsible for any statement in the
Securities other than the Trustee's certification of authentication.

     Section 7.05.  Notice of Defaults. If a Default occurs and is continuing
and if it is known to the Trustee, the Trustee shall mail to each
Securityholder, at the name and address that appear in the Securities Register,
a notice of the Default within 90 days after the Default occurs. Except in the
case of a Default in payment of the principal of or premium, if any, or interest
on any Security, the Trustee may withhold the notice if and so long as its board
of directors, the executive committee, or a trustee committee of its directors
and/or responsible officers in good faith determines that withholding the notice
is in the interests of Securityholders. The Trustee shall not be deemed to have
notice of any Default or Event of Default other than as described in clauses (a)
or (b) of Section 6.01 unless it shall have received written notice thereof from
the Company or any Securityholder, or a Trust Officer has actual knowledge
thereof. The foregoing sentence of this Section 7.05 shall be in lieu of the
proviso to TIA Section 315(b), and such proviso to TIA Section 315(b) is hereby
expressly excluded from this Indenture and Section, as permitted by the TIA.

     Section 7.06.  Reports by Trustee to Holders. If required by TIA Section
313(a), within 60 days after each June 1 beginning with the June 1 following the
date of this Indenture, the Trustee shall mail to each Securityholder a report
dated as of such April 1 that complies with TIA Section 313(a). The Trustee also
shall comply with TIA Section 313(b), (c) and (d).

     A copy of each such report at the time of its mailing to Securityholders
shall also be mailed to the Company and shall be filed with the SEC and each
stock exchange, if any, on which the Securities are listed.

     The Company shall promptly notify the Trustee in writing if the Securities
become listed on any stock exchange or of any delisting thereof.

     Section 7.07.  Compensation and Indemnity. The Company shall from time to
time pay to the Trustee compensation for its services. The Trustee's
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Company shall reimburse the

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<PAGE>

Trustee, within 45 days after receiving request therefor, for all out-of-pocket
disbursements, fees and expenses incurred by the Trustee in connection with the
performance of its duties under this Indenture, including without limitation
those incurred in connection with the enforcement of any remedy hereunder or the
interpretation of any provision hereunder. Such expenses may include the
compensation and out-of-pocket expenses of the Trustee's agents and counsel. All
rights, protections and benefits of the Trustee shall extend to the Trustee
acting as Conversion Agent, Paying Agent, Registrar or other Agent with respect
thereto.

     The Company shall indemnify the Trustee for, and hold it harmless against,
any loss or liability incurred by it in connection with this Indenture. The
Trustee shall promptly notify the Company of any claim for which the Trustee may
seek indemnity, including costs and expenses of defending itself against any
claim for liability arising from the exercise or performance of any of its
powers or duties hereunder.

     The Company need not reimburse any expenses or indemnify against any loss
or liability incurred by the Trustee through its gross negligence or bad faith.

     To secure the Company's payment obligations in this Section, the Trustee
shall have a lien prior to the Securities on all money or property held or
collected by the Trustee, except that held in trust to pay principal of,
premium, if any, and interest on particular Securities.

     When the Trustee incurs expenses or renders services after an Event of
Default specified in clauses (f) or (g) to Section 6.01 occurs, the expenses and
the compensation for such services are intended to constitute expenses of
administration under any Bankruptcy Law.

     Notwithstanding any provision hereof to the contrary, the Trustee's lien
shall not be subordinated to that of Senior Indebtedness.

     Section 7.08.  Replacement of Trustee. A resignation or removal of the
Trustee and appointment of a successor Trustee shall become effective only upon
the successor Trustee's acceptance of appointment as provided in this Section.

     The Trustee may resign by so notifying the Company. The Holders of a
majority in principal amount of the Securities may remove the Trustee by so
notifying the Trustee and the Company. The Company may remove the Trustee if:

     (a)  the Trustee fails to comply with Section 7.10;

     (b)  the Trustee is adjudged a bankrupt or an insolvent;

     (c)  a receiver or other public officer takes charge of the Trustee or its
property; or

     (d)  the Trustee becomes incapable of acting.

     If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Company shall promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders
of a majority in principal amount of the Securities may appoint a successor
Trustee to replace the successor Trustee appointed by the Company.

                                       41

<PAGE>

     If a successor Trustee does not take office within 30 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or the
Holders of at least 10% in principal amount of the Securities may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

     If the Trustee fails to comply with Section 7.10, any Securityholder or
beneficial owner may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

     A successor Trustee shall deliver a written acceptance of its appointment
to the retiring Trustee and to the Company. Thereupon the retiring Trustee shall
transfer all property held by it as Trustee to the successor Trustee (subject to
the lien provided for in Section 7.07), the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture. The
successor Trustee shall mail a notice of its succession to Securityholders.

     Section 7.09.  Successor Trustee, Agents by Merger, Etc. If the Trustee or
any Agent consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Trustee or
Agent, as the case may be.

     Section 7.10.  Eligibility; Disqualification. This Indenture shall always
have a Trustee who satisfies the requirement of TIA Sections 310(a)(1) and
310(a)(5). The Trustee (or in the case of a corporation included in a bank
holding company system, the related bank holding company) shall have a combined
capital and surplus of at least $100,000,000 as set forth in its most recent
published annual report of condition. In addition, if the Trustee is a
corporation included in a bank holding company system, the Trustee,
independently of such bank holding company, shall meet the capital requirements
of TIA Section 310(a)(2). The Trustee shall comply with TIA Section 310(b).

     Section 7.11.  Preferential Collection of Claims Against Company. The
Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent indicated therein.

                                   ARTICLE 8
                             Discharge Of Indenture

     Section 8.01.  Discharge of Liability on Securities. (a) When (i) the
Company delivers to the Trustee all outstanding Securities (other than
Securities replaced pursuant to Section 2.06) for cancellation or (ii) all
outstanding Securities have become due and payable and the Company deposits with
the Trustee cash or, if expressly permitted by the terms hereof, securities
sufficient to pay at Stated Maturity the Principal Amount of all outstanding
Securities (other than Securities replaced pursuant to Section 2.06), and if in
either case the Company pays all other sums payable hereunder by the Company,
then this Indenture shall, subject to Section 7.07, cease to be of further
effect. The Trustee shall join in the execution of a document prepared by the

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<PAGE>

Company acknowledging satisfaction and discharge of this Indenture on demand of
the Company accompanied by an Officers' Certificate and Opinion of Counsel and
at the cost and expense of the Company.

     (b)  At any time within one year before the Stated Maturity or the
redemption of all the Securities, the Company may terminate its substantive
obligations hereunder, other than its obligations to pay the principal of,
together with accrued and unpaid interest, if any, on the Securities, by
depositing with the Trustee money or U.S. Government obligations sufficient to
pay all remaining Indebtedness on the Securities when due.

     Section 8.02.  Repayment to the Company. The Trustee and the Paying Agent
(if other than the Trustee) shall return to the Company, upon request of the
Company, any money or securities held by them for the payment of any amount with
respect to the Securities that remains unclaimed for two years; provided,
however, that the Trustee or such Paying Agent (if other than the Trustee),
before being required to make any such return, may, at the expense of the
Company, cause to be published once in The Wall Street Journal or another daily
newspaper of national circulation or mail to each such Holder notice that such
money or securities remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication or
mailing, any unclaimed money or securities then remaining will be returned to
the Company. After return to the Company, Holders entitled to the money or
securities must look to the Company for payment as general creditors unless an
applicable abandoned property law designates another Person, and the Trustee and
the Paying Agent (if other than the Trustee) shall have no further liability
with respect to such money or securities for that period commencing after the
return thereof.

     Section 8.03.  Application Of Trust Money. Subject to the provisions of
Section 8.02, the Trustee or a Paying Agent shall hold in trust, for the benefit
of the Holders, all money deposited with it by the Company and shall apply the
deposited money in accordance with this Indenture and the Securities to the
payment of the principal of and interest on the Securities. Money so held in
trust shall not be subject to the subordination provisions of Article 11.

     Section 8.04.  Reinstatement. If the Trustee or any Paying Agent is unable
to apply any money in accordance with Section 8.03 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then
the Company's obligations under this Indenture and the Securities shall be
revived and reinstated as though no deposit had occurred until such time as the
Trustee or such Paying Agent is permitted to apply all such money in accordance
with Section 8.03; provided, however, that if the Company has made any payment
of the principal of or interest on any Securities because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders
of such Securities to receive any such payment from the money held by the
Trustee or such Paying Agent.

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<PAGE>

                                   ARTICLE 9
                                   Amendments

     Section 9.01.  Without Consent of Holders. The Company and the Trustee may
amend this Indenture or the Securities without the consent of any
Securityholder:

     (a)  to cure any ambiguity, omission, defect or inconsistency; provided,
however, that such amendment does not materially adversely affect the rights of
any Securityholder;

     (b)  to comply with Article 5 or Section 10.16; and

     (c)  to make any change that does not materially adversely affect the
rights of any Securityholder.

     Section 9.02.  With Consent of Holders. With the written consent of the
Holders of at least a majority in aggregate Principal Amount of the Securities
at the time outstanding, the Company and the Trustee may amend this Indenture or
the Securities. However, without the consent of each Securityholder affected, an
amendment or supplement to this Indenture or the Securities may not:

     (a)  make any reduction in the Principal Amount of Securities whose Holders
must consent to an amendment or supplement to this Indenture or waive defaults
or compliance;

     (b)  reduce the Principal Amount, Redemption Price or Repurchase Price of,
or interest, if any, or change the Stated Maturity, or premium, if any, of any
Security;

     (c)  make the Principal Amount of, or interest, if any, or any Security
payable in money or securities other than that stated in the Security;

     (d)  make any change in Section 6.04 or this Article 9, except to increase
any percentage referred to therein, or make any change in Section 6.07;

     (e)  make any change that materially adversely affects the right to convert
any Security (including the right to receive cash in lieu of Ordinary Shares);

     (f)  make any change that materially adversely affects the right to require
the Company to repurchase the Securities in accordance with the terms thereof
and this Indenture (including the right to receive cash if the Company has
elected to pay cash upon such repurchase);

     (g)  modify the provisions of this Indenture relating to the ranking of the
Securities in a manner materially adverse to the Holders of the Securities; or

     (h)  impair the right to institute suit for the enforcement of any payment
on or with respect to any Security.

     It shall not be necessary for the consent of the Holders under this Section
9.02 to approve the particular form of any proposed amendment, but it shall be
sufficient if such consent approves the substance thereof.

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<PAGE>

     After an amendment under this Section 9.02 becomes effective, the Company
shall mail to each Holder a notice briefly describing the amendment.

     Section 9.03.  Revocation and Effect of Consent, Waivers and Actions. Until
an amendment or waiver becomes effective, a consent to it or any other action by
a Holder of a Security hereunder is a continuing consent by the Holder and every
subsequent Holder of that Security or portion of the Security that evidences the
same obligation as the consenting Holder's Security, even if notation of the
consent, waiver or action is not made on the Security. However, any such Holder
or subsequent Holder may revoke the consent, waiver or action as to such
Holder's Security or portion of the Security if the Trustee receives the notice
of revocation before the date the amendment, waiver or action becomes effective.
After an amendment, waiver or action becomes effective, it shall bind every
Securityholder, except as provided in Section 9.02.

     Section 9.04.  Notation on or Exchange of Securities. Securities
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities so
modified as to conform, in the opinion of the Trustee and the Company, to any
such supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for outstanding
Securities.

     Section 9.05.  Trustee to Sign Supplemental Indentures. The Trustee shall
sign any supplemental indenture authorized pursuant to this Article 9 if the
amendment does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. If it does, the Trustee may, but need not, sign it.
In signing such amendment the Trustee shall be entitled to receive, and (subject
to the provisions of Section 7.01) shall be fully protected in relying upon, an
Officers' Certificate and an Opinion of Counsel stating that such amendment is
authorized or permitted by this Indenture.

     Section 9.06.  Effect of Supplemental Indentures. Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in
accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby.

                                   ARTICLE 10
                                   Conversion

     Section 10.01. Conversion Privilege. A Holder of a Security may convert
such Security into Ordinary Shares at any time during the period stated herein.
The conversion price (the "Conversion Price") is $0.4815 per Ordinary Shares,
subject to adjustment in certain events as herein set forth. The number of
Ordinary Shares to be delivered upon conversion of such Security will be
determined by dividing the principal amount of such Security (or any portion
hereof which is a multiple of $1,000) by the Conversion Price.

                                       45

<PAGE>

     Ordinary Shares issued upon conversion of Securities may not be deposited
with the ADS Depositary in exchange for ADSs unless: (i) the Ordinary Shares
have been resold in a transaction that is effectively registered under the
resale registration statement described in the Registration Rights Agreement;
(ii) the Ordinary Shares have been resold in a transaction which complies with
Rule 144 under the Securities Act; or (iii) the exemption provided by Rule
144(k) under the Securities Act is available and the Company has removed the
transfer restriction legend from the share certificate at the Holder's request.
Holders of such Ordinary Shares may be required by the Depositary to provide
evidence satisfactory to the Depositary that the conditions specified in clauses
(i), (ii) or (iii) of the preceding sentence have been satisfied.

     A Holder may convert a portion of the Principal Amount of a Security if the
portion is $1,000 or an integral multiple of $1,000. Provisions of this
Indenture that apply to conversion of all of a Security also apply to conversion
of a portion of a Security.

     Section 10.02. Conversion Conditions. A Holder may only surrender its
Securities for conversion in the four circumstances set out below:

     (a)  Conversion Upon Satisfaction of Ordinary Share Price Condition

     A Holder may surrender its Securities for conversion into Ordinary Shares
prior to the Close of Business on the Stated Maturity, in any quarter commencing
after September 30, 2003, if the average of the Reference Prices (as defined
below) of the Ordinary Shares, for the last five consecutive Trading Days of the
immediately preceding fiscal quarter, exceeds 115% of the Conversion Price in
effect on the last Trading Day of the preceding fiscal quarter.

     The Company shall determine at the end of each fiscal quarter whether the
Securities are convertible as the result of the satisfaction of this condition
and shall promptly notify the Trustee and Conversion Agent (if other than the
Trustee) accordingly. The Trustee shall, in turn, notify the Holders in each
quarter as to the satisfaction of this condition.

     The "Reference Price" of an Ordinary Share on any date of determination
means a dollar amount derived by dividing the ADS Sale Price on that date by the
then applicable number of the Ordinary Shares represented by one ADS.

     "ADS Sale Price" means the closing sale price per ADS (or Ordinary Share,
if applicable) as reported in composite transactions for the principal United
States securities exchange on which the ADS (or Ordinary Share, if applicable)
is traded or, if the ADS (or Ordinary Share, if applicable) is not listed on a
United States national or regional stock exchange, as reported by The Nasdaq
National Market; or, if the ADS (or Ordinary Share, if applicable) is not listed
or admitted to trading on any United States national or regional stock exchange
or quoted on The Nasdaq National Market, the average of the closing bid and ask
prices in the over-the-counter market as furnished by any New York Stock
Exchange member firm selected from time to time by the Company for that purpose.

     (b)  Conversion Upon Notice of Redemption

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<PAGE>

     A Holder may surrender for conversion a Security called for redemption at
any time prior to the Close of Business on the second Business Day prior to the
Redemption Date or Merger Redemption Date, unless the Company defaults in making
payment due upon redemption.

     (c)  Conversion Upon Satisfaction of Trading Price Condition

     If, after any five consecutive Trading Day period in which the average of
the Trading Prices (defined below) for the Securities for such five Trading Day
period is less than 100% of the average of the Conversion Values (as defined
below) for the Securities during that period, a Holder may surrender Securities
for conversion at any time during the following 10 Trading Days; provided,
however, that no Securities may be converted based on the satisfaction of this
condition during the six month period immediately preceding each specified date
on which a Holder may require the Company to repurchase its Securities (for
example, with respect to the July 15, 2006 put date for the Securities, the
Securities may not be converted from January 15, 2006 to July 15, 2006), if on
any day during such five consecutive Trading Day period, the Reference Price of
the Ordinary Shares is between the Conversion Price and 115% of the Conversion
Price.

     The "Trading Price" means, with respect of the Securities, on any date of
determination, the average of the secondary market bid quotations per $1,000
principal amount of Securities received by the Conversion Agent for $5,000,000
principal amount of Securities at approximately 3:30 pm, The City of New York
time, on such determination date from three independent nationally recognized
securities dealers the Company selects, provided that if at least three such
bids are not received by the Conversion Agent, but two such bids are received,
then the average of the two bids shall be used, and if only one such bid is
received by the Conversion Agent, this one bid shall be used. If the Conversion
Agent cannot reasonably obtain at least one bid for $5,000,000 principal amount
of the Securities from a nationally recognized securities dealer or in the
Company's reasonable judgment, the bid quotations are not indicative of the
secondary market value of the Securities, then the Trading Price of the
Securities on such day will be determined in good faith by the Company taking
into account in such determination such factors as it, in its sole discretion,
deems appropriate.

     In connection with any conversion upon satisfaction of the trading price
condition described above, the Conversion Agent shall have no obligation to
determine the Trading Price of the Securities; and the Company shall have no
obligation to make such determination unless a Holder provides the Company with
reasonable evidence that the Trading Price of the Securities is less than 100%
of the product of the Reference Price of the Ordinary Shares and the number of
Ordinary Shares issuable upon conversion of $1,000 Principal Amount of the
Securities. At such time, the Company shall select and instruct the independent
nationally recognized securities dealers to provide Conversion Agent with the
bid quotations as provided above.

     The "Conversion Value" of a Security means the product of the Reference
Price of the Ordinary Shares on any date of determination multiplied by the
number of Ordinary Shares into which the Security is convertible.

     (d)  Conversion Rights Upon Occurrence of Specific Corporate Transactions

                                       47

<PAGE>

     If the Company elects to:

     .  distribute to all Holders of the Ordinary Shares any rights, warrants or
        options entitling them to substitute for or repurchase, for a period
        expiring within 60 days of the date of such distribution, the Ordinary
        Shares at less than the then current Reference Price; or

     .  distribute to all Holders of the Ordinary Shares, any assets, debt
        securities or certain rights to repurchase the Company's securities,
        which distribution has a per share value exceeding 10% of the Reference
        Price of the Ordinary Shares on the day preceding the declaration date
        for such distribution;

Holders may convert their Securities, unless such Holders may participate in the
transaction on a basis and with notice that the Board determines to be fair and
reasonable. The Company shall notify the Holders at least 20 days prior to the
ex-dividend date for such distribution. Once the Company has given such notice,
a Holder may surrender its Securities for conversion at any time until the
earlier of the Close of Business on the Business Day prior to the ex-dividend
date or any announcement by the Company that such distribution will not take
place. This provision shall not apply if the Holder otherwise participates in
the distribution without conversion.

     In addition, if the Company is party to a consolidation, merger, share
exchange, sale of all or substantially all of its assets or other similar
transaction, in each case pursuant to which the Ordinary Shares would be
converted into cash, securities or other property, the Company shall notify the
Holders at least 15 Business Days prior to the anticipated effective date of the
transaction. A Holder may surrender its Securities for conversion for the
Ordinary Shares at any time from and after the date that is 15 Business Days
prior to the anticipated effective date of the transaction until and including
the date which is two Business Days before the actual date of such transaction.
If the Company is party to a consolidation, merger, share exchange, sale of all
or substantially all of its assets or other similar transaction, in each case
pursuant to which the Ordinary Shares would be converted into cash, securities
or other property, then at the effective time of the transaction, a Holder's
right to convert its Securities into Ordinary Shares will be changed into a
right to convert such Securities into the kind and amount of cash, securities or
other property that such Holder would have received if such Holder had converted
such Securities immediately prior to the transaction. If the transaction also
constitutes a Fundamental Change, such Holder may require the Company to
repurchase all or a portion of its Securities as described under Section 3.09.
If the transaction also constitutes a Merger Event, the Company may be required
to redeem all of the Securities as described under Section 5.01.

     Section 10.03. Conversion Procedure. To convert a Security, a Holder must
(i) if such Security is represented by the Global Note, surrender the Security
to the Conversion Agent by book entry delivery (through the facilities of DTC),
or (ii) if such Security is represented by a Definitive Registered Note, deliver
such Security at the office of the Conversion Agent; in either of cases (i) or
(ii) above, accompanied by a duly signed and completed notice of conversion,
appropriate endorsements and transfer documents if required by the Conversion
Agent. Book entry delivery of a Security to the Conversion Agent may be made by
any financial institution that is a participant in such book entry facility;
conversion through such book entry facility's book entry conversion program is
available for any security that is held in an account maintained

                                       48

<PAGE>

at such book entry facility by any such participant. The "Conversion Date" shall
be the date on which the Security and all of the items required for conversion
shall have been delivered and the requirements for conversion have been met. The
Company shall deliver to the Holder no later than the seventh Business Day
following the Conversion Date a certificate for the number of full Ordinary
Shares issuable upon the conversion and cash in lieu of any fractional share
determined pursuant to Section 10.04.

     The Person in whose name the certificate is registered shall be treated as
a stockholder of record on and after the Conversion Date; provided, however,
that no surrender of a Security on any date when the stock transfer books of the
Company shall be closed shall be effective to constitute the Person or Persons
entitled to receive the Ordinary Shares upon such conversion as the record
holder or holders of such Ordinary Shares on such date, but such surrender shall
be effective to constitute the Person or Persons entitled to receive such
Ordinary Shares as the record holder or holders thereof for all purposes at the
Close of Business on the next succeeding day on which such stock transfer books
are open; provided, further, that such conversion shall be at the Conversion
Price in effect on the date that such Security shall have been surrendered for
conversion, as if the stock transfer books of the Company had not been closed.
Upon conversion of a Security, such Person shall no longer be a Holder of such
Security.

     Holders may surrender a Security for conversion by means of book entry
delivery in accordance with the provisions hereof and the regulations of the
applicable book entry facility. Upon conversion of a Security, the Company shall
on the Conversion Date redeem any Security delivered for conversion at the
Redemption Price and the Company shall pay such redemption monies into an
account in the name of the Trustee (on behalf of the relevant Holder). When the
redemption monies are paid into such an account in the name of the Trustee, the
Trustee shall, on behalf of the relevant Holder, immediately transfer such
redemption monies to the Company in exchange for the Ordinary Shares deliverable
upon conversion to the relevant Holder. Such Holder shall be deemed to have
consented to such transfer.

     If the Holder converts more than one Security at the same time, the number
of Ordinary Shares issuable upon the conversion shall be computed based on the
total Principal Amount of the Securities converted.

     If a Holder has submitted its Securities for repurchase in connection with
a Repurchase Date, or upon a Fundamental Change or Delisting Event, it may
convert its Securities only if it withdraws its Repurchase Notice, Fundamental
Change Repurchase Notice or Delisting Put Notice, as the case may be, prior to
the Repurchase Date, Fundamental Change Repurchase Date or Delisting Put
Surrender Date, as the case may be, and one of the conditions set forth in
clauses (a), (b), (c) or (d) of Section 10.02 is applicable. If the Securities
are subject to repurchase in connection with a Repurchase Date, or following a
Fundamental Change or Delisting Event, conversion rights with respect to the
Securities subject to repurchase will expire at Close of Business on the
Business Day immediately preceding the Repurchase Date, Fundamental Change
Repurchase Date or Delisting Put Date, as the case may be.

     Upon surrender of a Security that is converted in part, the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder, a new
Security in an authorized denomination equal in Principal Amount to the
unconverted portion of the Security surrendered.

                                       49

<PAGE>

     If the last day on which a Security may be converted is a Legal Holiday (as
defined below) in a place where any Conversion Agent is located, the Security
may be surrendered to such Conversion Agent on the next succeeding day that is
not a Legal Holiday.

     Upon conversion, the Company shall satisfy all of its obligations (in the
aggregate, the "Conversion Obligation") by delivering to converting Holders (1)
Ordinary Shares, (2) cash, or (3) a combination of cash and Ordinary Shares, as
follows:

     (a)  Share Settlements. If the Company elects to satisfy the entire
Conversion Obligation in Ordinary Shares, then it may deliver to converting
Holders a number of Ordinary Shares equal to the aggregate Principal Amount of
the Securities to be converted divided by the Conversion Price then in effect.

     (b)  Cash Settlement. If the Company elects to satisfy the entire
Conversion Obligation in cash, then it shall deliver to converting Holders cash
in an amount equal to the product of (i) a number equal to the aggregate
Principal Amount of Securities to be converted by any such Holder divided by the
Conversion Price then in effect, and (ii) the average of the Reference Price of
Ordinary Shares on each Trading Day during the Applicable Cash Settlement
Averaging Period (as defined below).

     (c)  Combined Settlement. If the Company elects to satisfy a portion of the
Conversion Obligation in cash (the "Partial Cash Amount") and a portion in its
Ordinary Shares, then it shall deliver to converting Holders such Partial Cash
Amount plus a number of Ordinary Shares equal to (i) the cash settlement amount
as set forth in clause (b) above minus such Partial Cash Amount divided by (ii)
the average of the Reference Price of Ordinary Shares on each Trading Day during
the Applicable Cash Settlement Averaging Period.

     If the Company chooses to satisfy the Conversion Obligation by share
settlement, then settlement in shares will be made on or prior to the fifth
Trading Day following its receipt of a notice of conversion.

     If the Company chooses to satisfy the Conversion Obligation by cash
settlement or combined settlement, then it will notify holders, through the
Trustee, of the dollar amount to be satisfied in cash at any time on or before
the date that is three Business Days following its receipt of a converting
Holder's notice of conversion (the "Settlement Notice Period"). Share settlement
will apply automatically if the Company does not notify Holders that it has
chosen another settlement method.

     If the Company timely elects cash settlement or combined settlement, then
Holders may retract their conversion notice at any time during the two Business
Day period beginning on the day after the Settlement Notice Period (the
"Conversion Retraction Period"). Holders cannot retract conversion notices (and
conversion notice therefore will be irrevocable) if the Company elects share
settlement. If a Holder has not retracted its conversion notice, then cash
settlement or combined settlement will occur on the first Trading Day following
the Applicable Cash Settlement Averaging Period. The "Applicable Cash Settlement
Averaging Period" is the five Trading Day period beginning on the first Trading
Day following the end of the Conversion Retraction Period.

                                       50

<PAGE>

     No payment or adjustment will be made for dividends on the Ordinary Shares,
other than payment of cash for fractional shares, and except as provided in this
Indenture.

     No Holder of Securities will be entitled, upon conversion of the
Securities, to any actual payment or adjustment on account of accrued and unpaid
interest, if any, or on account of dividends on shares issued in connection with
the conversion. If any Holder surrenders a Security for conversion between the
Close of Business on any record date for the payment of an installment of
accrued and unpaid interest, if any, and the opening of business on the related
interest payment date, the Holder must deliver payment to the Company of an
amount equal to the interest payable on the interest payment date on the
principal amount to be converted together with the Security being surrendered.
The foregoing sentence shall not apply to Securities called for redemption on a
redemption date within the period between and including the record date and the
interest payment date.

     Section 10.04. Fractional Shares. The Company will not issue a fractional
Ordinary Shares upon conversion of a Security. Instead, the Company will deliver
cash based on the Reference Price of the Ordinary Shares on the Conversion Date.
The current market value of a fractional share shall be determined to the
nearest l/1000th of a share by multiplying the Reference Price on the last
Trading Day prior to the Conversion Date by the fractional amount and rounding
the product to the nearest whole cent.

     Section 10.05. Taxes on Conversion. A Holder delivering a Security for
conversion shall be required to pay any documentary, stamp or similar issue or
transfer tax or capital tax due on the issue or delivery of Ordinary Shares upon
such conversion. The Company may refuse to deliver any certificates representing
the Ordinary Shares being issued in a name other than the Holder's name until
such Conversion Agent receives a sum sufficient to pay any tax which will be due
because the Ordinary Shares are to be issued in a name other than the Holder's
name. Nothing herein shall preclude any tax withholding required by law or
regulations.

     Section 10.06. Company to Provide Stock. The Company shall, prior to
issuance of any Securities hereunder, and from time to time as may be necessary,
reserve out of its authorized but unissued Ordinary Shares a sufficient number
of Ordinary Shares to permit the conversion of the Securities for Ordinary
Shares, respectively.

     All Ordinary Shares delivered upon conversion of the Securities shall be
newly issued Ordinary Shares or treasury shares, shall be duly and validly
issued and fully paid and nonassessable and shall be free from preemptive rights
and free of any lien or adverse claim.

     The Company will endeavor promptly to comply with all U.S. federal, state
and other applicable securities laws and regulations (including any applicable
securities laws outside the United States) regulating the offer and delivery of
Ordinary Shares upon conversion of Securities, if any, that are applicable to
the Securities and such Ordinary Shares assuming compliance with the transfer
restrictions set forth in this Indenture and will list or cause to have quoted
such Ordinary Shares on each securities exchange or in the over-the-counter
market or such other market on which the Ordinary Shares are then listed or
quoted.

                                       51

<PAGE>

     Section 10.07. Adjustments for Change in Capital Stock. If, after the Issue
Date, the Company:

     (a)  pays a dividend or makes a distribution on its Ordinary Shares in
shares of its Ordinary Shares or other Capital Stock;

     (b)  subdivides its outstanding Ordinary Shares into a greater number of
shares;

     (c)  combines its outstanding Ordinary Shares into a smaller number of
shares; or

     (d)  issues by reclassification of its Ordinary Shares any shares of its
Capital Stock;

then the conversion privilege and the Conversion Price in effect immediately
prior to such action shall be adjusted so that the Holder of a Security
thereafter converted may receive the number of Ordinary Shares or other units of
Capital Stock of the Company which such Holder would have owned immediately
following such action if such Holder had converted the Security immediately
prior to such action.

     The adjustment shall become effective immediately after the record date in
the case of a dividend or distribution and immediately after the effective date
in the case of a subdivision, combination or reclassification.

     If, after an adjustment, a Holder of a Security upon conversion of such
Security may receive shares or other units of two or more classes or series of
Capital Stock of the Company (including Ordinary Shares), the Company shall
determine the allocation of the adjusted Conversion Price between or among such
classes or series of Capital Stock. After such allocation, the conversion
privilege and the Conversion Price of each class or series of Capital Stock
shall thereafter be subject to adjustment on terms comparable to those
applicable to Ordinary Shares in this Article 10.

     Section 10.08. Adjustment for Rights Issue. If, after the Issue Date, the
Company distributes any rights, warrants or options to all holders of its
Ordinary Shares entitling them, for a period expiring not later than 60 days
after the record date for such distribution, to subscribe for or purchase
Ordinary Shares at a price per share less than the Reference Price as of the
Time of Determination, the Conversion Price shall be adjusted in accordance with
the following formula:

                                       52

<PAGE>

                                        O + (NxP)
                                            -----
                             AP = CP x        M
                                       -------------
                                          O + N

     where:

     AP = the adjusted Conversion Price.

     CP = the Conversion Price in effect immediately prior to the Close of
          Business on the Record Date (as defined below).

     O  = the number of Ordinary Shares outstanding at the Close of Business on
          the Record Date.

     N  = the number of additional Ordinary Shares that may be offered upon
          exercise of the rights, warrants or options offered pursuant to the
          distribution.

     P  = the subscription or Repurchase Price per share of such additional
          Ordinary Shares.

     M  = the then current Reference Price on the Record Date.

     The adjustment shall become effective immediately after the record date for
the determination of shareholders entitled to receive the rights, warrants or
options to which this Section 10.08 applies (for purposes of this Section 10.08
only, the "Record Date").

     "Time of Determination" means the time and date of the earlier of (i) the
determination of stockholders entitled to receive rights, warrants, or options
or a distribution, in each case, to which this Section 10.08 applies and (ii)
the time immediately prior to the commencement of "ex-dividend" trading for such
rights, options, warrants or distribution on the New York Stock Exchange or such
other national or regional exchange or market on which the Ordinary Shares are
then listed or quoted.

     No adjustment will be made with respect to this Section 10.08 if, in lieu
of such adjustment, the Holders, upon conversion, will be entitled to receive,
in addition to the Ordinary Shares into which such Securities are convertible,
the kind and amount of cash, debt securities (or other evidences of
Indebtedness) or other assets comprising the distribution that such Holders
would have received had they converted their Securities immediately prior to the
Record Date (as defined in this Section 10.08). In addition, no adjustment will
be made with respect to this Section 10.08 if Holders may participate in the
transaction on a basis and with notice that the Board determines to be fair and
appropriate.

     Section 10.09. Adjustment for Other Distributions. If, after the Issue
Date, the Company distributes to all holders of its Ordinary Shares evidences of
its Indebtedness, shares of Capital Stock (other than Ordinary Shares),
securities, cash, property, rights, warrants or options to

                                       53

<PAGE>

purchase securities of the Company (excluding those rights, warrants and options
referred to in Section 10.08 above, any dividend or distribution paid
exclusively in cash on or after July 15, 2008 and not referred to in Section
10.10 below, and any dividend or distribution referred to in Section 10.07
above), the Conversion Price shall be adjusted, subject to the provisions of the
last paragraph of this Section 10.09, in accordance with the formula:

                                 AP = CP x M - F
                                          -------
                                             M

     where:

     AP = the adjusted Conversion Price.

     CP = the current Conversion Price.

     M  = the then current Reference Price on the Record Date (as defined in
          this Section 10.09).

     F  = the fair market value on the Record Date of the assets, securities,
          rights, warrants or options to be distributed in respect of each
          Ordinary Share (including, in the case of cash dividends or other cash
          distributions giving rise to an adjustment, all such cash distributed
          concurrently).

     The Board shall determine fair market values for the purpose of this
Section 10.09.

     The adjustment shall become effective immediately after the record date for
the determination of shareholders entitled to receive the distribution to which
this Section 10.09 applies (for purposes of this Section 10.09 only, the "Record
Date").

     No adjustment will be made with respect to this Section 10.09 if, in lieu
of such adjustment, the Holders, upon conversion, will be entitled to receive,
in addition to the Ordinary Shares into which such Securities are convertible,
the kind and amount of cash, debt securities (or other evidences of
Indebtedness) or other assets comprising the distribution that such Holders
would have received had they converted their Securities immediately prior to the
Record Date (as defined in this Section 10.09). In addition, no adjustment will
be made in the event that the then fair market value (as so determined) of the
cash, debt securities (or other evidences of Indebtedness) or other assets so
distributed applicable to one Ordinary Share is equal to or greater than the
then current market price per Ordinary Share, in which case, in lieu of such
adjustment, adequate provision shall be made so that each Securityholder shall
have the right to receive upon conversion the amount of cash, debt securities
(other evidences of Indebtedness) or other assets such Holder would have
received had such Holder converted each Security on the Record Date (as defined
in this Section 10.09).

     Section 10.10. Adjustment for all Cash Distribution. Subject to the last
paragraph of this Section 10.10, (a) if the Company shall pay or make a dividend
or other distribution consisting exclusively of cash to all holders of its
Ordinary Shares declared and paid prior to July 15, 2008, and (b) if, on and
after July 15, 2008, the Company shall make a cash distribution to all holders
of Ordinary Shares that together with all other all-cash distributions and
consideration payable in respect of any tender or exchange offer by the Company
or one of its Subsidiaries for shares

                                       54

<PAGE>

made within the preceding 12 months exceeds 5% of the Company's aggregate market
capitalization on the date of declaration of the distribution, the Conversion
Price shall be reduced in accordance with the following formula:

                                 AP = CP x M - C
                                           -----
                                             M

     where:

     AP = the adjusted Conversion Price.

     CP = the Conversion Price in effect immediately prior to the Close of
          Business on the Record Date (as defined in this Section 10.10).

     M  = the then current Reference Price on the Record Date (as defined in
          this Section 10.10).

     C  = the amount of cash so distributed and not excluded applicable to one
          Ordinary Share.

     The adjustment shall become effective immediately after the record date for
the determination of stockholders entitled to receive such distribution (for
purposes of this Section 10.10 only, the "Record Date").

     No adjustment will be made in the event that the amount of cash so
distributed applicable to one Ordinary Share is equal to or greater than the
then current Reference Price, in which case, in lieu of such adjustment,
adequate provision shall be made so that each Securityholder shall have the
right to receive upon conversion the amount of cash such Holder would have
received had such Holder converted each Security immediately prior to the record
date for the distribution of the cash.

     Section 10.11. Adjustment for Repurchase. Subject to the last paragraph of
this Section 10.11, in the event that a tender or exchange offer (other than an
odd-lot offer) made by the Company or any Subsidiary for all or a portion of the
Ordinary Shares shall expire and such tender or exchange offer (including any
amendment in effect immediately prior to the expiration thereof) shall require
the payment to shareholders of consideration per Ordinary Share having a fair
market value (as determined in good faith by the Board and set forth in a
certified resolution filed with the Trustee) that, as of the last time (the
"Expiration Time") tenders or exchanges may be made pursuant to such tender or
exchange offer, exceeds 110% of the Reference Price at the Expiration Time, the
Conversion Price shall be reduced in accordance with the following formula:

                              AP = CP x    O x M
                                        -------------
                                         P + (T x M)

     where:

     AC = the adjusted Conversion Price.

                                       55

<PAGE>

     CP = the Conversion Price in effect immediately prior to the Close of
          Business on the date of the Expiration Time.

     O  = the number of Ordinary Shares outstanding (including any tendered or
          exchanged shares) at the Expiration Time.

     P  = the fair market value of the aggregate consideration payable to
          holders of Ordinary Shares based on the acceptance (up to any maximum
          specified in the terms of the repurchase) of all Ordinary Shares
          validly tendered or exchanged and not withdrawn as of the Expiration
          Time (the Ordinary Shares so accepted, up to any such maximum, being
          referred to as the "Purchased Shares")

     T  = the number of Ordinary Shares outstanding (less any Purchased Shares)
          on the Expiration Time.

     M  = the then current Reference Price at the Expiration Time.

     The adjustment shall become effective immediately prior to the opening of
business on the date following the Expiration Time.

     In the event that the Company or any Subsidiary, if applicable, is
permanently prevented by applicable law from effecting any such purchases or all
such purchases are rescinded, the Conversion Price shall again be adjusted to be
the Conversion Price which would then be in effect if such repurchase had not
been made.

     Section 10.12. When No Adjustment Required. No adjustment in the Conversion
Price need be made unless the adjustment would require an increase or decrease
of at least 1% in the Conversion Price then in effect. Any adjustments that are
not made shall be carried forward and taken into account in any subsequent
adjustment.

     All calculations under this Article 10 shall be made to the nearest cent or
to the nearest l/l,000th of a share, as the case may be, with one-half of a cent
and 5/10,000ths of a share being rounded upwards.

     Section 10.13. Notice of Adjustment. Whenever the Conversion Price is
adjusted, the Company shall file with the Trustee and the Conversion Agent (if
other than the Trustee) a notice of such adjustment and a certificate from the
Company's independent public accountants briefly stating the facts requiring the
adjustment and the manner of computing it. The Trustee will promptly mail such
notice to Securityholders at the Company's expense. The certificate shall be
conclusive evidence that the adjustment is correct. Neither the Trustee nor any
Conversion Agent (if other than the Trustee) shall be under any duty or
responsibility with respect to any such certificate except to exhibit the same
to any Holder desiring inspection thereof.

     Section 10.14. Voluntary Decrease. The Company from time to time may reduce
the Conversion Price by any amount and for any period of time (provided, that
such period is not less than 20 days) if the Board determines that such
reduction would be in the best interests of the Company. Whenever the Conversion
Price is reduced, the Company shall endeavor to notify

                                       56

<PAGE>

the Trustee within three Business Days after such determination. In turn, the
Trustee shall promptly notify the Holders of Securities. In addition, the
Company from time to time may reduce the Conversion Price if the Board deems it
advisable to avoid or diminish any income tax to Holders of Securities resulting
from any stock or rights distribution on the Ordinary Shares.

     Section 10.15. Notice of Certain Transactions. If:

     (a)  the Company takes any action that would require an adjustment in the
Conversion Price pursuant to Sections 10.07, 10.08, 10.09, 10.10 and 10.11
(unless no adjustment is to occur pursuant to Section 10.12); or

     (b)  the Company takes any action that would require a supplemental
indenture pursuant to Section 10.16; or

     (c)  there is a liquidation or dissolution of the Company;

then the Company shall mail to Securityholders and file with the Trustee and
each Conversion Agent (if other than the Trustee) a notice stating the proposed
record date for a dividend or distribution of the proposed effective date of a
subdivision, combination, reclassification, consolidation, merger, binding share
exchange, transfer, liquidation or dissolution. If the Company takes an action
as described in (a) above, it shall deliver to the Trustee an Officers'
Certificate stating that a sufficient number of Ordinary Shares have been
authorized by the Company to allow for the conversion of all the outstanding
Securities under the adjusted Conversion Price. The Company shall file and mail
such notice or Officer's Certificate at least 15 days before such date. Failure
to file or mail the notice or Officers' Certificate or any defect in it shall
not affect the validity of the transaction.

     Section 10.16. Reorganization of Company; Special Distributions. If the
Company is a party to a transaction subject to Section 5.01 (other than a sale
of all or substantially all of the assets of the Company in a transaction in
which the holders of Ordinary Shares immediately prior to such transaction do
not receive securities, cash or other assets of the Company or any other Person)
or a merger or binding share exchange which reclassifies or changes its
outstanding Ordinary Shares, the Person obligated to deliver securities, cash or
other assets upon conversion of Securities shall enter into a supplemental
indenture, unless the Company fulfills its Merger Redemption Obligation under
Section 5.01(b). If the issuer of securities deliverable upon conversion of
Securities is an Affiliate of the successor Company, that issuer shall join in
the supplemental indenture.

     The supplemental indenture shall provide that the Holder of a Security may
convert it into the kind and amount of securities, cash or other assets which
such Holder would have received immediately after the consolidation, merger,
binding share exchange or transfer if such Holder had converted the Security
immediately before the effective date of the transaction, assuming (to the
extent applicable) that such Holder (i) was not a constituent Person or an
Affiliate of a constituent Person to such transaction; (ii) made no election
with respect thereto; and (iii) was treated alike with the plurality of
non-electing Holders. The supplemental indenture shall provide for adjustments
which shall be as nearly equivalent as may be practical to the

                                       57

<PAGE>

adjustments provided for in this Article 10. The successor Company shall mail to
Securityholders a notice briefly describing the supplemental indenture.

     If this Section 10.16 applies, neither Section 10.07 nor 10.08 applies.

     If the Company makes a distribution to all holders of its Ordinary Shares
of any of its assets, or debt securities or any rights, warrants or options to
purchase securities of the Company that, but for the provisions of the last
paragraph of Section 10.09, would otherwise result in an adjustment in the
Conversion Price pursuant to the provisions of Section 10.09, then, from and
after the record date for determining the holders of Ordinary Shares entitled to
receive the distribution, a Holder of a Security that converts such Security in
accordance with the provisions of this Indenture shall upon such conversion be
entitled to receive, in addition to the Ordinary Shares into which the Security
is convertible, the kind and amount of securities, cash or other assets
comprising the distribution that such Holder would have received if such Holder
had converted the Security immediately prior to the record date for determining
the holders of Ordinary Shares entitled to receive the distribution.

     Section 10.17. Company Determination Final. Any determination that the
Company or the Board must make pursuant to this Article 10 is conclusive.

     Section 10.18. Trustee's Disclaimer. The Trustee has no duty to determine
when an adjustment under this Article 10 should be made, how it should be made
or what it should be. The Trustee has no duty to determine whether a
supplemental indenture under Section 10.16 need be entered into or whether any
provisions of any supplemental indenture are correct. The Trustee shall not be
accountable for and makes no representation as to the validity or value of any
securities or assets issued upon conversion of Securities. The Trustee shall not
be responsible for the Company's failure to comply with this Article 10. Each
Conversion Agent (if other than the Trustee) (other than the Company or an
Affiliate of the Company) shall have the same protection under this Section
10.18 as the Trustee.

     Section 10.19. Simultaneous Adjustments. If this Article 10 requires
adjustments to the Conversion Price under more than one of Sections 10.07(d),
10.08, 10.09 or 10.10, and the record dates or the dates of announcement for the
distributions or issuances giving rise to such adjustments shall occur on the
same date, then such adjustments shall be made by applying, first, the
provisions of Section 10.07, second, the provisions of Section 10.08, third, the
provisions of Section 10.08 and, fourth, the provisions of Section 10.09.

     Section 10.20. Successive Adjustments. After an adjustment to the
Conversion Price under this Article 10, any subsequent event requiring an
adjustment under this Article 10 shall cause an adjustment to the Conversion
Price as so adjusted.

                                   ARTICLE 11
                           Subordination of Securities

     Section 11.01. Agreement Of Subordination. The Company covenants and
agrees, and each Holder of Securities issued hereunder by its acceptance thereof
likewise covenants and

                                       58

<PAGE>

agrees, that all Securities shall be issued subject to the provisions of this
Article 11; and each Person holding any Security, whether upon original issue or
upon transfer, assignment or exchange thereof, accepts and agrees to be bound by
such provisions.

     The payment of any Payable Amount, together with accrued and unpaid
interest, if any, on all Securities issued hereunder shall, to the extent and in
the manner hereinafter set forth, be subordinated and subject in right of
payment to the prior payment in full in cash or payment satisfactory to the
holders of all Senior Indebtedness, whether outstanding at the date of this
Indenture or thereafter incurred.

     No provision of this Article 11 shall prevent the occurrence of any Default
or Event of Default hereunder.

     Section 11.02. Payments To Holders. (a) No payment shall be made with
respect to any Payable Amount, or accrued and unpaid interest, if any, except
payments and distributions made by the Trustee as permitted by Section 11.05,
if:

          (i)   a default in the payment of principal, premium, interest, rent
     or other obligations due on any Designated Senior Indebtedness occurs and
     is continuing (or, in the case of Designated Senior Indebtedness for which
     there is a period of grace, in the event of such a default that continues
     beyond the period of grace, if any, specified in the instrument or lease
     evidencing such Designated Senior Indebtedness); or

          (ii)  a default, other than a payment default, on any Designated
     Senior Indebtedness occurs and is continuing that then permits holders of
     such Designated Senior Indebtedness to accelerate its maturity and the
     Trustee receives a notice of the default (a "Payment Blockage Notice") from
     a Representative or holder of such Designated Senior Indebtedness or the
     Company.

     (b)  Subject to the provisions of Section 11.05, if the Trustee receives
any Payment Blockage Notice pursuant to clause (ii) above, no subsequent Payment
Blockage Notice shall be effective for purposes of this Section unless and until
at least 365 days shall have elapsed since the date the Trustee received the
immediately prior Payment Blockage Notice and all scheduled payments on the
Securities that have come due have been paid in full in cash. No nonpayment
default that existed or was continuing on the date of delivery of any Payment
Blockage Notice to the Trustee (unless such default was waived, cured or
otherwise ceased to exist and thereafter subsequently reoccurred) shall be the
basis for a subsequent Payment Blockage Notice.

     (c)  The Company shall resume payments on and distributions in respect of
the Securities:

          (i)   in the case of a default referred to in clause (a)(i) above, the
     date upon which the default is cured or waived or ceases to exist, or

          (ii)  in the case of a default referred to in clause (a)(ii) above,
     the earlier of the date on which such default is cured or waived or ceases
     to exist or 179 days after the date on which the applicable Payment
     Blockage Notice is received, if the maturity of such

                                       59

<PAGE>

     Designated Senior Indebtedness has not been accelerated, unless this
     Article 11 otherwise prohibits the payment or distribution at the time of
     such payment or distribution.

     Upon any payment by the Company, or distribution of assets of the Company
of any kind or character, whether in Cash, Property or Securities, to creditors
upon any dissolution or winding-up or liquidation or reorganization of the
Company (whether voluntary or involuntary) or in bankruptcy, insolvency,
receivership or similar proceedings, all amounts due or to become due upon all
Senior Indebtedness shall first be paid in full in cash, or other payments
satisfactory to the holders of Senior Indebtedness before any payment is made on
account of any Payable Amount, together with accrued and unpaid interest, if
any, on the Securities (except payments made pursuant to Article 8 from monies
deposited with the Trustee pursuant thereto prior to commencement of proceedings
for such dissolution, winding-up, liquidation or reorganization); and upon any
such dissolution or winding-up or liquidation or reorganization of the Company
or bankruptcy, insolvency, receivership or other proceeding, any payment by the
Company, or distribution of assets of the Company of any kind or character,
whether in Cash, Property or Securities, to which the Holders of the Securities
or the Trustee would be entitled, except for the provision of this Article 11,
shall (except as aforesaid) be paid by the Company or by any receiver, trustee
in bankruptcy, liquidating trustee, agent or other Person making such payment or
distribution, or by the Holders of the Securities or by the Trustee under this
Indenture if received by them or it, directly to the holders of Senior
Indebtedness (pro rata to such holders on the basis of the respective amounts of
Senior Indebtedness held by such holders, or as otherwise required by law or a
court order) or their Representative or Representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing any
Senior Indebtedness may have been issued, as their respective interests may
appear, to the extent necessary to pay all Senior Indebtedness in full in cash,
or other payment satisfactory to the holders of Senior Indebtedness, after
giving effect to any concurrent payment or distribution to or for the holders of
Senior Indebtedness, before any payment or distribution is made to the Holders
of the Securities or to the Trustee.

     For purposes of this Article 11, the phrase, "Cash, Property or Securities"
shall not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for
by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this Article 11 with respect to
the Securities to the payment of all Senior Indebtedness which may at the time
be outstanding; provided that (i) the Senior Indebtedness is assumed by the new
corporation, if any, resulting from any reorganization or readjustment, and (ii)
the rights of the holders of Senior Indebtedness (other than leases which are
not assumed by the Company or the new corporation, as the case may be) are not,
without the consent of such holders, altered by such reorganization or
readjustment. The consolidation of the Company with, or the merger of the
Company into, another corporation or the liquidation or dissolution of the
Company following the conveyance, transfer or lease of its property as an
entirety, or substantially as an entirety, to another corporation upon the terms
and conditions provided for in Article 5 shall not be deemed a dissolution,
winding-up, liquidation or reorganization for the purposes of this Section 11.02
if such other corporation shall, as a part of such consolidation, merger,
conveyance, transfer or lease, comply with the conditions stated in Article 5.

                                       60

<PAGE>

     In the event of the acceleration of the Securities because of an Event of
Default, no payment or distribution shall be made to the Trustee or any Holder
of Securities in respect of any Payable Amount, together with accrued and unpaid
interest, if any, except payments and distributions made by the Trustee as
permitted by Section 11.05, until all Senior Indebtedness has been paid in full
in cash or other payment satisfactory to the holders of Senior Indebtedness or
such acceleration is rescinded in accordance with the terms of this Indenture.
If payment of the Securities is accelerated because of an Event of Default, the
Company shall promptly notify holders of Senior Indebtedness of such
acceleration.

     In the event that, notwithstanding the foregoing provisions, any payment or
distribution of assets of the Company of any kind or character, whether in Cash,
Property or Securities (including, without limitation, by way of setoff or
otherwise), prohibited by the foregoing, shall be received by the Trustee or the
Holders of the Securities before all Senior Indebtedness is paid in full, in
cash or other payment satisfactory to the holders of Senior Indebtedness, or
provision is made for such payment thereof in accordance with its terms in cash
or other payment satisfactory to the holders of Senior Indebtedness, such
payment or distribution shall be held in trust for the benefit of and shall be
paid over or delivered to the holders of Senior Indebtedness or their
Representative or Representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any Senior Indebtedness
may have been issued, as their respective interests may appear, as calculated by
the Company, for application to the payment of all Senior Indebtedness remaining
unpaid to the extent necessary to pay all Senior Indebtedness in full, in cash
or other payment satisfactory to the holders of Senior Indebtedness, after
giving effect to any concurrent payment or distribution to or for the holders of
such Senior Indebtedness.

     Nothing in this Section 11.02 shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 7.07. This Section 11.02 shall be subject
to the further provisions of Section 11.05.

     Section 11.03. Subrogation Of Securities. Subject to the payment in full,
in cash or other payment satisfactory to the holders of Senior Indebtedness, of
all Senior Indebtedness, the rights of the Holders of the Securities shall be
subrogated to the extent of the payments or distributions made to the holders of
such Senior Indebtedness pursuant to the provisions of this Article 11 (equally
and ratably with the holders of all Indebtedness of the Company which by its
express terms is subordinated to other Indebtedness of the Company to
substantially the same extent as the Securities are subordinated and is entitled
to like rights of subrogation) to the rights of the holders of Senior
Indebtedness to receive payments or distributions of Cash, Property or
Securities of the Company applicable to the Senior Indebtedness until any
Payable Amount, together with accrued and unpaid interest, if any, on the
Securities shall be paid in full in cash or other payment satisfactory to the
holders of Senior Indebtedness; and, for the purposes of such subrogation, no
payments or distributions to the holders of the Senior Indebtedness of any Cash,
Property or Securities to which the Holders of the Securities or the Trustee
would be entitled except for the provisions of this Article 11, and no payment
over pursuant to the provisions of this Article 11, to or for the benefit of the
holders of Senior Indebtedness by Holders of the Securities or the Trustee,
shall, as between the Company, its creditors other than holders of Senior
Indebtedness, and the Holders of the Securities, be deemed to be a payment by
the Company to or on account of the Senior Indebtedness; and no payments or
distributions of Cash,

                                       61

<PAGE>

Property or Securities to or for the benefit of the Holders of the Securities
pursuant to the subrogation provisions of this Article 11, which would otherwise
have been paid to the holders of Senior Indebtedness shall be deemed to be a
payment by the Company to or for the account of the Securities. It is understood
that the provisions of this Article 11 are and are intended solely for the
purposes of defining the relative rights of the Holders of the Securities, on
the one hand, and the holders of the Senior Indebtedness, on the other hand.

     Nothing contained in this Article 11 or elsewhere in this Indenture or in
the Securities is intended to or shall impair, as among the Company, its
creditors other than the holders of Senior Indebtedness, and the Holders of the
Securities, the obligation of the Company, which is absolute and unconditional,
to pay to the Holders of the Securities any Payable Amount, together with
accrued and unpaid interest, if any, on the Securities as and when the same
shall become due and payable in accordance with their terms, or is intended to
or shall affect the relative rights of the Holders of the Securities and
creditors of the Company other than the holders of the Senior Indebtedness, nor
shall anything herein or therein prevent the Trustee or the Holder of any
Security from exercising all remedies otherwise permitted by applicable law upon
default under this Indenture, subject to the rights, if any, under this Article
11 of the holders of Senior Indebtedness in respect of Cash, Property or
Securities of the Company received upon the exercise of any such remedy.

     Upon any payment or distribution of assets of the Company referred to in
this Article 11, the Trustee, subject to the provisions of Section 7.01, and the
Holders of the Securities shall be entitled to rely upon any order or decree
made by any court of competent jurisdiction in which such bankruptcy,
dissolution, winding-up, liquidation or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidating trustee,
agent or other Person making such payment or distribution, delivered to the
Trustee or to the Holders of the Securities, for the purpose of ascertaining the
Persons entitled to participate in such distribution, the holders of the Senior
Indebtedness and other Indebtedness of the Company, the amount thereof or
payable thereon and all other facts pertinent thereto or to this Article 11.

     Section 11.04. Authorization To Effect Subordination. Each Holder of a
Security by the Holder's acceptance thereof authorizes and directs the Trustee
on the Holder's behalf to take such action as may be necessary or appropriate to
effectuate the subordination as provided in this Article 11 and appoints the
Trustee to act as the Holder's attorney-in-fact for any and all such purposes.
If the Trustee does not file a proper proof of claim or proof of debt in the
form required in any proceeding referred to in Section 11.03 hereof at least 30
days before the expiration of the time to file such claim, the holders of any
Senior Indebtedness or their Representatives are hereby authorized to file an
appropriate claim for and on behalf of the Holders of the Securities.

     Section 11.05. Notice To Trustee. The Company shall give prompt written
notice in the form of an Officers' Certificate to a Trust Officer of the Trustee
and to any Paying Agent of any fact known to the Company which would prohibit
the making of any payment of monies to or by the Trustee or any Paying Agent in
respect of the Securities pursuant to the provisions of this Article 11.
Notwithstanding the provisions of this Article 11 or any other provision of this
Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts which would prohibit the making of any payment of monies to or by the
Trustee in respect of the

                                       62

<PAGE>

Securities pursuant to the provisions of this Article 11, unless and until a
Trust Officer of the Trustee shall have received written notice thereof at the
Corporate Trust Office from the Company (in the form of an Officers'
Certificate) or a Representative or a holder or holders of Senior Indebtedness
or from any trustee thereof; and before the receipt of any such written notice,
the Trustee, subject to the provisions of Section 7.01, shall be entitled in all
respects to assume that no such facts exist; provided that if on a date not less
than one Business Day prior to the date upon which by the terms hereof any such
monies may become payable for any purpose (including, without limitation, the
payment of any Payable Amount, together with accrued and unpaid interest, if
any, on any Security) the Trustee shall not have received, with respect to such
monies, the notice provided for in this Section 11.05, then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such monies and to apply the same to the purpose for which
they were received, and shall not be affected by any notice to the contrary
which may be received by it on or after such prior date. Notwithstanding
anything in this Article 11 to the contrary, nothing shall prevent any payment
by the Trustee to the Holders of monies deposited with it pursuant to Article 8,
and any such payment shall not be subject to the provisions of Article 11.

     The Trustee, subject to the provisions of Section 7.01, shall be entitled
to conclusively rely on the delivery to it of a written notice by a
Representative or a Person representing himself to be a holder of Senior
Indebtedness (or a trustee on behalf of such holder) to establish that such
notice has been given by a Representative or a holder of Senior Indebtedness or
a trustee on behalf of any such holder or holders. In the event that the Trustee
determines in good faith that further evidence is required with respect to the
right of any Person as a holder of Senior Indebtedness to participate in any
payment or distribution pursuant to this Article 11, the Trustee may request
such Person to furnish evidence to the reasonable satisfaction of the Trustee as
to the amount of Senior Indebtedness held by such Person, the extent to which
such Person is entitled to participate in such payment or distribution and any
other facts pertinent to the rights of such Person under this Article 11, and if
such evidence is not furnished the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such
payment.

     Section 11.06. Trustee's Relation To Senior Indebtedness. The Trustee in
its individual capacity shall be entitled to all the rights set forth in this
Article 11 in respect of any Senior Indebtedness at any time held by it, to the
same extent as any other holder of Senior Indebtedness, and nothing in Section
7.11 or elsewhere in this Indenture shall deprive the Trustee of any of its
rights as such holder.

     With respect to the holders of Senior Indebtedness, the Trustee undertakes
to perform or to observe only such of its covenants and obligations as are
specifically set forth in this Article 11, and no implied covenants or
obligations with respect to the holders of Senior Indebtedness shall be read
into this Indenture against the Trustee. The Trustee shall not be deemed to owe
any fiduciary duty to the holders of Senior Indebtedness and, subject to the
provisions of Section 7.01, the Trustee shall not be liable to any holder of
Senior Indebtedness if it shall pay over or deliver to Holders of Securities,
the Company or any other Person money or assets to which any holder of Senior
Indebtedness shall be entitled by virtue of this Article 11 or otherwise.

                                       63

<PAGE>

     Section 11.07. No Impairment Of Subordination. No right of any present or
future holder of any Senior Indebtedness to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or by any act or failure to act, in
good faith, by any such holder, or by any noncompliance by the Company with the
terms, provisions and covenants of this Indenture, regardless of any knowledge
thereof which any such holder may have or otherwise be charged with.

     Section 11.08. Certain Conversions Deemed Payment. For the purposes of this
Article 11 only, (1) the issuance and delivery of Junior Securities upon
conversion of Securities in accordance with Article 10 shall not be deemed to
constitute a payment or distribution on account of the principal of (or premium,
if any) or interest, if any, on Securities or on account of the purchase or
other acquisition of Securities, and (2) the payment, issuance or delivery of
cash (except in satisfaction of fractional shares pursuant to Section 10.04),
property or securities (other than Junior Securities) upon conversion of a
Security shall be deemed to constitute payment on account of the principal of
such Security. For the purposes of this Section 11.08, the term "Junior
Securities" means (a) shares of any stock of any class of the Company, or (b)
securities of the Company which are subordinated in right of payment to all
Senior Indebtedness which may be outstanding at the time of issuance or delivery
of such securities to substantially the same extent as, or to a greater extent
than, the Securities are so subordinated as provided in this Article. Nothing
contained in this Article 11 or elsewhere in this Indenture or in the Securities
is intended to or shall impair, as among the Company, its creditors other than
holders of Senior Indebtedness and the Holders, the right, which is absolute and
unconditional, of the Holder of any Security to convert such Security in
accordance with Article 10.

     Section 11.09. Article Applicable To Paying Agents. If at any time any
Paying Agent other than the Trustee shall have been appointed by the Company and
be then acting hereunder, the term "Trustee" as used in this Article shall
(unless the context otherwise requires) be construed as extending to and
including such Paying Agent within its meaning as fully for all intents and
purposes as if such Paying Agent were named in this Article in addition to or in
place of the Trustee; provided, however, that the first paragraph of Section
11.05 shall not apply to the Company or any Affiliate of the Company if it or
such Affiliate acts as Paying Agent.

     Section 11.10. Senior Indebtedness Entitled To Rely. The holders of Senior
Indebtedness (including, without limitation, Designated Senior Indebtedness)
shall have the right to rely upon this Article 11, and no amendment or
modification of the provisions contained herein shall diminish the rights of
such holders unless such holders shall have agreed in writing thereto.

                                   ARTICLE 12
                                  MISCELLANEOUS

     Section 12.01. Trust Indenture Act Controls. If any provision of this
Indenture limits, qualifies or conflicts with another provision which is
required to be included in this Indenture by the TIA, the required provision
shall control.

                                       64

<PAGE>

     Section 12.02. Notices. Any notice or communication shall be in English and
in writing and delivered in person or mailed by first-class mail, postage
prepaid, and shall be deemed effective when actually received if addressed as
follows:

     if to the Company:

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

          Attention:  Chief Financial Officer

     if to the Trustee:

          The Bank of New York
          101 Barclay Street
          Floor 21 West
          New York, New York 10286

          Attention:  Global Trust Services

     with a copy to:

          The Bank of New York
          One Temasek Avenue
          #02-01 Millenia Tower
          Singapore 039192

          Attention:  Global Trust Services

     The Company or the Trustee by notice to the other may designate additional
or different addresses for subsequent notices or communications.

     Any notice or communication given to a Securityholder shall be mailed by
first-class mail to the Securityholder at the Securityholder's address as it
appears on the registration books of the Registrar and shall be sufficiently
given if so mailed within the time prescribed.

     Failure to mail a notice or communication to a Securityholder or any defect
in it shall not affect its sufficiency with respect to other Securityholders.

     If the Company mails a notice or communication to the Securityholders, it
shall mail a copy to the Trustee and each Registrar, Paying Agent, Conversion
Agent or co-registrar.

     Section 12.03. Certificate and Opinion to Conditions Precedent. Upon any
request or application by the Company to the Trustee to take any action under
this Indenture, the Company shall furnish to the Trustee:

                                       65

<PAGE>

     (a)  an Officers' Certificate stating that, in the opinion of the signers,
all conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with; and

     (b)  an Opinion of Counsel stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

     Section 12.04. Statements Required in Certificate or Opinion. Each
Officers' Certificate or Opinion of Counsel with respect to compliance with a
covenant or condition provided for in this Indenture shall include:

     (a)  a statement that each Person making such Officers' Certificate or
Opinion of Counsel has read such covenant or condition;

     (b)  a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such Officers'
Certificate or Opinion of Counsel are based;

     (c)  a statement that, in the opinion of each such Person, he has made such
examination or investigation as is necessary to enable such Person to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

     (d)  a statement that, in the opinion of such Person, such covenant or
condition has been complied with.

     Section 12.05. Separability Clause. In case any provision in this Indenture
or in the Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

     Section 12.06. Rules by Trustee, Paying Agents, Conversion Agent and
Registrar. The Trustee may make reasonable rules for action by or a meeting of
the Securityholders. Each Registrar, Conversion Agent and Paying Agent may make
reasonable rules for their functions.

     Section 12.07. Legal Holiday. A "Legal Holiday" is any day other than a
Business Day. If any specified date (including a date for giving notice) is a
Legal Holiday, the action shall be taken on the next succeeding day that is not
a Legal Holiday, and to the extent applicable no accrued and unpaid interest, if
any, shall accrue for the intervening period.

     Section 12.08. Governing Law. THIS INDENTURE AND THE SECURITIES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

     Section 12.09. Submission to Jurisdiction, Appointment of Agent for
Service. The Company agrees and covenants as follows:

                                       66

<PAGE>

     The Company irrevocably agrees that any legal suit, action or proceeding
against it arising out of or based upon this Indenture, the Securities or the
transactions contemplated hereby may be, but is not required to be, instituted
in any United States Federal or State Court in the Borough of Manhattan, The
City of New York, State of 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 irrevocably waives any immunity to
jurisdiction to which it may otherwise be entitled or become entitled (including
immunity to prejudgment attachment and execution) in any legal suit, action or
proceeding against it arising out of this Indenture, the Securities or the
transactions contemplated hereby which is instituted in any United States
Federal or state court in the Borough of Manhattan, The City of New York, State
of New York, or in any foreign court. To the extent permitted by law, the
Company hereby waives any objection to the enforcement by any competent foreign
court of any jurisdiction validly obtained in any such proceeding. The Company
has appointed CT Corporation Systems, 111 Eighth Avenue, New York, New York
10011, as its authorized agent (the "Authorized Agent") upon which process may
be served in any such action arising out of or based on this Indenture, the
Securities or the transactions contemplated hereby which may be instituted in
any United States Federal or state court in the Borough of Manhattan, The City
of New York, State of New York, expressly consents to the jurisdiction of any
such court in respect of any such action and waives any other requirements of or
objections to personal jurisdiction with respect thereto. Such appointments
shall be irrevocable. The Company represents and warrants that the Authorized
Agent has agreed to act as said agent for service of process and it 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. Service of process upon the Authorized Agent and
written notice of such service of process to the Company shall be deemed, in
every respect, effective service of process upon the Company. Notwithstanding
the foregoing, any action based on this Indenture and the Securities or the
transactions contemplated hereby may be instituted by any party hereto, subject
to the limitations set forth in Article 6 hereof, by the Holder of any Security
in any competent foreign court.

     Section 12.10. Successors. All agreements of the Company in this Indenture
and the Securities shall bind its successor. All agreements of the Trustee in
this Indenture shall bind its successor.

     Section 12.11. Acts of Holders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the
Company. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

     (b)  The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the

                                       67

<PAGE>

individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signer acting in a capacity other than his
individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same,
may also be proved in any other manner which the Trustee deems sufficient.

     (c)  The ownership of the Securities shall be proved by the Security
register or by a certificate of the registrar thereof.

     Section 12.12. Waiver of Jury Trial. Each of the Company and the Trustee
hereby irrevocably waives, to the fullest extent permitted by applicable law,
any and all right to trial by jury in any legal proceeding arising out of or
relating to this Indenture, the Securities or the transactions contemplated
hereby.

     Section 12.13. Multiple Originals. The parties may sign any number of
copies of this Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. One signed copy is enough to prove this
Indenture.

                                       68

<PAGE>

     IN WITNESS WHEREOF, the undersigned, being duly authorized, have executed
this Indenture on behalf of the respective parties hereto as of the date first
above written.

                                        NETEASE.COM, INC.

                                        By: /s/ Ted Sun
                                            ------------------------------------
                                            Name:  Ted Sun
                                            Title: Director and Acting Chief
                                                   Executive Officer

                                       69

<PAGE>

                                        THE BANK OF NEW YORK

                                        By: /s/ Vanessa Loh
                                            ------------------------------------
                                            Name:  Vanessa Loh
                                            Title: Assistant Vice President

                                       70

<PAGE>

                                                                     EXHIBIT A-1

                          [FORM OF FACE OF GLOBAL NOTE]

Unless this certificate is presented by an authorized representative of The
Depository Trust Company ("DTC"), a corporation in The City of New York, to
NetEase.com, Inc. or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

                                NETEASE.COM, INC.

          Zero Coupon Convertible Subordinated Notes due July 15, 2023

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE
"SECURITIES ACT"), AND THIS NOTE AND THE ORDINARY SHARES ISSUABLE UPON
CONVERSION MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS
NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE
EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY
RULE 144A THEREUNDER.

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE
AND THE ORDINARY SHARES ISSUABLE UPON CONVERSION THEREOF MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A), (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO
IN (A) ABOVE. IN ANY CASE, THE HOLDER HEREOF WILL NOT, DIRECTLY OR INDIRECTLY,
ENGAGE IN ANY HEDGING TRANSACTION WITH REGARD TO THE SECURITIES EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT.

No. 1

CUSIP No. 64110W AA 0

                                      A-1-1

<PAGE>

     NetEase.com, Inc. (the "Company"), a company incorporated under the laws of
the Cayman Islands, with its corporate seat in Beijing, People's Republic of
China, promises to pay to Cede & Co. or registered assigns, the Principal Amount
set forth on the register of the Registrar on July 15, 2023.

     This Security shall not bear interest except as specified on the other side
of this Security. This Security is convertible into Ordinary Shares of the
Company as specified on the other side of this Security. All capitalized terms
used herein without definition shall have the respective meanings assigned
thereto in the Indenture referred to on the other side of this Security.

     Additional provisions of this Security are set forth on the other side of
this Security.

                                        NETEASE.COM, INC.

                                        By:
                                           -------------------------------------

                                      A-1-2

<PAGE>

TRUSTEE'S CERTIFICATE OF
  AUTHENTICATION

The Bank of New York
as Trustee, certifies that this Security
is one of the Securities referred to
in the within-mentioned Indenture

By:
   -----------------------------------
   Authorized Signatory

Date:
     ---------------------------------

                                      A-1-3

<PAGE>

                                                                     EXHIBIT A-2

                  [FORM OF FACE OF DEFINITIVE REGISTERED NOTE]

                                NETEASE.COM, INC.

          Zero Coupon Convertible Subordinated Notes due July 15, 2023

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE
"SECURITIES ACT"), AND THIS NOTE AND THE ORDINARY SHARES ISSUABLE UPON
CONVERSION MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS
NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE
EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY
RULE 144A THEREUNDER.

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE
AND THE ORDINARY SHARES ISSUABLE UPON CONVERSION THEREOF MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A), (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO
IN (A) ABOVE. IN ANY CASE, THE HOLDER HEREOF WILL NOT, DIRECTLY OR INDIRECTLY,
ENGAGE IN ANY HEDGING TRANSACTION WITH REGARD TO THE SECURITIES EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT.

No.

     NetEase.com, Inc., a company incorporated under the laws of the Cayman
Islands, with its corporate seat in Beijing, People's Republic of China,
promises to pay to _________________________, or registered assigns, the
Principal Amount of _______________________ Dollars ($______________) on July
15, 2023.

     This Security shall not bear interest except as specified on the other side
of this Security. This Security is convertible into Ordinary Shares of the
Company as specified on the other side of this Security. All capitalized terms
used herein without definition shall have the respective meanings assigned
thereto in the Indenture referred to on the other side of this Security.

                                      A-2-1

<PAGE>

     Additional provisions of this Security are set forth on the other side of
this Security.

                                        NETEASE.COM, INC.

                                        By:
                                            ------------------------------------

                                      A-2-2

<PAGE>

TRUSTEE'S CERTIFICATE OF
   AUTHENTICATION
The Bank of New York
as Trustee, certifies that this Security
is one of the Securities referred to
in the within-mentioned Indenture

By:
      -------------------------------
      Authorized Signatory

Date:
      -------------------------------

                                      A-2-3

<PAGE>

                                                                     EXHIBIT B-1

                         [FORM OF REVERSE SIDE OF NOTE]

          Zero Coupon Convertible Subordinated Notes due July 15, 2023

     1.  Interest

     This Security shall not bear interest, except that if the Principal Amount
hereof or any portion of such Principal Amount is not paid when due (whether
upon acceleration pursuant to Section 6.02 of the Indenture, upon the date set
for payment of the Redemption Price pursuant to paragraph 5 hereof, upon the
date set for payment of the Merger Redemption Price pursuant to paragraph 7
hereof, upon the date set for payment of the Repurchase Price, Fundamental
Change Repurchase Price or Delisting Put Price pursuant to paragraph 6 hereof or
upon the Stated Maturity of this Security) or if Ordinary Shares (or cash in
lieu of fractional Ordinary Shares) in respect of a conversion of this Security
in accordance with the terms of Article 10 of the Indenture is not delivered
when due, then in each such case the overdue amount shall bear interest at such
rate and on such terms as are set out in the registration rights agreement dated
July 8, 2003, between the Company and the Purchaser, and the Company may set a
record date for the payment of such interest.

     2.  Method of Payment

     Subject to the terms and conditions of the Indenture, NetEase.com, Inc.
(the "Company") will make payments in respect of the Securities to the Persons
who are registered Holders of Securities at the Close of Business on the Stated
Maturity, Redemption Date, Repurchase Date, Fundamental Change Repurchase Date,
Delisting Put Date, Merger Redemption Date or Conversion Date, as the case may
be. Holders must surrender Securities to the Paying Agent to collect such
payments in respect of the Securities. The Company will pay cash amounts in
money of The United States of America that at the time of payment is legal
tender for payment of public and private debts. However, the Company may make
such cash payments by check payable in such money.

     3.  Paying Agent, Conversion Agent and Registrar

     Initially, The Bank of New York, a New York banking corporation, will act
as conversion agent, paying agent and registrar. The Company may appoint and
change the paying agent, conversion agent, registrar or co-registrar, upon
notice to the Trustee and the Holders. The Company or any of its Subsidiaries or
any of their Affiliates may act as paying agent, conversion agent, registrar or
co-registrar.

     4.  Indenture

     The Company issued the Securities under an Indenture, dated as of July 14,
2003 (the "Indenture"), between the Company and the Trustee. The terms of the
Securities include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended by the
Trust Indenture Reform Act of 1990, and, as in effect on the date of the
Indenture (the "TIA"). Capitalized terms used herein or on the face hereof and
not

                                      B-1-1

<PAGE>

defined herein have the meanings ascribed thereto in the Indenture. The
Securities are subject to all such terms, and Securityholders are referred to
the Indenture and the TIA for a statement of those terms.

     The Securities are general unsecured obligations of the Company limited to
the aggregate Principal Amount specified in Section 2.02 of the Indenture
(subject to Section 2.06 of the Indenture). The Indenture does not limit other
Indebtedness of the Company.

     5.  Redemption at the Option of the Company

     No sinking fund is provided for the Securities. Prior to July 15, 2008, the
Securities will not be redeemable at the option of the Company, except as
provided in Section 5.01 of the Indenture and paragraph 7 hereof.

     Beginning on July 15, 2008, and prior to the Close of Business on the
Stated Maturity, the Company may redeem the Securities, in whole or in part, for
cash if the Reference Price of the Ordinary Shares for 20 out of any 30
consecutive Trading Days, the last of which occurs no more than five days prior
to the date upon which notice of such redemption is published, is at least 130%
of the Conversion Price in effect on such Trading Day. If the Company redeems
less than all of the outstanding Securities, the Trustee shall select the
Securities to be redeemed pro rata or by lot or by any other method the Trustee
considers fair and appropriate in principal amounts of $1,000 or integral
multiples of $1,000. If a portion of a Holder's Securities is selected for
partial redemption and the Holder commits a portion of the Securities, the
converted portion shall be deemed to be the portion selected for redemption.

     Any redemption pursuant to this paragraph 5 shall be at the Redemption
Price, together with accrued and unpaid interest, if any.

     6.  Repurchase of Securities by the Company at the Option of the Holder

     Subject to the terms and conditions of Section 3.08 of the Indenture, the
Company shall become obligated to repurchase, at the option of the Holder, the
Securities held by such Holder on July 15, 2006, July 15, 2007, July 15, 2008,
July 15, 2013, and July 15, 2018 (each, a "Repurchase Date") and at a repurchase
price equal to the Principal Amount of such Securities (the "Repurchase Price"),
upon delivery of the Repurchase Notice containing the information set forth in
the Indenture, at any time from the opening of business on the date that is 20
Business Days prior to a Repurchase Date until the Repurchase Deadline and upon
delivery of the Securities to the Paying Agent by the Holder as set forth in the
Indenture. The Repurchase Price shall be paid in cash.

     Subject to the terms and conditions of Section 3.09 of the Indenture, if
any Fundamental Change occurs, the Company shall, at the option of the Holders,
repurchase all Securities for which a Fundamental Change Repurchase Notice shall
have been delivered as provided in the Indenture and not withdrawn, on the date
that is not less than 10 or more than 30 days after the Final Surrender Date,
for the Fundamental Change Repurchase Price, which shall be paid in cash.

                                      B-1-2

<PAGE>

     Subject to the terms and conditions of Section 3.10 of the Indenture, if
any Delisting Event occurs, the Company shall, at the option of the Holders,
repurchase all Securities for which a Delisting Put Notice shall have been
delivered as provided in the Indenture and not withdrawn, on the date that is
not less than 10 or more than 30 days after the Delisting Put Surrender Date,
for the Delisting Put Price, which shall be paid in cash.

     Holders have the right to withdraw a Repurchase Notice until the Close of
Business on the third Business Day prior to the Repurchase Date, and a
Fundamental Change Repurchase Notice or Delisting Put Notice, as the case may
be, until the Fundamental Change Repurchase Date or the Delisting Put Date, as
the case may be, in any event by delivering to the Paying Agent a written notice
of withdrawal in accordance with the provisions of the Indenture.

     If cash sufficient to pay the Repurchase Price, Fundamental Change
Repurchase Price or Delisting Put Price of all Securities or portions thereof to
be repurchased as of the Repurchase Date, Fundamental Change Repurchase Date or
Delisting Put Date, as the case may be, is deposited with the Paying Agent on
the Business Day following the Repurchase Date, Fundamental Change Repurchase
Date or Delisting Put Date, as the case may be, the Holders shall have no other
rights as such (other the right to receive the Repurchase Price, Fundamental
Change Repurchase Price or Delisting Put Price, as the case may be).

     7.  Merger Redemption

     Subject to the terms and conditions of the Indenture, upon the occurrence
of a Merger Event, the Company may become obligated to repurchase (and in such
case, the Holder shall become obligated to tender for repurchase), the
Securities held by the Holder on the Merger Redemption Date and at the Merger
Redemption Price, upon delivery of the Securities, on or before the Merger
Redemption Surrender Date. The Merger Redemption Price shall be paid in cash.

     If cash sufficient to pay the Merger Redemption Price of all Securities or
portions thereof to be repurchased as of the Merger Redemption Date is deposited
with the Paying Agent on the Business Day following the Merger Redemption Date,
the Holders shall have no other rights as such (other the right to receive the
Merger Redemption Price).

     8.  Notice of Redemption and Surrender of Security

          (i)   Notice of redemption, other than a Merger Redemption Notice,
     will be mailed at least 30 days but not more than 60 days before the
     Redemption Date to each Holder of Securities to be redeemed at the Holder's
     registered address. A Merger Redemption Notice will be mailed within 30
     days after the occurrence of the Merger Event to each Holder of Securities
     to be redeemed at the Holder's registered address.

          (ii)  Holders may surrender a Security for repurchase by the Company
     by means of book entry delivery in accordance with the provisions set forth
     herein and the regulations of the applicable book entry facility. For the
     purposes of paragraphs 6 and 7, a Security shall be deemed to have been
     surrendered to the Paying Agent upon receipt of a copy of an irrevocable
     notice given by any book entry facility to the Registrar or any

                                      B-1-3

<PAGE>

     custodian for the registrar, instructing it to deliver the certificate
     corresponding to such Security to the Registrar for cancellation.

     9.  Conversion

     A Holder may only surrender its Securities for conversion in the four
circumstances set out below and in accordance with the provisions in the
Indenture:

          (i)   Conversion Upon Satisfaction of Ordinary Share Price Condition

          A Holder may surrender its Securities for conversion into Ordinary
     Shares prior to the Close of Business on the Stated Maturity, in any
     quarter commencing after September 30, 2003, if the average of the
     Reference Prices of the Ordinary Shares, for the last five consecutive
     Trading Days of the immediately preceding fiscal quarter, exceeds 115% of
     the Conversion Price in effect on the last Trading Day of such quarter.

          (ii)  Conversion Upon Notice of Redemption

          A Holder may surrender for conversion a Security called for redemption
     at any time prior to the Close of Business on the second Business Day prior
     to the Redemption Date or Merger Redemption Date, unless the Company
     defaults in making payment due upon redemption.

          (iii) Conversion Upon Satisfaction of Trading Price Condition

          If, after any five consecutive Trading Day period in which the average
     of the Trading Prices for the Securities for such five Trading Day period
     is less than 100% of the average of the Conversion Values for the
     Securities during that period, a Holder may surrender Securities for
     conversion at any time during the following 10 Trading Days; provided,
     however, that no Securities may be converted based on the satisfaction of
     this condition during the six month period immediately preceding each
     specified date on which a Holder may require the Company to repurchase its
     Securities (for example, with respect to the July 15, 2006 put date for the
     Securities, the Securities may not be converted from January 15, 2006 to
     July 15, 2006), if on any day during such five consecutive Trading Day
     period, the Reference Price of the Ordinary Shares is between the
     Conversion Price and 115% of the Conversion Price.

          (iv)  Conversion Rights Upon Occurrence of Specific Corporate
     Transactions

          If the Company elects to:

          .  distribute to all Holders of the Ordinary Shares any rights,
             warrants or options entitling them to substitute for or purchase,
             for a period expiring within 60 days of the date of such
             distribution, the Ordinary Shares at less than the then current
             Reference Price; or

          .  distribute to all Holders of the Ordinary Shares, any assets, debt
             securities or certain rights to purchase the Company's securities,
             which distribution has a

                                      B-1-4

<PAGE>

             per share value exceeding 10% of the Reference Price of the
             Ordinary Shares on the day preceding the declaration date for such
             distribution;

          Holders may convert their Securities, unless they may participate in
          the transaction on a basis and with notice that the Board determines
          to be fair and reasonable.

          In addition, if the Company is party to a consolidation, merger, share
     exchange, sale of all or substantially all of its assets or other similar
     transaction, in each case pursuant to which the Ordinary Shares would be
     converted into cash, securities or other property, a Holder may surrender
     its Securities for conversion for the Ordinary Shares at any time from and
     after the date that is 15 Business Days prior to the anticipated effective
     date of the transaction until and including the date which is two Business
     Days before the actual date of such transaction. If the Company is party to
     a consolidation, merger, share exchange, sale of all or substantially all
     of its assets or other similar transaction, in each case pursuant to which
     the Ordinary Shares would be converted into cash, securities or other
     property, then at the effective time of the transaction, a Holder's right
     to convert its Securities into Ordinary Shares will be changed into a right
     to convert such Securities into the kind and amount of cash, securities or
     other property that such Holder would have received if such Holder had
     converted such Securities immediately prior to the transaction.

          The Conversion Price is $0.4815 per Ordinary Share, subject to
     adjustment in certain events as set out in the Indenture. The conversion
     conditions shall be as set out in the Indenture.

     10. Conversion Arrangement on Call for Redemption

     Any Securities called for redemption (other than upon a Merger Event),
unless surrendered for conversion before the Close of Business on the Redemption
Date, may be deemed to be repurchased from the Holders of such Securities at an
amount not less than the Redemption Price, by one or more investment bankers or
other purchaser who may agree with the Company to purchase such Securities from
the Holders and to make payment for such Securities to the Trustee in trust for
such Holders.

     11. Denominations; Transfer; Exchange

     The Securities are in fully registered form, without coupons, in
denominations of $1,000 of Principal Amount and integral multiples of $1,000. A
Holder may transfer or exchange Securities in accordance with the Indenture. A
Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture. A Registrar need not transfer or exchange any
Securities selected for redemption (except, in the case of a Security to be
redeemed in part, the portion of the Security not to be redeemed) or any
Securities in respect of which the Repurchase Notice, Fundamental Change
Repurchase Notice or Delisting Put Notice has been given and not withdrawn
(except, in the case of a Security to be repurchased in part, the portion of the
Security

                                      B-1-5

<PAGE>

not to be repurchased) or any Securities for a period of 15 days before a
selection of Securities to be redeemed.

     12. Persons Deemed Owners

     The registered Holder of this Security may be treated as the owner of this
Security for all purposes.

     13. Unclaimed Money or Securities

     The Trustee and the Paying Agent (if other than the Trustee) shall return
to the Company, upon request of the Company, any money or securities held by
them for the payment of any amount with respect to the Securities that remains
unclaimed for two years; provided, however, that the Trustee or such Paying
Agent (if other than the Trustee), before being required to make any such
return, may, at the expense of the Company, cause to be published once in The
Wall Street Journal or another daily newspaper of national circulation or mail
to each such Holder notice that such money or securities remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from
the date of such publication or mailing, any unclaimed money or securities then
remaining will be returned to the Company. After return to the Company, Holders
entitled to the money or securities must look to the Company for payment as
general creditors unless an applicable abandoned property law designates another
Person, and the Trustee and the Paying Agent (if other than the Trustee) shall
have no further liability with respect to such money or securities for that
period commencing after the return thereof.

     14. Amendment; Waiver

     Subject to certain exceptions set forth in the Indenture, (i) the Indenture
or the Securities may be amended with the written consent of the Holders of at
least a majority in aggregate Principal Amount of the Securities at the time
outstanding and (ii) certain defaults or noncompliance with certain provisions
may be waived with the written consent of the Holders of at least a majority in
aggregate Principal Amount of the Securities at the time outstanding. Subject to
certain exceptions set forth in the Indenture, without the consent of any
Securityholder, the Company and the Trustee may amend the Indenture or the
Securities to cure any ambiguity, defect or inconsistency, or to comply with
Article 5 or Section 10.16 of the Indenture or to make any change that does not
materially adversely affect the rights of any Securityholder.

     15. Defaults and Remedies

     Under the Indenture, Events of Default include (i) default in payment of
any Payable Amount in respect of the Securities when the same becomes due and
payable; (ii) default in payment of accrued and unpaid interest, if any, on a
Security, subject to lapse of time; (iii) failure by the Company to comply with
other agreements in the Indenture or the Securities, subject to notice and lapse
of time; (iv) failure to make any payment when due in respect of Indebtedness
for borrowed money, which payment is in an amount in excess of $10 million; (v)
default with respect to any Indebtedness for money borrowed, which default
results in acceleration of any such Indebtedness that is in an amount in excess
of $10 million; or (vi) certain events of bankruptcy or insolvency. If an Event
of Default occurs and is continuing, the Trustee, or the

                                      B-1-6

<PAGE>

Holders of at least 25% in aggregate Principal Amount of the Securities at the
time outstanding, may declare all the Securities to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default
which will result in the Securities becoming due and payable immediately upon
the occurrence of such Events of Default.

     Securityholders may not enforce the Indenture or the Securities except as
provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Securities unless it receives indemnity or security to its satisfaction.
Subject to certain limitations, Holders of a majority in aggregate Principal
Amount of the Securities at the time outstanding may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Securityholders
notice of any continuing Default (except a Default in payment of amounts
specified in clauses (i) or (ii) above) if it determines that withholding notice
is in their interests.

     16. Trustee Dealings with the Company

     Subject to certain limitations imposed by the TIA, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Securities and may otherwise deal with and collect obligations owed
to it by the Company or its Affiliates and may otherwise deal with the Company
or its Affiliates with the same rights it would have if it were not Trustee.

     17. No Recourse Against Others

     A director, member of the Board, officer, employee or stockholder, as such,
of the Company shall not have any liability for any obligations of the Company
under the Securities or the Indenture or for any claim based on, in respect of
or by reason of such obligations or their creation. By accepting a Security,
each Securityholder waives and releases all such liability. The waiver and
release are part of the consideration for the issue of the Securities.

     18. Authentication

     This Security shall not be valid until an authorized officer of the Trustee
or any authenticating agent (if other than the Trustee) manually signs the
Certificate of Authentication on the other side of this Security.

     19. Abbreviations

     Customary abbreviations may be used in the name of a Securityholder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with right of survivorship and not as
tenants in common) and CUST (=custodian), and UNIF TRANS MIN ACT (=Uniform
Transfers to Minors Act).

     20. GOVERNING LAW

     THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE
AND TO BE PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS.

                                      B-1-7

<PAGE>

ASSIGNMENT FORM                           CONVERSION NOTICE

To assign this Security, fill in the      To convert this Security into Ordinary
form below:                               Shares of the Company, check the box:G

I or we assign and transfer this          To convert only part of this Security,
Security to                               state the Principal Amount to be
                                          converted (which must be $1,000 or an
_______________________________________   integral multiple of $1,000):
(Insert assignee's soc. sec. or tax ID
no.)

_______________________________________   $_______________

_______________________________________

_______________________________________

_______________________________________

(Print or type assignee's name, address   If you want the stock certificate made
and zip code)                             out in another Person's name, fill in
                                          the form below:
and irrevocably appoint________________
as agent to transfer this Security on     ______________________________________
the books of the Company. The agent may   (Insert person's soc. sec. or tax ID
substitute another to act for him.        no.)

To resell or transfer this Security       ______________________________________
check one of the boxes below:
                                          ______________________________________

                                          ______________________________________

G I or we assign or transfer this         (Print or type person's name, address
security to NetEase.com, Inc. or its      and zip code)
subsidiary
_________________(print or type name of   The undersigned Holder elects to
subsidiary)                               receive ____________Ordinary Shares.

G I or we assign and transfer this
security to a Qualified Institutional
Buyer ("QIB") as defined in Rule 144A
under the Securities Act

G I or we assign and transfer this
security outside the United States in
an offshore transaction in compliance
with Rule 903 or 904 under the
Securities Act

G I or we assign and transfer this
security pursuant to the exemption from
registration provided by Rule 144 under
the Securities Act

I or we hereby declare and represent
that the assignment of this Security is
made in compliance with all applicable
securities laws of the states of the
United States or any other
jurisdiction.

Date:                                     Your Signature:
     ---------------------
     --------------------- ---------

---------------------------------------
(Sign exactly as your name appears on
the other side of this Security)

<PAGE>

* Signatures must be guaranteed by an "eligible guarantor institution" meeting
the requirements of the Registrar, which requirements in the case of the
Registrar include membership or participation in the Security Registrar
Medallion Program ("STAMP") or such other "signature guarantee program" as may
be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

                                        9

<PAGE>

                                                                       EXHIBIT C

                     FORM OF CERTIFICATE TO BE DELIVERED IN
               CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S

                                                              ___________, _____
The Bank of New York
101 Barclay Street
Floor 21 West
New York, New York 10286
Attention: Corporate Trust Administration

                     Re: NETEASE.COM., INC. (the "Company")

          Zero Coupon Convertible Subordinated Notes due July 15, 2023
                               (the "Securities")

Ladies and Gentlemen:

     In connection with our proposed sale of $ _____________ principal amount of
the Securities, we confirm that such sale has been effected pursuant to and in
accordance with Regulation S under the Securities Act of 1933 and, accordingly,
we represent that:

     (1)  the offer of the Securities was not made to a Person in United States;

     (2)  at the time the buy order was originated, the transferee was outside
the United States or we and any Person acting on our behalf reasonably believed
that the transferee was outside the United States;

     (3)  no directed selling efforts have been made by us in the United States
in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation
S, as applicable; and

     (4)  the transaction is not part of a plan or scheme to evade the
registration requirements of the U.S. Securities Act of 1933.

     You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby. Terms used in this certificate and not
otherwise defined have the meanings set forth in Regulation S.

Very truly yours,

[Name of Transferor]

By
   ------------------------------------
   Authorized Signature

                                       C-1<PAGE>

                                                                    EXHIBIT 10.1

                                                                  CONFORMED COPY
                                                                  --------------

                                  $ 75,000,000

                                NETEASE.COM, INC.

          Zero Coupon Convertible Subordinated Notes due July 15, 2023

                               PURCHASE AGREEMENT
                               ------------------

                                                                    July 8, 2003

Credit Suisse First Boston LLC
     Eleven Madison Avenue,
      New York, N.Y. 10010-3629

Dear Sirs:

     1.  Introductory. NetEase.com, Inc., a Cayman Islands company (the
"Company"), proposes, subject to the terms and conditions stated herein, to
issue and sell to Credit Suisse First Boston LLC ("CSFB") U.S.$75,000,000
principal amount of its Zero Coupon Convertible Subordinated Notes due July 15,
2023 (the "Firm Securities") and also proposes to grant to CSFB an option,
exercisable from time to time by CSFB, to purchase an aggregate of up to an
additional U.S.$25,000,000 principal amount ("Optional Securities") of its Zero
Coupon Convertible Subordinated Notes due July 15, 2023, each to be issued under
an indenture agreement, dated as of July 14, 2003 (the "Indenture"), between the
Company and The Bank of New York, as Trustee. The Firm Securities and the
Optional Securities which CSFB may elect to purchase pursuant to Section 3
hereof are herein collectively called the "Offered Securities". The United
States Securities Act of 1933, as amended, is herein referred to as the
"Securities Act."

     The holders of the Offered Securities will be entitled to the benefits of a
Registration Rights Agreement of even date herewith among the Company and CSFB
(the "Registration Rights Agreement"), pursuant to which the Company agrees to
file a registration statement with the United States Securities Exchange
Commission (the "Commission") registering the resale of the Offered Securities
and the Underlying Shares, as hereinafter defined, under the Securities Act.

     The Company hereby agrees with CSFB as follows:

     2.  Representations and Warranties of the Company. The Company represents
and warrants to, and agrees with, CSFB that:

          (a)  A preliminary offering circular and an offering circular relating
     to the Offered Securities to be offered by CSFB have been prepared by the
     Company. Such preliminary offering circular (the "Preliminary Offering
     Circular") and offering circular (the "Offering Circular"), as supplemented
     as of the date of this Agreement, together with the documents incorporated
     by reference in the Preliminary Offering Circular and the Offering
     Circular, are hereinafter collectively referred to as the "Offering
     Document". On the date of this Agreement, the Offering Document does not
     include

<PAGE>

     any untrue statement of a material fact or omit to state any material fact
     necessary in order to make the statements therein, in the light of the
     circumstances under which they were made, not misleading. The preceding
     sentence does not apply to statements in or omissions from the Offering
     Document based upon written information furnished to the Company by CSFB
     specifically for use therein, it being understood and agreed that the only
     such information is that described as such in Section 7(b) hereof. Except
     as disclosed in the Offering Document, on the date of this Agreement, the
     Company's Annual Report on Form 20-F most recently filed with the
     Commission pursuant to the United States Securities Exchange Act of 1934
     (the "Exchange Act") does not include any untrue statement of a material
     fact or omit to state any material fact necessary to make the statements
     therein, in the light of the circumstances under which they were made, not
     misleading. Such document, when it was filed with the Commission, conformed
     in all material respects to the requirements of the Exchange Act and the
     rules and regulations of the Commission thereunder.

          (b)  The accountants, PricewaterhouseCoopers, who certified the
     financial statements and supporting schedules, if any, included in the
     Offering Document, are independent public accountants as required by the
     Securities Act and the regulations promulgated thereunder.

          (c)  The consolidated financial statements included in the Offering
     Document, together with the related notes, present a fair view of the
     financial position of the Company, its consolidated subsidiaries and
     controlled entities (taken as a whole, the "Group") at the dates indicated
     and the results of operations, shareholders' equity and cash flows of the
     Group for the periods specified; said consolidated financial statements
     have been prepared in conformity with generally accepted accounting
     principles in the United States of America ("U.S. GAAP") applied on a
     consistent basis throughout the periods involved and as required by the
     applicable accounting requirements of the Securities Act and the
     regulations promulgated thereunder. The selected consolidated financial
     data included in the Offering Document present a fair view of the
     information shown therein and have been compiled on a basis consistent with
     that of the audited consolidated financial statements included in the
     Offering Document. All non-GAAP financial information included or
     incorporated by reference in the Offering Document complies with the
     requirements of Regulation G and Item 10 of Regulation G under the
     Securities Act. Except as disclosed in the Offering Document:

               (i)   such consolidated financial statements and information make
          provision in accordance with U.S. GAAP for any bad or doubtful debts
          and make appropriate provision for (or contain a note in accordance
          with aforesaid respecting) all taxes and deferred or contingent
          liabilities, whether liquidated or unliquidated at the date thereof;

               (ii)  depreciation of fixed assets has been made at rates
          sufficient to spread the cost over their respective estimated useful
          lives to the Group; and

               (iii) the profits and losses shown by such consolidated financial
          statements have not in any material respect been affected by any
          unusual or exceptional item or by any other matter which has rendered
          such profits or losses unusually high or low.

          (d)  Since the respective dates as of which information is given in
     the Offering Document, except as otherwise stated therein, (A) the Group
     has carried on its business in the ordinary and usual course so as to
     maintain it as a going concern and in the same manner in all material
     respects as previously carried on, (B) there has been no material adverse
     change or any event involving a prospective material adverse change in the
     condition, financial or otherwise, or in the earnings, business affairs or
     business prospects of the Group whether or not arising in the ordinary
     course of business (a "Material Adverse Effect"), (C) there have been no
     transactions entered into by the Company or any other entity of the Group
     other than those in the ordinary course of business, which are material
     with respect to the Group, (D) neither the Company nor the Group has
     incurred,

                                       2

<PAGE>

     assumed or acquired any material liability (including contingent
     liabilities) or obligation, (E) neither the Company nor the Group has
     acquired or disposed of or agreed to acquire or dispose of any business or
     any other material asset otherwise than in the ordinary course of business
     and, for the avoidance of doubt, any transfer at less than the business' or
     asset's market value shall for these purposes be a transfer otherwise than
     in the ordinary course of business, (F) there has been no dividend or
     distribution of any kind declared, paid or made by the Company on any
     shares in its capital, (G) the Group has continued to pay its creditors in
     the ordinary course of its business and no debtor has been released by the
     Company or the Group, to an extent which is material, on terms that such
     debtor pays less than the book value of the related debt and no debt of a
     material amount owing to the Company or the Group has been deferred,
     subordinated or written off or has proven to any extent irrecoverable, and
     (H) no material indebtedness of any kind has been incurred by or on behalf
     of the Company or the Group.

          (e)  The Company has been duly incorporated and is validly existing as
     an exempted company with legal person status in good standing under the
     laws of the Cayman Islands and has legal right, power and authority
     (corporate and other) to own, lease and operate its properties and to
     conduct its business as described in the Offering Document and to enter
     into and perform its obligations under this Agreement and each of the other
     agreements listed as exhibits under Part III, Item 19, "Exhibits" in the
     Company's Annual Report on Form 20-F most recently filed with the
     Commission pursuant to the Exchange Act (collectively, the "Material
     Agreements") to which the Company is a party. The Company is duly
     registered and qualified to transact business and is in good standing in
     any jurisdiction (including provincial, municipal or local jurisdictions)
     in which such registration or qualification or good standing is required,
     whether by reason of the ownership or leasing of property, the conduct of
     business or otherwise, except where the failure to so register or qualify
     or be in good standing would not result in a Material Adverse Effect. The
     Memorandum and Articles of Association of the Company, as amended, comply
     with the requirements of the laws of the Cayman Islands and are in full
     force and effect.

          (f)  NetEase Information Technology (Beijing) Co., Ltd., a wholly
     owned subsidiary of the Company ("NetEase Beijing"), has been duly
     organized and is validly existing as a wholly foreign owned enterprise with
     legal person status under the laws of the People's Republic of China (the
     "PRC" or "China") and has legal right, power and authority (corporate and
     other) to own, lease and operate its properties and to conduct its business
     as described in the Offering Document and to enter into and perform its
     obligations under each of the Material Agreements to which it is a party.
     Each of Guangzhou NetEase Computer System Co., Ltd. ("Guangzhou NetEase")
     and Beijing Guangyitong Advertising Co., Ltd. ("Guangyitong Advertising")
     has been duly organized and is validly existing as a company with legal
     person status under the laws of the PRC and has legal right, power and
     authority (corporate and other) to own, lease and operate its properties
     and to conduct its business as described in the Offering Document and to
     enter into and perform its obligations under each of the Material
     Agreements to which NetEase Beijing and/or Guangzhou NetEase are/is a party
     or parties, as the case may be. Each other "significant subsidiaries" of
     the Company (as such term is defined in Rule 1-02 of Regulation S-X)
     (including NetEase Beijing, Guangzhou NetEase and Guangyitong Advertising,
     each a "Subsidiary" and, collectively, the "Subsidiaries") has been duly
     organized and is validly existing as a corporation under the laws of the
     jurisdiction of its incorporation and has legal right, power and authority
     (corporate and other) to own, lease and operate its properties and to
     conduct its business as described in the Offering Document. Each Subsidiary
     is duly registered or qualified to transact business and is in good
     standing in each jurisdiction (including provincial, municipal or local
     jurisdictions) in which such registration or qualification or good standing
     is required, whether by reason of the ownership or leasing of property or
     the conduct of business or otherwise, except where the failure to so
     register or qualify or be in good standing would not result in a Material
     Adverse Effect. Except as otherwise disclosed in the Offering Document, all
     of the issued and outstanding equity interests in each such Subsidiary has
     been duly authorized and validly issued,

                                       3

<PAGE>

     is fully paid and non-assessable and is owned by the Company (except
     Guangzhou NetEase, which is 80% owned by Mr. William Lei Ding and 20% owned
     by Mr. Bo Ding, and Guangyitong Advertising, which is 80% owned by
     Guangzhou NetEase and 20% owned by Mr. Bo Ding), directly or through
     subsidiaries, free and clear of any security interest, mortgage, pledge,
     lien, encumbrance, claim or equity; none of the outstanding equity
     interests in any Subsidiary was issued in violation of the preemptive or
     similar rights of any securityholder of such Subsidiary. The only
     subsidiaries of the Company are the subsidiaries listed on Schedule A
     hereto.

          (g)  The authorized, issued and outstanding shares of the Company are
     as set forth in the Offering Document in the columns entitled "Actual"
     under the caption "Capitalization" (except for subsequent issuances, if
     any, pursuant to this Agreement, pursuant to reservations, agreements or
     employee benefit plans referred to in the Offering Document or pursuant to
     the exercise of convertible securities or options referred to in the
     Offering Document). The issued and outstanding shares of the Company have
     been duly authorized and validly issued and are fully paid and
     non-assessable; the holders of outstanding shares of the Company are not
     entitled to preemptive or other rights to acquire the ordinary shares, par
     value U.S.$0.0001, of the Company (the "Ordinary Shares") or American
     Depositary Receipts (the "ADRs"), except for rights that terminate upon the
     closing of the offering; none of the outstanding shares of the Company was
     issued in violation of the preemptive or other similar rights of any
     securityholder of the Company. Except as disclosed in the Offering
     Document, there are no outstanding securities convertible into, repayable
     with or exchangeable for, or warrants or rights to purchase from the
     Company, Ordinary Shares, ADRs or any other shares of the Company nor are
     there any obligations of the Company to allot, issue or transfer, the
     Offered Securities; the Offered Securities are freely transferable by the
     Company to or for the account of CSFB, and (to the extent described in the
     Offering Document) the initial purchasers thereof; and there are no
     restrictions on subsequent transfers of the Offered Securities under the
     laws of the Cayman Islands, PRC or the United States, except to the extent
     that any of the Offered Securities are purchased by an "affiliate" of the
     Company, as such term is defined in Rule 144 under the Securities Act.

          (h)  This Agreement and the Registration Rights Agreement have been
     duly authorized, executed and delivered by the Company.

          (i)  The deposit agreement (the "Deposit Agreement"), among the
     Company, The Bank of New York, as depositary (the "Depositary"), and the
     holders from time to time of the ADRs issued under the Deposit Agreement
     and evidencing the American Depository Shares issued under the Deposit
     Agreement and representing Ordinary Shares (the "American Depositary
     Shares"), has been duly authorized, executed and delivered by the Company
     and, assuming due authorization, execution and delivery by the Depositary,
     constitutes a valid and legally binding obligation of the Company,
     enforceable in accordance with its terms subject as to enforcement to
     bankruptcy, insolvency, reorganization and other laws of general
     applicability relating to or affecting creditors' rights generally and to
     general equity principles.

          (j)  Each Material Agreement has been duly authorized, executed and
     delivered by the parties thereto and constitutes a valid and legally
     binding obligation of each such party, enforceable in accordance with its
     terms, subject as to enforcement to bankruptcy, insolvency, reorganization
     and other laws of general applicability relating to or affecting creditors'
     rights generally and to general equity principles.

          (k)  The Indenture has been duly authorized; the Offered Securities
     have been duly authorized; and when the Offered Securities are delivered
     and paid for pursuant to this Agreement on the Closing Date (as defined
     below), the Indenture will have been duly executed and delivered, such
     Offered Securities will have been duly executed, authenticated, issued and
     delivered and will conform to the description thereof contained in the
     Offering Document and the Indenture and such Offered

                                       4

<PAGE>

     Securities will constitute valid and legally binding obligations of the
     Company, enforceable in accordance with their terms, subject to bankruptcy,
     insolvency, fraudulent transfer, reorganization, moratorium and similar
     laws of general applicability relating to or affecting creditors' rights
     and to general equity principles.

          (l)  When the Offered Securities are delivered and paid for pursuant
     to this Agreement on the Closing Date, such Offered Securities will be
     convertible into the Ordinary Shares ("Underlying Shares") of the Company
     in accordance with the terms of the Indenture; the Underlying Shares
     initially issuable upon conversion of such Offered Securities have been
     duly authorized and reserved for issuance upon such conversion and, when
     issued upon such conversion, will be validly issued, fully paid and
     nonassessable; the outstanding Underlying Shares have been duly authorized
     and validly issued, are fully paid and nonassessable and conform to the
     description thereof contained in the Offering Document; and the
     shareholders of the Company have no preemptive rights with respect to the
     Offered Securities or the Underlying Shares.

          (m)  Except as disclosed in the Offering Document, under current laws
     and regulations of the Cayman Islands or the PRC and any political
     subdivision thereof, all interest, principal, premium, if any, and other
     payments due or made on the Offered Securities and dividends and other
     distributions declared and payable on the Underlying Shares issuable upon
     conversion thereof may be paid by the Company to the holder thereof in
     United States dollars or that may be converted into foreign currency and
     freely transferred out of the Cayman Islands or the PRC and all such
     payments made to holders thereof who are non-residents of the Cayman
     Islands or the PRC will not be subject to income, withholding or other
     taxes under laws and regulations of the Cayman Islands or the PRC or any
     political subdivision or taxing authority thereof or therein and will
     otherwise be free and clear of any other tax, duty, withholding or
     deduction in the Cayman Islands or the PRC or any political subdivision or
     taxing authority thereof or therein and without the necessity of obtaining
     any governmental authorization in the Cayman Islands or the PRC or any
     political subdivision or taxing authority thereof or therein.

          (n)  Neither the Company nor any entity of the Group is in violation
     of its Memorandum and Articles of Association or similar or other
     constituent or organizational documents or by-laws or in default in the
     performance or observance of any obligation, agreement, covenant or
     condition contained in any contract, indenture, mortgage, deed of trust,
     loan or credit agreement, note, lease or other agreement or instrument to
     which it is a party or by which it may be bound, or to which any of its
     property or assets is subject (collectively, "Agreements and Instruments")
     except for such defaults that would not result in a Material Adverse
     Effect; and the execution, delivery and performance of each of this
     Agreement, the Indenture, the Offered Securities, the Registration Rights
     Agreement and the Material Agreements and the consummation by the Company
     or any other entity of the Group of the transactions contemplated in this
     Agreement, the Indenture, the Offered Securities, the Registration Rights
     Agreement and the Material Agreements and compliance by the Company and any
     entity of the Group with their obligations under this Agreement, the
     Indenture, the Offered Securities, the Registration Rights Agreement and
     the Material Agreements have been duly authorized by all necessary
     corporate action and received all required or necessary approvals from any
     governmental or regulatory body and do not and will not, whether with or
     without the giving of notice or passage or time or both, conflict with or
     constitute a breach of, or default or Repayment Event (as defined below)
     under, or result in the creation or imposition of any lien, charge or
     encumbrance upon any property or assets of the Group pursuant to, the
     Agreements and Instruments (except for such conflicts, breaches or defaults
     or liens, charges or encumbrances that would not result in a Material
     Adverse Effect), nor will such action result in any violation of (i) the
     provisions of the Memorandum and Articles of Association, or business
     license or similar or other constituent or organizational document or
     by-laws of the Company or any entity of the Group or (ii) any applicable
     law, statute, rule, regulation, judgment, order, writ or decree of any
     government, government

                                       5

<PAGE>

     instrumentality or court, domestic or foreign, having jurisdiction over the
     Company or the Group or any of their assets, properties or operations. As
     used herein, a "Repayment Event" means any event or condition which gives
     the holder of any note, debenture or other evidence of indebtedness (or any
     person acting on such holder's behalf) the right to require the repurchase,
     redemption or repayment of all or a portion of such indebtedness by the
     Company or any entity of the Group. All guarantees of any indebtedness of
     the Company or any entity of the Group are in full force and effect. No
     facts or circumstances exist whereby any person is, or would with the
     giving of notice and/or lapse of time, become entitled to require payment
     of any material indebtedness in respect of borrowed monies of the Company
     or such entity before its stated maturity. So far as the Company and the
     Group are aware, no event has occurred and is subsisting or is about to
     occur which constitutes or would reasonably be expected to constitute a
     material default or result in the acceleration by reason of default of any
     obligation, under any Agreements and Instruments which would in any such
     case, singly or in the aggregate, reasonably be expected to have a Material
     Adverse Effect.

          (o)  No labor dispute or other conflict with employees of the Group
     exists or is imminent and the Company is not aware of any existing or
     imminent labor disturbance by employees of any of the Group's principal
     suppliers, customers or contractors, which, in either case, would
     reasonably be expected to result in a Material Adverse Effect. There are no
     facts or circumstances in existence which would reasonably be expected to
     give rise to any such dispute or disturbance which would reasonably be
     expected to result in a Material Adverse Effect. Other than as disclosed in
     the Offering Document, the Group does not have any legal obligation to
     provide retirement benefits, death or disability benefits to any of its
     present or past employees.

          (p)  There is no action, suit, proceeding, inquiry or investigation
     before or brought by any court or governmental agency or body, domestic or
     foreign, now pending, or threatened, against or affecting the Company or
     the Group, which is required to be disclosed in the Offering Document if
     the Offering Document were a prospectus included in a registration
     statement on Form F-1 under the Securities Act (other than as disclosed
     therein), or which might reasonably be expected to result in a Material
     Adverse Effect, or which might reasonably be expected to materially and
     adversely affect the properties or assets of the Company or the Group or
     the consummation of the transactions contemplated in any of this Agreement,
     the Registration Rights Agreement or the Material Agreements or the
     performance by the Company or the Group of its obligations hereunder or
     thereunder. So far as the Company is aware, there are no facts or
     circumstances in existence which would reasonably be expected to give rise
     to any such actions, suit, proceeding, inquiry or investigation; the
     aggregate of all pending legal or governmental proceedings to which the
     Company or any entity of the Group is a party or of which any of their
     respective property or assets is the subject which are not described in the
     Offering Document, including ordinary routine litigation incidental to the
     business conducted by the Group, could not reasonably be expected to result
     in a Material Adverse Effect.

          (q)  There are no legal or governmental proceedings, statues,
     contracts or documents that are required to be described in the Offering
     Document, if the Offering Document were a prospectus included in a
     registration statement on Form F-1 under the Securities Act, which have not
     been so described. The description in the Offering Document of statutes,
     legal and governmental proceedings and contracts and other documents is
     accurate and presents the information required to be shown in all material
     respects if the Offering Document were a prospectus included in a
     registration statement on Form F-1 under the Securities Act. The Offering
     Document will contain, when issued, all information and particulars
     required to comply with all statutory and other provisions (including,
     without limitation, the relevant laws and regulations of the Cayman Islands
     and the PRC) so far as applicable, which is material for the purpose of
     making an informed decision on investment in the Offered Securities. Except
     as may be provided herein and as may be disclosed in the Offering Document,
     there are no contracts, agreements or understandings between the Company or
     the Group

                                       6

<PAGE>

     and any person that would give rise to a claim against the Company, any
     entity of the Group or CSFB for a brokerage commission, finder's fee or
     other like payment in connection with the issuance and sale of the Offered
     Securities except for those which have been set forth in the Offering
     Documents. Except as disclosed in the Offering Document, the minutes of the
     meetings of shareholders and directors of the Company contain no
     information which is material for disclosure in the Offering Document and
     which has not been so disclosed.

          (r)  Except as disclosed in the Offering Document, the Group owns,
     possesses or otherwise has the legal right to use, or can acquire on
     reasonable terms, adequate patents, patent rights, licenses, inventions,
     copyrights, know-how (including trade secrets and other unpatented and/or
     unpatentable proprietary or confidential information, systems or
     procedure), trademarks, service marks, trade names (including the "NetEase"
     name and logo in English and in Chinese) or other intellectual property
     (collectively, "Intellectual Property") necessary to carry on the business
     now operated by it, and neither the Company nor any entity of the Group has
     received any notice or is otherwise aware of any infringement of or
     conflict with asserted rights of others with respect to any Intellectual
     Property or of any facts or circumstances which would render any
     Intellectual Property invalid or inadequate to protect the interest of the
     Company or the Group therein, and which infringement or conflict (if the
     subject of an unfavorable decision, ruling or finding) or invalidity or
     inadequacy, singly or in the aggregate, would result in a Material Adverse
     Effect.

          (s)  No filing with, or authorization, approval, consent, license,
     order, registration, qualification or decree of, any court or governmental
     authority or agency or Nasdaq National Market is necessary or required for
     the performance by the Company of its obligations under this Agreement, the
     Indenture, the Offered Securities, the Registration Rights Agreement and
     the Material Agreements to which it is a party, in connection with the
     offering, issuance or sale of the Offered Securities under this Agreement
     or the consummation of the transactions contemplated by this Agreement, the
     Indenture, the Offered Securities, the Registration Rights Agreement and
     the Material Agreements, except (i) such as have been already filed or
     obtained or as may be required under the Securities Act or the regulations
     promulgated thereunder and under the United States state and other foreign
     securities or blue sky laws, (ii) such as have been obtained under the laws
     and regulations of jurisdictions outside the Untied States in which the
     Offered Securities are offered, and (iii) such as may be required under the
     rules and regulations of the NASD.

          (t)  Except as described in the Offering Document, the Group possesses
     such permits, licenses, approvals, consents and other authorizations,
     including, but not limited to, the Internet content provider license held
     by Guangzhou NetEase and the advertising license held by Guangyitong
     Advertising (collectively, "Governmental Licenses") issued by, and has made
     all declarations and filings with, the appropriate regulatory agencies or
     bodies required or necessary for the authorization, execution and delivery
     by the Group of any of this Agreement, the Indenture, the Offered
     Securities, the Registration Rights Agreement or the Material Agreements or
     necessary to conduct the business in substantially the manner described in
     the Offering Document; the Group is in compliance with the terms and
     conditions of all such Governmental Licenses (none of which contains
     materially burdensome restrictions or conditions not described in the
     Offering Document), except where the failure so to comply would not, singly
     or in the aggregate, have a Material Adverse Effect; all of the
     Governmental Licenses are valid and in full force and effect, except when
     the invalidity of such Governmental Licenses or the failure of such
     Governmental Licenses to be in full force and effect would not have a
     Material Adverse Effect; and neither the Company nor any entity of the
     Group has received any notice of proceedings relating to the revocation or
     modification of any such Governmental Licenses or has any reason to believe
     that any such Governmental License will be revoked, modified or suspended
     which, singly or in the aggregate, if the subject of an unfavorable
     decision, ruling or finding, would result in a Material Adverse Effect.

                                       7

<PAGE>

          (u)  Except as disclosed in the Offering Document, neither the Company
     nor any of its subsidiaries is in violation of any statute, any rule,
     regulation, decision or order of any governmental agency or body or any
     court, domestic or foreign, relating to the use, disposal or release of
     hazardous or toxic substances or relating to the protection or restoration
     of the environment or human exposure to hazardous or toxic substances
     (collectively, "environmental laws"), owns or operates any real property
     contaminated with any substance that is subject to any environmental laws,
     is liable for any off-site disposal or contamination pursuant to any
     environmental laws, or is subject to any claim relating to any
     environmental laws, which violation, contamination, liability or claim
     would individually or in the aggregate have a Material Adverse Effect; and
     the Company is not aware of any pending investigation which might lead to
     such a claim.

          (v)  The Group has good and marketable title to all real property
     owned by it and good title to all other properties owned by it, in each
     case, free and clear of all mortgages, pledges, liens, security interests,
     claims, restrictions or encumbrances of any kind except such as (a) are
     described in the Offering Document or (b) do not, singly or in the
     aggregate, materially affect the value of such property and do not
     interfere with the use made and proposed to be made of such property by the
     Company or any entity of the Group; and all of the leases and subleases
     material to the business of the Group and under which the Group holds
     properties described in the Offering Document are in full force and effect,
     and neither the Company nor any entity of the Group has any notice of any
     material claim of any sort that has been asserted by anyone adverse to the
     rights of the Company or the Group under any of the leases or subleases
     mentioned above, or affecting or questioning its rights to the continued
     possession of the leased or subleased properties under any such lease or
     sublease and neither the Company nor any entity of the Group is aware of
     any facts or circumstances which would reasonably be expected to give rise
     to such a claim of material importance. The Group does not own, operate or
     manage or have any other material right or interest, directly or
     indirectly, in any other property of any kind except for that disclosed in
     the Offering Document.

          (w)  The Company is currently subject to the reporting requirements of
     Section 13 of the Exchange Act and files reports with the Commission on the
     Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system.

          (x)  The Company is not an open-end investment company, unit
     investment trust or face-amount certificate company that is or is required
     to be registered under Section 8 of the United States Investment Company
     Act of 1940 (the "Investment Company Act"); and the Company is not, and
     after giving effect to the transactions contemplated by the Purchase
     Agreement and the Offering Document and the application of the net proceeds
     therefrom as described in the Offering Document, will not be, required to
     register as an "investment company", as such term is defined in the
     Investment Company Act.

          (y)  Based on the Company's projected income and assets (including
     goodwill), which the Company believes to be reasonable, the nature of the
     Company's business and assets and taking into account the receipt of
     proceeds from the offerings contemplated by this Agreement, the Company
     believes that it will not be classified as a "passive foreign investment
     company" ("PFIC") as defined in Section 1297(a) of the U.S. Internal
     Revenue Code of 1986, as amended (the "Code"), including the regulations
     and rulings and interpretations thereunder, for its current taxable year,
     and does not expect to become a passive foreign investment company in the
     future.

          (z)  Except as described in the Offering Document, there are no
     persons with registration rights or other similar rights to have any
     securities registered under the Securities Act, except pursuant to the
     Registration Rights Agreement.

                                       8

<PAGE>

          (aa) Each of the Company and other entities of the Group has filed all
     tax returns that are required to be filed or has duly requested extensions
     thereof and all such returns are up to date and correct and on a proper
     basis in all material respects, and has paid all taxes required to be paid
     by it and any related assessments, charges, levies, fines or penalties,
     except for any such taxes, assessments, charges, levies, fines or penalties
     that are being contested in good faith and by appropriate proceedings or
     that are not material in amounts; and there is no proposed tax deficiency,
     assessment, charge, levy, fine or penalty against it as to which a reserve
     would be required to be established under U.S. GAAP which has not been so
     reserved or which is required to be disclosed in the Offering Document
     which has not been so disclosed and so far as the Company is aware, there
     are no facts or circumstances in existence which would reasonably be
     expected to give rise to any such deficiency, assessment, charge, levy,
     fine or penalty; except as otherwise explicitly stated in the Offering
     Document, adequate charges, accruals and reserves, to the extent required
     under U.S. GAAP, have been provided for in the financial statements
     referred to in Section 2(c) hereof in respect of all Cayman Islands, PRC,
     U.S. and other taxes for all periods as to which the tax liability of the
     Company or any such entity has not been finally determined or remains open
     to examination by applicable taxing authorities. The Company is currently
     subject to such income taxes as are disclosed in the Offering Document.
     Except as set forth in the Offering Document, the Company is not otherwise
     subject to any tax on its income, sales or turnover.

          (bb) Each of the Company and other entities of the Group (A) makes,
     keeps and prepares books, records and accounts in compliance with the
     applicable laws which, in reasonable detail, accurately and fairly reflect
     transactions and dispositions of its assets and (B) has devised and
     maintained a system of internal and accounting controls which provide
     reasonable assurance that (a) transactions are executed in accordance with
     management's general or specific authorization, (b) transactions are
     recorded as necessary (i) to permit preparation of financial statements in
     conformity with generally accepted accounting principles and (ii) to
     maintain accountability for assets, (c) access to assets is permitted only
     in accordance with management's general or specific authorization, and (d)
     the recorded accountability for assets is compared with the existing assets
     at reasonable intervals and appropriate action is taken with respect to any
     differences. These reports provide the basis for the preparation of the
     Company's consolidated financial statements under U.S. GAAP included in the
     Offering Document.

          (cc) Except as disclosed in the Offering Document, no transaction,
     stamp, capital, transfer, issuance, registration or other similar taxes or
     duties and no capital gains, income, withholding or similar taxes are
     payable with respect to (a) the issuance, sale and delivery by the Company
     of any Offered Securities to CSFB pursuant to this Agreement and the
     Offering Document, (b) the initial sale and delivery by CSFB of such
     Offered Securities to purchasers thereof in connection with the offering
     contemplated by this Agreement, (c) the holding or transfer of the Offered
     Securities outside the Cayman Islands and the PRC (d) the execution and
     delivery of this Agreement, the Indenture, the Offered Securities, the
     Registration Rights Agreement or any Material Agreement.

          (dd) The description set forth in the Offering Document and under Part
     I, Item 7.B., "Related Party Transactions" in the Company's Annual Report
     on Form 20-F most recently filed with the Commission pursuant to the
     Exchange Act, of the events and transactions contemplated by the Material
     Agreements (the "Events and Transactions") is true and correct in all
     material respects. All consents, approvals, authorizations, orders,
     registrations and qualifications required in the Cayman Islands and the PRC
     in connection with the Events and Transactions have been made or obtained
     in writing and are in full force and effect, and no such consent, approval,
     authorization, order, registration or qualification is subject to any
     condition precedent which has not been fulfilled or performed, except in
     each case where such failure would not result in a Material Adverse Effect.
     There are no pending legal or governmental proceedings challenging the

                                       9

<PAGE>

     effectiveness or validity of any of the Events and Transactions and, to the
     knowledge of the Company and its directors and executive officers, no such
     proceedings are threatened or contemplated by any governmental authorities
     in the PRC or elsewhere.

          (ee) Except as disclosed in the Offering Document, the Company is not
     a party to any joint venture contract or shareholders' agreement. Neither
     the Company nor any other entity of the Group has taken any action, nor
     have there been any legal, legislative, or administrative proceedings
     started or threatened, (a) to wind up or dissolve the Company or such
     entity or (b) to withdraw, revoke or cancel any Governmental Licenses of
     the Company or such entity. Except as disclosed in the Offering Document,
     neither the Company nor any other entity of the Group acts or carries on
     business in partnership with any other person and is a member of any
     corporate or unincorporated body, undertaking or association pursuant to
     which it is liable on any share or security which is not fully paid up or
     which carries any liability. Except as disclosed in the Offering Document,
     the Company has no branch, agency, place of business or permanent
     establishment inside or outside the PRC. The Group's only material business
     activities and material assets or liabilities (actual, contingent or
     otherwise) are related solely to the businesses presently conducted by the
     Group as described in the Offering Document.

          (ff) Except as disclosed in the Offering Document, no material
     indebtedness (actual or contingent) and no material contract or arrangement
     is outstanding between the Company and any director or executive officer of
     the Company or any person connected with such director or executive officer
     (including his/her spouse, infant children, any company or undertaking in
     which he/she holds a controlling interest). There are no relationships or
     transactions between the Company on the one hand and its affiliates,
     officers and directors or their shareholders, customers or suppliers on the
     other hand which, although required to be disclosed, are not disclosed in
     the Offering Document.

          (gg) The business, undertakings, properties and assets of the Group
     are insured in amounts customary for the Company's business against all
     such risks as are normally insured by persons carrying on similar
     businesses as those carried on by the Group and such insurances include all
     the insurances which any entity of the Group is required under terms of any
     lease or any contract in respect of any of its properties to undertake
     except where the failure of the Group to obtain such insurance under such
     leases or contracts would not have a Material Adverse Effect, and such
     insurances and all other insurances undertaken by other parties pursuant to
     the terms of any contracts made between such parties and any entity of the
     Group in respect of any of its respective properties are in full force and
     effect and, so far as the Company is aware, there are no circumstances
     which would reasonably be expected to render any of such insurances void or
     voidable and there is no material insurance claim made by or against the
     Company or any entity of the Group, pending, threatened or outstanding and
     so far as the Company is aware, no facts or circumstances exist which would
     reasonably be expected to give rise to any such claim and all premiums due
     and payable in respect thereof have been paid.

          (hh) The American Depositary Shares representing certain of the
     Company's Underlying Shares have been authorized for listing on the Nasdaq
     National Market under the symbol "NTES".

          (ii) Neither the Company nor any entity of the Group has (A) taken, or
     will take, directly or indirectly, any action which is designed to or which
     constitutes or which might reasonably be expected to cause or result in
     stabilization or manipulation of the price of any security of the Company
     to facilitate the sale or resale of the Offered Securities, or (B) sold,
     bid for, purchased or paid anyone any compensation for soliciting purchases
     of, the Offered Securities or (C) since the date of the Preliminary
     Offering Circular, paid or agreed to pay to any person any

                                       10

<PAGE>

     compensation for soliciting another to purchase any other securities of the
     Company. Without limiting the foregoing, neither the Company or any entity
     of the Group nor, to the best of its knowledge, any of its affiliated
     purchasers (as defined in Regulation M under the United States Exchange
     Act) has, directly or indirectly, either alone or with one or more other
     persons, bid for or purchased, for any account in which the Company or any
     such entity nor any of their affiliated purchasers has a beneficial
     interest, any Offered Securities, any instruments representing interests
     in, or the right to receive, any Offered Securities or any right to
     purchase any Offered Securities or any securities into which any Offered
     Securities may be converted, exchanged or exercised or which may in whole
     or in significant part determine the value of the Offered Securities
     (collectively, the "Subject Securities") or attempted to induce any person
     to bid for or purchase any Subject Securities except to the extent
     otherwise permitted by Regulation M under the Exchange Act; and neither
     they nor any of their affiliated purchasers have made bids or purchases for
     the purpose of creating actual or apparent active trading in, or of raising
     the price of, the Subject Securities.

          (jj) Neither the Company nor any director, officer, agent, employee or
     other person associated with or acting on behalf of the Company is using
     any corporate funds for any unlawful contribution, gift, entertainment or
     other unlawful expenses, is making any direct or indirect unlawful payment
     to any foreign or domestic government official or employee from corporate
     funds, or is in violation of any provision of the United States Foreign
     Corrupt Practices Act of 1977, or is making any bribe, rebate, payoff,
     influence payment, kickback or other unlawful payment.

          (kk) Except as set forth in the Offering Document, neither the Company
     nor any entity of the Group is in violation of any applicable law, statute,
     ordinance, rule, regulation or administrative or court order or decree to
     which it is subject except where such violation, singly or in the
     aggregate, would not have a Material Adverse Effect.

          (ll) The choice of the law of the State of New York as the governing
     law of this Agreement is a valid choice of law under the laws of the Cayman
     Islands and the PRC and will be honored by courts in the Cayman Islands and
     the PRC. The Company has the power to submit, and pursuant to Section 12 of
     this Agreement, has legally, validly, effectively and irrevocably
     submitted, to the non-exclusive personal jurisdiction of each United States
     federal court and New York state court located in the Borough of Manhattan
     in The City of New York, New York, U.S.A. (each, a "New York Court" and
     collectively, the "New York Courts") in any suit, action or proceeding
     against it arising out of or related to this Agreement or with respect to
     its obligations, liabilities or any other matter arising out of or in
     connection with the sale of any Offered Securities by the Company to CSFB
     under this Agreement and has validly and irrevocably waived any objection
     to the venue of a proceeding in any such court; and the Company has the
     power to designate, appoint and empower, and pursuant to Section 12 of this
     Agreement, has legally, validly, effectively and irrevocably designated,
     appointed and empowered, the Authorized Agent (as defined in Section 12
     hereof) for service of process in any action arising out of or relating to
     this Agreement or the Offered Securities in any New York Court, and service
     of process effected on such Authorized Agent will be effective to confer
     valid personal jurisdiction over the Company as provided in Section 12
     hereof.

          (mm) Except as described in the Offering Document, any final judgment
     for a fixed or readily calculable sum of money rendered by a New York Court
     having jurisdiction under its own domestic laws in respect of any suit,
     action or proceeding against the Company based upon this Agreement, the
     Indenture, the Offered Securities, the Registration Rights Agreement and
     any instruments or agreements entered into for the consummation of the
     transactions contemplated herein and therein would be declared enforceable
     against the Company without reexamination or

                                       11

<PAGE>

     review of the merits of the cause of action in respect of which the
     original judgment was given or relitigation of the matters adjudicated upon
     or payment of any stamp, registration or similar tax or duty (A) by the
     courts of the Cayman Islands, provided that the judgment is final, for a
     liquidated sum not in respect of taxes or as a fine or penalty, and which
     was not obtained in a manner, and is not of a kind the enforcement of which
     is, contrary to the public policy of the Cayman Islands, and (B) by the
     courts of the PRC, provided that (a) the judgment was not contrary to the
     public policy, state sovereignty or security of the PRC, (b) the judgment
     was not given or obtained by fraud, (c) the judgment was not based on clear
     mistake of law or fact, (d) the judgment was not directly or indirectly for
     the payment of taxes or other charges of a like nature or of a fine or
     other penalty, (e) the judgment was for a definite sum of money, (f) the
     judgment was final and conclusive, (g) adequate service of process has been
     effected and the defendant has had a reasonable opportunity to be heard,
     (h) such judgments do not conflict with any other valid judgment in the
     same matter between the same parties, and (i) an action between the same
     parties in the same matter is not pending in any PRC court at the time the
     lawsuit is instituted in the New York Court. The Company is not aware of
     any reason why the enforcement in the Cayman Islands or the PRC of such a
     New York Court judgment would be, as of the date hereof, contrary to public
     policy of the Cayman Islands or contrary to the public policy, state
     sovereignty or security of the PRC.

          (nn) It is not necessary under the laws of the Cayman Islands in order
     to enable CSFB to enforce their respective rights under this Agreement, the
     Indenture, the Offered Securities and the Registration Rights Agreement or
     to enable a subsequent purchaser of the Offered Securities or an owner of
     any interest therein to enforce its rights under the Offered Securities or
     the Registration Rights Agreement, as the case may be, that CSFB,
     subsequent purchaser or owner should, be licensed, qualified or otherwise
     entitled to carry on business in the Cayman Islands; this Agreement, the
     Indenture, the Offered Securities, and the Registration Rights Agreement
     are in proper legal form under the laws of the Cayman Islands for the
     enforcement thereof against the Company.

          (oo) Each of Messrs. William Lei Ding and Bo Ding is a citizen of the
     PRC, excluding Taiwan, Hong Kong SAR and Macau SAR, and no application is
     pending in any other jurisdiction by him or on his behalf for
     naturalization or citizenship thereof.

          (pp) No securities of the same class (within the meaning of Rule
     144A(d)(3) under the Securities Act) as the Offered Securities are listed
     on any national securities exchange registered under Section 6 of the
     Exchange Act or quoted in a U.S. automated inter-dealer quotation system.

          (qq) Assuming the accuracy of the representations and warranties
     contained in Section 4 (and compliance with the covenants contained
     therein), the offer and sale of the Offered Securities in the manner
     contemplated by this Agreement will be exempt from the registration
     requirements of the Securities Act by reason of Section 4(2) thereof; and
     it is not necessary to qualify an indenture in respect of the Offered
     Securities under the United States Trust Indenture Act of 1939, as amended
     (the "Trust Indenture Act").

          (rr) The Company has not entered and will not enter into any
     contractual arrangement with respect to the distribution of the Offered
     Securities except for this Agreement.

     3.  Purchase, Sale and Delivery of Offered Securities. On the basis of the
representations, warranties and agreements herein contained, but subject to the
terms and conditions herein set forth, the Company agrees to sell to CSFB, and
CSFB agrees to purchase from the Company, at a purchase price of 97.5% of the
principal amount thereof, U.S.$75,000,000 principal amount of Firm Securities.

                                       12

<PAGE>

     The Company will deliver against payment of the purchase price the Firm
Securities in the form of one or more permanent global securities in definitive
form (the "Firm Global Securities") deposited with the Trustee as custodian for
The Depository Trust Company ("DTC") and registered in the name of Cede & Co.,
as nominee for DTC. Interests in any permanent global securities will be held
only in book-entry form through DTC, except in the limited circumstances
described in the Offering Document.

     Payment for the Firm Securities shall be made by CSFB in Federal (same day)
funds by wire transfer to an account at a bank designated by the Company and
reasonably acceptable to CSFB at 9:30 A.M., (New York City time), on July 14,
2003, or at such other time not later than seven full business days thereafter
as CSFB and the Company determine, such time being herein referred to as the
"First Closing Date", against delivery to the Trustee as custodian for DTC of
(i) the Firm Global Securities representing all of the Firm Securities. The
closing will take place at the office of Davis Polk & Wardwell, The Hong Kong
Club Building, 3A Chater Road, Hong Kong. The Firm Global Securities will be
made available for checking at the above office of Davis Polk & Wardwell at
least 24 hours prior to the First Closing Date.

     In addition, upon written notice from CSFB given to the Company from time
to time not more than 30 days subsequent to the date of this Agreement, CSFB may
purchase all or less than all of the Optional Securities at the purchase price
per principal amount of Offered Securities (including any accrued interest
thereon to the related Optional Closing Date, as hereinafter defined) to be paid
for the Firm Securities. The Company agrees to sell to CSFB the principal amount
of Optional Securities specified in such notice and CSFB agrees to purchase such
Optional Securities. No Optional Securities shall be sold or delivered unless
the Firm Securities previously have been, or simultaneously are, sold and
delivered. The right to purchase the Optional Securities or any portion thereof
may be exercised from time to time and to the extent not previously exercised
may be surrendered and terminated at any time upon notice by CSFB to the
Company.

     Each time for the delivery of and payment for the Optional Securities,
being herein referred to as the "Optional Closing Date", which may be the First
Closing Date (the First Closing Date and each Optional Closing Date, if any,
being sometimes referred to as a "Closing Date"), shall be determined by CSFB
but shall not be later than seven full business days after written notice of
election to purchase Optional Securities is given.

     The Company will deliver against payment of the purchase price the Optional
Securities being purchased on each Optional Closing Date in the form of one or
more permanent global securities in definitive form (each, an "Optional Global
Security") deposited with the Trustee as custodian for DTC and registered in the
name of Cede & Co., as nominee for DTC. Payment for such Optional Securities
shall be made by CSFB in Federal (same day) funds by wire transfer to an account
at a bank designated by the Company and reasonably acceptable to CSFB, against
delivery to the Trustee as custodian for DTC of the Optional Global Securities
representing all of the Optional Securities being purchased on such Optional
Closing Date. CSFB will not exercise the right to purchase Optional Securities
or sell Optional Securities on or after the thirteenth (13/th/) day after the
day of delivery of the Firm Securities in a way which will create more than a
de-minimis amount of original issue discount under the Code to holders of such
securities.

     4.  Representations by CSFB; Resale by CSFB. (a) CSFB represents and
warrants to the Company that it is an "accredited investor" within the meaning
of Regulation D under the Securities Act.

          (b)  CSFB acknowledges that the Offered Securities have not been
     registered under the Securities Act and may not be offered or sold within
     the United States or to, or for the account or benefit of, U.S. persons
     except pursuant to an exemption from the registration requirements of the
     Securities Act. CSFB represents and agrees that it has offered and sold the
     Offered Securities, and will offer and sell the Offered Securities only in
     accordance with Rule 144A under the Securities Act ("Rule 144A").
     Accordingly, neither CSFB nor its affiliates, nor any persons acting on its
     or their behalf, have engaged or will engage in any directed selling
     efforts with respect to the Offered

                                       13

<PAGE>

     Securities, and CSFB, its affiliates and all persons acting on its or their
     behalf have complied and will comply with the offering restrictions
     requirements of Rule 144A.

          (c)  CSFB agrees that it and each of its affiliates has not entered
     and will not enter into any contractual arrangement with respect to the
     distribution of the Offered Securities except with the prior written
     consent of the Company.

          (d)  CSFB understands that no action has been taken or will be taken
     by the Company that would permit a public offering of the Offered
     Securities, or possession or distribution of the Offering Document or any
     other offering or publicity material relating to the Offered Securities, in
     any country or jurisdiction where action for that purpose is required.

          (e)  CSFB agrees that it and each of its affiliates will not offer or
     sell the Offered Securities in the United States by means of any form of
     general solicitation or general advertising within the meaning of Rule
     502(c) under the Securities Act, including, but not limited to (i) any
     advertisement, article, notice or other communication published in any
     newspaper, magazine or similar media or broadcast over television or radio,
     or (ii) any seminar or meeting whose attendees have been invited by any
     general solicitation or general advertising. CSFB agrees, with respect to
     resales made in reliance on Rule 144A of any of the Offered Securities, to
     deliver either with the confirmation of such resale or otherwise prior to
     settlement of such resale a notice to the effect that the resale of such
     Offered Securities has been made in reliance upon the exemption from the
     registration requirements of the Securities Act provided by Rule 144A.

     5.  Certain Agreements of the Company. The Company agrees with CSFB that:

          (a)  The Company will advise CSFB promptly of any proposal to amend or
     supplement the Offering Document and will not effect such amendment or
     supplementation without the consent of CSFB, which consent will not be
     unreasonably withheld or delayed. If, at any time prior to the completion
     of the resale of the Offered Securities by CSFB, any event occurs as a
     result of which the Offering Document as then amended or supplemented would
     include an untrue statement of a material fact or omit to state any
     material fact necessary in order to make the statements therein, in the
     light of the circumstances under which they were made, not misleading, the
     Company promptly will notify CSFB of such event and promptly will prepare,
     at its own expense, an amendment or supplement which will correct such
     statement or omission. Neither the consent of CSFB to, nor CSFB's delivery
     to offerees or investors of, any such amendment or supplement shall
     constitute a waiver of any of the conditions set forth in Section 6.

          (b)  The Company will furnish to CSFB copies of any Preliminary
     Offering Circular, the Offering Circular and all amendments and supplements
     to such documents, including the documents incorporated therein by
     reference, in each case as soon as available and in such quantities as CSFB
     requests, and the Company will furnish to CSFB on the date hereof three
     copies of the Offering Circular signed by a duly authorized officer of the
     Company, one of which will include the independent accountants' reports
     therein manually signed by such independent accountants. At any time when
     the Company is not subject to Section 13 or 15(d) of the Exchange Act and
     is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange
     Act, the Company will promptly furnish or cause to be furnished to CSFB
     and, upon request of holders and prospective purchasers of the Offered
     Securities, to such holders and purchasers, copies of the information
     required to be delivered to holders and prospective purchasers of the
     Offered Securities pursuant to Rule 144A(d)(4) under the Securities Act (or
     any successor provision thereto) in order to permit compliance with Rule
     144A in connection with resales by such holders of the Offered Securities.
     The Company will pay the expenses of printing and distributing to CSFB all
     such documents.

                                       14

<PAGE>

          (c)  The Company will use commercially reasonable efforts to arrange
     for the qualification of the Offered Securities for sale and the
     determination of their eligibility for investment under the "blue sky" laws
     of such jurisdictions in the United States as CSFB designates and will
     continue such qualifications in effect so long as required for the resale
     of the Offered Securities by CSFB, provided that the Company will not as a
     result thereof be required to qualify as a foreign corporation, to file a
     general consent to service of process, or to subject itself to taxation in
     respect of doing business, in such jurisdiction.

          (d)  During the period of five years hereafter, the Company will
     furnish to CSFB, as soon as practicable after the end of each fiscal year,
     a copy of its annual report to shareholders for such year; and the Company
     will furnish to CSFB, as soon as available, a copy of each report or
     financial statement furnished to or filed with the Commission or any
     securities exchange on which any class of securities of the Company is
     listed. During the period of six months hereafter, the Company will furnish
     to CSFB, from time to time, such other information concerning the Company
     as CSFB may reasonably request.

          (e)  During the period of two years after the later of the First
     Closing Date and the last Optional Closing Date, the Company will, upon
     request, furnish to CSFB and any holder of Offered Securities a copy of the
     restrictions on transfer applicable to the Offered Securities.

          (f)  During the period of two years after the later of the First
     Closing Date and the last Optional Closing Date, the Company will not, and
     will not permit any of its affiliates (as defined in Rule 144 under the
     Securities Act) to, resell any of the Offered Securities that have been
     reacquired by any of them.

          (g)  During the period of two years after the later of the First
     Closing Date and the last Optional Closing Date, the Company will not be or
     become an open-end investment company, unit investment trust or face-amount
     certificate company that is or is required to be registered under Section 8
     of the Investment Company Act.

          (h)  The Company will pay all expenses (together with VAT where
     applicable) incidental to the performance of its obligations under this
     Agreement, the Indenture and the Registration Rights Agreement including
     (i) the fees and expenses of the Trustee and its professional advisers;
     (ii) all expenses in connection with the execution, issue, authentication,
     packaging and initial delivery of the Offered Securities, the preparation
     and printing of this Agreement, the Registration Rights Agreement, the
     Offered Securities and the Indenture; (iii) the cost of qualifying the
     Offered Securities for trading in PORTAL and any expenses incidental
     thereto; (iv) the cost of any advertising approved by the Company in
     connection with the issue of the Offered Securities; (v) for any expenses
     (including fees and disbursements of its counsel) incurred in connection
     with qualification of the Offered Securities for sale under the laws of
     such jurisdictions in the United States as CSFB designates and the printing
     of memoranda relating thereto; and (vi) for expenses incurred in
     distributing the Preliminary Offering Circular and the Offering Circular
     and all amendments and supplements to such documents, including the
     documents incorporated therein by reference, to CSFB. The Company will also
     pay for all travel expenses of the Company's officers and employees and any
     other expenses of the Company in connection with attending or hosting
     meetings with prospective purchasers of the Offered Securities from CSFB.
     However, CSFB will pay (i) all expenses in connection with the printing of
     the Offering Document and (ii) all of its costs and expenses, including
     fees and disbursements of its counsel. In addition to the foregoing, CSFB
     will pay to the Company on the First Closing Date the sum of U.S.$50,000 as
     a non-accountable reimbursement of the Company's expenses. Such amount may
     be added to the purchase price for the Offered Securities set forth in
     Section 3 hereof.

                                       15

<PAGE>

          (i)  In connection with the offering, until CSFB shall have notified
     the Company of the completion of the resale of the Offered Securities,
     neither the Company nor any of its affiliates has or will, either alone or
     with one or more other persons, bid for or purchase for any account in
     which it or any of its affiliates has a beneficial interest any Offered
     Securities or attempt to induce any person to purchase any Offered
     Securities; and neither it nor any of its affiliates will make bids or
     purchases for the purpose of creating actual, or apparent, active trading
     in, or of raising the price of, the Offered Securities.

          (j)  For a period of 90 days after the date of the initial offering of
     the Offered Securities by CSFB, the Company will not offer, sell, contract
     to sell, pledge or otherwise dispose of, directly or indirectly, or file
     with the Commission a registration statement under the Securities Act
     relating to, (i) any Ordinary Shares or (ii) any United States
     dollar-denominated debt securities issued or guaranteed by the Company and
     having a maturity of more than one year from the date of issue or (iii) any
     Ordinary Shares of the Company or securities convertible into or
     exchangeable or exercisable for Ordinary Shares of the Company, including
     American Depositary Shares, warrants or other rights to purchase Ordinary
     Shares of the Company, or publicly disclose the intention to make any such
     offer, sale, pledge, disposition or filing, without the prior written
     consent of CSFB, except as required by the Registration Rights Agreement
     and except for issuances of Ordinary Shares pursuant to the conversion or
     exchange of convertible or exchangeable securities or the exercise of
     warrants or options, in each case outstanding on the date hereof or grants
     of employee stock options pursuant to the terms of a plan in effect on the
     date hereof. The Company will not at any time offer, sell, contract to
     sell, pledge or otherwise dispose of, directly or indirectly, any
     securities under circumstances where such offer, sale, pledge, contract or
     disposition would cause the exemption afforded by Section 4(2) of the
     Securities Act to cease to be applicable to the offer and sale of the
     Offered Securities. Notwithstanding anything to the contrary herein, this
     Agreement shall not in any way restrict or limit the Company's ability to
     purchase 27,142,000 Ordinary Shares from Best Alliance Profits Limited, an
     affiliate of The News Corporation Limited, following the date hereof.

          (k)  Within five (5) days of the First Closing Date, the Company will
     file or record with, or pay stamp, registration or similar taxes or duties
     to, such court, authority or agency of the Cayman Islands as necessary to
     ensure the legality, validity enforceability or admissibility in evidence
     of this Agreement, the Indenture, the Offered Securities, or the
     Registration Rights Agreement in the Cayman Islands. The Company will
     indemnify and hold harmless CSFB against any documentary, stamp or similar
     transfer or issue tax, or fees, including any interest and penalties, which
     are or may be required to be paid on or in connection with (A) the
     creation, issuance, sale and delivery by the Company of any Offered
     Securities to CSFB pursuant to this Agreement and the Offering Document,
     (B) the initial sale and delivery by CSFB of such Offered Securities to
     purchasers thereof, (C) the holding or transfer of the Securities outside
     the Cayman Islands and the PRC, and (D) the execution and delivery of this
     Agreement, the Indenture, the Offered Securities, the Registration Rights
     Agreement or any Material Agreement. All payments to be made by the Company
     hereunder shall be made without withholding or deduction for or on account
     of any present or future taxes, duties or governmental charges whatsoever
     unless the Company is compelled by law to deduct or withhold such taxes,
     duties or charges. In that event, the Company shall pay such additional
     amounts as may be necessary in order that the net amounts received after
     such withholding or deduction shall equal the amounts that would have been
     received if no withholding or deduction had been made.

          (l)  The Company agrees that, except as disclosed in the Offering
     Document and except for those which are not material to the Company, prior
     to the later of the First Closing Date and the last Optional Closing Date,
     it will not incur any liabilities or enter into any material agreements
     (except in the ordinary course of its business or as contemplated in the
     Offering Document) without the prior written consent of CSFB.

                                       16

<PAGE>

          (m)  The Company will ensure, or cause to ensure, (A) that the Group
     will possess all of the Governmental Licenses to the extent required or
     necessary for the operation of the businesses as presently conducted and as
     may be conducted from time to time by the Group and for the consummation of
     the transactions contemplated in the Material Agreements, will remain in
     compliance with the terms and conditions of all such Governmental Licenses,
     and will maintain the validity and effectiveness of any Governmental
     Licenses so required or necessary, (B) that NetEase Beijing will maintain
     its status as a PRC foreign invested entity and will obtain and maintain
     its classification as a "high-tech" company in the PRC, to the extent
     required or necessary for the operation of the business as presently
     conducted and as may be conducted from time to time by the Group without
     any Material Adverse Effect, and (C) the Group will comply with the
     relevant laws, rules and regulations required or necessary for the holders
     of the Offered Securities to continue to be entitled to their rights
     specified therein and in the Deposit Agreement.

          (n)  The Company shall cause the Material Agreements to remain valid
     and in full force and effect for so long as required or necessary for the
     operation of the businesses as presently conducted and as may be conducted
     from time to time by the Group without any Material Adverse Effect.

          (o)  The Company shall use commercially reasonable efforts to cause
     each of Mssrs. William Lei Deng and Bo Ding to remain a citizen of the PRC,
     excluding Taiwan, Hong Kong SAR and Macau SAR for as long as such PRC
     citizenship is required or necessary under PRC laws and regulations for the
     business operations of the Company as currently conducted without any
     Material Adverse Effect.

     6.  Conditions of the Obligations of CSFB. The obligations of CSFB to
purchase and pay for the Firm Securities on the First Closing Date and for the
Optional Securities on each Optional Closing Date will be subject to the
accuracy of the representations and warranties on the part of the Company
herein, to the accuracy of the statements of officers of the Company made
pursuant to the provisions hereof, to the performance by the Company of its
obligations hereunder and to the following additional conditions precedent:

          (a)  CSFB shall have received from PricewaterhouseCoopers a letter,
     dated the date of this Agreement, confirming that they are independent
     public accountants within the meaning of the Securities Act and the
     applicable published rules and regulations thereunder ("Rules and
     Regulations") and to the effect that:

               (i)   in their opinion the financial statements examined by them
          and included in the Offering Document and in the Company's Annual
          Report on Form 20-F most recently filed with the Commission comply as
          to form in all material respects with the applicable accounting
          requirements of the Securities Act and the related published Rules and
          Regulations;

               (ii)  they have performed the procedures specified by the
          American Institute of Certified Public Accountants for a review of
          interim financial information as described in Statement of Auditing
          Standards No. 100, Interim Financial Information, on the unaudited
          financial statements included in the Offering Document;

               (iii) on the basis of the review referred to in clause (ii)
          above, a reading of the latest available interim financial statements
          of the Company, inquiries of officials of the Company who have
          responsibility for financial and accounting matters and other
          specified procedures, nothing came to their attention that caused them
          to believe that:

                                       17

<PAGE>

                     (A)  the unaudited financial statements included in the
               Offering Document do not comply as to form in all material
               respects with the applicable accounting requirements of the
               Securities Act and the related published Rules and Regulations or
               any material modifications should be made to such unaudited
               financial statements for them to be in conformity with generally
               accepted accounting principles;

                     (B)  at a subsequent specified date not more than three
               business days prior to the date of this Agreement, there was any
               change in the capital stock or any increase in short-term
               indebtedness or long-term debt of the Company and its
               consolidated subsidiaries or there was any decrease in
               consolidated net current assets or net assets, as compared with
               amounts shown on the latest balance sheet included in the
               Offering Document; or

                     (C)  for the period from the closing date of the latest
               income statement included in the Offering Document to the closing
               date of the latest available income statement read by such
               accountants there were any decreases, as compared with the
               corresponding period of the previous year, in consolidated net
               sales, net operating income or in the total or per share amounts
               of consolidated net income or in the ratio of earnings to fixed
               charges;

          except in all cases set forth in clauses (B) and (C) above for
          changes, increases or decreases which the Offering Document disclose
          have occurred or may occur or which are described in such letter; and

               (iv)  they have compared specified dollar amounts (or percentages
          derived from such U.S. dollar or Renminbi amounts) and other financial
          information contained in the Offering Document, in the Company's
          Annual Report on Form 20-F most recently filed with the Commission and
          the Company's Periodic Report on Form 6-K for the month of April 2003
          (in each case to the extent that such U.S. dollar and Renminbi
          amounts, percentages and other financial information are derived from
          the general accounting records of the Company and its subsidiaries
          subject to the internal controls of the Company's accounting system or
          are derived directly from such records by analysis or computation)
          with the results obtained from inquiries, a reading of such general
          accounting records and other procedures specified in such letter and
          have found such U.S. dollar and Renminbi amounts, percentages and
          other financial information to be in agreement with such results,
          except as otherwise specified in such letter.

          (b)  On each Closing Date, CSFB shall have received from
     PricewaterhouseCoopers a letter, dated as of such Closing Date, to the
     effect that they reaffirm the statements made in the letter furnished
     pursuant to subsection (a) of this Section, except that the specified date
     referred to shall be a date not more than three business days prior to such
     Closing Date.

          (c)  Subsequent to the execution and delivery of this Agreement, there
     shall not have occurred (i) any change, or any development or event
     involving a prospective change, in the condition (financial or other),
     business, properties or results of operations of the Company and its
     subsidiaries taken as one enterprise which, in the judgment of CSFB, is
     material and adverse and makes it impractical or inadvisable to proceed
     with completion of the offering or the sale of and payment for the Offered
     Securities; (ii) any change in U.S., Chinese (including Hong Kong), Asian
     or international financial, political or economic conditions or currency
     exchange rates or exchange controls as would, in the judgment of CSFB, be
     likely to prejudice materially the success of the proposed issue, sale or
     distribution of the Offered Securities, whether in the primary market or in
     respect of dealings in the

                                       18

<PAGE>

     secondary market, (iii) any material suspension or material limitation of
     trading in securities generally on the New York Stock Exchange or the
     Nasdaq National Market, or any setting of minimum prices for trading on
     such exchange; (iv) or any suspension of trading of any securities of the
     Company on any exchange or in the over-the-counter market; (v) any banking
     moratorium declared by U.S. Federal, New York, Chinese or Hong Kong
     authorities; (vi) any major disruption of settlements of securities or
     clearance services in the United States, the PRC or Hong Kong or (vii) any
     attack on, outbreak or escalation of hostilities or act of terrorism
     involving the United States, the PRC or Hong Kong, any declaration of war
     by Congress or any other national or international calamity or emergency
     if, in the judgment of CSFB, the effect of any such attack, outbreak,
     escalation, act, declaration, calamity or emergency makes it impractical or
     inadvisable to proceed with completion of the offering or sale of and
     payment for the Offered Securities.

          (d)  At such Closing Date,

               (i)   CSFB shall have received the favorable opinion, dated as of
          such Closing Date, of Commerce & Finance Law Office, PRC counsel to
          the Company, in form and substance reasonably satisfactory to counsel
          for CSFB, to the effect set forth in Exhibit A hereto and to such
          further effect as counsel to CSFB may reasonably request.

               (ii)  CSFB shall have received the favorable opinion, dated as of
          such Closing Date, of Maples and Calder Asia, Cayman Islands counsel
          for the Company, in form and substance reasonably satisfactory to
          counsel for CSFB, to the effect set forth in Exhibit B hereto and to
          such further effect as counsel to CSFB may reasonably request.

               (iii) CSFB shall have received the favorable opinion, dated as of
          such Closing Date, of Morrison & Foerster LLP, U.S. counsel for the
          Company, in form and substance reasonably satisfactory to counsel for
          CSFB, to the effect set forth in Exhibit C hereto and to such further
          effect as counsel to CSFB may reasonably request. In giving such
          opinion such counsel may rely, as to all matters governed by the laws
          of jurisdictions other than the law of the State of New York and the
          federal law of the United States, upon the opinions of counsel
          satisfactory to CSFB. Such counsel may also state that, insofar as
          such opinion involves factual matters, they have relied, to the extent
          they deem proper, upon certificates of officers of the Company and its
          subsidiaries and certificates of public officials.

               (iv)  CSFB shall have received the favorable opinion, dated as of
          such Closing Date, of Davis Polk & Wardwell, U.S. counsel for CSFB, in
          form and substance reasonably satisfactory to CSFB, with respect to
          the matters as CSFB may reasonably require. In giving such opinion
          such counsel may rely, as to all matters governed by the laws of
          jurisdictions other than the law of the State of New York and the
          federal law of the United States, upon the opinions of counsel
          satisfactory to the CSFB. Such counsel may also state that, insofar as
          such opinion involves factual matters, they have relied, to the extent
          they deem proper, upon certificates of officers of the Company and its
          subsidiaries and certificates of public officials.

               (v)   CSFB shall have received the favorable opinion, dated as of
          such Closing Date, of Emmet, Marvin & Martin, LLP, U.S. counsel for
          the Depositary, in form and substance reasonably satisfactory to
          counsel for CSFB, to the effect set forth in Exhibit D hereto and to
          such further effect as counsel to CSFB may reasonably request.

          (e)  CSFB shall have received a certificate, dated such Closing Date,
     of the President or any Vice President and a principal financial or
     accounting officer of the Company in which such officers, to the best of
     their knowledge after reasonable investigation, shall state that the

                                       19

<PAGE>

     representations and warranties of the Company in this Agreement are true
     and correct, that the Company has complied with all agreements and
     satisfied all conditions on its part to be performed or satisfied hereunder
     at or prior to such Closing Date, and that, subsequent to the respective
     dates of the most recent financial statements in the Offering Document
     there has been no material adverse change, nor any development or event
     involving a prospective material adverse change, in the condition
     (financial or other), business, properties or results of operations of the
     Company and its subsidiaries taken as a whole except as set forth in the
     Offering Document as described in such certificate.

          (f)  CSFB shall have received a certificate, dated such Closing Date,
     of the Chief Financial Officer of the Company certifying that (i) the
     Memorandum and Articles of Association of the Company attached to such
     certificate are true and correct and in full force and effect, (ii) a
     certificate of good standing issued by the Registrar of Companies of the
     Cayman Islands dated no earlier than three (3) business days prior to such
     Closing Date is attached, certifying that the Company has been duly
     incorporated, has paid all required fees, and is validly existing and in
     good standing under the laws of the Cayman Islands, (iii) the resolutions
     of the Board of Directors of the Company attached to such certificate are
     true, correct and complete with respect to all actions taken by the Board
     of Directors regarding the transactions contemplated by the Offering
     Document, this Agreement, the Registration Rights Agreement and the
     Material Agreements, with true and correct English translations thereof,
     (iv) all the filings, submissions and correspondences between the Company
     and the Nasdaq National Market or on their behalf relating to the Offered
     Securities are attached thereto, (v) each person who executed or delivered
     instructions with regard to the Offered Securities, the Offering Document,
     this Agreement, the Registration Rights Agreement and the Material
     Agreements, or any other document related to the transactions contemplated
     therein was duly qualified to do so and any signature by such person
     therein is genuine, and (vi) CT Corporation System has been appointed, and
     CT Corporation System has accepted such appointment as, the Company's agent
     to receive and acknowledge, for and on the Company's behalf, service of
     process in an action brought before a New York Court.

          (g)  On or prior to the date of this Agreement, CSFB shall have
     received lockup letters from Ted Sun, Acting Chief Executive Officer of the
     Company, and Shining Globe International Limited and William Ding.

     The Company will furnish CSFB with such conformed copies of such opinions,
certificates, letters and documents as CSFB reasonably requests. CSFB may in its
sole discretion waive compliance with any conditions to the obligations of CSFB
hereunder, whether in respect of an Optional Closing Date or otherwise.

     7.  Indemnification and Contribution. (a) The Company will indemnify and
hold harmless CSFB, its officers, partners, members, directors and each person,
if any, who controls CSFB within the meaning of Section 15 of the Securities
Act, against any losses, claims, damages or liabilities, joint or several, to
which CSFB may become subject, under the Securities Act or the Exchange Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in the Offering Document, and
all amendments and supplements thereto, including the documents incorporated
therein by reference, or arise out of or are based upon the omission or alleged
omission to state therein a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, including any losses, claims, damages or liabilities
arising out of or based upon the Company's failure to perform its obligations
under Section 5(a) of this Agreement, and will reimburse CSFB for any legal or
other expenses reasonably incurred by CSFB in connection with investigating or
defending any such loss, claim, damage, liability or action as such expenses are
incurred; provided, however, that the Company will not be liable in any such
case to the extent that any such loss, claim, damage or liability arises out of
or is based upon an untrue statement or alleged untrue statement in or omission
or alleged omission from any of such documents in reliance upon and in
conformity with written information furnished to the Company by CSFB
specifically for use therein, it being

                                       20

<PAGE>

understood and agreed that the only such information consists of the information
described as such in subsection (b) below.

          (b)  CSFB will indemnify and hold harmless the Company, its directors
     and officers and each person, if any, who controls the Company within the
     meaning of Section 15 of the Securities Act, against any losses, claims,
     damages or liabilities to which the Company may become subject, under the
     Securities Act or the Exchange Act or otherwise, insofar as such losses,
     claims, damages or liabilities (or actions in respect thereof) arise out of
     or are based upon any untrue statement or alleged untrue statement of any
     material fact contained in the Offering Document, and all amendments and
     supplements thereto, including the documents incorporated therein by
     reference, or arise out of or are based upon the omission or the alleged
     omission to state therein a material fact necessary in order to make the
     statements therein, in the light of the circumstances under which they were
     made, not misleading, in each case to the extent, but only to the extent,
     that such untrue statement or alleged untrue statement or omission or
     alleged omission was made in reliance upon and in conformity with written
     information furnished to the Company by CSFB specifically for use therein,
     and will reimburse any legal or other expenses reasonably incurred by the
     Company in connection with investigating or defending any such loss, claim,
     damage, liability or action as such expenses are incurred, it being
     understood and agreed that the only such information furnished by CSFB
     consists of the following information in the Offering Circular: (i) the
     name of CSFB which appears at the bottom of the front cover page and the
     first paragraph appearing under the caption "Plan of Distribution", (ii)
     the third sentence in the sixteenth paragraph appearing under the caption
     "Plan of Distribution" and (iii) the seventeenth and eighteenth paragraphs
     (including the four subparagraphs under the seventeenth paragraph)
     appearing under the caption "Plan of Distribution" concerning stabilization
     transactions; provided, however, that CSFB shall not be liable for any
     losses, claims, damages or liabilities arising out of or based upon the
     Company's failure to perform its obligations under Section 5(a) of this
     Agreement.

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

                                       21

<PAGE>

          (d)  If the indemnification provided for in this Section is
     unavailable or insufficient to hold harmless an indemnified party under
     subsection (a) or (b) above, then each indemnifying party shall contribute
     to the amount paid or payable by such indemnified party as a result of the
     losses, claims, damages or liabilities referred to in subsection (a) or (b)
     above (i) in such proportion as is appropriate to reflect the relative
     benefits received by the Company on the one hand and CSFB on the other from
     the offering of the Offered Securities or (ii) if the allocation provided
     by clause (i) above is not permitted by applicable law, in such proportion
     as is appropriate to reflect not only the relative benefits referred to in
     clause (i) above but also the relative fault of the Company on the one hand
     and CSFB on the other in connection with the statements or omissions which
     resulted in such losses, claims, damages or liabilities as well as any
     other relevant equitable considerations. The relative benefits received by
     the Company on the one hand and CSFB on the other shall be deemed to be in
     the same proportion as the total net proceeds from the offering (before
     deducting expenses) received by the Company bear to the total discounts and
     commissions received by CSFB from the Company under this Agreement. The
     relative fault shall be determined by reference to, among other things,
     whether the untrue or alleged untrue statement of a material fact or the
     omission or alleged omission to state a material fact relates to
     information supplied by the Company or CSFB and the parties' relative
     intent, knowledge, access to information and opportunity to correct or
     prevent such untrue statement or omission. The amount paid by an
     indemnified party as a result of the losses, claims, damages or liabilities
     referred to in the first sentence of this subsection (d) shall be deemed to
     include any legal or other expenses reasonably incurred by such indemnified
     party in connection with investigating or defending any action or claim
     which is the subject of this subsection (d). Notwithstanding the provisions
     of this subsection (d), CSFB shall not be required to contribute any amount
     in excess of the amount by which the total price at which the Offered
     Securities purchased by it were resold exceeds the amount of any damages
     which CSFB has otherwise been required to pay by reason of such untrue or
     alleged untrue statement or omission or alleged omission. CSFB's
     obligations in this subsection (d) to contribute are several in proportion
     to their respective purchase obligations and not joint.

          (e)  The obligations of the Company under this Section shall be in
     addition to any liability which the Company may otherwise have and shall
     extend, upon the same terms and conditions, to each person, if any, who
     controls CSFB within the meaning of the Securities Act or the Exchange Act;
     and the obligations of CSFB under this Section shall be in addition to any
     liability which it may otherwise have and shall extend, upon the same terms
     and conditions, to each person, if any, who controls the Company within the
     meaning of the Securities Act or the Exchange Act.

     8.  Survival of Certain Representations and Obligations. The respective
indemnities, agreements, representations, warranties and other statements of the
Company or its officers and of CSFB set forth in or made pursuant to this
Agreement will remain in full force and effect, regardless of any investigation,
or statement as to the results thereof, made by or on behalf of CSFB, the
Company or any of their respective representatives, officers or directors or any
controlling person, and will survive delivery of and payment for the Offered
Securities. If for any reason the purchase of the Offered Securities by CSFB is
not consummated, the Company shall remain responsible for the expenses to be
paid or reimbursed by it pursuant to Section 5 and the respective obligations of
the Company and CSFB pursuant to Section 7 shall remain in effect and if any
Offered Securities have been purchased hereunder the representations and
warranties in Section 2 and all obligations under Section 5 shall also remain in
effect. If the purchase of the Offered Securities by CSFB is not consummated for
any reason other than solely because of the occurrence of any event specified in
clause (ii), (iii), (v), (vi) or (vii) of Section 6(c), the Company will
reimburse CSFB for all out-of-pocket expenses (including fees and disbursements
of counsel) reasonably incurred by them in connection with the offering of the
Offered Securities.

     9.  Notices. All communications hereunder will be in writing and, if sent
to CSFB will be mailed, delivered or faxed and confirmed to the Credit Suisse
First Boston LLC, Eleven Madison Avenue, New York,

                                       22

<PAGE>

NY 10010-3629, U.S.A., Attention: Transactions Advisory Group (fax:
1-212-325-4296), or, if sent to the Company, will be mailed, delivered or faxed
and confirmed to it at NetEase.Com, Inc., Suite 1901, Tower E3, The Towers,
Oriental Plaza, Dong Cheng District, Beijing 100738, People's Republic of China,
fax (8610) 8518-3618, Attention: Chief Financial Officer (fax: 8610-8518-3618).

     10. Successors. This Agreement will inure to the benefit of and be binding
upon the parties hereto and their respective successors and the controlling
persons referred to in Section 7, and no other person will have any right or
obligation hereunder, except that holders of Offered Securities shall be
entitled to enforce the agreements for their benefit contained in the second and
third sentences of Section 5(b) hereof against the Company as if such holders
were parties thereto.

     11. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same Agreement.

     12. Applicable Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York without regard to principles
of conflicts of laws.

     The Company hereby submits to the non-exclusive jurisdiction of the New
York Courts in any suit or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby. The Company irrevocably
appoints CT Corporation System, 111 Eighth Avenue, 13/th/ Floor, New York, New
York 10011 ("Authorized Agent"), as its authorized agent in the Borough of
Manhattan in The City of New York upon which process may be served in any such
suit or proceeding, and agrees that service of process upon such agent, and
written notice of said service to the Company, by the person serving the same to
the address provided in Section 9, shall be deemed in every respect effective
service of process upon the Company in any such suit or proceeding. The Company
further agrees to take any and all action as may be necessary to maintain such
designation and appointment of such agent in full force and effect for a period
of seven years from the date of this Agreement.

     The obligation of the Company in respect of any sum due to CSFB shall,
notwithstanding any judgment in a currency other than United States dollars, not
be discharged until the first business day, following receipt by CSFB of any sum
adjudged to be so due in such other currency, on which (and only to the extent
that) CSFB may in accordance with normal banking procedures purchase United
States dollars with such other currency; if the United States dollars so
purchased are less than the sum originally due to CSFB hereunder, the Company
agrees, as a separate obligation and notwithstanding any such judgment, to
indemnify CSFB against such loss. If the United States dollars so purchased are
greater than the sum originally due to CSFB hereunder, CSFB agrees to pay to the
Company an amount equal to the excess of the dollars so purchased over the sum
originally due to CSFB hereunder.

                                       23

<PAGE>

         If the foregoing is in accordance with the CSFB's understanding of our
agreement, kindly sign and return to us one of the counterparts hereof,
whereupon it will become a binding agreement between the Company and CSFB in
accordance with its terms.

                                          Very truly yours,

                                          NetEase.Com, Inc.

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

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

Credit Suisse First Boston LLC

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

                                       24

<PAGE>

                                   SCHEDULE A

                        SUBSIDIARIES OF NETEASE.COM, INC.

                                                Jurisdiction of
Subsidiary                                        Organization        Ownership
-----------------------------------------       ---------------       ---------
NetEase Information Technology (Beijing)             China                  100%
Co., Ltd.

NetEase Information Technology (Shanghai)            China                  100%
Co., Ltd.

NetEase (U.S.) Inc.                                   U.S.                  100%

NetEase Interactive Entertainment Ltd.              British                 100%
                                                    Virgin
                                                    Islands

                                    Sch-A-1

<PAGE>

                                    EXHIBIT A

                  FORM OF OPINION OF THE COMPANY'S PRC COUNSEL

     We are lawyers qualified in the People's Republic of China ("PRC") and are
qualified to issue opinions on the laws of the PRC. We have acted as PRC counsel
for NetEase.com, Inc. (the "Company"), a company incorporated under the laws of
the Cayman Islands, in relation to the Company's proposed issuance and sale to
Credit Suisse First Boston LLC ("CSFB") pursuant to the purchase agreement
("Purchase Agreement") entered into by and between the Company and CSFB dated
July 8, 2003 of U.S.$75,000,000 principal amount of its Zero Coupon Convertible
Subordinated Notes due July 15, 2023 and also granting to CSFB an option,
exercisable from time to time by CSFB, to purchase an aggregate of up to an
additional $25,000,000 principal amount ("Optional Securities") of its Zero
Coupon Convertible Subordinated Notes due July 15, 2023, each to be issued under
an indenture agreement, dated as of July 14, 2003 ( the "Indenture"), between
the Company and The Bank of New York, as Trustee.

     Unless otherwise defined herein, capitalized terms used in this opinion
shall have the same meaning as set forth in the Purchase Agreement.

     In rendering this opinion we have examined copies of such documents, as we
have considered necessary or relevant to provide this opinion. In giving this
opinion, we have made the following assumptions:

     1.   that all documents submitted to us as originals are authentic and that
          all documents submitted to us as copies conform to their originals;

     2.   that all documents have been validly authorized, executed and
          delivered by all of the parties thereto; and

     3.   that the signatures, seals and chops on the documents submitted to us
          are genuine;

     This opinion is confined to and given on the basis of the laws of the PRC
as at the date hereof. We do not express or imply any view or opinion on, or in
respect of, the laws of any jurisdiction other than those of the PRC.

     Based on the foregoing, we are of the opinion that:

     1.   NetEase Beijing has been duly incorporated and is validly existing as
a wholly foreign owned enterprise with legal person status in good standing
under the laws of the PRC. Except as otherwise disclosed in the Offering
Document, all of the registered capital of NetEase Beijing has been fully paid
and, to the best of our knowledge, is owned by the Company directly, free and
clear of any security interest, mortgage, pledge, lien, encumbrance, claim or
equity.

     2.   Guangzhou NetEase has been duly incorporated and is validly existing
as a privately owned enterprise with legal person status in good standing under
the laws of the PRC. Except as otherwise disclosed in the Offering Document, all
of the registered capital of Guangzhou NetEase has been fully paid and, to the
best of our knowledge, is 80% owned by Mr. William Lei Ding and 20% owned by Mr.
Bo Ding, each directly, free and clear of any security interest, mortgage,
pledge, lien, encumbrance, claim or equity.

     3.   Guangyitong Advertising has been duly incorporated and is validly
existing as a privately owned enterprise with legal person status in good
standing under the laws of the PRC. Except as otherwise disclosed in the
Offering Document, all of the registered capital of Guangyitong Advertising has
been fully paid and, to the best of our knowledge, is 80% owned by Guangzhou
NetEase and 20% owned by Mr. Bo Ding, each directly, free and clear of any
security interest, mortgage, pledge, lien, encumbrance, claim or equity.

                                      A-1

<PAGE>

     4.   Each of NetEase Beijing, Guangzhou NetEase and Guangyitong Advertising
(together, the "PRC Subsidiaries") has legal right, power and authority
(corporate and other) to own, lease and operate its properties and to conduct
its business as described in the Offering Document (including proper authority
and approval for Guangzhou NetEase to engage in businesses as an Internet
content provider and for Guangyitong NetEase to engage in online advertising
businesses, each as described in the Offering Document) and to enter into and
perform its obligations under each of the Material Agreements, to which it is a
party.

     5.   Each Material Agreement to which any PRC Subsidiary is a party has
been duly authorized, executed and delivered by such PRC Subsidiary, is in
proper legal form under the laws of the PRC for the enforcement thereof against
the parties thereto; and each such Material Agreement that is governed by PRC
law constitutes a valid and legally binding obligation of the parties thereto,
enforceable in accordance with its terms, subject as to enforcement to
bankruptcy, insolvency, reorganization and other laws of general applicability
relating to or affecting creditors' rights generally and to general equity
principles; and it is not necessary to ensure the legality, validity,
enforceability or admissibility in evidence of any of the Material Agreements in
the PRC or any political subdivision thereof that any of them be filed or
recorded or enrolled with any court or authority in the PRC or any political
subdivision thereof or that any stamp, registration or similar tax be paid in
the PRC or any political subdivision thereof.

     6.   Each of the Purchase Agreement, the Registration Rights Agreement, the
Indenture and the Offered Securities is in proper legal form under the laws of
the PRC for the enforcement thereof against the Company and, assuming due
authorization, execution and delivery by each party thereto, constitutes a valid
and legally binding obligation of the Company under the PRC law, enforceable in
accordance with its terms, subject as to enforcement to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting
creditors' rights generally and to general equity principles; and it is not
necessary to ensure the legality, validity, enforceability or admissibility in
evidence of the Purchase Agreement, the Registration Rights Agreement or the
Indenture in the PRC or any political subdivision thereof that any of them be
filed or recorded or enrolled with any court or authority in the PRC or any
political subdivision thereof or that any stamp, registration or similar tax be
paid in the PRC or any political subdivision thereof.

     7.   Except as set forth in the Offering Document, there are no limitations
under PRC law on the rights of the Company (i) to convert into foreign currency
and freely transfer out of the PRC all dividends, distributions and other
payments declared and made payable by any of the Company's subsidiaries
organized and existing under the laws of the PRC or any other revenues received
by the Company or (ii) to convert the said dividends, distributions and other
payments into foreign currency and freely transfer out of the PRC all amounts
required to pay interest, principal, premium, if any, and other payments on the
Offered Securities and dividends and other distributions declared and payable on
the Underlying Shares issuable upon conversion thereof.

     8.   Under the laws of the PRC, the Offered Securities are freely
transferable by the Company to or for the account of CSFB, and (to the extent
described in the Offering Document) the initial purchasers thereof; and there
are no restrictions on subsequent transfers of the Offered Securities under the
laws of the PRC.

     9.   To the best of our knowledge, except as set forth in the Offering
Document, there is not pending or threatened any action, suit, proceeding,
inquiry or investigation, to which the Company or any PRC Subsidiary is a party,
or to which the property of the Company or such PRC Subsidiary is subject,
before or brought by any court or governmental agency or body in the PRC, which
might reasonably be expected to result in a Material Adverse Effect, or which
might reasonably be expected to materially and adversely affect the properties
or assets thereof or the consummation of the transactions contemplated in the
Purchase Agreement, the Registration Rights Agreement, the Indenture, the
Offered Securities, any Material Agreement or the Offering Document or the
performance by the Company or any PRC Subsidiary of their respective obligations
thereunder.

                                      A-2

<PAGE>

     10.  The information under Part I, Item 7.B., "Related Party Transactions",
Part I, Item 4, "Information on the Company" and Part I, Item 3.D., "Risk
Factors" in the Company's Annual Report on Form 20-F most recently filed with
the Commission pursuant to the Exchange Act, to the extent that it constitutes
matters of law or summaries of legal matters of the PRC or legal conclusions in
respect of PRC law, or summaries of legal proceedings, or summarizes the terms
and provisions of the Material Agreements governed by PRC law, has been reviewed
by us and is correct in all material respects; and our opinion set forth under
Part 1, Item 10, "Additional Information - Enforcement of Civil Liabilities" in
the Company's Annual Report on Form 20-F most recently filed with the Commission
pursuant to the Exchange Act is confirmed.

     11.  To the best of our knowledge, there are no PRC statutes or regulations
that are required to be described in the Offering Document that are not
described as required.

     12.  The choice of the laws of the State of New York as the governing law
of the Purchase Agreement, the Indenture, the Offered Securities and the
Registration Rights Agreement is a valid choice of law under the laws of the PRC
and courts of the PRC will honor this choice of law.

     13.  No transaction tax, stamp duty or similar tax or duty or withholding
or other taxes are payable by or on behalf of CSFB in the PRC with respect to
(a) the sale and delivery of the Offered Securities as contemplated by the
Purchase Agreement and the Offering Document, (b) the holding or transfer of the
Offered Securities outside the PRC or (c) the execution, delivery or enforcement
of the Purchase Agreement, the Indenture, the Offered Securities, the
Registration Rights Agreement or any Material Agreement; under the laws of the
PRC, the Company is neither a resident of the PRC nor carrying on a trade or
business in the PRC for PRC tax purposes, and accordingly (x) the Company will
not be subject to income tax imposed in the PRC or any subdivision thereof, (y)
any payments or distributions made by the Company on the Offered Securities will
not be subject to any PRC withholding tax and (z) a holder or beneficial owner
of Offered Securities who is not a resident of the PRC will not be subject to
any PRC transaction tax, stamp duty or PRC similar tax or duty or PRC
withholding or other taxes upon any conversion of the Offered Securities,
disposition of the Offered Securities or disposition of the securities into
which the Offered Securities are converted.

     14.  Any final judgment for a fixed or readily calculable sum of money
rendered by any court of the State of New York or of the United States located
in the State of New York having jurisdiction under its own domestic laws in
respect of any suit, action or proceeding against the Company based upon the
Purchase Agreement, the Registration Rights Agreement, the Indenture or the
Offered Securities would be declared enforceable against the Company by the
courts of the PRC in accordance with the requirements of PRC Civil Procedures
Law based either on treaties between the PRC and the United States of America or
on reciprocity between jurisdictions, without payment of any stamp, registration
or similar tax or duty, provided that (a) the judgment was not contrary to the
public policy, state sovereignty or security of the PRC, (b) the judgment was
not given or obtained by fraud, (c) the judgment was not based on clear mistake
of law or fact, (d) the judgment was not directly or indirectly for the payment
of taxes or other charges of a like nature or of a fine or other penalty, (e)
the judgment was for a definite sum of money, (f) the judgment was final and
conclusive, (g) adequate service of process has been effected and the defendant
has had a reasonable opportunity to be heard, (h) such judgments do not conflict
with any other valid judgment in the same matter between the same parties, and
(i) an action between the same parties in the same matter is not pending in any
PRC court at the time the lawsuit is instituted in the New York Court.

     15.  Except as otherwise disclosed in the Offering Document, no filing
with, or authorization, approval, consent, license, order, registration,
qualification or decree of, any court or governmental authority or agency in or
of the PRC is necessary or required for (i) each PRC Subsidiary to engage in the
business as presently conducted by it and as described in the Offering Document,
(ii) the due authorization, execution and delivery by each PRC Subsidiary of
each Material Agreement to which it is a party, (iii) the performance by each
PRC Subsidiary of its obligations under each Material Agreement to which it is a
party, or (iv) the consummation of the transactions contemplated under each
Material Agreement.

                                      A-3

<PAGE>

     16.  The execution, delivery and performance of each of the Purchase
Agreement, the Indenture, the Registration Rights Agreement, and each of the
Material Agreements governed by the laws of the PRC, the consummation of the
transactions contemplated therein and in the Offering Document (including the
issuance and sale of the Offered Securities, compliance with the terms and
provisions thereof, and the use of the proceeds from the sale of the Offered
Securities as described in the Offering Document under the caption "Use Of
Proceeds") and compliance by the Company with its obligations under each of the
Purchase Agreement, the Indenture, the Offered Securities, the Registration
Rights Agreement and each of the Material Agreements governed by the laws of the
PRC, will not, whether with or without the giving of notice or passage of time
or both, conflict with or constitute a breach of, or a default or Repayment
Event (as defined in Section 2(n) of the Purchase Agreement) under, or result in
the creation or imposition of any lien, charge or encumbrance upon, any property
or assets of the Company or any PRC Subsidiary pursuant to any contract,
indenture, mortgage, deed of trust, loan or credit agreement, note, lease or any
other agreement or instrument (including the Material Agreements) governed by
the laws of the PRC, known to us, to which the Company or such PRC Subsidiary is
a party or by which they may be bound, or to which any of their property or
assets is subject (except for such conflicts, breaches, defaults or liens,
charges or encumbrances that would not have a Material Adverse Effect), nor will
such action result in any violation of the provisions of the articles of
association or other organizational document of any PRC Subsidiary or any
applicable treaty, law, statute, rule, regulation, judgment, order, writ or
decree, known to us, of any government, government instrumentality or court in
the PRC, having jurisdiction over the Company or the PRC Subsidiaries or any of
their properties, assets or operations.

     17.  The Company is duly registered or qualified as a foreign corporation,
to the extent that such registration or qualification is required in the PRC, to
transact business as described in the Offering Document and is in good standing
in the PRC (including provincial, municipal or local jurisdictions), whether by
reason of the ownership or leasing of property or the conduct of business or
otherwise, except where the failure to so register or qualify or be in good
standing would not result in a Material Adverse Effect.

     18.  The Company and its obligations under the Purchase Agreement are
subject to civil and commercial law and suit and none of the Company and its
properties, assets or revenues has any right of immunity, on any grounds, from
any legal action, suit or proceeding, from the giving of any relief in any such
legal action, suit or proceeding, from setoff or counterclaim, from the
jurisdiction of any court, from service of process, attachment upon or prior to
judgment, or attachment in aid of execution of judgment, or from execution of a
judgment, or other legal process or proceeding for the giving of any relief, or
for the enforcement of judgment in the PRC, with respect to their respective
obligations, liabilities or any other matter under or arising out of or in
connection with the Purchase Agreement.

     19.  It is not necessary in order to enable CSFB to exercise or enforce its
rights under the Purchase Agreement in the PRC or by reason of the entry into
and/or the performance of the Purchase Agreement for CSFB to be licensed,
qualified, authorized or entitled to do business in the PRC.

     20.  All descriptions in the Offering Document of contracts and other
documents governed by or under PRC law to which the Company or any PRC
Subsidiary is a party are accurate in all material respects; to the best of our
knowledge, there are no franchises, contracts, indentures, mortgages, loan
agreements, notes, leases or other instruments required to be described or
referred to in the Offering Document other than those described or referred to
therein or filed as exhibits thereto, and the descriptions thereof or references
thereto are correct in all material respects.

     21.  To the best of our knowledge after appropriate investigation, none of
the PRC Subsidiaries is in violation of its articles of association or other
organizational document and no default by any PRC Subsidiary exists in the due
performance or observance of any material obligation, agreement, covenant or
condition contained in any contract, indenture, mortgage, deed of trust, loan or
credit agreement, note, lease or other agreement or instrument governed by PRC
law that is described or referred to in the Offering Document.

                                      A-4

<PAGE>

     22.  The performance by CSFB in the PRC of any of their rights, duties,
obligations and responsibilities under the Purchase Agreement will not violate
any law applicable in the PRC.

     23.  Nothing has come to our attention that would lead us to believe that
the Offering Document or any amendment or supplement thereto (except for
financial statements and schedules and other financial data included therein, as
to which we need make no statement), at the time the Offering Document was
issued, or on the date hereof, included or includes an untrue statement of a
material fact or omitted or omits to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading.

     In rendering such opinion, we have relied (A) as to matters involving the
application of the laws of New York, upon the opinion of Morrison & Foerster
LLP, United States counsel to the Company, (B) as to matters involving the
application of the laws of the Cayman Islands, upon the opinion of Maples and
Calder Asia, Cayman Islands counsel to the Company, and (C) as to matters of
fact (but not as to legal conclusions), to the extent they deem proper, on
certificates and confirmations of responsible officers of the Company or any PRC
Subsidiary and public officials.

     This opinion relates to the laws of the PRC (other than the laws of the
Hong Kong Special Administrative Region, the laws of the Macao Special
Administrative Region and the laws of Taiwan Province) in effect on the date
hereof.

     This opinion is given solely for the benefit of the persons to whom it is
addressed. It may not, except with our prior written permission, be relied upon
by anyone in connection with this opinion or used for any other purpose;
provided, however, that The Bank of New York, in its capacity as Trustee
pursuant to the terms of the Indenture, may rely, subject to all of the
assumptions and qualifications set forth therein, on this opinion to the same
extent as if this opinion had been addressed and delivered to The Bank of New
York.

                                      A-5

<PAGE>

                                    EXHIBIT B

             FORM OF OPINION OF THE COMPANY'S CAYMAN ISLANDS COUNSEL

We have acted as Cayman Islands legal advisers to NetEase.com, Inc. (the
"Company"), a company incorporated in the Cayman Islands in connection with the
issue of US$75,000,000 aggregate principal amount of its Zero Coupon Senior
Convertible Notes due 15th July, 2023 (the "Firm Securities") and the option,
exercisable from time to time by Credit Suisse First Boston LLC, to purchase an
aggregate of up to an additional US$25,000,000 of the aggregate principal amount
of its Zero Coupon Senior Convertible Notes due 15th July, 2023 (the "Optional
Securities", and together with the Firm Securities, the "Offered Securities"),
each to be issued under an indenture, dated as of 14th July, 2003 (the
"Indenture"), between the Company and The Bank of New York, as Trustee. Such
offering is being made pursuant to a purchase agreement between the Company and
the Initial Purchasers (as defined therein) dated 8/th/ July, 2003 (the
"Purchase Agreement").

For the purposes of this opinion, we have reviewed only originals, copies or
final drafts of the following documents:

(a)  the certificate of incorporation of the Company dated 6th July, 1999 and
     the amended and restated memorandum and articles of association of the
     Company as adopted on 12th May, 2000 (the "Memorandum and Articles of
     Association");

(b)  a certificate of good standing for the Company dated 8th July, 2003 issued
     by the Registrar of Companies in the Cayman Islands (the "Certificate of
     Good Standing");

(c)  the minutes of the meeting of the board of directors of the Company held on
     30/th/ June, 2003 (the "Minutes");

(d)  a certificate from a director of the Company dated 14th July, 2003, a copy
     of which is attached hereto (the "Director's Certificate");

(e)  the Purchase Agreement;

(f)  the Indenture;

(g)  the offering circular issued by the Company dated 9/th/ July, 2003 and all
     documents incorporated by reference therein (the "Offering Circular");

(h)  the Registration Rights Agreement between the Company and Credit Suisse
     First Boston LLC (as representative of the several purchasers named
     therein) dated 8/th/ July, 2003 hereto (the "Registration Rights
     Agreement");

(i)  the form of the Offered Securities;

(j)  each of the following agreements (the "Material Agreements"):

     (i)   1999 Stock Incentive Plan and Form of Stock Option Agreement
     (incorporated by reference to Exhibit 10.1 from the company's Registration
     Statement on Form F-1 (file no. 333-11724) filed with the Securities and
     Exchange Commission on March 27, 2000);

     (ii)  Amended and Restated 2000 Stock Incentive Plan and Form of Stock
           Option Agreement (including standard and non-standard form)
           (incorporated by reference to Exhibit 4.2 from the company's Annual
           Report on Form 20-F for the year ended December 31, 2000 filed with
           the Securities and Exchange Commission on August 31, 2001;

                                      B-1

<PAGE>

     (iii) Employment Agreement dated August 31, 1999 between NetEase.com, Inc.
           and William Lei Ding (incorporated by reference to Exhibit 10.2 from
           the company's Registration Statement on Form F-1 (file no. 333-11724)
           filed with the Securities and Exchange Commission on March 27, 2000);
           and

     (iv)  Addendum to Employment Agreement between NetEase.com, Inc. and
           William Ding dated May 1, 2003.

The Purchase Agreement, the Indenture, the Material Agreements and the
Registration Rights Agreement are hereafter together referred to as the
"Agreements".

Terms used herein have the same meanings given in the Purchase Agreement unless
otherwise defined herein.

Save as aforesaid we have not been instructed to undertake and have not
undertaken any further enquiry or due diligence in relation to the transaction
the subject of this opinion. The following opinions are given only as to and
based on circumstances and matters of fact existing at the date hereof and of
which we are aware consequent upon the instructions we have received in relation
to the matter the subject of this opinion and as to the laws of the Cayman
Islands as the same are in force at the date hereof. In giving this opinion, we
have relied upon the completeness and accuracy (and assumed the continuing
completeness and accuracy as at the date hereof) of the Director's Certificate
and the Certificate of Good Standing without further verification and have
relied upon the following assumptions, which we have not independently verified:

(i)    The Agreements and the Offered Securities have been or will be duly
       authorised, executed and delivered by or on behalf of all relevant
       parties (other than the Company).

(ii)   The Agreements and the Offered Securities are, or will be, legal, valid,
       binding and enforceable against all relevant parties in accordance with
       the governing laws expressed therein and all other relevant laws (other
       than, with respect to the Company, the laws of the Cayman Islands).

(iii)  The power, authority and legal right of all parties under all relevant
       laws and regulations (other than, with respect to the Company, the laws
       of the Cayman Islands) to enter into, execute and perform their
       respective obligations under the Agreements and the Offered Securities.

(iv)   The choice of the laws of New York as the governing law of the Agreements
       and the Offered Securities has been made by all parties in good faith and
       would be regarded as a valid and binding selection which will be upheld
       by the courts of New York as a matter of the laws of New York and by all
       other courts under all other relevant laws (other than the laws of the
       Cayman Islands).

(v)    Copy documents or drafts of documents provided to us are true and
       complete copies of, or in the final forms of, the originals.

(vi)   The genuineness of all signatures and seals.

(vii)  All conditions precedent contained in the Agreements have been satisfied
       or duly waived and there has been no breach of the terms of the
       Agreements or the Offered Securities at the date hereof.

(viii) There is no contractual or other prohibition (other than as may arise by
       virtue of the laws of the Cayman Islands) binding on the Company or on
       any other party prohibiting it from entering into and performing its
       obligations under the Agreements or the Offered Securities.

(ix)   The issued shares in the capital of the Company, including those to be
       issued pursuant to conversion of the Offered Securities offered in the
       Offering Circular, have been, or, upon entry on the Register of Members
       of the Company following conversion of the Offered Securities, will be
       fully paid up and there are no contractual or other obligations (other
       than as may arise by virtue of the laws of the Cayman Islands) binding on
       the Company or any of the persons to whom such shares have been

                                      B-2

<PAGE>

       issued to make any further payment or give any further consideration
       in relation thereto other than the conversion price.

(x)    The Offered Securities will be issued and authenticated in accordance
       with the provisions of the Indenture.

(xi)   No invitation has been or will be made by or on behalf of the Company to
       the public in the Cayman Islands to subscribe for any of the Offered
       Securities.

(xii)  The Company is not a sovereign entity of any state and is not a
       subsidiary, direct or indirect, of any sovereign entity or state.

The following opinions are given only as to matters of Cayman Islands law and we
have assumed that there is nothing under any other law that would affect or vary
the following opinions. Specifically we have made no investigation of the laws
of New York and we offer no opinion in relation thereto.

Based upon the foregoing and subject to the qualifications set out below and
having regard to such legal considerations as we deem relevant, we are of the
opinion that:

1.   The Company has been duly incorporated and is validly existing as an
     exempted company with limited liability for an unlimited duration under the
     laws of the Cayman Islands with full corporate power and authority to own
     its property and assets and to carry on its business in accordance with its
     Memorandum and Articles of Association and to enter into and execute and
     perform its obligations under the Agreements and the Offered Securities.

2.   The Company has an authorised capital as set forth in the Offering
     Circular, and all of the issued shares in the capital of the Company
     (including the shares being delivered on conversion when issued in
     accordance with the terms of the Purchase Agreement and entered on the
     Register of Members of the Company) have been duly and validly authorised
     and, when issued in accordance with the Purchase Agreement and the Offering
     Circular and entered as fully paid on the Register of Members of the
     Company, will be fully paid and non-assessable and conform to the
     description thereof contained in the Offering Circular.

3.   The execution and delivery of the Agreements and the issue and offer of the
     Offered Securities by the Company and the performance of its obligations
     thereunder have been duly authorised and approved by all necessary
     corporate action of the Company and do not violate, conflict with or result
     in a breach of any of the terms or provisions of its memorandum and
     articles of association or any law, public rule or regulation applicable to
     the Company in the Cayman Islands currently in force and do not violate,
     conflict with or result in a breach of any existing order or decree of any
     governmental authority or agency or any official body in the Cayman
     Islands.

4.   The Agreements when executed and delivered for and on behalf of the Company
     will constitute legal, valid and binding obligations of the Company
     enforceable in the Cayman Islands in accordance with their terms except and
     in so far as such enforcement may be limited as hereinafter set forth.

5.   The Offered Securities when executed and, if appropriate, authenticated in
     the manner set forth in the Indenture and delivered against due payment
     therefor will be duly executed, issued and delivered and will constitute
     the legal, valid and binding obligations of the Company enforceable in the
     Cayman Islands in accordance with their terms except and in so far as such
     enforcement may be limited as hereinafter set forth.

6.   There are no restrictions on subsequent transfers of the Offered Securities
     under the laws of the Cayman Islands.

                                      B-3

<PAGE>

7.   There are no pre-emptive or other rights to subscribe for or purchase, nor
     any restriction upon the voting or transfer of any share in the capital of
     the Company pursuant to the Memorandum and Articles of Association of the
     Company and the Agreements.

8.   No authorisations, consents, orders, permissions or approvals are required
     from any governmental authorities or agencies or other official bodies in
     the Cayman Islands and no notice to or other filing with or action by any
     Cayman Islands governmental authority or regulatory body is required in
     connection with:

     (1)  the issue of the Offering Circular;

     (2)  the execution, creation or delivery of the Agreements by the Company;

     (3)  subject to the payment of stamp duty, the enforcement of the
          Agreements against the Company;

     (4)  the offering, execution, authentication, allotment, issue or delivery
          of the Offered Securities;

     (5)  the performance of any obligation under the Agreements or the Offered
          Securities;

     (6)  the payment of the principal and interest and any other amounts under
          the Offered Securities; or

     (7)  the payment of any amount under the Agreements.

9.   It is not necessary to ensure the legality, validity, enforceability or
     admissibility in evidence of the Agreements or the Offered Securities that
     any document be filed, recorded or enrolled with any governmental
     department, agency or other authority in the Cayman Islands.

10.  The Company is in good standing with the Registrar of Companies in the
     Cayman Islands.

11.  No stamp duties or other similar taxes or charges are payable under the
     laws of the Cayman Islands in respect of the execution or delivery of the
     Agreements or the Offered Securities unless they are executed in or
     thereafter brought within the jurisdiction of the Cayman Islands (e.g. for
     the purposes of enforcement).

12.  There are currently no taxes or other charges or deductions payable (by
     withholding or otherwise) to the Cayman Islands Government or any taxing
     authority thereof on or by virtue of (i) the execution, delivery or
     enforcement of the Agreements or the Offered Securities or, (ii) any
     payment of any nature to be made by the Company under any of the Agreements
     or the Offered Securities. The Cayman Islands currently have no income,
     corporate or capital gains tax and no estate duty, inheritance tax or gift
     tax.

13.  The Company can sue and be sued in its own name under the laws of the
     Cayman Islands. The choice of the laws of New York to govern the Agreements
     and the Offered Securities will be upheld as a valid choice of law under
     the laws of the Cayman Islands and the courts of the Cayman Islands would
     uphold such choice of law in a suit on the Agreements or the Offered
     Securities brought in the courts of the Cayman Islands, assuming it is so
     pleaded. An action against the Company in the Cayman Islands under the
     Agreements or the Offered Securities could be instituted in the Grand
     Court, which has jurisdiction over the Company and would accept
     jurisdiction over any action or proceedings based on the Agreements or the
     Offered Securities without first having to obtain a judgment in respect of
     the Agreements or the Offered Securities in a court of New York or any
     other relevant jurisdiction. In the event of any proceedings being brought
     in the Cayman Islands courts in respect of a monetary obligation expressed
     to be payable in a currency other than Cayman Islands dollars, a Cayman
     Islands

                                      B-4

<PAGE>

     court would give judgment expressed as an order to pay such currency or its
     Cayman Islands dollar equivalent at the time of payment or enforcement of
     the judgment.

14.  The submission to the jurisdiction of the U.S. federal or state courts
     sitting in New York City, and the appointment of an agent to accept service
     of process in such jurisdiction, is legal, valid and binding on the
     Company.

15.  Although there is no statutory enforcement in the Cayman Islands of
     judgments obtained in New York, the courts of the Cayman Islands will
     recognise and enforce a judgment of a foreign court of competent
     jurisdiction in respect of any legal suit or proceeding arising out of or
     relating to the Agreements without retrial on the merits based on the
     principle that a judgment of a competent foreign court imposes upon the
     judgment debtor an obligation to pay the sum for which judgment has been
     given provided that such judgment is final and conclusive, for a liquidated
     sum, not in respect of taxes or a fine or penalty, is not inconsistent with
     a Cayman Islands judgment in respect of the same matter, and was not
     obtained in a manner and is not of a kind the enforcement of which is
     contrary to the public policy of the Cayman Islands. A Cayman Islands court
     may stay proceedings if concurrent proceedings are being brought elsewhere.
     A foreign judgment may be final and conclusive even if subject to appeal.
     However, if appealable, a Cayman Islands court may stay enforcement until
     such appeal has been heard.

16.  Based on our review of the Register of Writs and other Originating Process
     for the period from 6th July, 1999, there are no actions pending against
     the Company in the Grand Court of the Cayman Islands on 10/th/ July, 2003.
     A search at the Companies Registry in the Cayman Islands would not reveal
     any order or resolution for the winding up of the Company because under
     Cayman Islands law the records kept by the Registrar of Companies are not
     documents of public record. The enquiries referred to above which we have
     made at the Grand Court of the Cayman Islands have revealed no record of
     the presentation of any winding up petition in respect of the Company. We
     assume that there has been no change in this position since the date on
     which the enquiries were made.

17.  The statements in the Offering Circular issued or to be issued by the
     Company, marked "Description of Share Capital", insofar as they describe
     provisions in the Company's Memorandum and Articles of Association relating
     to the share capital and the Companies Law of the Cayman Islands, and
     "Taxation - Cayman Islands Taxation" insofar as they constitute a summary
     of the Cayman Islands law on tax matters in relation to the ordinary
     shares, are fair summaries or descriptions thereof. Our opinion set forth
     under "Enforcement of Civil Liabilities" of the Offering Circular is
     confirmed.

18.  There is no exchange control legislation under Cayman Islands law and
     accordingly there are no exchange control regulations imposed under Cayman
     Islands law.

19.  To the best of our knowledge, there are no Cayman Islands statutes or
     regulations that are required by Cayman Islands law to be described in the
     Offering Circulars that are not described as required.

20.  The form of certificate used to evidence the ordinary shares complies in
     all material respects with applicable statutory requirements of the Cayman
     Islands and the Company's Memorandum and Articles of Association.

21.  There are no restrictions under Cayman Islands law which would prevent the
     Company from paying dividends to shareholders in U.S. Dollars or any other
     currency.

22.  In any proceedings taken in the Cayman Islands in relation to the
     Agreements or the Offered Securities the Company will not be entitled to
     claim for itself or any of its assets immunity from suit, execution,
     attachment or other legal process.

This opinion is subject to the following qualifications and limitations:

                                      B-5

<PAGE>

(1)  The term "enforceable" as used above means that the obligations assumed by
     the Company under the relevant instrument are of a type which the courts of
     the Cayman Islands enforce. It does not mean that those obligations will
     necessarily be enforced in all circumstances in accordance with their
     terms. In particular:

     (a)  enforcement may be limited by bankruptcy, insolvency, liquidation,
          reorganisation, readjustment of debts or moratorium or other laws of
          general application relating to or affecting the rights of creditors;

     (b)  enforcement may be limited by general principles of equity - for
          example, equitable remedies such as specific performance may not be
          available, inter alia, where damages are considered to be an adequate
          remedy;

     (c)  claims may become barred under the statutes of limitation or may be or
          become subject to defences of set-off, counterclaim, estoppel and
          similar defences;

     (d)  where obligations are to be performed in a jurisdiction outside the
          Cayman Islands, they may not be enforceable in the Cayman Islands to
          the extent that performance would be illegal under the laws of that
          jurisdiction;

     (e)  the Cayman Islands court has jurisdiction to give judgment in the
          currency of the relevant obligation and statutory rates of interest
          payable upon judgments will vary according to the currency of the
          judgment. If the Company becomes insolvent and is made subject to a
          liquidation proceeding, the Cayman Islands court will require all
          debts to be proved in a common currency, which is likely to be the
          "functional currency" of the Company determined in accordance with
          applicable accounting principles. Currency indemnity provisions have
          not been tested, so far as we are aware, in the courts of the Cayman
          Islands;

     (f)  obligations to make payments that may be regarded as penalties will
          not be enforceable;

     (g)  the courts of the Cayman Islands may decline to exercise jurisdiction
          in relation to substantive proceedings brought under or in relation to
          the Agreements in matters where they determine that such proceedings
          may be tried in a more appropriate forum; and

     (h)  a company cannot, by agreement or in its articles of association,
          restrict the exercise of a statutory power, and there exists doubt as
          to enforceability of any provision in the Agreements whereby the
          Company covenants not to exercise powers specifically given to its
          shareholders by The Companies Law (2003 Revision) of the Cayman
          Islands, including, without limitation, the power to increase its
          authorised share capital, amend its Memorandum and Articles of
          Association, or present a petition to a Cayman Islands court for an
          order to wind up the Company.

(2)  With respect to winding up proceedings, Cayman Islands law may require that
     all claims or debts of the Company are converted into its functional
     currency of account at the exchange rate ruling at the date of commencement
     of the winding up.

(3)  A certificate, determination, calculation or designation of any party to
     the Underwriting Agreement as to any matter provided in any of the
     Underwriting Agreement might be held by a Cayman Islands court not to be
     conclusive, final and binding if, for example, it could be shown to have an
     unreasonable or arbitrary basis or in the event of manifest error.

(4)  The obligations of the Company under the Underwriting Agreement to any
     person or body connected with, resident in, incorporated in or constituted
     under the laws of any country (an "Affected Country") which is currently
     the subject of United Nations sanctions extended to the Cayman Islands by
     Orders

                                      B-6

<PAGE>

     in Council, or exercising public functions in any Affected Country or any
     person or body controlled by any of the foregoing or any person acting on
     behalf of any of the foregoing or any other person or body as prescribed in
     such Orders may be subject to restrictions or limitations pursuant to such
     Orders.

(5)  The irrevocable appointment of an agent for service of process may, as
     between the appointor and the agent, be revoked by the appointor unless
     given to secure (i) a proprietary interest of the agent or (ii) the
     performance of an obligation owed to the agent.

(6)  We note that it is contemplated that certain of the Agreements will be
     dated "as of" a certain date. Whilst parties to an agreement may agree as a
     matter of contract, inter se, that the rights and obligations therein
     contained should, in so far as the same may be possible, take effect from a
     date prior to the date of execution and delivery, if as a matter of fact
     that agreement was executed and delivered after the date "as of" which it
     is expressed to be executed and delivered, the agreement only comes into
     effect on the actual date of execution and delivery and, with respect to
     third parties, the agreement in so far as the rights of third parties may
     be available thereunder, take effect only from the actual date of execution
     and delivery.

Except as specifically stated herein, we make no comment with respect to any
representations and warranties which may be made by or with respect to the
Company in any of the Agreements or otherwise with respect to the commercial
terms of the transactions the subject of this opinion.

This opinion, although addressed to you, may be relied upon by your legal
advisers (but in that capacity only). This opinion may not be relied upon by any
other person without our prior written consent provided however, that The Bank
of New York (as Trustee under the Indenture) may rely on this opinion to the
same extent as if this opinion had been addressed and delivered to The Bank of
New York.

                                      B-7

<PAGE>

                                    EXHIBIT C

             FORM OF OPINION OF THE COMPANY'S UNITED STATES COUNSEL

          We have acted as special U.S. counsel to NetEase.com, Inc., a Cayman
Islands corporation (the "Company"), in connection with (i) the issuance and
sale by the Company of US$75,000,000 principal amount of its Zero Coupon
Convertible Subordinated Notes due July 15, 2023 (the "Firm Securities"),
pursuant to the terms of the Purchase Agreement dated July 8, 2003 (the
"Purchase Agreement") between the Company and Credit Suisse First Boston LLC
(the "Purchaser"), and (ii) the grant by the Company to the Purchaser of an
option to purchase an aggregate of up to an additional US$25,000,000 principal
amount of its Zero Coupon Convertible Subordinated Notes due July 15, 2023 (the
"Optional Securities" and, together with the Firm Securities, the "Offered
Securities"), each to be issued under an indenture agreement, dated as of July
14, 2003 (the "Indenture"), between the Company and The Bank of New York, as
Trustee. This opinion is furnished to you pursuant to Section 6(d)(iii) of the
Purchase Agreement. All capitalized terms used herein and not otherwise defined
shall have the respective meanings assigned to them in the Purchase Agreement.
For the avoidance of doubt, references herein to the "Offering Circular" shall
include all documents incorporated therein by reference. The Purchase Agreement,
the Indenture, the Offered Securities and the Registration Rights Agreement are
collectively referred to herein as the "Documents."

          In connection with this opinion, we have examined such corporate
records, documents, instruments, certificates of public officials and of the
Company and such questions of law as we have deemed necessary for the purpose of
rendering the opinions set forth herein.

          In such examination, we have assumed the genuineness of all signatures
and the authenticity of all items submitted to us as originals and the
conformity with originals of all items submitted to us as copies. In making our
examination of all documents, we have assumed that each party other than the
Company has or had the power and authority to execute and deliver, and to
perform and observe the provisions of, such documents, and the due authorization
by each such party of all requisite action and the due execution and delivery of
such documents by each such party, and that such documents constitute the legal,
valid and binding obligations of each such party. In addition, we have assumed
that the Documents have been duly authorized, executed and delivered by the
Company under the laws of the Cayman Islands. We have also assumed compliance
with all applicable state securities and "blue sky" laws. With respect to the
opinions set forth herein, we have relied as to matters of fact upon the
statements of the Company, including the representations and warranties set
forth in the Documents, in the Certificate of Ted Sun, the Acting Chief
Executive Officer of the Company (the "Officer's Certificate"), a copy of which
is attached hereto, and other certificates of officers and other representatives
of the Company delivered on the Closing Date. We have made no independent
investigation as to whether the foregoing statements are accurate or complete.

          In rendering the opinions set forth in paragraphs 1 and 3 below, our
opinions are based on a review of those laws which, in our experience, are
normally applicable to transactions of the type contemplated by the Documents.

          The opinions hereinafter expressed are subject to the following
qualifications and exceptions:

          (i)   The effect of bankruptcy, insolvency, reorganization,
                arrangement, moratorium or other similar laws relating to or
                affecting the rights of creditors generally, including, without
                limitation, laws relating to fraudulent transfers or
                conveyances, preferences and equitable subordination;

                                      C-1

<PAGE>

          (ii)  Limitations imposed by general principles of equity upon the
                availability of equitable remedies or the enforcement of
                provisions of the Documents, and the effect of judicial
                decisions which have held that certain provisions are
                unenforceable where their enforcement would violate the implied
                covenant of good faith and fair dealing, or would be
                commercially unreasonable, or where their breach is not
                material;

          (iii) The effect of judicial decisions which may permit the
                introduction of extrinsic evidence to supplement the terms of
                any Documents or to aid in the interpretation on of such
                Documents;

          (iv)  The enforceability of provisions imposing or which are
                construed as effectively imposing penalties or forfeitures;

          (v)   Our opinion as to the enforceability of any provision of the
                Purchase Agreement requiring the Company to submit to the
                jurisdiction of a New York state court is based solely on the
                statutes and regulations in effect in the State of New York on
                the date hereof (including Section 5-1402 of the General
                Obligations Law of the State of New York and Section 327 of the
                Civil Practice Law and Rules of the State of New York); and

          (vi)  Our opinion is based upon current statutes, rules, regulations,
                cases and official interpretive opinions, and it covers certain
                items that are not directly or definitively addressed by such
                authorities.

          Except to the extent encompassed by an opinion set forth below with
respect to the Company, we express no opinion as to the effect on the opinions
expressed herein of (1) the compliance or non-compliance of any party to the
Documents with any law, regulation or order applicable to it, or (2) the legal
or regulatory status or the nature of the business of any such party.

          Whenever our opinion herein with respect to the existence or absence
of facts is indicated to be based on our knowledge, belief or awareness, it is
intended to signify that during the course of our representation of the Company
in connection with the transactions referred to herein, no information has come
to our attention that would give us actual knowledge of the existence or absence
of such facts. However, we have not undertaken any independent investigation to
determine the existence or absence of such facts, except for our participation
in the conferences referred to below and our examination of the corporate
records, documents, instruments and certificates of public officials and of the
Company (including the Officer's Certificate) referred to above, and no
inference as to our knowledge of the existence or absence of such facts should
be drawn from our prior representation of the Company.

          Based upon and subject to the foregoing, we are of the opinion that:

          1.   No filing with or authorization, approval or, to our knowledge,
     consent, order or registration of any court or governmental authority or
     agency of the United States of America or the State of New York is required
     in connection with the consummation of the transactions contemplated by the
     Purchase Agreement, the Indenture, the Offered Securities or the
     Registration Rights Agreement, including the offer, sale and delivery of
     the Offered Securities by the Company, except such as (i) have been filed
     or obtained or (ii) may be required under the Securities Act, the Trust
     Indenture Act of 1939, as amended (the "TIA") or the rules and regulations
     promulgated thereunder; provided, however, the exception provided in clause
     (ii) above shall not apply to the offer, sale and delivery of the Offered
     Securities by the Company to the Purchaser and the initial resale of such
     securities by the

                                      C-2

<PAGE>

     Purchaser, assuming such offer, sale and delivery by the Company and
     resales by the Purchaser are made as contemplated in the Offering Circular
     and assuming in each case the accuracy of the representations and
     warranties of the Purchaser set forth in Section 5 of the Purchase
     Agreement and the compliance by the Purchaser and the Company with the
     covenants set forth in the Purchase Agreement (it being understood that no
     opinion is being given with respect to any resale of the Offered Securities
     other than such sale by the Company and initial resales by the Purchaser).

          2.   The execution and delivery of the Purchase Agreement, the
     Indenture and the Registration Rights Agreement and the performance by the
     Company of their respective terms, and the issuance and sale of the Offered
     Securities and compliance with the terms and provisions thereof, do not
     violate or result in a violation of any judgment, order or decree, known to
     us and identified in the Officer's Certificate, of any court or arbitrator
     in New York, to which the Company is a party.

          3.   The execution and delivery of the Purchase Agreement, the
     Indenture and the Registration Rights Agreement and the performance by the
     Company of their respective terms, and the issuance and sale of the Offered
     Securities and compliance with the terms and provisions thereof, do not
     violate or result in a violation of any statute, rule or regulation of any
     United States or New York State governmental agency or body (it being
     understood that no opinion is being given with respect to any resale of the
     Offered Securities, or to compliance with the TIA, which is covered by
     paragraph 14, below).

          4.   The execution and delivery of the Indenture, the Purchase
     Agreement and the Registration Rights Agreement and the performance by the
     Company of their respective terms, and the issuance and sale of the Offered
     Securities and compliance with the terms and provisions thereof, will not
     conflict with or constitute a material breach of the terms, conditions or
     provisions of, or constitute a default under, any of the Material
     Agreements, which are attached as exhibits to the Company's Annual Report
     on Form 20-F for the year ended December 31, 2002, are governed by the laws
     of the State of New York and are in full force and effect on the date
     hereof.

          5.   Each of the Purchase Agreement and the Registration Rights
     Agreement has been duly executed and delivered by the Company.

          6.   Each of the Indenture and the Registration Rights Agreement has
     been duly executed and delivered by the Company and constitutes the legal,
     valid and legally binding agreement of the Company, enforceable against the
     Company in accordance with its terms, except that no opinion is given
     hereunder regarding the enforceability of any indemnification and
     contribution provisions in the Registration Rights Agreement which may be
     limited or prohibited by federal or state securities laws or by public
     policy. The Notes, when executed and authenticated in accordance with the
     terms of the Indenture and delivered to and paid for by the Purchaser
     pursuant to the Purchase Agreement, will constitute the legal, valid and
     binding obligations of the Company, enforceable against the Company in
     accordance with their terms, and conform to the description thereof
     contained in the Offering Circular.

          7.   Under the laws of the State of New York relating to personal
     jurisdiction, the Company has, pursuant to Section 12 of the Purchase
     Agreement, validly and irrevocably submitted to the personal jurisdiction
     of any state or federal court located in the Borough of Manhattan, The City
     of New York, New York (each a "New York Court") in any legal suit, action
     or proceeding arising out of or based upon the Purchase Agreement or the
     transactions contemplated thereby, has validly and irrevocably waived any
     objection to the laying of venue of any such proceeding in any such court,
     and has validly and irrevocably appointed

                                      C-3

<PAGE>

     the Authorized Agent as its authorized agent for the purpose described in
     Section 12 of the Purchase Agreement; and service of process effected on
     such agent in the manner set forth in Section 12 of the Purchase Agreement
     will be effective to confer valid personal jurisdiction of such court over
     the Company.

          8.   The statements made in the Offering Circular under the caption
     "Certain United States Federal Income Tax Consequences" and under the
     caption "Taxation -- United States Federal Income Taxation" which is
     incorporated by reference into the Offering Circular from the Company's
     Annual Report on Form 20-F for the year ended December 31, 2002, insofar as
     such statements purport to summarize certain federal tax laws of the United
     States and subject to the qualifications set forth therein, fairly
     summarize such laws in all material respects.

          9.   Upon conversion of the Offered Securities and the issuance by the
     Depositary of American Depositary Shares in connection therewith in
     accordance with the Deposit Agreement, such American Depositary Shares will
     be duly and validly issued and will entitle the holders thereof to the
     rights specified therein and in the Deposit Agreement; and the Deposit
     Agreement and the American Depositary Shares conform or will conform to the
     description thereof in the Offering Circular.

          10.  The statements set forth in the Offering Circular under the
     caption "Description of the Notes" fairly summarize the Offered Securities
     in all material respects.

          11.  To our knowledge, based upon the Officer's Certificate, there are
     no material pending or threatened actions, suits, or proceedings before any
     New York Court or governmental agency, authority or body or any arbitrator
     involving the Company.

          12.  There is no contract or other document known to us of a character
     required to be described in the Offering Circular, if the Offering Circular
     were a prospectus included in a registration statement on Form F-1 under
     the Securities Act, that is not described as required.

          13.  The Company is not, and after giving effect to the transactions
     contemplated by the Purchase Agreement and the Offering Circular and the
     application of the net proceeds therefrom as described in the Offering
     Circular and in the Officer's Certificate, will not be, required to
     register as an "investment company", as such term is defined in the
     Investment Company Act of 1940, as amended.

          14.  It is not necessary in connection with (i) the offer, sale and
     delivery of the Offered Securities by the Company to the Purchaser pursuant
     to the Purchase Agreement or (ii) the resales of the Offered Securities by
     the Purchaser in a manner contemplated by the Purchase Agreement, to
     register the Offered Securities under the Securities Act or to qualify an
     indenture in respect thereof under the TIA, assuming such offer, sale and
     delivery by the Company and resales by the Purchaser are made as
     contemplated in the Offering Circular and assuming in each case the
     accuracy of the representations and warranties of the Purchaser set forth
     in Section 5 of the Purchase Agreement and the compliance by the Purchaser
     and the Company with the covenants set forth in the Purchase Agreement. We
     note, however, that pursuant to the Registration Rights Agreement, the
     Company will be required to register the Offered Securities and underlying
     ordinary shares under the Securities Act and to qualify the Indenture under
     the TIA.

          In addition, we have participated in conferences with you and with
representatives of the Company and its accountants concerning the Offering
Circular and have considered the matters and statements contained therein,
although we have not independently verified the accuracy,

                                      C-4

<PAGE>

completeness or fairness of such statements. Based upon and subject to the
foregoing, nothing has come to our attention that leads us to believe that the
Offering Circular, as of the date of the Offering Circular or as of the date
hereof, contained an untrue statement of a material fact or omitted to state a
material fact necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading (it being understood that
we have not been requested to and do not make any comment in this paragraph with
respect to the financial statements, supporting schedules, footnotes and other
financial information contained or incorporated in the Offering Circular).

          We express no opinion as to matters governed by laws of any
jurisdiction other than the laws of the State of New York and the federal laws
of the United States of America, as in effect on the date hereof.

          This letter is furnished by us to the Purchaser and is solely for the
benefit of the Purchaser. Neither this letter nor any opinion expressed herein
may be relied upon by, nor may copies be delivered or disclosed to, any other
person or entity without our prior written consent.

                                      C-5

<PAGE>

                                    EXHIBIT D

            FORM OF OPINION OF THE DEPOSITARY'S UNITED STATES COUNSEL

          1.   The Deposit Agreement has been duly authorized, executed and
delivered by the Depositary and constitutes a valid and binding agreement of the
Depositary enforceable against the Depositary in accordance with its terms,
except as enforcement of it may be limited by bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium or similar laws of general application
relating to or affecting creditors' rights and by general principles of equity.

          2.   Upon execution and delivery by the Depositary of ADRs evidencing
the American Depositary Shares against the deposit of Ordinary Shares in
accordance with the provisions of the Deposit Agreement, the American Depositary
Shares will be validly issued and will entitle the holders of the American
Depositary Shares to the rights specified in those ADRs and in the Deposit
Agreement.

          3.   The legal entity for the issuance of ADRs filed a registration
statement for the American Depositary Shares on Form F-6 under the Securities
Act, the staff of the Commission informed us that the Commission declared that
registration statement effective, to the best of our knowledge, the Commission
has not issued any stop order suspending the effectiveness of that registration
statement or any part of it and the Commission has not instituted, and does not
contemplate, any proceedings for that purpose under that Act and that
registration statement, and each amendment to it, as of its effective date,
complied as to form in all material respects with the requirements of that Act
and the rules and regulations under that Act .

          These opinions are based upon the assumptions that (a) the Deposit
Agreement has been duly authorized, executed and delivered by the Company and
constitutes a valid and binding agreement of the Company enforceable against the
Company in accordance with its terms, (b) all the Ordinary Shares are duly
authorized, validly issued, fully paid and non-assessable and are registered or
not required to be registered in accordance with the Securities Act and (c) all
signatures on documents examined by us are genuine. In giving these opinions, we
have also relied as to certain matters, without independent verification, on
information obtained from public officials or officers of the Depositary.

          We are members of the New York Bar only and do not hold ourselves out
as practicing under, nor do we express any opinion on or as to the effect of,
any laws other than the laws of the State of New York and the Federal laws of
the United States.

                                      D-1

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