Document:

EX-4.2

 Exhibit 4.2 

Execution Version 
  

 
 RELATIONSHIP
AGREEMENT 
  
  

Agendia N.V. 
 and 

Athyrium Opportunities III Acquisition 2, LP 

and 
 The Major Shareholders 

 
  

24 July 2018 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 1.
	  	DEFINITIONS AND INTERPRETATION	  	 	2	 
			
	 2.
	  	SHAREHOLDERS’ AGREEMENT; OTHER AGREEMENTS	  	 	7	 
			
	 3.
	  	SUPERVISORY BOARD	  	 	8	 
			
	 4.
	  	DECISION-MAKING	  	 	9	 
			
	 5.
	  	INFORMATION SHARING	  	 	12	 
			
	 6.
	  	REGISTRATION RIGHTS	  	 	13	 
			
	 7.
	  	TAG ALONG	  	 	21	 
			
	 8.
	  	DRAG ALONG	  	 	24	 
			
	 9.
	  	TERMINATION	  	 	26	 
			
	 10.
	  	GENERAL PROVISIONS	  	 	27	 

 SCHEDULE 1 (Deed of Accession) 

 THIS RELATIONSHIP AGREEMENT (this “Agreement”) is made on 24 July 2018 

AMONG: 
  

	(1)	 AGENDIA N.V., a public company with limited liability (naamloze vennootschap) incorporated
under the laws of the Netherlands having its registered office at Science Park 406, 1098XH Amsterdam, the Netherlands and registered with the trade register of the Chamber of Commerce with number 34185452 (the “Company”);

  

	(2)	 ATHYRIUM OPPORTUNITIES III ACQUISITION 2 LP, a limited partnership organized under the laws of the
State of Delaware having an office at 530 Fifth Avenue, 25th Floor, New York, New York 10036 (“Athyrium”); 

  

	(3)	 NORGINE B.V., a private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid) incorporated under the laws of the Netherlands, having its registered office at Cross Towers, Antonio Vivaldistraat 150, 1083HP Amsterdam, the Netherlands, and registered with the trade register of the Chamber of Commerce with
number 30127007 (“Norgine B.V.”); 

  

	(4)	 NORGINE VENTURES B.V., a private company with limited liability (besloten vennootschap met
beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, having its registered office at Cross Towers, Antonio Vivaldistraat 150, 1083HP Amsterdam, the Netherlands, and registered with the trade register of the Chamber of
Commerce with number 61140120 (“Norgine Ventures B.V.”, and together with Norgine B.V., “Norgine”); 

  

	(5)	 KORYS INVESTMENTS N.V. (PREVIOUSLY NAMED: DHAM N.V.), a limited liability company (naamloze
vennootschap) incorporated under the laws of the Belgium, having its registered office at Guido Gezellestraat 126, 1654 Huizingen, Belgium and registered with the Crossroad Bank for Enterprises under number 0871.963.979
(“Korys”, and together with Norgine, the “Major Shareholders”); and 

  

	(6)	 The persons who become holders of Preference Shares (as defined below) and accede to this Agreement pursuant
to a duly signed Deed of Accession substantially in the form attached as Schedule 1. 

 The parties to this
Agreement from time to time are hereinafter collectively referred to as the “Parties” and individually as a “Party”. 

RECITALS: 
  

	(A)	 On 10 January 2013, the Major Shareholders jointly with Gendi B.V. (“Gendi”), Gilde Europe
Food & Agribusiness Fund B.V. (“Gilde”), The Global Life Science Ventures Fonds GMBH & CO KG, The Global Life Science Ventures Fund II Limited Partnership, Matignon Développement 1
(“Matignon”), Van Herk Biotech B.V. (“Van Herk”), Vlugtinvest B.V. (“Vlugtinvest”), P.H.C.J. van Doorne (“Van Doorne”), B.H.R. Hiltermann (“Hiltermann”), C.M.G.
Huijskes van Doorne (“Huijskes”), Debioinnovation S.A., Stichting Vogelgezang, Hartwig Houdstermaatschappij B.V. (“Hartwig”), C. Goddard (“Goddard”), Pietro Scalfaro (“Scalfaro”),
Henk Brulleman (“Brulleman”), Stichting Fondsen Nederlands Kankerinstituut (“SFNK”), Kurt Schmidt (“Schmidt”), R. Bernards Holding B.V., Dr. Slat Holding B.V. and L. Van ‘t Veer Holding
B.V. entered into an amended and restated shareholders’ agreement with the Company (the “Shareholders’ Agreement”) which set out the corporate governance between the parties 

  
 1 

	 	 thereto. 

  

	(B)	 The current shareholders in the Company are the Major Shareholders, Gendi, Gilde, Matignon, Van Herk,
Vlugtinvest, Van Doorne, Hiltermann, Hartwig, Goddard, Scalfaro, Brulleman, SFNK, Schmidt, R. Bernards, B.M. Sixt, L.J. van ‘t Veer, Global Life Bioventure Holdings (A), S.à r.l., Global Life Bioventure Holdings (B), S.à r.l.,
Debiopharm Diagnostics SA, Stichting Lichfield, G&M Linnaeuspark B.V., W. Wifler, H. Lindenbergh, D. Bradley, M.R. Straley and B.S. van der Baan (collectively, the “Current Shareholders”). 

 

	(C)	 Upon the date hereof, Athyrium will be the direct or indirect legal and beneficial owner of approximately
23.72% of the Shares (as defined below) and therefore would like to (i) accede to the Shareholders’ Agreement in order to benefit from the terms therein and (ii) agree with the Major Shareholders on certain arrangements as set forth
herein. 

  

	(D)	 Upon the date hereof, the Major Shareholders will be the direct or indirect legal and beneficial owners of
approximately 51.24% of the Shares. 

  

	(E)	 Pursuant to Section 16.3 of the Shareholders’ Agreement, the Shareholders’ Agreement may only
be amended or varied by an instrument in writing signed by and on behalf of all the parties thereto from time to time. As it has proven to be time consuming and cumbersome to obtain from all Current Shareholders their required consent in writing
before the Shareholders’ Agreement can be amended, this Agreement is entered into among Athyrium, the Company, and the Major Shareholders in order to agree in writing that the rights of Athyrium will be complied with to the extent set forth
herein. 

 IT IS AGREED as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 The following terms shall, unless the context otherwise requires, have the following meaning:

 “Admission” means the admission to listing and trading of Shares on the New York Stock
Exchange, NASDAQ, Euronext Amsterdam, or another regulated and comparable marketplace (and “Admitted” shall have a corresponding meaning); 

“Affiliate” means (i) a subsidiary (dochtermaatschappij) as referred to in section 2:24a of the
Dutch Civil Code, or (ii) an entity of which the shareholder concerned is a subsidiary (dochtermaatschappij) as referred to in section 2:24a of the Dutch Civil Code, or (iii) a group company (groepsmaatschappij) as referred
to in section 2:24b of the Dutch Civil of the shareholder concerned or of its subsidiary (dochtermaatschappij) as referred to in section 2:24a of the Dutch Civil Code, or (iv) an investment fund (beleggingsinstelling) managed by a
manager of an investment fund (beheerder van een beleggingsinstelling), each of which as referred to in section 1:1 of the Dutch Financial Supervision Act (Wet op het financieel toezicht), which manager of an investment fund is a group
company (groepsmaatschappij) as referred to in section 2:24b of the Dutch Civil of the shareholder or of its subsidiary (dochtermaatschappij) as referred to in section 2:24a of the Dutch Civil Code; 

“Agendia Group” means the Company and any other Person Controlled by the Company; 

“Articles” means the articles of association (statuten) of the Company dated as of the date hereof, as
amended from time to time; 

  
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 “Associate”, as used to indicate a relationship with any
Person, means (1) any corporation or organization (other than the Company or a majority-owned subsidiary of the Company) of which such Person is an officer or partner or is, directly or indirectly, the beneficial owner of 10% or more of any
class of equity securities, (2) any trust or other estate in which such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity, and (3) any relative or spouse of such
Person, or any relative of such spouse, who has the same home as such Person or who is a director or officer of the Company or any of its parents or subsidiaries; 

“Athyrium” has the meaning given thereto in the recitals of this Agreement; 

“Athyrium Group” means Athyrium and any other Person Controlled by Athyrium, Controlling directly or
indirectly Athyrium or directly or indirectly under the same Control as Athyrium, but excluding the Agendia Group; 

“Athyrium Supervisory Board Member” means a member of the Supervisory Board designated by Athyrium in
accordance with Clause 3; 
 “Business Day” means any day, other than a Saturday, Sunday or public
holiday, on which banks are open for business in the Netherlands; 
 “Buyer” has the meaning given thereto
in Clause 7.1; 
 “Civil Code” means the Dutch Civil Code; 

“Company” has the meaning given thereto in the opening of this Agreement; 

“Confidential Information” means any information, including the Information, of a confidential nature
concerning the Agendia Group, but excluding any information which: 
  

	 	(i)	 was in the possession of or was known to the Athyrium Group prior to its receipt of such Information from
the Agendia Group; 

  

	 	(ii)	 was or is independently developed by the Athyrium Group without the utilisation of such Confidential
Information (other than through a breach of Clause 5); 

  

	 	(iii)	 is or becomes public knowledge without the breach by the Athyrium Group of Clause 5; or

  

	 	(iv)	 is or becomes available to the Athyrium Group from a source other than the Agendia Group in circumstances
where the Athyrium Group is not aware that disclosure has been made in breach of an obligation of confidentiality; 

“Control” means with respect to a Person (other than an individual) (a) direct or indirect ownership of
more than 50% of the voting securities of such Person, (b) the right to appoint, or cause the appointment of, more than 50% of the members of the board of directors, supervisory board, or similar governing body or such Person or (c) the
right to manage, or direct the management of, on a discretionary basis, the assets of such Person, and, for the avoidance of doubt, a general partner is deemed to Control a limited partnership and, solely for the purposes of this Agreement, a fund
advised or managed directly or indirectly by a Person shall also be deemed to be Controlled by such Person (and the terms “Controlling”, “Controls” and “Controlled” shall have meanings correlative
to the foregoing); 

  
 3 

 “Corporate Governance Code” means the Dutch Corporate
Governance Code dated 8 December 2016, as amended from time to time; 
 “Deed of Accession” means a deed of
accession to this Agreement in the form attached as Schedule 1 (Deed of Accession) hereto; 
 “Deemed
Liquidation Event” means: 
  

	 	(i)	 a merger, recapitalization or consolidation in which the Company is a constituent party or a subsidiary of
the Company is a constituent party and the Company issues Shares pursuant to such merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the Shares outstanding immediately prior to such merger
or consolidation continue to represent, or are converted into or exchanged for shares of share capital that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the share capital of (1) the
surviving or resulting corporation; or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another company immediately following such merger, recapitalization or consolidation, the parent company of such surviving or
resulting company; or 

  

	 	(ii)	 the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of
related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger, recapitalization, consolidation or
otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or
other disposition is to a wholly owned subsidiary of the Company; 

 “Demand Notice” has
the meaning given thereto in Clause 6.1(a); 
 “Excluded Registration” means (i) a registration
relating to the sale of securities to employees of the Company or a subsidiary pursuant to a management share option, share purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction or a comparable provision under
the laws of an applicable jurisdiction outside of the United States; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of
the Registrable Securities; or (iv) a registration in which the only Ordinary Shares being registered are Ordinary Shares issuable upon conversion of debt securities that are also being registered; 

“Gendi” has the meaning given thereto in the recitals of this Agreement. 

“General Meeting” means the general meeting (algemene vergadering) of shareholders of the Company; 

“Holder” means any holder of Registrable Securities who is a party to this Agreement; 

“Independent Supervisory Board Member” means a member of the Supervisory Board who is considered by the
Company to be independent in accordance with the best practice provision 2.4.8. of the Corporate Governance Code; 

  
 4 

 “Information” has the meaning given thereto in Clause
5.1; 
 “Initiating Holders” means, collectively, Holders who properly initiate a registration request
under Clause 6 of this Agreement; 
 “IPO” means the Company’s first underwritten public
offering of any Ordinary Shares on the New York Stock Exchange, NASDAQ, Euronext Amsterdam, or another regulated and comparable marketplace; 

“Korys” has the meaning given thereto in the recitals of this Agreement; 

“Korys Supervisory Board Member” means a member of the Supervisory Board designated by Korys in accordance
with Clause 3.2; 
 “Loss” or “Losses” means all damage, losses, liabilities, costs,
charges, expenses, claims and demands assessed in accordance with Section 6:95 Civil Code; 
 “Management
Board” means the management board (Raad van Bestuur) of the Company, as constituted from time to time; 

“Norgine” has the meaning given thereto in the recitals of this Agreement; 

“Norgine B.V.” has the meaning given thereto in the recitals of this Agreement; 

“Norgine Supervisory Board Member” means a member of the Supervisory Board designated by Norgine in accordance
with Clause 3.2; 
 “Norgine Ventures B.V.” has the meaning given thereto in the recitals of this
Agreement; 
 “Ordinary Shares” means the ordinary share capital of the Company; 

“Participating Shareholder” has the meaning given thereto in Clause 7.1; 

“Parties” has the meaning given thereto in the opening of this Agreement; 

“Permitted Transfer” means any proposed transfer of Shares from a Shareholder to one or more of its
Affiliates; 
 “Person” means a natural person, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture or other entity or organisation; 

“Preference Shares” means the preference share capital of the Company; 

“Prohibited Transfer” has the meaning given thereto in Clause 7.9; 

“Proposed Sale” has the meaning given thereto in Clause 8.2; 

“Purchase and Sale Agreement” has the meaning given thereto in Clause 7.3; 

“Registrable Securities” means (i) the Ordinary Shares issuable or issued upon conversion of the
Preference Shares; (ii) any Ordinary Shares, or any Ordinary Shares issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of 

  
 5 

 the Company, acquired by the Parties after the date hereof; and
(iii) any Ordinary Shares issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares
referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned, and excluding for purposes of
Clause 6 any shares for which registration rights have terminated pursuant to Clause 6.12 of this Agreement; 

“Right of Co-Sale” has the meaning given thereto in Clause 7.1; 

“Right of First Refusal” has the meaning given thereto in Clause 7.1; 

“Sale of the Company” means either a Share Sale or a Deemed Liquidation Event; 

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

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder; 
 “Selling Expenses” means all underwriting discounts, selling commissions, and share transfer
taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Clause 6.6; 

“Selling Investors” has the meaning given thereto in Clause 8.1; 

“Selling Shareholder” has the meaning given thereto in Clause 7.1; 

“Shares” means the issued and outstanding share capital of Company from time to time; 

“Shareholders” means all shareholders in the Company jointly (from time to time) and
“Shareholder” means each of them individually; 
 “Shareholder Representative” has the
meaning given thereto in Clause 8.1(g); 
 “Share Sale” means a transaction or series of related
transactions in which a Person, or a group of related Persons, acquires from Shareholders an amount of Shares representing more than fifty percent (50%) of the outstanding voting power of the Company; 

“Supervisory Board” means the supervisory board (Raad van Commissarissen) of the Company, as
constituted from time to time; 
 “Transfer Notice” has the meaning given thereto in Clause 7.1; and

 “Transfer Shares” has the meaning given thereto in Clause 7.1. 

 

	1.2	 In this Agreement, unless the context dictates otherwise: 

1.2.1 reference to a gender shall include all genders; 

1.2.2 reference to “include” and “including” shall be treated as reference to “include without
limitation” or “including without limitation”; 

  
 6 

 1.2.3 “or” is used in the inclusive sense of “and/or”;

 1.2.4 reference to “books, records and documents” shall refer to books, records and documents stored in any
form, including paper, magnetic media, films, microfilms, electronic storage devices and any other data carriers; 
 1.2.5
reference to any foreign legal term for any action, remedy, method or form of proceedings, court or any other legal concept or matter shall be deemed reference to the Dutch legal concept or matter, or to the legal concept or matter which most nearly
approximates the Dutch legal concept or matter as interpreted in a Dutch context; 
 1.2.6 unless the context requires
otherwise, words in the singular shall include the plural and vice versa; 
 1.2.7 unless the context requires otherwise,
reference to a paragraph, Clause or Schedule, is a reference to a paragraph, a Clause, or a Schedule to this Agreement, and the Schedules form an integral part of this Agreement; and 

1.2.8 headings are for identification only and shall not affect the interpretation of this Agreement. 

 

	2.	 SHAREHOLDERS’ AGREEMENT; OTHER AGREEMENTS 

 

	2.1	 The Company hereby agrees that it will, insofar as it is capable under Applicable Law, procure that the
rights of Athyrium and the holders of Preference Shares under this Agreement shall be protected, and the Company agrees not to propose any resolution to the Shareholders or take any action which would, if passed or taken, be uniquely detrimental to,
or conflict with, the rights of Athyrium and the holders of Preference Shares under this Agreement without the prior or simultaneous consent of the holders of a majority of the Preference Shares issued on the date hereof (the “Initially
Issued Preference Shares”). On or about the date hereof, Athyrium will accede to the Shareholders’ Agreement, so it can benefit from all rights of Investors (as defined therein) thereunder. Each Party acknowledges that in its view on
the date hereof there is no conflict as between this Agreement, the Shareholders’ Agreement, and the Articles but that, to the extent such a conflict occurs, each will seek to ensure that this Agreement shall prevail. 

 

	2.2	 The Company will use commercially reasonable efforts to procure that the Shareholders’ Agreement will
be amended as soon as reasonably feasible after the date of this Agreement in order to, inter alia, reflect the terms of this Agreement. Furthermore, the Company will use commercially reasonable efforts to procure that Section 16.3 of
the Shareholders’ Agreement will be amended such that future amendments to the Shareholders’ Agreement shall require the approval of Shareholders holding at least two-thirds of the Shares. Each Major Shareholder agrees that it will execute
an amendment to the Shareholders’ Agreement to the extent such amendment reflects the terms of this Agreement. 

  

	2.3	 Other than as set forth in the Articles, the Shareholders’ Agreement and this Agreement, each Party to
this Agreement represents that (a) it is not a Party to any agreement or understanding regarding any obligation of the Company to register under any applicable law or regulation any of its currently outstanding securities or any securities
issuable upon exercise or conversion of its currently outstanding securities, and (b) it has not entered into any agreement, whether written or oral, affecting or relating to the issuance, acquisition (including rights of first refusal or
pre-emptive rights), redemption, disposition, transfer or voting of capital shares of the Company. 

  
 7 

	2.4	 Other than to effectuate the terms of Clause 4.2, Athyrium and each Major Shareholder agrees not to
vote (at any General Meeting or otherwise) in favour of, and the Company agrees to cause its Management Board to refrain from approving upon a designation by the General Meeting, a restriction or exclusion of the pre-emptive rights set forth in the
Articles with respect to a proposed or envisaged issue of share capital of the Company without the prior or simultaneous consent of each of Athyrium, Norgine and Korys. 

 

	3.	 SUPERVISORY BOARD 

 

	3.1	 Following the date hereof and subject to Clauses 3.2 and 3.3, Athyrium shall have the right to
designate one person for nomination as a Supervisory Board member and to designate a replacement for such Supervisory Board member. Except to the extent prohibited by Applicable Law, the Company shall procure that the person who, in the future, will
be designated by Athyrium as the Athyrium Supervisory Board Member shall be nominated for appointment by the General Meeting. Athyrium shall consult with the Company as to the identity of the Athyrium Supervisory Board Member, from time to time
proposed to be appointed to the Supervisory Board by Athyrium, for the purpose of assessing the suitability of such person to serve as a member of the Supervisory Board. Any negative advice by the Company shall be based solely upon the experience,
expertise and suitability of such person for his or her role as a Supervisory Board member. For the avoidance of doubt, it is hereby noted that the consultation right shall in no event be seen as a veto right for the Company and it is up to
Athyrium’s sole discretion whether or not it will follow the Company’s advice. Such person need not be an Independent Supervisory Board Member. If the Athyrium Supervisory Board Member is to be replaced, the Company shall as soon as
reasonably practicable convene a General Meeting for the appointment of a replacement. 

  

	3.2	 Each of Athyrium, Norgine, and Korys hereby agrees to propose for nomination to the Supervisory Board one
individual selected by each of Athyrium, Norgine, and Korys; provided, that, Athyrium’s right under this Clause 3 to designate for nomination a person as a Supervisory Board member and to propose replacements for the
Athyrium Supervisory Board Member shall lapse upon the Athyrium Group directly or indirectly holding less than 15% of the aggregate Shares, and upon such occurrence Athyrium shall not have the right to designate any person for nomination by the
Supervisory Board as a Supervisory Board member. Each of Athyrium, Norgine, and Korys agrees to vote in a manner consistent with the matters agreed to by each of Athyrium, Norgine, and Korys in this Clause 3.2 (including, for the avoidance of
doubt, voting to appoint to the Supervisory Board the individuals selected for nomination). 

  

	3.3	 Upon the shareholding in the Company of Athyrium falling below the threshold stated in Clause 3.2,
Athyrium shall procure the resignation of its Supervisory Board member within ten Business Days after such occurrence, unless the chairperson of the Supervisory Board requests Athyrium before expiry of such period in writing to maintain its
Supervisory Board member for a certain period and Athyrium consents to such extension. 

  

	3.4	 The Company acknowledges that none of the Athyrium Supervisory Board Member, the Korys Supervisory Board
Member, or the Norgine Supervisory Board Member shall have a conflict of interest with the Company within the meaning of section 2:140(5) of the Civil Code by reason only of his or her affiliation with, respectively, the Athyrium Group, Korys, or
Norgine. 

  

	3.5	 In consideration for services rendered in connection with his or her duties as a member of the Supervisory
Board and so long as such individual is not a full-time investment employee or full-time consultant of Athyrium (whether or not such individual receives some compensation from Athyrium through a consulting or other arrangement), the Athyrium
Supervisory Board Member shall receive an annual fee initially equal to €25,000 

  
 8 

	 	 (subject to modification consistent with any modification of annual fees paid to similarly situated members of
the Supervisory Board) and, following receipt of detailed invoices, the Company shall reimburse the Athyrium Supervisory Board Member for expenses reasonably and directly incurred in connection with such services, provided that any expense in excess
of €1000 shall require the prior written consent of the Company in order to be reimbursed. 

  

	3.6	 The Company hereby undertakes that it shall advance expenses incurred by an Athyrium Supervisory Board
Member in defending any action, suit or proceeding and pay such expenses reasonably and directly incurred as soon as reasonably possible after having been provided with the detailed invoices, prior to the final determination of such claim; provided
that such Athyrium Supervisory Board Member agrees in writing to promptly repay such amounts to the Company if it is ultimately determined that such Athyrium Supervisory Board Member is not entitled to be indemnified under clause 20 of the Articles.

  

	4.	 DECISION-MAKING 

 

	4.1	 So long as the Athyrium Group holds at least 17,480,313 of the Initially Issued Preference Shares issued to
Athyrium on the date hereof (as adjusted for share splits, share dividends, reclassifications and the like), the Company shall refrain from, and each of Norgine and Korys shall refrain from voting in favour of, taking any of the following actions
without the prior or simultaneous approval of Athyrium: 

  

	 	(a)	 enter into any indebtedness of the Company, except where (i) such indebtedness is made available for
purchase only to Persons who are not Shareholders, and (ii) to the extent that equity securities or equity-linked securities (i.e., options, warrants and other derivative securities) of the Company are issued in connection therewith, none of
the aggregate purchase price, aggregate value, aggregate exercise price or aggregate conversion price of the equity securities or equity-linked securities is greater than 20% of the aggregate nominal value of the indebtedness; 

 

	 	(b)	 enter into any indebtedness that results in the aggregate debt of the Company (together with its
subsidiaries) exceeding an amount equal to (i) the aggregate total revenues of the Company (together with its subsidiaries) during the twelve complete calendar months immediately preceding the date of the incurrence of such indebtedness,
multiplied by (ii) 0.5; 

  

	 	(c)	 amend the Articles in a manner that adversely affects the powers, preferences or rights of the holders of
Preference Shares in a manner that is different than the effect on the rights powers, preferences or rights of the holders of other classes of the Company’s share capital; 

 

	 	(d)	 (i) reclassify, alter or amend any existing security of the Company that is pari passu with the Preference
Shares in respect of the distribution of assets on the liquidation, dissolution or winding up of the Company, the payment of dividends or rights of redemption, if such reclassification, alteration or amendment would render such other security senior
to the Preference Shares in respect of any such right, preference, or privilege or (ii) reclassify, alter or amend any existing security of the Company that is junior to the Preference Shares in respect of the distribution of assets on the
liquidation, dissolution or winding up of the Company, the payment of dividends or rights of redemption, if such reclassification, alteration or amendment would render such other security senior to or pari passu with the Preference Shares in respect
of any such right, preference or privilege; 

  
 9 

	 	(e)	 enter into any Deemed Liquidation Event, unless (i) in connection therewith the holders of Preference
Shares receive an amount in cash in consideration of their liquidation preference under the Articles equal to the applicable full liquidation preference then payable under the Articles (whether or not the Articles expressly provide for the payment
of such liquidation preference in connection therewith), or (ii) such transaction is entered into with a bona fide third party (including, for this purpose, a Person other than a supervisory board member, director, officer, shareholder
or employee of the Company or any Associate of any such Person) at arms’ length; 

  

	 	(f)	 enter into any transaction or series of transactions effected by a merger (or mergers) in which the Company
issues, as consideration, Shares that rank pari passu with or senior to the Preference Shares with respect to the distribution of assets on the liquidation, dissolution or winding up of the Company, the payment of dividends or rights of
redemption (collectively, “Senior Shares”); 

  

	 	(g)	 except for transactions expressly contemplated by this Agreement as between or among the Company, on one
hand, and any supervisory board member, director, officer, shareholder or employee of the Company or any Associate of any such Person, on the other hand, enter into or become a party to any transaction with any supervisory board member, director,
officer, shareholder or employee of the Company or any Associate of any such Person, except for (i) transactions resulting in payments to or by the Company in an aggregate amount less than €500,000 and made in the ordinary course of
business and pursuant to reasonable requirements of the Company’s business and upon fair and reasonable terms that are at arms’ length and approved by a majority of the Supervisory Board; (ii) compensation amounts payable to employees
made in the ordinary course of business and pursuant to reasonable requirements of the Company’s business and upon fair and reasonable terms that are at arms’ length and approved by a majority of the Supervisory Board or the Management
Board; and (iii) financing transactions and security issuances of the Company with or to Athyrium or a Major Shareholder that are on arms’ length terms and approved by the Supervisory Board and Management Board of the Company and otherwise
in compliance with the terms of this Agreement; or 

  

	 	(h)	 allow the issuance of any securities of a subsidiary of the Company other than to the Company.

  

	4.2	 So long as the Athyrium Group holds at least a majority (on an as-converted to Ordinary Share basis) of the
issued and outstanding Preference Shares ranking senior to or pari passu with the Initially Issued Preference Shares in respect of the distribution of assets on the liquidation, dissolution or winding up of the Company, the payment of
dividends and rights of redemption, the Company shall refrain from, and each of Norgine and Korys shall refrain from voting in favour of, issuing (i) Senior Shares, or (ii) indebtedness that is convertible into, or otherwise linked to
(other than as expressly contemplated by Clause 4.1(a)), equity securities of the Company, unless: 

  

	 	(a)	 Athyrium, and each member of the Athyrium Group that is a Shareholder, together have a pre-emptive right in
connection with such issue equal to the aggregate number of Senior Shares or the aggregate face value of indebtedness convertible into, or otherwise linked to, equity securities of the Company, as applicable, envisaged to be issued, multiplied
by: 

 (i)     in the event the Athyrium Group holds less than 51%
of the Shares at the time of the Company’s dispatch of an Offer Notice (as defined below): (A) 

  
 10 

 
0.51; multiplied by (B) the lesser of one and a fraction, the numerator of which is equal to the number of Preference Shares held by Athyrium at the time of the Company’s
dispatch of such Offer Notice, and the denominator of which is equal to 24,971,875 (as adjusted for share splits, share dividends, reclassifications and the like); and 

(ii)     in the event the Athyrium Group holds 51% or more of the Shares at the time of
the Company’s dispatch of an Offer Notice: a fraction, the numerator of which is equal to the number of Shares held by Athyrium at the time of the Company’s dispatch of such Offer Notice, and the denominator of which is equal to the total
number of Shares at the time of the Company’s dispatch of such Offer Notice; and 
  

	 	(b)	 all other Shareholders have a pre-emptive right in connection with such issue in proportion to the aggregate
number of Shares held among them, which such right shall collectively equal (i) the aggregate number of Senior Shares or the aggregate face value of indebtedness convertible into, or otherwise linked to, equity securities of the Company, as
applicable, envisaged to be issued, minus (ii) the number of Senior Shares or the aggregate face value of indebtedness convertible into, or otherwise linked to, equity securities of the Company, as applicable, to which Athyrium and any
member of the Athyrium Group that is a Shareholder have a pre-emptive right in accordance with Clause 4.2(a). 

provided, that, a Shareholder that desires to commit to purchase its pre-emptive entitlement pursuant to
clause (a) or (b) immediately above must provide the Company written notice of such commitment no later than ten Business Days following such Shareholder’s receipt of written notice from the Company referencing this Clause
4.2 of this Agreement and stating (i) its bona fide intention to offer Senior Shares or indebtedness that is convertible into, or otherwise linked to, equity securities of the Company, (ii) the number of such Senior Shares or
relevant indebtedness to be issued, and (iii) the terms of the financing, including, if applicable, the envisaged rights, preferences, and privileges of the Senior Shares and the envisaged share price (an “Offer Notice”), and a
Shareholder’s failure to provide such notice by such date shall be deemed an irrevocable forfeiture of its pre-emptive rights in connection with such issue; 

provided, further, that, if a Shareholder who is entitled to a pre-emptive right pursuant to clause
(b) immediately above does not or does not fully exercise such right, (i) the other Shareholders (excluding each member of the Athyrium Group) shall be entitled to pre-emptive rights with respect to the Senior Shares or indebtedness
convertible into, or otherwise linked to, equity securities of the Company that has not been claimed, in proportion to the aggregate number of Shares held among such other Shareholders, and (ii) if such other Shareholders collectively do not or
do not fully exercise such pre-emptive rights in connection with such unclaimed Senior Shares or indebtedness convertible into equity securities of the Company, then Athyrium shall have a pre-emptive right on any such remaining Senior Shares or
indebtedness convertible into, or otherwise linked to, equity securities of the Company. 
 If the securities referred to in
an Offer Notice are not elected to be purchased or acquired by Shareholders as described in this Clause 4.2, the Company may, during the 75-day period following the expiration of the periods described in this Clause 4.2 above, offer
and sell the remaining portion of such securities to any Person or Persons at a price not less than, and upon terms no more favourable to the offeree than, those specified in the applicable Offer Notice. If the Company does not enter into an
agreement for the sale of such securities within the 75-day period described above, then the right provided under this 

  
 11 

 
Clause 4.2 shall be revived and no such securities shall be offered or sold unless first reoffered to the Shareholders pursuant to the terms of this Clause 4.2. 

To the extent any provision in this Clause 4.2 is given for the benefit of a Shareholder that is not a Party, such
provision constitutes an irrevocable third-party stipulation for no consideration (onherroepelijk derdenbeding om niet) for the benefit of such Shareholder. 
  

	4.3	 So long as any Party holds any Preference Shares, each Party agrees not to vote (in person, by proxy or by
action by written consent, as applicable) in favour of any public listing other than an IPO, and only in favour of an IPO in the event: 

  

	 	(a)	 (i) in satisfaction of the liquidation preference then payable under the Articles in connection with such
IPO, the holders of Preference Shares receive an amount equal to or higher than such liquidation preference, whether in the form of cash or by delivery of additional Admitted Shares in lieu of cash (and such Admitted Shares are valued at the initial
offer price in connection with the IPO and may be subject to a market-standard “lock-up” period) or a mix thereof, such form to be determined by the Company in its sole discretion, (ii) the IPO results in an offer price per share of
at least €1.20 (as adjusted for share splits, share dividends, reclassifications and the like), and in aggregate cash proceeds to the Company of not less than $40,000,000, and (iii) the IPO results in all issued and outstanding Preference
Shares being converted into Ordinary Shares in accordance with the Articles; or 

  

	 	(b)	 holders of a majority of the Initially Issued Preference Shares that are issued and outstanding at the time
of the vote on the IPO deliver their prior or simultaneous approval of or consent to such IPO. 

  

	5.	 INFORMATION SHARING 

 

	5.1	 So long as the Athyrium Group holds at least 6,242,969 of the Initially Issued Preference Shares issued to
Athyrium on the date hereof (as adjusted for share splits, share dividends, reclassifications and the like), the Company shall provide or procure that Athyrium is provided with the following information (collectively, the
“Information”): 

  

	 	(a)	 not later than one month before the start of each financial year of the Company, an annual budget, split
monthly and/or quarterly, for the Company for that financial year, including cash flow forecasts and detailed notes; 

  

	 	(b)	 as soon as practicable (and in any event within six months after the end of each financial year), the
audited (consolidated) accounts of the Company (and its subsidiaries) for that year; 

  

	 	(c)	 as soon as practicable (and in any event within fifteen (15) Business Days after the end of each month
or quarter), the monthly and quarterly unaudited management accounts which shall consist of a balance sheet, profit and loss account, a comparison with budget, cash flow statement, cash flow forecast for the following six months and management
commentary for the Company, all on the basis of accounting principles and policies approved by the Supervisory Board, consistently applied, as well as a brief description of all major pending management issues concerning the Company. The monthly
management report will include commercial and operational information the substance and form to be agreed upon by the Management Board and the Supervisory Board; and 

  
 12 

	 	(d)	 such other financial or management information as Athyrium may from time to time reasonably request.

  

	5.2	 The Company shall use its best endeavours to ensure that Athyrium shall at all times be able to meet such
management and personnel of the Company as may reasonably be designed by it, upon reasonable notice to the Company, for the purpose of consulting with management, obtaining information regarding the business and prospects of the Company.

  

	5.3	 Athyrium shall procure that all Information provided to it or to any member of the Athyrium Group pursuant
to Clause 5.1 shall be treated as Confidential Information (subject to the exceptions applicable thereto) and shall be used in accordance with all applicable laws and regulations. 

 

	5.4	 Athyrium shall ensure that Confidential Information received by any member of the Athyrium Group will be
maintained as confidential and only be disclosed: 

  

	 	(a)	 to the extent necessary to any member of the Athyrium Group and any member of the Athyrium Group’s
respective directors, officers, employees and professional advisors, on terms that such recipient shall only use such Confidential Information in connection with that Person’s legitimate interests as a shareholder or creditor, or representative
or advisor of a shareholder or creditor of the Company, and provided that Athyrium shall procure that such persons are made aware of the terms of this Clause 5.4 and shall use its best endeavours to procure that such persons adhere to these
terms as if they were bound by the provision of this Clause 5.4 and on the basis that Athyrium shall be responsible for any breach of confidentiality by such recipient; 

 

	 	(b)	 if requested or required by applicable law or by a competent court; 

 

	 	(c)	 if requested or required by any competent securities exchange or competent regulatory or governmental body;

  

	 	(d)	 if necessary to enforce this Agreement in court proceedings; 

 

	 	(e)	 if necessary to put up a defence in any court proceedings; or 

 

	 	(f)	 if the Company has given its written consent to disclosure. 

In the event of a disclosure of Confidential Information pursuant to subsections (b) – (f) immediately above, Athyrium
shall consult with the Company as to the contents, form and timing of the disclosure to be made, to the extent legally permissible and reasonably practicable. 
  

	6.	 REGISTRATION RIGHTS 

The Company covenants and agrees as follows: 
  

	6.1	 Demand Registrations. 

 

	 	(a)	 If at any time after the earlier of (i) four years after the date of this Agreement or (ii) 180 days
after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least two-thirds of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement in the
United States, or a comparable filing instrument if the IPO was not in the United States and the Shares are not then Admitted in the United States, with 

  
 13 

	 	 
respect to at least one-third of the Registrable Securities then outstanding (or a lesser percentage if the anticipated aggregate offering price, net of Selling Expenses, would exceed USD $40
million), then the Company shall (x) within 15 days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in
any event within 90 days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act, or a comparable filing instrument if the IPO was not in the United States and the Shares are
not then Admitted in the United States, covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as
specified by notice given by each such Holder to the Company within 30 days of the date the Demand Notice is given, and in each case, subject to the limitations of Clause 6.1(c) and Clause 6.3. 

 

	 	(b)	 If at any time when it is eligible to use a Form S-3 registration statement or a comparable filing
instrument in an applicable jurisdiction outside of the United States, the Company receives a request from Holders of at least 20% of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement or a comparable
filing instrument in a jurisdiction outside of the United States, with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least USD $10 million, then the
Company shall (i) within 10 days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within 45 days after the date such request is
given by the Initiating Holders, file the requested registration statement covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within
20 days of the date the Demand Notice is given, and in each case, subject to the limitations of Clause 6.1(c) and Clause 6.3. 

  

	 	(c)	 Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration
pursuant to this Clause 6.1 a certificate signed by the Company’s chief executive officer stating that in the good-faith judgment of the Supervisory Board it would be materially detrimental to the Company and the Shareholders for such
registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition,
corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the
Company unable to comply with requirements under applicable securities laws, then the Company shall have the right to defer taking action with respect to such filing for a period of not more than 90 days after the request of the Initiating Holders
is given; provided, however, that the Company may not invoke this right more than once in any 12-month period; and provided further that the Company shall not register any securities for its own account or that of any other shareholder during such
90-day period other than an Excluded Registration. 

  

	 	(d)	 The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Clause 6.1(a) (i) during the period that is 60 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 180 days after the effective date of, a Company-initiated registration; provided
that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) 

  
 14 

	 	 
after the Company has effected one registration pursuant to Clause 6.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be
immediately registered on Form S-3, or a comparable filing instrument in a jurisdiction outside of the United States, pursuant to a request made pursuant to Clause 6.1(b). The Company shall not be obligated to effect, or to take any action to
effect, any registration pursuant to Clause 6.1(b) (i) during the period that is 30 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 90 days after the effective date of, a
Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected one registration
pursuant to Clause 6.1(b) within the 12 month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Clause 6.1(d) until such time as the
applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand
registration statement pursuant to Clause 6.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Clause 6.1(d). 

 

	6.2	 Company Registration. If the Company proposes to register (including, for this purpose, a
registration effected by the Company for Shareholders other than the Holders) any of its Shares in connection with the public offering of such Shares solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly
give each Holder notice of such registration. Upon the request of each Holder given within 20 days after such notice is given by the Company, the Company shall, subject to the provisions of Clause 6.3, cause to be registered all of the
Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Clause 6.2 before the effective date of such
registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Clause 6.6.

  

	6.3	 Underwriting Requirements. 

 

	 	(a)	 If, pursuant to Clause 6.1, the Initiating Holders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Clause 6.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be
selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders (on an as-converted to Ordinary Share basis). In such event, the right of any Holder to include such Holder’s Registrable Securities
in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to
distribute their securities through such underwriting shall (together with the Company as provided in Clause 6.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting.
Notwithstanding any other provision of this Clause 6.3, if the underwriter(s) advise the Initiating Holders in writing that marketing factors require a limitation on the number of Shares to be underwritten, then the Initiating Holders shall
so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities,
including the Initiating Holders, in proportion (as nearly as practicable) to the 

  
 15 

	 	 
number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable
Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. 

 

	 	(b)	 In connection with any offering involving an underwriting of Shares pursuant to Clause 6.2, the
Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such
quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by Shareholders to be included in such
offering exceeds the number of Shares to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering
only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the
Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the
number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities
included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced
below 25% of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other
Shareholder’s securities are included in such offering. 

  

	6.4	 Obligations of the Company. Whenever required under this Clause 6 to effect the registration
of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

  

	 	(a)	 prepare and file a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period
of up to 120 days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that such 120-day period shall be extended for a period of time equal to the period the Holder refrains, at
the request of an underwriter of Ordinary Shares (or other securities) of the Company, from selling any securities included in such registration; 

  

	 	(b)	 prepare and file such amendments and supplements to such registration statement, and the prospectus used in
connection with such registration statement, as may be necessary to comply with the Securities Act (or such other applicable law of a jurisdiction outside of the United States) in order to enable the disposition of all securities covered by such
registration statement; 

  
 16 

	 	(c)	 furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus,
as required by the Securities Act (or such other applicable law of a jurisdiction outside of the United States), and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities;

  

	 	(d)	 use its commercially reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general consent to service
of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act (or such other applicable law of a jurisdiction outside of the United States);

  

	 	(e)	 in the event of any underwritten public offering, enter into and perform its obligations under an
underwriting agreement, in usual and customary form, with the underwriter(s) of such offering; 

  

	 	(f)	 use its commercially reasonable efforts to cause all such Registrable Securities covered by such
registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

 

	 	(g)	 provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement
and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

  

	 	(h)	 promptly make available for inspection by the selling Holders, any underwriter(s) participating in any
disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of
the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or
advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

  

	 	(i)	 notify each selling Holder, promptly after the Company receives notice thereof, of the time when such
registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 

  

	 	(j)	 after such registration statement becomes effective, notify each selling Holder of any request by the SEC
that the Company amend or supplement such registration statement or prospectus. 

 In addition, the Company
shall ensure that, at all times after any registration statement covering a public offering of securities of the Company shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading
program under Rule 10b5-1 of the Exchange Act or a comparable law, rule or regulation of a jurisdiction outside the United States. 

  
 17 

	6.5	 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any
action pursuant to this Clause 6 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method
of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

  

	6.6	 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with
registrations, filings, or qualifications pursuant to this Clause 6, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees
and disbursements, not to exceed US $50,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company. All Selling Expenses relating to Registrable Securities registered pursuant to
this Clause 6 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

  

	6.7	 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or
otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Clause 6. 

 

	6.8	 Indemnification. If any Registrable Securities are included in a registration statement under this
Clause 6: 

  

	 	(a)	 To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the
partners, members, officers, directors, and shareholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such
Holder or underwriter within the meaning of the Securities Act or the Exchange Act, or any comparable law under a jurisdiction outside of the United States, against any damages, and the Company will pay to each such Holder, underwriter, controlling
Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which damages may result, as such expenses are incurred; provided, however,
that the indemnity agreement contained in this Clause 6.8 shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably
withheld, nor shall the Company be liable for any damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder,
underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration. 

  

	 	(b)	 To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold
harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company, legal counsel and accountants for the Company, any underwriter, any other Holder selling
securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any damages, in each case only to the extent that such damages arise out of or are based upon actions or omissions made in
reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned
Person any legal or other expenses 

  
 18 

	 	 
reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which damages may result, as such expenses are incurred; provided, however, that the
indemnity agreement contained in this Clause 6.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably
withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Clause 6.8(b) and Clause 6.8(d) exceed the proceeds from the offering received by such Holder
(net of any Selling Expenses paid by such Holder), except in the case of fraud or wilful misconduct by such Holder. 

  

	 	(c)	 Promptly after receipt by an indemnified party under this Clause 6.8(b) of notice of the commencement
of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Clause 6.8,
give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to
which notice has been given, and to assume the defence thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by
one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate
due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. 

  

	 	(d)	 To provide for just and equitable contribution to joint liability in any case in which either: (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Clause 6.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the
expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Clause 6.8 provides for indemnification in such case, or
(ii) contribution may be required on the part of any party hereto for which indemnification is provided under this Clause 6.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages,
liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements,
omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute
any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of “fraudulent misrepresentation” (applying the
meaning of Clause 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability

  
 19 

	 	 
pursuant to this Clause 6.8(d), when combined with the amounts paid or payable by such Holder pursuant to Clause 6.8(b), exceed the proceeds from the offering received by such
Holder (net of any Selling Expenses paid by such Holder), except in the case of wilful misconduct or fraud by such Holder. 

  

	 	(e)	 Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten
public offering, the obligations of the Company and Holders under this Clause 6.8 shall survive the completion of any offering of Registrable Securities in a registration under this Clause 6, and otherwise shall survive the termination
of this Agreement. 

  

	6.9	 Reports. If the shares of the Company are Admitted in the United States, with a view to making
available to the Holders the benefits of SEC Rule 144 and any other rule or regulation that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3 (or comparable
instrument under the laws of a jurisdiction outside of the United States), the Company shall: 

  

	 	(a)	 make and keep available adequate current public information (as those terms are understood and defined in
SEC Rule 144) at all times after the effective date of the registration statement filed by the Company for the IPO; 

  

	 	(b)	 use commercially reasonable efforts to file in a timely manner all reports and other documents required of
the Company (at any time after the Company has become subject to such reporting requirements); and 

  

	 	(c)	 furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request
(i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements applicable to the class of securities comprising the Registrable Securities, or that it qualifies as a registrant whose
securities may be resold; (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in availing
any Holder of any rule or regulation that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements) or pursuant to Form S-3 (at any time after the Company so
qualifies to use such form). 

  

	6.10	 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company
shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that (i) would provide to
such holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after all Holders have had the opportunity to include in the registration and
offering all shares of Registrable Securities that they wish to so include; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder; provided that this
limitation shall not apply to any Shareholder who becomes a party to this Agreement. 

  

	6.11	 “Market Stand off” Agreement. Each Holder hereby agrees that it will not, without the prior
written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its equity securities and ending on the date specified by the Company and the
managing underwriter (such period not to exceed one hundred eighty (180) days in the case of the 

  
 20 

	 	 
IPO, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and
(2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto, or any comparable rules or regulations
applicable in a jurisdiction outside the United States) or ninety (90) days in the case of any registration other than the IPO, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on
(1) the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor
provisions or amendments thereto, or any comparable rules or regulations applicable in a jurisdiction outside the United States) (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or
contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for
Ordinary Shares held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or other securities, in cash, or otherwise. The foregoing provisions of this Clause 6.11
shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and the
Company uses commercially reasonable efforts to obtain a similar agreement from all shareholders individually owning more than 5% of the Company’s outstanding Ordinary Shares (after giving effect to conversion into Ordinary Shares of all
outstanding preference shares. To the extent any provision in this Clause 6.11 is given for the benefit of an underwriter in connection with such registration, such provision constitutes an irrevocable third-party stipulation for no
consideration (onherroepelijk derdenbeding om niet) for the benefit of such underwriter. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are
consistent with this Clause 6.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all
Holders subject to such agreements, based on the number of shares subject to such agreements. 

  

	6.12	 Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Clause 6.1 or Clause 6.2 shall terminate upon the earlier of (i) the fourth anniversary of the IPO and (b) the consummation of a Sale of the Company.

  

	7.	 TAG ALONG 

  

	7.1	 Other than as set forth in Clause 7.11, if any Shares proposed to be transferred (the
“Transfer Shares”) by Athyrium or a Major Shareholder (the “Selling Shareholder”) are not purchased in full by Shareholders pursuant to the right of first refusal set forth in Article 11 of the Articles (the
“Right of First Refusal”) or are otherwise eligible to be sold by the Selling Shareholder to a proposed transferee (the “Buyer”), such Selling Shareholder hereby agrees that each Shareholder may elect to exercise
its right to participate in such proposed transfer (the “Right of Co-Sale”) on a pro rata basis (and on an as-converted to Ordinary Share basis) and on the same terms and conditions specified in a transfer notice to be prepared by
the Selling Shareholder in connection with such proposed transfer (the “Transfer Notice”). Each Shareholder who desires to exercise its Right of Co-Sale (each, a “Participating Shareholder”) must give the Company
and the 

  
 21 

	 	 
Selling Shareholder written notice to that effect within 15 days of receipt of the Transfer Notice. 

  

	7.2	 Each Participating Shareholder may include in the proposed transfer all or any part of such Participating
Shareholder’s Shares equal to the product obtained by multiplying (i) the aggregate number of Transfer Shares subject to the proposed transfer (excluding shares purchased by the Shareholders pursuant to the Right of First Refusal) by
(ii) a fraction, the numerator of which is the number of Shares owned by such Participating Shareholder immediately before consummation of the proposed transfer (including any shares that such Participating Shareholder has agreed to purchase
pursuant to the Right of First Refusal) and the denominator of which is the total number of Shares owned, in the aggregate, by all Participating Shareholders immediately prior to the consummation of the proposed transfer (including any shares that
all Participating Shareholders have collectively agreed to purchase pursuant to the Right of First Refusal), plus the number of Transfer Shares held by the Selling Shareholder. To the extent one (1) or more of the Participating Shareholders
exercise such right of participation in accordance with the terms and conditions set forth herein, the number of Transfer Shares that the Selling Shareholder may sell in the proposed transfer shall be correspondingly reduced. 

 

	7.3	 The Participating Shareholders and the Selling Shareholder agree that the terms and conditions of any
proposed transfer in accordance with this Clause 7 will be memorialized in, and governed by, a written purchase and sale agreement with the Buyer (the “Purchase and Sale Agreement”) with customary terms and provisions for
such a transaction, and the Participating Shareholders and the Selling Shareholder further covenant and agree to enter into such Purchase and Sale Agreement as a condition precedent to any sale or other transfer in accordance with this Clause
7. 

  

	7.4	 Subject to Clause 7.5, the aggregate consideration payable to the Participating Shareholder and the
Selling Shareholder shall be allocated based on the number of Shares sold to the Buyer by each Participating Shareholder and the Selling Shareholder as provided in Clause 7.2. 

 

	7.5	 In the event that the proposed transfer constitutes a change of Control, the terms of the Purchase and Sale
Agreement shall provide that the aggregate consideration from such transfer shall be allocated to the Participating Shareholders and the Selling Shareholder as if (A) such transfer were a Deemed Liquidation Event, and (B) the Shares sold
in accordance with the Purchase and Sale Agreement were the only Shares outstanding. 

  

	7.6	 Notwithstanding Clause 7.3 above, if any Buyer refuse(s) to purchase Shares subject to the Right of
Co-Sale from any Participating Shareholder(s) or upon the failure to negotiate in good faith a Purchase and Sale Agreement reasonably satisfactory to the Participating Shareholders, no Selling Shareholder may sell any Transfer Shares to such Buyer
unless and until, simultaneously with such sale, such Selling Shareholder purchases all Shares subject to the Right of Co-Sale from such Participating Shareholder(s) on the same terms and conditions (including the proposed purchase price) as set
forth in the proposed notice and as provided in Clause 7.4. Any such shares transferred to the Selling Shareholder will be transferred to the Buyer against payment therefor in consummation of the sale of the Transfer Shares pursuant to the
terms and conditions specified in the transfer notice, and the Selling Shareholder shall concurrently therewith remit or direct payment to each such Participating Shareholder the portion of the aggregate consideration to which each such
Participating Shareholder is entitled by reason of its participation in such sale as provided in this Clause 7.6. 

  
 22 

	7.7	 If any proposed transfer is not consummated within forty-five (45) days after receipt of the Transfer
Notice by the Company, the Selling Shareholder(s) may not sell any Transfer Shares unless they first comply in full with each provision of this Clause 7. 

 

	7.8	 Each Party acknowledges and agrees that any breach of this Agreement would result in substantial harm to the
other Parties for which monetary damages alone could not adequately compensate. Therefore, the Parties unconditionally and irrevocably agree that any non-breaching Party shall be entitled to be reimbursed for any Losses and other remedies available
at law (including, without limitation, seeking specific performance or the rescission of purchases, sales and other transfers of Transfer Shares not made in strict compliance with this Agreement). 

 

	7.9	 If any Selling Shareholder purports to sell any Transfer Shares in contravention of the Right of Co-Sale (a
“Prohibited Transfer”), each Participating Shareholder who desires to exercise its Right of Co-Sale under Clause 7.1 may, in addition to such remedies as may be available by law or hereunder, require such Selling Shareholder
to purchase from such Shareholder the type and number of Shares that such Participating Shareholder would have been entitled to sell to the Buyer had the Prohibited Transfer been effected in compliance with the terms of Clause 7.1. The sale
will be made on the same terms, including as provided in Clause 7.4 and subject to the same conditions as would have applied had the Selling Shareholder not made the Prohibited Transfer, except that the sale (including the delivery of the
purchase price) must be made within ninety (90) days after the Participating Shareholders learns of the Prohibited Transfer, as opposed to the timeframe that would otherwise apply. Such Selling Shareholder shall also reimburse each
Participating Shareholder for any and all reasonable and documented out-of-pocket fees and expenses, including reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Participating Shareholder’s
rights under Clause 7. 

  

	7.10	 Notwithstanding the foregoing or anything to the contrary herein, the foregoing provisions shall not apply
(a) in the case of a Selling Shareholder that is an entity, upon a transfer by such Selling Shareholder to its shareholders, members, partners, affiliated funds (or funds affiliated with such Selling Stockholder’s Affiliates) or other
equity holders, (b) to a repurchase of Transfer Shares from a Selling Shareholder by the Company at a price no greater than that originally paid by such Selling Shareholder for such Transfer Shares and pursuant to an agreement containing
vesting and/or repurchase provisions approved by a majority of the Supervisory Board, or (c) in the case of a Selling Shareholder that is a natural person, upon a transfer of Transfer Shares by such Selling Shareholder made for bona fide estate
planning purposes, either during his or her lifetime or on death by will or intestacy to his or her spouse, child (natural or adopted), or any other direct lineal descendant of such Selling Shareholder (or his or her spouse) (all of the foregoing
collectively referred to as “family members”), or any other relative/person approved by the Supervisory Board, or any custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the ownership
interests of which are owned wholly by such Selling Shareholder or any such family members; provided that in the case of clause(s) (a) or (c), the Selling Shareholder shall deliver prior written notice to the Company and the Shareholders
of such pledge, gift or transfer and such Transfer Shares shall at all times remain subject to the terms and restrictions set forth in this Agreement and such transferee shall, as a condition to such issuance, deliver a signature page to a Deed of
Accession in the form attached hereto as Schedule 2 as confirmation that such transferee shall be bound by all the terms and conditions of this Agreement as a Selling Shareholder (but only with respect to the Shares so transferred to the
transferee), including the obligations of a Shareholder with respect to proposed transfers of such Transfer Shares pursuant to Clause 7. 

  
 23 

	7.11	 Notwithstanding the foregoing or anything to the contrary herein, the provisions of this Clause 7 shall not
apply to the (i) sale of any Shares to the public in an IPO, (ii) in connection with a Sale of the Company, or (iii) in connection with a Permitted Transfer. 

 

	8.	 DRAG ALONG 

 

	8.1	 In the event that each of Athyrium, Norgine, and Korys (together, the “Selling Investors”)
approve a Sale of the Company in writing, specifying that this Clause 8 shall apply to such transaction, then each of the Company, Athyrium, Norgine, and Korys hereby agrees: 

 

	 	(a)	 if such transaction requires Shareholder approval, with respect to all Shares that such Shareholder owns or
over which such Shareholder otherwise exercises voting power, to vote (in person, by proxy or by action by written consent, as applicable) all Shares in favour of, and adopt, such Sale of the Company (together with any related amendment to the
Articles required in order to implement such Sale of the Company) and to vote in opposition to any and all other proposals that could delay or impair the ability of the Company to consummate such Sale of the Company; 

 

	 	(b)	 if such transaction is a Share Sale, to sell the same proportion of shares of share capital of the Company
beneficially held by such Shareholder as is being sold by the Selling Investors to the Person to whom the Selling Investors propose to sell their Shares, and, except as permitted in Clause 8.2 below, on the same terms and conditions as the
Selling Investors; 

  

	 	(c)	 to execute and deliver all related documentation and take such other action in support of the Sale of the
Company as shall reasonably be requested by the Company or the Selling Investors in order to carry out the terms and provision of this Clause 8, including, without limitation, executing and delivering instruments of conveyance and transfer,
and any purchase agreement, merger agreement, indemnity agreement, escrow agreement, consent, waiver, governmental filing, share certificates duly endorsed for transfer (free and clear of impermissible liens, claims and encumbrances), and any
similar or related documents; 

  

	 	(d)	 not to deposit, and to cause their Affiliates not to deposit, except as provided in this Agreement, any
Shares of the Company owned by such party or Affiliate in a voting trust or subject any Shares to any arrangement or agreement with respect to the voting of such Shares, unless specifically requested to do so by the acquiror in connection with the
Sale of the Company; 

  

	 	(e)	 to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law at any
time with respect to such Sale of the Company; 

  

	 	(f)	 if the consideration to be paid in exchange for the Shares pursuant to this Clause 8 includes any
securities and due receipt thereof by any Shareholder would require under applicable law (x) the registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities; or (y) the
provision to any Shareholder of any information other than such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the Securities Act,
the Company may cause to be paid to any such Shareholder in lieu thereof, against surrender of the Shares which would have otherwise been sold by such Shareholder, an amount in cash equal to the fair value (as determined in good faith by the
Company) of the securities which such Shareholder would otherwise receive as of the date of the issuance of such securities in exchange for the Shares; and 

  
 24 

	 	(g)	 in the event that the Selling Investors, in connection with such Sale of the Company, appoint a Shareholder
representative (the “Shareholder Representative”) with respect to matters affecting the Shareholders under the applicable definitive transaction agreements following consummation of such Sale of the Company, (x) to consent to
(i) the appointment of such Shareholder Representative, (ii) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification or similar obligations, and (iii) the payment of such
Shareholder’s pro rata portion (on an as converted to Ordinary Shares basis) (from the applicable escrow or expense fund or otherwise) of any and all reasonable fees and expenses to such Shareholder Representative in connection with such
Shareholder Representative’s services and duties in connection with such Sale of the Company and its related service as the representative of the Shareholders, and (y) not to assert any claim or commence any suit against the Shareholder
Representative or any other Shareholder with respect to any action or inaction taken or failed to be taken by the Shareholder Representative in connection with its service as the Shareholder Representative, absent fraud or willful misconduct.

  

	8.2	 Notwithstanding the foregoing, neither Athyrium nor a Major Shareholder will be required to comply with
Clause 8.1 above in connection with any proposed Sale of the Company (the “Proposed Sale”), and, for the avoidance of doubt, will not be required to comply with Clause 8.1 above in the event of a Sale of the Company
approved pursuant to Section 8.8 of the Shareholders’ Agreement, unless: 

  

	 	(a)	 any representations and warranties to be made by such Shareholder in connection with the Proposed Sale are
limited to representations and warranties related to authority, ownership and the ability to convey title to such Shares, including representations and warranties that (i) the Shareholder holds all right, title and interest in and to the Shares
such Shareholder purports to hold, free and clear of all liens and encumbrances, (ii) the obligations of the Shareholder in connection with the transaction have been duly authorized, if applicable, (iii) the documents to be entered into by
the Shareholder have been duly executed by the Shareholder and delivered to the acquirer and are enforceable against the Shareholder in accordance with their respective terms; and (iv) neither the execution and delivery of documents to be
entered into in connection with the transaction, nor the performance of the Shareholder’s obligations thereunder, will cause a breach or violation of the terms of any agreement, law or judgment, order or decree of any court or governmental
agency; 

  

	 	(b)	 the Shareholder shall not be liable for the inaccuracy of any representation or warranty made by any other
person in connection with the Proposed Sale, other than the Company (except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and covenants of the Company as well as breach by any
Shareholder of any of identical representations, warranties and covenants provided by all Shareholders); 

  

	 	(c)	 the liability for indemnification, if any, of such Shareholder in the Proposed Sale and for the inaccuracy
of any representations and warranties made by the Company or its Shareholders in connection with such Proposed Sale, is several and not joint with any other person (except to the extent that funds may be paid out of an escrow established to cover
breach of representations, warranties and covenants of the Company as well as breach by any Shareholder of any of identical representations, warranties and covenants provided by all Shareholders), and is pro rata (on an as-converted to Ordinary
Share basis) in proportion to, and does not exceed, the 

  
 25 

	 	 
amount of consideration paid to such Shareholder in connection with such Proposed Sale; and 

  

	 	(d)	 upon the consummation of the Proposed Sale (i) each holder of each class or series of the
Company’s share capital will receive the same form of consideration for their shares of such class or series as is received by other holders in respect of their shares of such same class or series of share capital, (ii) each holder of a
series of Preference Shares will receive the same amount of consideration per share of such series of Preference Shares as is received by other holders in respect of their shares of such same series, (iii) each holder of Ordinary Shares will
receive the same amount of consideration per share of Ordinary Shares as is received by other holders in respect of their shares of Ordinary Shares, and (iv) unless the holders of at least two-thirds of the Initially Issued Preference Shares
elect to receive a lesser amount by written notice given to the Company at least ten (10) days prior to the effective date of any such Proposed Sale, the aggregate consideration receivable by all holders of the Preference Shares and Ordinary
Shares shall be allocated among the holders of Preference Shares and Ordinary Shares on the basis of the relative liquidation preferences to which the holders of each respective series of Preference Shares and the holders of Ordinary Shares are
entitled in a Deemed Liquidation Event (assuming for this purpose that the Proposed Sale is a Deemed Liquidation Event) in accordance with the Articles in effect immediately prior to the Proposed Sale; provided, however,
that, notwithstanding the foregoing, if the consideration to be paid in exchange for the Shares pursuant to this Clause 8.2(d) includes any securities and due receipt thereof by any Shareholder would require under applicable law
(x) the registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities; or (y) the provision to any Shareholder of any information other than such information as a prudent
issuer would generally furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the Securities Act, the Company may cause to be paid to any such Shareholder in lieu thereof, against
surrender of the Shares which would have otherwise been sold by such Shareholder, an amount in cash equal to the fair value (as determined in good faith by the Company) of the securities which such Shareholder would otherwise receive as of the date
of the issuance of such securities in exchange for the Shares. 

  

	8.3	 No Selling Investor shall be a party to, or approve, any Share Sale unless all Selling Investors are allowed
to participate in such transaction and the consideration received pursuant to such transaction is allocated among the parties to such Share Sale in the manner specified in the Articles in effect immediately prior to the Share Sale (as if such
transaction were a Deemed Liquidation Event). 

  

	9.	 TERMINATION 

 

	9.1	 This Agreement shall terminate with immediate effect upon the earlier of the written consent of:

  

	 	(a)	 holders of a majority of the Initially Issued Preference Shares (or Ordinary Shares issued upon conversion
of the Initially Issued Preference Shares); and 

  

	 	(b)	 Athyrium and the holders of a majority of the Shares held by the other Parties to this Agreement.

  

	9.2	 Upon termination of this Agreement, all rights and obligations of the Parties under this Agreement shall end
except for this Clause 9 and Clauses 1 (Definitions and 

  
 26 

	 	 
Interpretations), 10.13 (Governing Law) and 10.14 (Jurisdiction), which will remain in full force and effect. 

 

	9.3	 Prior to termination of this Agreement, the obligations under Clauses 2, 3, 4,
5, 7, and 8, of this Agreement shall terminate upon Admission. 

  

	10.	 GENERAL PROVISIONS 

 

	10.1	 Most Favoured Nations 

 

	 	(a)	 Notwithstanding any other provision of this Agreement, if any Shareholder contractually acquires a
shareholder-related right or benefit that is contemplated by or the subject of Clauses 3.5, 3.6, 4.1, or 5 of this Agreement and is, in the good-faith and reasonable opinion of Athyrium, more favourable in comparison to
such corresponding right or benefit established in favour of Athyrium under this Agreement, then the Company shall, insofar as it is capable under Applicable Law, offer such right or benefit to Athyrium, including by facilitating any necessary
corporate approvals in connection therewith; provided, that, for the avoidance of doubt, Athyrium’s right under this provision shall not extend to shareholder-related rights or benefits that are contemplated by the Articles (as
may be amended in a manner permitted by this Agreement), including without limitation the ranking of classes of capital stock of the Company in respect of the distribution of assets on the liquidation, dissolution or winding up of the Company, the
payment of dividends or rights of redemption. 

  

	 	(b)	 Athyrium’s right under Clause 10.1(a) shall lapse in its entirety upon it failing to purchase
its full pre-emptive entitlement under the Articles or Clause 4.2(a), as applicable, in connection with a bona fide debt or equity financing of the Company, except where Athyrium, Norgine, and Korys each agree to waive all pre-emptive
entitlements under the Articles and Clause 4.2 in connection with such financing. 

  

	10.2	 Further assurance 

Each of the Parties shall sign all such further documents and shall perform all further acts as reasonably necessary for the
purpose of satisfying their respective obligations under this Agreement, including exercising voting rights, convening meetings and giving all waivers and consents and the passing of all resolutions reasonably required to ensure that full effect is
given to the provisions of this Agreement. 
  

	10.3	 Notices 

All notices, consents, waivers and other communications in connection with this Agreement shall be in writing in English and
delivered by hand or sent by registered mail, express courier or email to the appropriate addresses set out on such Party’s signature page hereto, or to such addresses as a Party may give notice to the other Party from time to time. A notice
shall be effective upon receipt and shall be deemed to have been received (i) if delivered by hand, registered mail or express courier, at the time of delivery, or (ii) if delivered by email, at the time of successful transmission. 

 

	10.4	 Accession 

  

	 	(a)	 Athyrium shall procure that any member of the Athyrium Group that acquires any Shares executes a Deed of
Accession, whereupon such member of the Athyrium Group shall be entitled to the rights and benefits and be subject to the obligations 

  
 27 

	 	 
of Athyrium under this Agreement. The Company agrees to countersign any such Deed of Accession upon request by Athyrium. 

 

	 	(b)	 Any Person who becomes a holder of Preference Shares following the date hereof may become a party to this
Agreement by execution of a Deed of Accession in the form attached hereto as Schedule 2. 

  

	10.5	 Entire agreement 

Except for the Shareholders’ Agreement (as may be amended in accordance with the terms of this Agreement) and the
Articles, this Agreement supersedes any preceding or concurrent oral or written agreements between the Parties relating to the subject matter of this Agreement and no Party shall have any right or remedy against any other Party arising out of or in
connection with any such preceding or concurrent agreements unless stated otherwise herein. 
  

	10.6	 Third-Party Beneficiaries 

To the extent any provision in this Agreement is given for the benefit of a Shareholder that is not a party to this Agreement,
such provision constitutes an irrevocable third-party stipulation for no consideration (onherroepelijk derdenbeding om niet) for the benefit of such Shareholder. 
  

	10.7	 Amendment 

This Agreement may only be amended by the written agreement or the consent of each of the Company, Athyrium, Norgine, Korys,
and any additional Person that becomes a Party after the date hereof. 
  

	10.8	 Assignment 

None of the Parties may assign or procure the assumption of its rights and obligations under this Agreement, either in whole or
in part, to any other Person without the prior written consent of (i) the Company, not to be unreasonably withheld, and (ii) Parties holding a majority of the Shares (on an as-converted to Ordinary Share basis) held by the Parties to this
Agreement; provided, however, that Athyrium may assign its rights and obligations, in whole or in part, to any Affiliate of Athyrium. 
  

	10.9	 No recourse 

Each of Athyrium, Norgine, and Korys is organised for the purpose of investing in the broader healthcare and life sciences
industry. Any claim against any such Shareholder is against it as such, and not against any participants in it who, accordingly, are not liable for these claims, and recourse for such claims shall be limited to the assets held such Shareholder. 

 

	10.10	 Counterparts 

This Agreement may be executed in any number of counterparts. 

 

	10.11	 Partial invalidity 

The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement. Any such invalid or 

  
 28 

 
unenforceable provision shall be replaced or be deemed to be replaced with a provision that is valid and enforceable and reflects as closely as possible the intent of the invalid or unenforceable
provision. 
  

	10.12	 No annulment or dissolution 

Unless explicitly stated otherwise in this Agreement and to the extent permitted by Applicable Law, the Parties waive their
rights under sections 6:228, 6:230 and 6:265 of the Civil Code, if any, to annul (vernietigen), dissolve (ontbinden) or propose the amendment of this Agreement (in whole or in part), and/or to request the annulment
(vernietiging), dissolution (ontbinding) or amendment of this Agreement. 
  

	10.13	 Governing law 

This Agreement is governed by the laws of the Netherlands. 

 

	10.14	 Jurisdiction 

Subject to Clause 10.14.9, all disputes arising in connection with this Agreement, or any agreements resulting
therefrom, shall, unless the relevant agreement provides otherwise, be settled in accordance with the arbitration rules (the “Rules”) of the Netherlands Arbitration Institute (Nederlands Arbitrage Instituut)
(“NAI”) and: 
 10.14.1 the arbitral tribunal shall be composed of three arbitrators appointed in accordance
with the Rules who all have a Dutch law degree or are admitted to practice Dutch law; 
 10.14.2 the place of arbitration
will be Amsterdam, the Netherlands; 
 10.14.3 the language of the proceedings will be English; 

10.14.4 the arbitrators will decide according to the rules of law (regelen des rechts); 

10.14.5 the International Bar Association (IBA) Rules on the Taking of Evidence in International Commercial Arbitration shall
not be applicable; 
 10.14.6 the arbitral award will be final and binding; 

10.14.7 each Party shall give notice to the administrator of the NAI, within one calendar month following receipt of the
arbitral award, that the Parties object to the publication in order to ensure that the arbitral award shall not be published; and 

10.14.8 the proceedings shall not be consolidated with other arbitral proceedings pursuant to section 1046 of the Dutch Code of
Civil Procedure (Wetboek van Burgerlijke Rechtsvordering) or section 39 of the Rules. 
 provided, that the
Parties will not be precluded from applying for injunctive relief in summary proceedings (kort geding) before any competent court in the Netherlands. 

[remainder of the page intentionally left blank] 

  
 29 

 THUS AGREED AND SIGNED ON THE DATE FIRST WRITTEN ABOVE COMPANY 

 

													
	 AGENDIA N.V.

					
	 By
	 	 /s/ Mark Straley
	 		 	 By:
	 	 /s/ Kurt Becker

		 	 Name:
	 	 Mark Straley
	 		 		 	 Name:
	 	 Kurt Becker

		 	 Title:
	 	 Managing Director
	 		 		 	 Title:
	 	 Managing Director

 Address for Notice: 

Name: Agendia N. V. 
 Attention:
Mark Straley, Managing Director 
 Address: Science Park 406, 1098 XH 

Amsterdam, the Netherlands 

Email: mark.straley@agendia.com 

and 
 Name: Agendia N.V. 

Attention: Kurt Becker, Managing Director 

Address: Science Park 406, 1098 XH 

Amsterdam, the Netherlands 

Email: kurt.becker@agendia.com 

with a copy (which shall not constitute notice) to: 

Name: Stibbe N.V. 
 Attention:
Pieter Schutte 
 Address: Beethovenplein 10, 1077 WM, 

Amsterdam. the Netherlands 

Email: pieter.schutte@stibbe.com 

  
 SIGNATURE
PAGE TO 
 RELATIONSHIP AGREEMENT 

 THUS AGREED AND SIGNED ON THE DATE FIRST WRITTEN ABOVE 

ATHYRIUM 
 ATHYRIUM OPPORTUNITIES III
ACQUISITION 2 LP 
 By: ATHYRIUM OPPORTUNITIES ASSOCIATES III 

LP, its General Partner 
  

			
	
                       
 
	 	 By: ATHYRIUM OPPORTUNITIES ASSOCIATES III GP LLC, the General Partner of Athyrium Opportunities Associates III
LP

  

					
		
	 By:
	 	 /s/ Andrew Hyman

		 	 Name:
	 	 Andrew Hyman

		 	 Title:
	 	 Authorized Signatory

 Address for Notice: 

Name: c/o Athyrium Capital Management, LP 

Attention: Sam Helfaer 
 Address:

 530 Fifth Avenue, Floor 25 

New York, NY 10036 

Telephone: (646) 755-30l0 

Email : SHelfaer@athyrium.com; AOF3@athyrium.com; and AHyman@athyrium.com 

with a copy (which shall not constitute notice) to: 

Name: Hogan Lovells US LLP 

Attention: William Intner 

Address: 
 100
International Drive 
 Suite 2000 

Baltimore, MD 21202 

Email : william.intner@hoganlovells.com 

  

SIGNATURE PAGE TO 

RELATIONSHIP AGREEMENT 

 THUS AGREED AND SIGNED ON THE DATE FIRST WRITTEN ABOVE 

NORGINE B.V. 
  

									
	 NORGINE B.V.
	 	
				
	 By:
	 	 /s/ Peter Stein
	 	         By:
	 	
                  
   

		 	 Name:
	 	 Peter Stein
	 		 	 Name:

		 	 Title:
	 	 Director
	 		 	 Title:

 Address for Notice: 

Name: 
 Attention: 

Address: 
 Email: 

with a copy (which shall not constitute notice) to: 

Name: 
 Attention: 

Address: 
 Email: 

NORGINE VENTURES B.V. 
  

									
	 NORGINE VENTURES B.V.
	 		 	
				
	 By:
	 	 /s/ Peter Stein
	 	         By:
	 	
                  
   

		 	 Name:
	 	 Peter Stein
	 		 	 Name:

		 	 Title:
	 	 Director
	 		 	 Title:

 Name: 

Attention: 
 Address: 

Email: 
 with a copy (which shall
not constitute notice) to: 
 Name: 

Attention: 
 Address: 

Email: 

  

SIGNATURE PAGE TO 

RELATIONSHIP AGREEMENT 

 THUS AGREED AND SIGNED ON THE DATE FIRST WRITTEN ABOVE 

KORYS 
  

											
	 KORYS INVESTMENTS NV
	 		 		 		 	
					
	 By:
	 	 /s/ Sofie Gabriëls
	 		 	 By:
	 	 /s/ Piet Colruyt

	 Name:
	 	 Sofie Gabriëls
	 		 		 	 Name:
	 	 Plet Colruyt

	 Title:
	 	 Director
	 		 		 	 Title:
	 	 Bestuurder

  

			
	 Address for Notice:

		
	 Name:
	  	 Korys Investments NV

	 Attention:
	  	 Dries Crevits, Executive Director

	 Address:
	  	 Guido Gezellestraat 126, 1654 Huizingen, Belgium

	 Email:
	  	 Dries.Crevits@Korys.BE

 with a copy (which shall not constitute notice) to: 

 

			
	 Name:
	  	 Korys Investments NV

	 Attention:
	  	 Sofie Gabriëls, CFO

	 Address:
	  	 Guido Gezellestraat 126, 1654 Huizingen, Belgium

	 Email:
	  	 Sofie.Gabriëls@Korys.BE

  
 SIGNATURE
PAGE TO 
 RELATIONSHIP AGREEMENT 

 SCHEDULE 1 (DEED OF ACCESSION) 

THIS DEED OF ACCESSION is made on [●] 

BETWEEN: 
  

	(1)	 AGENDIA N.V., a public company with limited liability (naamloze vennootschap) incorporated
under the laws of the Netherlands with its corporate seat in Amsterdam, the Netherlands, registered with the trade register of the Chamber of Commerce with number 34185452 (the “Company”); and 

 

	(2)	 [●] (the “Acceding Shareholder”).  

WHEREAS: 
 The Company and
certain of its shareholders are parties to a relationship agreement dated 24 July 2018 (the “Relationship Agreement”). 

The Acceding Shareholder is or will become a shareholder of the Company and wishes to enter into this deed pursuant to
Clause Error! Reference source not found. of the Relationship Agreement 
 THIS DEED WITNESSES as follows: 

 

	(3)	 Capitalised terms used in this Deed shall have the meanings ascribed to them in the Relationship Agreement,
unless otherwise defined in this Deed. 

  

	(4)	 The Acceding Shareholder confirms that it has been provided with a copy of the Relationship Agreement.

  

	(5)	 The Acceding Shareholder hereby undertakes to and covenants with the Parties to comply with the provisions
of, and to perform all the obligations in, the Relationship Agreement in so far as they are to be observed and performed by the holders of the Preference Shares. The Parties agree that the Acceding Shareholder will be entitled to all the rights and
benefits and be subject to all the obligations of applicable to parties to the Relationship Agreement. 

  

	(6)	 This Deed is governed by and shall be construed in accordance with the laws of the Netherlands.

  

	(7)	 Jurisdiction 

Subject to Clause (5)(i), all disputes arising in connection with this Deed, or any agreements resulting therefrom,
shall, unless the relevant agreement provides otherwise, be settled in accordance with the arbitration rules (the “Rules”) of the Netherlands Arbitration Institute (Nederlands Arbitrage Instituut) (“NAI”)
and: 
  

	 	(a)	 the arbitral tribunal shall be composed of three arbitrators appointed in accordance with the Rules who all
have a Dutch law degree or are admitted to practice Dutch law; 

  

	 	(b)	 the place of arbitration will be Amsterdam, the Netherlands; 

 

	 	(c)	 the language of the proceedings will be English; 

	 	(d)	 the arbitrators will decide according to the rules of law (regelen des rechts);

  

	 	(e)	 the International Bar Association (IBA) Rules on the Taking of Evidence in International Commercial
Arbitration shall not be applicable; 

  

	 	(f)	 the arbitral award will be final and binding; 

 

	 	(g)	 each party hereto shall give notice to the administrator of the NAI, within one calendar month following
receipt of the arbitral award, that the parties hereto object to the publication in order to ensure that the arbitral award shall not be published; and 

  

	 	(h)	 the proceedings shall not be consolidated with other arbitral proceedings pursuant to section 1046 of the
Dutch Code of Civil Procedure (Wetboek van Burgerlijke Rechtsvordering) or section 39 of the Rules. 

provided, that the parties hereto will not be precluded from applying for injunctive relief in summary proceedings
(kort geding) before any competent court in the Netherlands. 
 [remainder of the page intentionally left blank] 

 THUS AGREED AND SIGNED ON THE DATE FIRST WRITTEN ABOVE 

COMPANY 
  

									
	AGENDIA N.V.
					
	 By:
	 	
                  
   
	 		 	 By:
	 	
                  
   

		 	 Name:
	 		 		 	 Name:

		 	 Title:
	 		 		 	 Title:

 ACCEDING SHAREHOLDER 

			
	
	 [●]

		
	 By:
	 	
                  
   

		 	 Name:

		 	 Title:EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 
  

 
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LEGAL_EU # 31539815.3 

 

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 PARTIES
	 		  	 	1	 
	 RECITALS
	 		  	 	1	 
	 Section 1.
	 	Certain Definitions	  	 	1	 
	 (a)
	 	 ADR Register
	  	 	1	 
	 (b)
	 	 ADRs; Direct Registration ADRs
	  	 	1	 
	 (c)
	 	 ADS
	  	 	1	 
	 (d)
	 	 Beneficial Owner
	  	 	2	 
	 (e)
	 	 Custodian
	  	 	2	 
	 (f)
	 	 Deliver, execute, issue et al.
	  	 	2	 
	 (g)
	 	 Delivery Order
	  	 	2	 
	 (h)
	 	 Deposited Securities
	  	 	2	 
	 (i)
	 	 Direct Registration System
	  	 	2	 
	 (j)
	 	 Holder
	  	 	2	 
	 (k)
	 	 Securities Act of 1933
	  	 	2	 
	 (l)
	 	 Securities Exchange Act of 1934
	  	 	3	 
	 (m)
	 	 Shares
	  	 	3	 
	 (n)
	 	 Transfer Office
	  	 	3	 
	 (o)
	 	 Withdrawal Order
	  	 	3	 
	 Section 2.
	 	Form of ADRs	  	 	3	 
	 Section 3.
	 	Deposit of Shares	  	 	3	 
	 Section 4.
	 	Issue of ADRs	  	 	5	 
	 Section 5.
	 	Distributions on Deposited Securities	  	 	5	 
	 Section 6.
	 	Withdrawal of Deposited Securities	  	 	5	 
	 Section 7.
	 	Substitution of ADRs	  	 	6	 
	 Section 8.
	 	Cancellation and Destruction of ADRs; Maintenance of Records	  	 	6	 
	 Section 9.
	 	The Custodian	  	 	6	 
	 Section 10.
	 	Lists of Holders	  	 	7	 
	 Section 11.
	 	Depositary’s Agents	  	 	7	 
	 Section 12.
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	7	 
	 Section 13.
	 	Reports	  	 	8	 
	 Section 14.
	 	Additional Shares	  	 	8	 
	 Section 15.
	 	Indemnification	  	 	9	 
	 Section 16.
	 	Notices	  	 	10	 
	 Section 17.
	 	Counterparts	  	 	11	 
	 Section 18.
	 	No Third Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect	  	 	11	 
	 Section 19.
	 	Severability	  	 	11	 
	 Section 20.
	 	Governing Law; Consent to Jurisdiction	  	 	11	 
	 Section 21.
	 	Agent for Service	  	 	15	 
	 Section 22.
	 	Waiver of Immunities	  	 	15	 
	 Section 23.
	 	Waiver of Jury Trial	  	 	16	 
	 TESTIMONIUM
	 		  	 	17	 
	 SIGNATURES
	 		  	 	17	 

  
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	 	 	 	  	Page	 
		 	EXHIBIT A	  			
	 FORM OF FACE OF ADR
	  	 	A-1	 
	 Introductory Paragraph
	  	 	A-1	 
	 (1)
	 	Issuance of ADSs	  	 	A-2	 
	 (2)
	 	Withdrawal of Deposited Securities	  	 	A-3	 
	 (3)
	 	Transfers, Split-Ups and Combinations of ADRs	  	 	A-3	 
	 (4)
	 	Certain Limitations to Registration, Transfer etc. 	  	 	A-4	 
	 (5)
	 	Liability for Taxes, Duties and Other Charges	  	 	A-5	 
	 (6)
	 	Disclosure of Interests	  	 	A-6	 
	 (7)
	 	Charges of Depositary	  	 	A-7	 
	 (8)
	 	Available Information	  	 	A-10	 
	 (9)
	 	Execution	  	 	A-10	 
	 Signature of Depositary
	  	 	A-11	 
	 Address of Depositary’s Office
	  	 	A-11	 
	 FORM OF REVERSE OF ADR
	  	 	A-12	 
	 (10)
	 	Distributions on Deposited Securities	  	 	A-12	 
	 (11)
	 	Record Dates	  	 	A-13	 
	 (12)
	 	Voting of Deposited Securities	  	 	A-13	 
	 (13)
	 	Changes Affecting Deposited Securities	  	 	A-16	 
	 (14)
	 	Exoneration	  	 	A-17	 
	 (15)
	 	Resignation and Removal of Depositary; the Custodian	  	 	A-21	 
	 (16)
	 	Amendment	  	 	A-21	 
	 (17)
	 	Termination	  	 	A-22	 
	 (18)
	 	Appointment; Acknowledgements and Agreements	  	 	A-23	 
	 (19)
	 	Waiver	  	 	A-24	 
	 (20)
	 	Jurisdiction	  	 	A-25	 

  
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 DEPOSIT AGREEMENT dated as of September 30, 2021 (the “Deposit
Agreement”) among TDCX Inc. and its successors (the “Company”), JPMORGAN CHASE BANK, N.A., as depositary hereunder (the “Depositary”), and all Holders (defined below) and Beneficial Owners (defined
below) from time to time of American Depositary Receipts issued hereunder (“ADRs”) evidencing American Depositary Shares (“ADSs”) representing deposited Shares (defined below). The Company hereby appoints the
Depositary as depositary for the Deposited Securities (defined below) and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. All capitalized terms used herein have the meanings
ascribed to them in Section 1 or elsewhere in this Deposit Agreement. The parties hereto agree as follows: 
 1. Certain
Definitions. 
 (a) “ADR Register” is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs) in Exhibit A hereto. 
 (b) “ADRs” mean the
American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the
Direct Registration ADRs, shall be substantially in the form of Exhibit A annexed hereto (as the same may be amended from time to time, the “form of ADR”). The term “Direct Registration ADR” means an ADR, the
ownership of which is recorded on the Direct Registration System. References to “ADRs” shall include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires. The form of ADR attached hereto as
Exhibit A (as amended from time to time) is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be binding upon the parties hereto. 

(c) Subject to paragraph (13) of the form of ADR, (Changes Affecting Deposited Securities) each “ADS” evidenced by
an ADR represents the right to receive, and to exercise the beneficial ownership interests in, the number or percentage of Shares specified in the form of ADR attached hereto as Exhibit A (as amended from time to time) that are on deposit
with the Depositary and/or the Custodian and a pro rata share in any other Deposited Securities, subject, in each case, to the terms of this Deposit Agreement and the ADSs. The
ADS(s)-to-Share(s) ratio is subject to amendment as provided in the form of ADR (which may give rise to fees contemplated in paragraph (7) thereof (Charges of
Depositary)). 
 (d) “Beneficial Owner” means as to any ADS, any person or entity having a beneficial ownership interest
in such ADS. A Beneficial Owner need not be the Holder of the ADR evidencing such ADS. If a Beneficial Owner of ADSs is not a Holder, it must rely on the Holder of the ADR(s) evidencing such ADSs in order to assert any rights or receive any benefits
under this Deposit Agreement. The arrangements between a Beneficial Owner of ADSs and the Holder of the corresponding ADRs may affect the Beneficial Owner’s ability to exercise any rights it may have. 

  
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 (e) “Custodian” means the agent or agents of the Depositary (singly or
collectively, as the context requires) and any additional or substitute Custodian appointed pursuant to Section 9. 
 (f) The terms
“deliver”, “execute”, “issue”, “register”, “surrender”, “transfer” or “cancel”, when used with respect to Direct Registration
ADRs, shall refer to an entry or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance,
registration, surrender, transfer or cancellation of certificates representing the ADRs. 
 (g) “Delivery Order” is defined
in Section 3(a)(i). 
 (h) “Deposited Securities” as of any time means all Shares at such time deposited under this
Deposit Agreement and any and all other Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and other Shares, securities, property and cash. Deposited Securities
are not intended to, and shall not, constitute proprietary assets of the Depositary, the Custodian or their nominees. Beneficial ownership in Deposited Securities is intended to be, and shall at all times during the term of the Deposit Agreement
continue to be, vested in the Beneficial Owners of the ADSs representing such Deposited Securities. 
 (i) “Direct Registration
System” means the system for the uncertificated registration of ownership of securities established by The Depository Trust Company (“DTC”) and utilized by the Depositary pursuant to which the Depositary may record the
ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to
the Profile Modification System maintained by DTC which provides for automated transfer of ownership between DTC and the Depositary. 
 (j)
“Holder” means the person or persons in whose name an ADR is registered on the ADR Register. For all purposes under the Deposit Agreement and the ADRs, a Holder shall be deemed to have all requisite authority to act on behalf of any
and all Beneficial Owners of the ADSs evidenced by the ADR(s) registered in such Holder’s name. 
 (k) “Securities Act of
1933” means the United States Securities Act of 1933, as from time to time amended. 

  
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 (l) “Securities Exchange Act of 1934” means the United States Securities
Exchange Act of 1934, as from time to time amended. 
 (m) “Shares” mean the Class A ordinary shares of the Company,
and shall include the rights to receive Shares specified in paragraph (1) of the form of ADR (Issuance of ADSs). 
 (n)
“Transfer Office” is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs). 

(o) “Withdrawal Order” is defined in Section 6. 

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

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

(c) Binding Effect. Holders of ADRs, and the Beneficial Owners of the ADSs evidenced by such ADRs, shall each be bound by the terms and
conditions of this Deposit Agreement and of the form of ADR, regardless of whether such ADRs are Direct Registration ADRs or certificated ADRs. 

3. Deposit of Shares. 

  
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 (a) Requirements. In connection with the deposit of Shares hereunder, the Depositary
or the Custodian may require the following in a form satisfactory to it: 
 (i) a written order from the Company directing
the Depositary to issue to, or upon the written order of, the person or persons designated in such order a Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares (a “Delivery Order”); 

(ii) proper endorsements or duly executed instruments of transfer in respect of such deposited Shares; 

(iii) instruments assigning to the Depositary, the Custodian or a nominee of either any distribution on or in respect of such
deposited Shares or indemnity therefor; and 
 (iv) proxies entitling the Custodian to vote such deposited Shares. 

(b) Registration of Deposited Securities. As soon as practicable after the Custodian receives Deposited Securities pursuant to any such
deposit or pursuant to paragraph (10) (Distributions on Deposited Securities) or (13) (Changes Affecting Deposited Securities) of the form of ADR, the Custodian shall present such Deposited Securities for registration of
transfer into the name of the Depositary or the Custodian or a nominee of either, in each case for the benefit of Holders, to the extent such registration is practicable, at the cost and expense of the person making such deposit (or for whose
benefit such deposit is made) and shall obtain evidence satisfactory to it of such registration. Deposited Securities shall be held by the Custodian for the account and to the order of the Depositary for the benefit of Holders of ADRs (to the extent
not prohibited by law) at such place or places and in such manner as the Depositary shall determine. Notwithstanding anything else contained herein, in the form of ADR and/or in any outstanding ADSs, the Depositary, the Custodian and their
respective nominees are intended to be, and shall at all times during the term of the Deposit Agreement be, the record holder(s) only of the Deposited Securities represented by the ADSs for the benefit of the Holders. The Depositary, on its own
behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial ownership interest in the Deposited Securities held on behalf of the Holders. 

(c) Delivery of Deposited Securities. Deposited Securities may be delivered by the Custodian to any person only under the circumstances
expressly contemplated in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the
Custodian may reasonably accept, including, without limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or an accredited intermediary, such as a bank, acting as a registrar for the
Shares, together with delivery of the documents, payments and Delivery Order referred to herein to the Custodian or the Depositary. 

  
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 4. Issue of ADRs. After any such deposit of Shares, the Custodian shall notify the
Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by SWIFT, cable, telex or facsimile
transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs registered as
requested and evidencing the aggregate ADSs to which such person is entitled. 
 5. Distributions on Deposited Securities. To the
extent that the Depositary determines in its discretion that any distribution pursuant to paragraph (10) of the form of ADR (Distributions on Deposited Securities) is not practicable with respect to any Holder, the Depositary may make
such distribution as it so deems practicable, including the distribution of foreign currency, securities or property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or the retention thereof as
Deposited Securities with respect to such Holder’s ADRs (without liability for interest thereon or the investment thereof). 
 6.
Withdrawal of Deposited Securities. In connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, the Depositary may require proper endorsement in blank of such ADR (or duly
executed instruments of transfer thereof in blank) and the Holder’s written order directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written
order of, any person designated in such order (a “Withdrawal Order”). Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail postage prepaid, or, at the request,
risk and expense of the Holder, by SWIFT or email transmission. Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law shall be properly endorsed or accompanied by properly executed instruments of
transfer or, if such certificates may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem practicable, including, without limitation, by
transfer of record ownership thereof to an account designated in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar for the Deposited Securities. To the extent any instructions,
input, consent, notice and/or other actions on the part of the Company are required in order for the Company or its share registrar and/or transfer agent to process Share delivery instructions, the Company shall not unreasonably withhold the
provision of such instructions, input, consent or notice or the taking of any such other action. If the Company’s share registrar and/or transfer agent refuses to process any Share delivery instructions, the Company will provide reasonable
cooperation to the Depositary in its efforts to cause such instructions to be processed. The obligations of the Company set forth in this Section 6 shall survive the termination of this Deposit Agreement until all ADSs issued by the Depositary
have been cancelled. 

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

8. Cancellation and Destruction of ADRs; Maintenance of Records. All ADRs surrendered to the Depositary shall be cancelled by the
Depositary. The Depositary is authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices. The Depositary, however, shall maintain or cause its agents to maintain records of all ADRs surrendered and
Deposited Securities withdrawn under Section 6 hereof and paragraph (2) of the form of ADR, substitute ADRs delivered under Section 7 hereof, and canceled or destroyed ADRs under this Section 8, in keeping with the procedures
ordinarily followed by stock transfer agents located in the United States or as required by the laws or regulations governing the Depositary. 

9. The Custodian. 
 (a)
Rights of the Depositary. Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The Depositary may add, replace or remove a Custodian. The Depositary will give prompt
notice of any such action, which will be advance notice if practicable. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged. 

(b) Rights of the Custodian. Any Custodian may resign from its duties hereunder by providing at least 30 days’ prior written notice
to the Depositary. Any Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities held by it to a Custodian continuing to act. Notwithstanding anything to the contrary contained in
this Deposit Agreement (including the ADRs) and, subject to the further limitations set forth in subparagraph (q) of paragraph (14) of the form of ADR (Exoneration), the Depositary shall not be responsible for, and shall incur no
liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed fraud, willful
misconduct or gross negligence in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in
the jurisdiction in which the Custodian is located. 

  
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 10. Lists of Holders. The Company shall have the right to inspect transfer records of
the Depositary and its agents and the ADR Register, take copies thereof and require the Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary or its agent shall furnish to the Company
promptly upon the written request of the Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven days of the Depositary’s receipt of such request. 

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

 12. Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

(a) Resignation of the Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of its election to do
so delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

(b) Removal of the Depositary. The Depositary may at any time be removed by the Company by providing no less than 60 days’ prior
written notice of such removal to the Depositary, such removal to take effect on the later of (i) the 60th day after such notice of removal is first provided and (ii) the appointment of
a successor depositary and its acceptance of such appointment as hereinafter provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed within the applicable 60-day period as specified in paragraph (17) of the form of ADR (Termination), then the Depositary may elect to terminate this Deposit Agreement and the ADR and the provisions of said paragraph (17)
shall thereafter govern the Depositary’s obligations hereunder. 

  
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 (c) Appointment of Successor Depositary. In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary
shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor. The predecessor depositary, only upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder (other than its rights to indemnification and fees owing, each of which shall survive any such removal and/or resignation), (ii) duly assign, transfer and deliver all right, title and interest to the
Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADRs. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company
into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all its American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any
document or any further act. 
 13. Reports. On or before the first date on which the Company makes any communication available to
holders of Deposited Securities or any securities regulatory authority or stock exchange, by publication or otherwise, the Company shall transmit to the Depositary a copy thereof in English or with an English translation or summary. The Company has
delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company and, promptly upon any change thereto,
the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon the Company’s delivery of all
such communications, information and provisions for all purposes of this Deposit Agreement and the Depositary shall have no liability for the accuracy or completeness of any thereof. 

14. Additional Shares. The Company agrees with the Depositary that neither the Company nor any company controlling, controlled by or
under common control with the Company shall (a) issue (i) additional Shares, (ii) rights to subscribe for Shares, (iii) securities convertible into or exchangeable for Shares or (iv) rights to subscribe for any such securities or
(b) deposit any Shares under this Deposit Agreement, except, in each case, under circumstances complying in all respects with the Securities Act of 1933. At the reasonable request of the Depositary where it deems necessary, the Company will
furnish the Depositary with legal opinions, in forms and from counsels reasonably acceptable to the Depositary, dealing with such issues requested by the Depositary. The Depositary will not knowingly accept for deposit hereunder any Shares required
to be registered under the Securities Act of 1933 unless a registration statement is in effect and will use reasonable efforts to comply with written instructions of the Company not to accept for deposit hereunder any Shares identified in such
instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the laws, rules and regulations of the United States, including, but not limited
to, the Securities Act of 1933 and the rules and regulations promulgated thereunder. 

  
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 15. Indemnification. 

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

(b) Indemnification by the Depositary. Subject to the limitations provided for in Section 15(c) below, the Depositary shall
indemnify, defend and save harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses of counsel) incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or
expense is due to the negligence or willful misconduct of the Depositary. 

  
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 (c) Damages or Lost Profits. Notwithstanding any other provision of this Deposit
Agreement or the ADRs to the contrary, neither the Depositary, the Company, nor any of their respective agents shall be liable to the other for any indirect, special, punitive or consequential damages (excluding reasonable fees and expenses of
counsel) or lost profits, in each case of any form (collectively, “Special Damages”) incurred by any of them, or liable to any other person or entity (including, without limitation, Holders and Beneficial Owners) for any Special Damages,
or any legal fees and expenses in connection therewith, whether or not foreseeable and regardless of the type of action in which such a claim may be brought provided, however, that (i) notwithstanding the foregoing and, for the avoidance of
doubt, the Depositary and its agents shall be entitled to legal fees and expenses in defending against any claim for Special Damages and (ii) to the extent Special Damages arise from or out of a claim brought by a third party (including,
without limitation, Holders and Beneficial Owners) against the Depositary, in its capacity as the Depositary, or any of its agents, the Depositary, in its capacity as the Depositary, and its agents shall be entitled to full indemnification from the
Company for all such Special Damages, and reasonable fees and expenses of counsel in connection therewith, unless such Special Damages are found to have been a direct result of the gross negligence or willful misconduct of the Depositary. 

(d) Survival. The obligations set forth in this Section 15 shall survive the termination of this Deposit Agreement and the
succession or substitution of any indemnified person. 
 16. Notices. 

(a) Notice to Holders. Notice to any Holder shall be deemed given when first mailed, first class postage prepaid, to the address of such
Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of notification to other Holders or to the Beneficial Owners of the ADSs evidenced by
the ADRs held by such other Holders. The Depositary’s only notification obligations under this Deposit Agreement and the ADRs shall be to Holders. Notice to a Holder shall be deemed, for all purposes of the Deposit Agreement and the ADRs, to
constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder’s ADRs. 
 (b) Notice to the Depositary or
the Company. Notice to the Depositary or the Company shall be deemed given when first received by it at the address or facsimile transmission number or email address set forth in (i) or (ii), respectively, or at such other address or
facsimile transmission number or email as either may specify to the other by written notice: 
  

	 	(i)	 JPMorgan Chase Bank, N.A. 

  
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 383 Madison Avenue, Floor 11 

New York, New York, 10179 

Attention: Depositary Receipts Group 

Fax: (302) 220-4591 

 

	 	(ii)	 TDCX Inc. 

750D Chai Chee Road, #06-01/06 

ESR BizPark @ Chai Chee Singapore 469004 Attention: Mr. Edward Goh 

Email: Edward.Goh@tdcx.com, with copy to legal@tdcx.com 

17. Counterparts. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and
all of which shall constitute one instrument. Delivery of an executed signature page of this Deposit Agreement by facsimile or other electronic transmission (including “.pdf”, “.tif” or similar format) shall be effective as
delivery of a manually executed counterpart hereof. 
 18. No Third-Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding
Effect. This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Holders, and each and any of their respective successors hereunder, and, except to the extent specifically set forth in Section 15 of this
Deposit Agreement, shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders and Beneficial Owners from time to time shall be parties to this Deposit Agreement and shall be bound by all of the
provisions hereof. A Beneficial Owner shall only be able to exercise any right or receive any benefit hereunder solely through the Holder of the ADR(s) evidencing the ADSs owned by such Beneficial Owner. 

19. Severability. If any provision contained in this Deposit Agreement or in the ADRs is, or becomes, invalid, illegal or unenforceable
in any respect, the remaining provisions contained herein and therein shall in no way be affected thereby. 
 20. Governing Law; Consent
to Jurisdiction. 
 (a) Governing Law. The Deposit Agreement, the ADSs and the ADRs shall be governed by and construed in
accordance with the internal laws of the State of New York without giving effect to the application of the conflict of law principles thereof. 

  
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 (b) By the Company and the Depositary. The Company and the Depositary agree that the
United States District Court for the Southern District of New York (or, if the Southern District of New York lacks subject matter jurisdiction over a particular dispute, the state courts of New York County, New York) shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that does not involve any other person or party such as, without limitation, any Holder or
Beneficial Owner, that may arise out of or relate in any way to this Deposit Agreement, including, without limitation, claims under the Securities Act of 1933, and, for such purposes, each irrevocably submits to the jurisdiction of such courts.
Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, subject to the federal securities law carve-out set forth in Section 20(d) below, the Depositary may refer any such
suit, action or proceeding to arbitration in accordance with the provisions of the Deposit Agreement and, upon such referral, any such suit, action or proceeding instituted by the Company shall be finally decided in such arbitration rather than in
such court. 
 (c) By Holders and Beneficial Owners. Holders and Beneficial Owners understand, and by holding an ADS or an interest
therein such Holders and Beneficial Owners each irrevocably agrees, that any legal suit, action or proceeding against or involving the Company or the Depositary, regardless of whether such legal suit, action or proceeding also involves parties other
than the Company or the Depositary, arising out of or related in any way to the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated hereby or thereby or by virtue of ownership thereof, including without limitation claims under the
Securities Act of 1933, may only be instituted in the United States District Court for the Southern District of New York (or, in the state courts of New York County, New York if either (i) the United States District Court for the Southern
District of New York lacks jurisdiction, or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum is, or becomes, invalid, illegal or unenforceable), and by holding or owning an
ADR or ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action
or proceeding. Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, subject to the federal securities law carve-out set forth in Section 20(d) below, the Depositary may
refer any such suit, action or proceeding to arbitration in accordance with the provisions of the Deposit Agreement and, upon such referral, any such suit, action or proceeding instituted by Holders and/or Beneficial Owners shall be finally decided
in such arbitration or proceeding instituted by Holders and/or Beneficial Owners shall be finally decided in such arbitration rather than in such court. 

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

  
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 (e) Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, any
suit, action or proceeding against the Company arising out of, based upon or relating in any way to this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted by the Depositary
in any competent court in the Cayman Islands, Hong Kong, the United States and/or any other court of competent jurisdiction, or, subject to the federal securities law carve-out set forth in Section 20(d)
above, by the Depositary through the commencement of an arbitration pursuant to Section 20(d) of this Deposit Agreement. 

  
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 21. Agent for Service. 

(a) Appointment. The Company has appointed Cogency Global Inc., New York, New York, as its authorized agent (the “Authorized
Agent”) upon which process may be served in any such suit, action or proceeding arising out of or based on this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein or hereby which may be instituted in any
state or federal court in New York, New York by the Depositary or any Holder, and waives any other requirements of or objections to personal jurisdiction with respect thereto. Subject to the Company’s rights to replace the Authorized Agent with
another entity in the manner required were the Authorized Agent to have resigned, such appointment shall be irrevocable. 
 (b) Agent for
Service of Process. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents and
instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any
suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of such Authorized Agent shall for any reason prove to be ineffective or such Authorized Agent shall fail
to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 16(b) hereof. The Company agrees that the failure of the Authorized Agent to give
any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any suit, action or proceeding based thereon. If, for any reason, the Authorized Agent named above or its successor shall
no longer serve as agent of the Company to receive service of process, summons, notices and documents in New York, the Company shall promptly appoint a successor that is a legal entity with offices in New York, New York, so as to serve and will
promptly advise the Depositary thereof. 
 (c) Waiver of Personal Service of Process. In the event the Company fails to continue such
designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the
Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

22. Waiver of Immunities. To the extent that the Company or any of its properties, assets or revenues may have or may hereafter be
entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the
jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for
the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or other matters under or arising out of or in connection with the Shares or Deposited Securities,
the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement. 

  
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 23. Waiver of Jury Trial. EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR
AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR
PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE
BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY). No provision of this Deposit Agreement or any ADR is intended to constitute a waiver or limitation of any rights which Holders or Beneficial Owners may have
under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable. 

  
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 IN WITNESS WHEREOF, TDCX Inc. and JPMORGAN CHASE BANK, N.A. have duly executed this Deposit
Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of any beneficial interest
therein. 
  

			
	TDCX Inc.
		
	By:	 	 /s/ Laurent Junique

	Name: Laurent Junique
	Title : Chief Executive Officer
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Gregory A. Levendis

	Name: Gregory A. Levendis
	Title:   Executive Director

 [Signature Page to the Depositary Agreement] 

  
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 EXHIBIT A 

ANNEXED TO AND INCORPORATED IN 

DEPOSIT AGREEMENT 
 [FORM OF
FACE OF ADR] 
  

			
	Number	  	No. of ADSs:
		
		  	Each ADS represents
		  	[EXCHANGE] Share
		
		  	CUSIP:

 AMERICAN DEPOSITARY RECEIPT 

evidencing 
 AMERICAN DEPOSITARY
SHARES 
 representing 
 CLASS A
ORDINARY SHARES 
 of 
 TDCX
INC. 
 (Incorporated under the laws of Cayman Islands) 

JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder
(the “Depositary”), hereby certifies that         is the registered owner (a “Holder”) of American Depositary Shares (“ADSs”), each (subject to
paragraph (13) (Changes Affecting Deposited Securities)) representing [1] Class A ordinary share (including the rights to receive Shares described in paragraph (1) (Issuance of ADSs), “Shares” and, together
with any other securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the “Deposited Securities”), of TDCX Inc., an exempted company incorporated with limited liability under
the laws of Cayman Islands (the “Company”), deposited under the Deposit Agreement dated as of _________, 2021 (as amended from time to time, the “Deposit Agreement”) among the Company, the Depositary and all Holders
and Beneficial Owners from time to time of American Depositary Receipts issued thereunder (“ADRs”), each of whom by accepting an ADR becomes a party thereto. The Deposit Agreement and this ADR (which includes the provisions set
forth on the reverse hereof) shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to the application of the conflict of law principles thereof. All capitalized terms used herein, and
not defined herein, shall have the meanings ascribed to such terms in the Deposit Agreement. 

  
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 (1) Issuance of ADSs. 

(a) Issuance. This ADR is one of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary may
so issue ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (i) Shares in a form satisfactory to the Custodian; or (ii) rights to receive Shares from the Company or any registrar, transfer agent,
clearing agent or other entity recording Share ownership or transactions. 
 (b) Lending. In its capacity as Depositary, the
Depositary shall not lend Shares or ADSs. 
 (c) Representations and Warranties of Depositors. Every person depositing Shares under
the Deposit Agreement represents and warrants that: 
  

	 	(i)	 such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid,
nonassessable and legally obtained by such person, 

  

	 	(ii)	 all pre-emptive and comparable rights, if any, with respect to such
Shares have been validly waived or exercised, 

  

	 	(iii)	 the person making such deposit is duly authorized so to do, 

 

	 	(iv)	 the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge,
mortgage or adverse claim and 

  

	 	(v)	 such Shares (A) are not “restricted securities” as such term is defined in Rule 144 under the
Securities Act of 1933 (“Restricted Securities”) unless at the time of deposit the requirements of paragraphs (c), (e), (f) and (h) of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise
be offered and sold freely in the United States or (B) have been registered under the Securities Act of 1933. To the extent the person depositing Shares is an “affiliate” of the Company as such term is defined in Rule 144, the person
also represents and warrants that upon the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares to be freely sold (in the form of ADSs) will be fully complied with and, as a result thereof, all of the ADSs issued in respect of
such Shares will not be on the sale thereof, Restricted Securities. 

  
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 Such representations and warranties shall survive the deposit and withdrawal of Shares and
the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. 
 (d) The Depositary may refuse to accept for such
deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the Securities Act of 1933 or the Rules made thereunder. 

(2) Withdrawal of Deposited Securities. Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5)
(Liability for Taxes, Duties and Other Charges), upon surrender of (a) a certificated ADR in a form satisfactory to the Depositary at the Transfer Office or (b) proper instructions and documentation in the case of a Direct
Registration ADR, the Holder hereof is entitled to delivery at, or to the extent in dematerialized form from, the Custodian’s office of the Deposited Securities at the time represented by the ADSs evidenced by this ADR. In the Deposit Agreement
the Company has agreed that, to the extent any instructions, input, consent, notice and/or other actions on the part of the Company are required in order for the Company or its share registrar and/or transfer agent to process Share delivery
instructions, the Company shall not unreasonably withhold the provision of such instructions, input, consent or notice or the taking of any such other action. If the Company’s share registrar and/or transfer agent refuses to process any Share
delivery instructions, the Company will provide all reasonable cooperation to the Depositary in its efforts to cause such instructions to be processed. At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited
Securities at such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General
Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933. 

(3) Transfers, Split-Ups and Combinations of ADRs. The Depositary or its agent will keep, at a
designated transfer office (the “Transfer Office”), (i) a register (the “ADR Register”) for the registration, registration of transfer, combination and split-up of ADRs, and,
in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business
of the Company or a matter relating to the Deposit Agreement and (ii) facilities for the delivery and receipt of ADRs. The term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented
by the ADSs evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable
instruments under the laws of the State of New York; provided that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all
purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement or any ADR to any Beneficial Owner, unless such Beneficial Owner is the Holder hereof. Subject to paragraphs
(4) and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or
combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer and
duly stamped as may be required by applicable law; provided that the Depositary may close the ADR Register at any time or from time to time when deemed expedient by it. At the request of a Holder, the Depositary shall, for the purpose of
substituting a certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number
of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted. 

  
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 (4) Certain Limitations to Registration, Transfer etc. Prior to the issue,
registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution in respect thereof, or, subject to the last sentence of paragraph 

(2) (Withdrawal of Deposited Securities), the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this
paragraph (4), the Company, the Depositary or the Custodian may require: 
 (a) payment with respect thereto of (i) any stock transfer
or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii) any applicable charges as
provided in paragraph (7) (Charges of Depositary) of this ADR; 
 (b) the production of proof satisfactory to it of (i) the
identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance
with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and 

  
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 (c) compliance with such regulations as the Depositary may establish consistent with the
Deposit Agreement. 
 The issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities), the withdrawal of Deposited Securities may be suspended, generally or in particular
instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is deemed advisable by the Depositary. 

(5) Liability for Taxes, Duties and Other Charges. If any tax or other governmental charges (including any penalties and/or interest)
shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by
the Holder hereof to the Depositary and by holding or having held this ADR or any ADSs evidenced hereby, the Holder and all Beneficial Owners hereof and thereof, and all prior Holders and Beneficial Owners hereof and thereof, jointly and severally,
agree to indemnify, defend and save harmless each of the Depositary, the Company and their respective agents in respect of such tax or other governmental charge. Neither the Company nor the Depositary shall be liable to Holders or Beneficial Owners
of the ADSs and ADRs for failure of any of them to comply with applicable tax laws, rules and/or regulations. Each Holder of this ADR and Beneficial Owner of the ADSs evidenced hereby, and each prior Holder and Beneficial Owner hereof and thereof
(collectively, the “Tax Indemnitors”), by holding or having held an ADR or an interest in ADSs, acknowledges and agrees that the Depositary shall have the right to seek payment of amounts owing with respect to this ADR under this
paragraph (5) from any one or more Tax Indemnitor(s) as determined by the Depositary in its sole discretion, without any obligation to seek payment from any other Tax Indemnitor(s).The Depositary may refuse to effect any registration,
registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities), any withdrawal of such Deposited Securities until such
payment is made. The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities (after
attempting by reasonable means to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency,
and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any) required to be
withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by
the Depositary or the Custodian. If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold,
the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds
of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian and any of their respective officers,
directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of
withholding at source or other tax benefit obtained which obligations shall survive any transfer or surrender of ADSs or the termination of the Deposit Agreement. 

  
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 (6) Disclosure of Interests. 

(a) General. To the extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on
beneficial or other ownership of, or interests in, Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and Beneficial Owners agree to
comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company instructions in respect thereof. The Company reserves the right to instruct Holders (and through any such Holder, the Beneficial Owners
of ADSs evidenced by the ADRs registered in such Holder’s name) to deliver their ADSs for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder and/or Beneficial Owner thereof as a
holder of Shares and Holders and Beneficial Owners agree to comply with such instructions. The Depositary agrees to cooperate with the Company in its efforts to inform Holders of the Company’s exercise of its rights under this paragraph and
agrees to consult with, and provide reasonable assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any Holder, provided, however,
for the avoidance of doubt, the Depositary shall be indemnified by the Company in connection with the foregoing. 
 (b) Jurisdiction
Specific. 
 Any summary of the laws and regulations of the Cayman Islands and of the terms of the Company’s constituent documents
has been provided solely for the convenience of Holders, Beneficial Owners and the Depositary. Such summaries are summaries and as such may not include all aspects of the materials summarized applicable to a Holder or Beneficial Owner, and these
laws and regulations and the Company’s constituent documents may change after the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation to update any such summaries. 

  
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 (7) Charges of Depositary. 

(a) Rights of the Depositary. The Depositary may charge, and collect from, (i) each person to whom ADSs are issued, including,
without limitation, issuances against deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph (10) (Distributions on Deposited Securities)), issuances
pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or the Deposited Securities, and (ii) each person surrendering
ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or surrendered, or upon which a Share Distribution or
elective distribution is made or offered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to
pay such charge. 
 (b) Additional charges by the Depositary. The following additional charges shall also be incurred by the Holders,
the Beneficial Owners, by any party depositing or withdrawing Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuances pursuant to a stock dividend or stock split declared by the Company or an
exchange of stock regarding the ADSs or the Deposited Securities or a distribution of ADSs pursuant to paragraph (10) (Distributions on Deposited Securities), whichever is applicable: 

 

	 	(i)	 a fee of U.S.$0.05 or less per ADS held for any Cash distribution made, or for any elective cash/stock dividend
offered, pursuant to the Deposit Agreement, 

  

	 	(ii)	 a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being in an
amount equal to the fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities (for purposes of this paragraph (7) treating all such securities as if they were
Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to Holders entitled thereto, 

  
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	 	(iii)	 an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by
the Depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against Holders as of the record date or record dates set by the Depositary during each calendar year and shall be
payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions), and 

 

	 	(iv)	 a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of
its agents (including, without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with
the servicing of the Shares or other Deposited Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary’s or its
Custodian’s compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary and shall be payable at the sole discretion
of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions). 

(c) Other Obligations and Charges. The Company will pay all other charges and expenses of the Depositary and any agent of the Depositary
(except the Custodian) pursuant to agreements from time to time between the Company and the Depositary, except: 
  

	 	(i)	 stock transfer or other taxes and other governmental charges (which are payable by Holders or persons
depositing Shares); 

  

	 	(ii)	 SWIFT, cable, telex and facsimile transmission and delivery charges incurred at the request of persons
depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders); and 

  

	 	(iii)	 transfer or registration fees for the registration or transfer of Deposited Securities on any applicable
register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities and there are no such fees in respect of the Shares as of the date of the
Deposit Agreement. 

  
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 (d) Foreign Exchange Related Matters. To facilitate the administration of various
depositary receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions, the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the “Bank”)
and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars (“FX Transactions”). For certain currencies, FX Transactions are entered into with the Bank or an
affiliate, as the case may be, acting in a principal capacity. For other currencies, FX Transactions are routed directly to and managed by an unaffiliated local custodian (or other third party local liquidity provider), and neither the Bank nor any
of its affiliates is a party to such FX Transactions. 
 The foreign exchange rate applied to an FX Transaction will be either
(a) a published benchmark rate, or (b) a rate determined by a third party local liquidity provider, in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate and spread, if any, apply to
such currency on the “Disclosure” page (or successor page) of www.adr.com (as updated by the Depositary from time to time, “ADR.com”). Such applicable foreign exchange rate and spread may (and neither the
Depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange rates
and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions in the relevant currency pair on the date of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according to local
market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a
manner they deem appropriate without regard to the impact of such activities on the Company, the Depositary, Holders or Beneficial Owners. The spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its
affiliates as a result of risk management or other hedging related activity. 
 Notwithstanding the foregoing, to the extent the Company
provides U.S. dollars to the Depositary, neither the Bank nor any of its affiliates will execute an FX Transaction as set forth herein. In such case, the Depositary will distribute the U.S. dollars received from the Company. 

Further details relating to the applicable foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided
by the Depositary on ADR.com. The Company, Holders and Beneficial Owners each acknowledge and agree that the terms applicable to FX Transactions disclosed from time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit
Agreement. 

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

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

(8) Available Information. The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications
from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the
Depositary and the Custodian, at the Transfer Office, on the U.S. Securities and Exchange Commission’s website, or upon request from the Depositary (which request may be refused by the Depositary at its discretion). The Depositary will
distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company. The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly
files certain reports with the United States Securities and Exchange Commission (the “Commission”). Such reports and other information may be inspected and copied through the Commission’s EDGAR system or at public reference
facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549.. 
 (9) Execution. This
ADR shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. 

  
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 Dated: 
  

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

 The Depositary’s office is located at 383 Madison Avenue, Floor 11, New York, New York 10179. 

  
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 [FORM OF REVERSE OF ADR] 

(10) Distributions on Deposited Securities. Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and
(5) (Liability for Taxes, Duties and other Charges), to the extent practicable, the Depositary will distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder’s address shown on the
ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder’s ADRs: 

(a) Cash. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of
sales of any other distribution or portion thereof authorized in this paragraph (10) (“Cash”), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution
being impermissible or impracticable with respect to certain Holders, and (iii) deduction of the Depositary’s and/or its agents’ fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in such other
manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine
to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within
a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. 
 (b) Shares.
(i) Additional ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited Securities consisting of Shares (a “Share Distribution”) and
(ii) U.S. dollars available to it resulting from the net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued therefor, as in the case of Cash. 

(c) Rights. (i) Warrants or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs in
respect of any rights to subscribe for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities (“Rights”), to the extent that the Company timely furnishes to the
Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish such evidence and sales
of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales cannot practicably be
accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse). 

  
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 (d) Other Distributions. (i) Securities or property available to the Depositary
resulting from any distribution on Deposited Securities other than Cash, Share Distributions and Rights (“Other Distributions”), by any means that the Depositary may deem equitable and practicable, or (ii) to the extent the
Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash. 

The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any
public and/or private sale of securities hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated above and/or under paragraph
(7) (Charges of Depositary). Any U.S. dollars available will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the
Depositary in accordance with its then current practices. All purchases and sales of securities will be handled by the Depositary in accordance with its then current policies, which are currently set forth on the “Disclosures” page (or
successor page) of ADR.com, the location and contents of which the Depositary shall be solely responsible for.. 
 (11) Record Dates.
The Depositary may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who
shall be responsible for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph (7) hereof as well as for the determination of the Holders who shall be entitled to receive any
distribution on or in respect of Deposited Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so entitled or obligated. 

(12) Voting of Deposited Securities. 

(a) Notice of any Meeting or Solicitation. As soon as practicable after receipt of notice of any meeting at which the holders of Shares
are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS record date in accordance with paragraph (11) above provided that if the Depositary receives a
written request from the Company in a timely manner and at least 30 days prior to the date of such vote or meeting, the Depositary shall, at the Company’s expense, distribute to Holders a notice (the “Voting Notice”) stating
(i) final information particular to such vote and meeting and any solicitation materials, (ii) that each Holder on the record date set by the Depositary will, subject to any applicable provisions of Cayman Islands law, be entitled to
instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs and (iii) the manner in which such instructions may be given or deemed
given in accordance with paragraph 12(b)(ii) below, including instructions to give a discretionary proxy to a person designated by the Company. Each Holder shall be solely responsible for the forwarding of Voting Notices to the Beneficial Owners of
ADSs registered in such Holder’s name. There is no guarantee that Holders and Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable such Holder or
Beneficial Owner to return any voting instructions to the Depositary in a timely manner. 

  
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 (b) Voting of Deposited Securities. 

(i) Following actual receipt by the ADR department responsible for proxies and voting of Holders’ instructions (including, without
limitation, instructions of any entity or entities acting on behalf of the nominee for DTC), the Depositary shall, in the manner and on or before the time established by the Depositary for such purpose, endeavor to vote or cause to be voted the
Deposited Securities represented by the ADSs evidenced by such Holders’ ADRs in accordance with such instructions insofar as practicable and permitted under the provisions of or governing Deposited Securities. The Depositary will not itself
exercise any voting discretion in respect of any Deposited Securities. 
 (ii) To the extent that (A) the Depositary has been provided
with at least 30 days’ notice of the proposed meeting from the Company, (B) the Voting Notice will be received by all Holders and Beneficial Owners no less than 10 days prior to the date of the meeting and/or the cut-off date for the solicitation of consents, and (C) the Depositary does not receive instructions on a particular agenda item from a Holder (including, without limitation, any entity or entities acting on
behalf of the nominee for DTC) in a timely manner, such Holder shall be deemed, and the Depositary is instructed to deem such Holder, to have instructed the Depositary to give a discretionary proxy for such agenda item(s) to a person designated by
the Company to vote the Deposited Securities represented by the ADSs for which actual instructions were not so given by all such Holders on such agenda item(s), provided that no such instruction shall be deemed given and no discretionary
proxy shall be given unless (1) the Company informs the Depositary in writing (and the Company agrees to provide the Depositary with such instruction promptly in writing) that (a) it wishes such proxy to be given with respect to
such agenda item(s), (b) there is no substantial opposition existing with respect to such agenda item(s) and (c) such agenda item(s), if approved, would not materially or adversely affect the rights of holders of Shares, and (2) the
Depositary has obtained an opinion of counsel, in form and substance satisfactory to the Depositary, confirming that (i) the granting of such discretionary proxy does not subject the Depositary to any reporting obligations in the Cayman
Islands, (ii) the granting of such proxy will not result in a violation of the laws, rules, regulations or permits of the Cayman Islands, (iii) the voting arrangement and deemed instruction as contemplated herein will be given effect under
the laws, rules and regulations of the Cayman Islands, and (iv) the granting of such discretionary proxy will not under any circumstances result in the Shares represented by the ADSs being treated as assets of the Depositary under the laws,
rules or regulations of the Cayman Islands. 

  
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 (iii) The Depositary may from time to time access information available to it to consider
whether any of the circumstances described in (1)(b) or (1)(c) of subsection (ii) above exist, or request additional information from the Company in respect thereto. By taking any such action, the Depositary shall not in any way be deemed or
inferred to have been required, or have had any duty or responsibility (contractual or otherwise), to monitor or inquire whether any of the circumstances described in (1)(b) or (1)(c) of subsection (ii) above existed. In addition to the
limitations provided for in paragraph (14) hereof, Holders and Beneficial Owners are advised and agree that (a) the Depositary will rely fully and exclusively on the Company to inform the Depositary of any of the circumstances set forth in
(1) of subsection (ii) above, and (b) neither the Depositary, the Custodian nor any of their respective agents shall be obliged to inquire or investigate whether any of the circumstances described in (1)(b) or (1)(c) of subsection
(ii) above exist and/or whether the Company complied with its obligation to timely inform the Depositary of such circumstances. Neither the Depositary, the Custodian nor any of their respective agents shall incur any liability to Holders or
Beneficial Owners (i) as a result of the Company’s failure to determine that any of the circumstances described in (1)(b) or (1)(c) of subsection (ii) above exist or its failure to timely notify the Depositary of any such
circumstances or (ii) if any agenda item which is approved at a meeting has, or is claimed to have, a material or adverse effect on the rights of holders of Shares. Because there is no guarantee that Holders and Beneficial Owners will receive
the notices described above with sufficient time to enable such Holders or Beneficial Owners to return any voting instructions to the Depositary in a timely manner, Holders and Beneficial Owners may be deemed to have instructed the Depositary to
give a discretionary proxy to a person designated by the Company in such circumstances, and neither the Depositary, the Custodian nor any of their respective agents shall incur any liability to Holders or Beneficial Owners in such circumstances.

 (c) Alternative Methods of Distributing Materials. Notwithstanding anything contained in the Deposit Agreement or any ADR, the
Depositary may, to the extent not prohibited by any law, rule or regulation or by the rules, regulations or requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in
connection with any meeting of or solicitation of consents or proxies from holders of Deposited Securities, distribute to the Holders a notice that provides Holders with or otherwise publicizes to Holders instructions on how to retrieve such
materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders are strongly encouraged to forward their voting
instructions as soon as possible. Voting instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such instructions, notwithstanding that such instructions may have been
physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time. 

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

(a) Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties and Other
Charges), the Depositary may, in its discretion, and shall if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on
the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or Other
Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and,
irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any property received in connection with) any recapitalization,
reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company. 

  
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 (b) To the extent the Depositary does not so amend this ADR or make a distribution to Holders
to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent its pro rata
interest in the Deposited Securities as then constituted. 
 (c) Promptly upon the occurrence of any of the aforementioned changes affecting
Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company’s expense,
to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable. 

(14) Exoneration. 
 (a) The
Depositary, the Company, and each of their respective directors, officers, employees, agents and affiliates and each of them shall: (i) incur no liability to Holders or Beneficial Owners (A) if any present or future law, rule, regulation,
fiat, order or decree of the United States, Hong Kong, the Cayman Islands, or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange or market or automated quotation system, the provisions of or
governing any Deposited Securities, any present or future provision of the Company’s charter, any act of God, war, terrorism, nationalization, epidemic, pandemic, expropriation, currency restrictions, work stoppage, strike, civil unrest,
revolutions, rebellions, explosions, computer failure or circumstance beyond its direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the
Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without limitation, voting pursuant to paragraph (12) hereof), or (B) by reason of any non-performance or
delay, caused as aforesaid, in the performance of any act or things which by the terms of the Deposit Agreement it is provided shall or may be done or performed or any exercise or failure to exercise any discretion given it in the Deposit Agreement
or this ADR (including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable); (ii) assume no liability to Holders or Beneficial Owners except to perform its obligations to the extent
they are specifically set forth in this ADR and the Deposit Agreement without gross negligence or willful misconduct and the Depositary shall not be a fiduciary or have any fiduciary duty to Holders or Beneficial Owners; (iii) in the case of
the Depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities, ADSs or this ADR; (iv) in the case of the Company and its agents hereunder be
under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities, the ADSs or this ADR, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it
against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required; and (v) not be liable to Holders or Beneficial Owners for any action or inaction by it in reliance upon the advice of or
information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person believed by it to be competent to give such advice or information, or in the case of the Depositary only, the Company. The
Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. 

  
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 (b) The Depositary. The Depositary shall not be responsible for, and shall incur no
liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received in connection with any sale of
securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or
proposed sale. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs), subject to the further limitations set forth in subparagraph (q) of this paragraph (14), the Depositary shall not be responsible
for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed
fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the
jurisdiction in which the Custodian is located. 
 (c) The Depositary, its agents and the Company may rely and shall be protected in acting
upon any written notice, request, direction, instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties. 

(d) The Depositary shall be under no obligation to inform Holders or Beneficial Owners about the requirements of the laws, rules or regulations
or any changes therein or thereto of any country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system. 

(e) The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities, for the manner in which any voting instructions are given or deemed to be given in accordance with paragraph 12(b) hereof, including instructions to give a discretionary proxy to a person designated by the Company, for the manner in
which any vote is cast, including, without limitation, any vote cast by a person to whom the Depositary is instructed or deemed to have been instructed to grant a discretionary proxy pursuant to paragraph (12)(b) hereof, or for the effect of any
such vote. 

  
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 (f) The Depositary may rely upon instructions from the Company or its counsel in respect of
any approval or license required for any currency conversion, transfer or distribution. 
 (g) The Depositary and its agents may own and deal
in any class of securities of the Company and its affiliates and in ADRs. 
 (h) Notwithstanding anything to the contrary set forth in the
Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR(s) or ADS(s) or
otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or
other regulators. 
 (i) None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or Beneficial
Owner to obtain the benefits of credits or refunds of non-U.S. tax paid against such Holder’s or Beneficial Owner’s income tax liability. 

(j) The Depositary is under no obligation to provide the Holders and Beneficial Owners, or any of them, with any information about the tax
status of the Company. 
 (k) The Depositary and the Company shall not incur any liability for any tax or tax consequences that may be
incurred by Holders or Beneficial Owners on account of their ownership or disposition of the ADRs or ADSs. 
 (l) The Depositary shall not
incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in
the Deposited Securities, for the validity or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice
from the Company. 

  
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 (m) Notwithstanding anything herein or in the Deposit Agreement to the contrary, the
Depositary and the Custodian(s) may use third party delivery services and providers of information regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith and the Deposit
Agreement, and use local agents to provide services such as, but not limited to, attendance at any meetings of security holders. Although the Depositary and the Custodian will use reasonable care (and cause their agents to use reasonable care) in
the selection and retention of such third party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services. 

(n) The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or
omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary. 
 (o) By
holding an ADS or an interest therein, Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs or
the transactions contemplated herein, therein or hereby, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have
to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. 

(p) The Company has agreed to indemnify the Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify
the Company under certain circumstances. 
 (q) Neither the Depositary, the Company nor any of their respective agents shall be liable to
Holders or Beneficial Owners for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity (including, without
limitation, Holders and Beneficial Owners), whether or not foreseeable and regardless of the type of action in which such a claim may be brought. 

(r) No provision of the Deposit Agreement or this ADR is intended to constitute a waiver or limitation of any rights which Holders or
Beneficial Owners may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable. 

  
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 (15) Resignation and Removal of Depositary; the Custodian. 

(a) Resignation. The Depositary may resign as Depositary by written notice of its election so to do delivered to the Company, such
resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. 

(b) Removal. The Depositary may at any time be removed by the Company by no less than 60 days’ prior written notice of such
removal, to become effective upon the later of (i) the 60th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.

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

  
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 (17) Termination. The Depositary may, and shall at the written direction of the
Company, terminate the Deposit Agreement and this ADR by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination; provided, however, if the Depositary shall have
(i) resigned as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder within 60 days of the date of such resignation, or (ii) been
removed as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder on the 60th day after the Company’s notice of removal was first
provided to the Depositary. Notwithstanding anything to the contrary herein, the Depositary may terminate the Deposit Agreement without notice to the Company, but subject to giving 30 days’ notice to the Holders, under the following
circumstances: (i) in the event of the Company’s bankruptcy or insolvency, (ii) if the Company effects (or will effect) a redemption of all or substantially all of the Deposited Securities, or a cash or share distribution representing
a return of all or substantially all of the value of the Deposited Securities, or (iii) there occurs a merger, consolidation, sale of assets or other transaction as a result of which securities or other property are delivered in exchange for or
in lieu of Deposited Securities. 
 After the date so fixed for termination, the Depositary and its agents will perform no further acts
under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver Deposited Securities being withdrawn. As soon as practicable after the date so fixed for termination, the Depositary
shall use its reasonable efforts to sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sales, together with any other
cash then held by it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of ADRs not theretofore surrendered. After making such sale, the Depositary shall be discharged from all obligations
in respect of the Deposit Agreement and this ADR, except to account for such net proceeds and other cash. After the date so fixed for termination, the Company shall be discharged from all obligations under the Deposit Agreement except for its
obligations to the Depositary and its agents. 

  
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 If the Shares are not listed or quoted for trading on a stock exchange or in a securities
market as of the date so fixed for termination, then after such date fixed for termination (a) all Direct Registration ADRs shall cease to be eligible for the Direct Registration System and shall be considered ADRs issued on the ADR Register
and (b) the Depositary shall use its reasonable efforts to ensure that the ADSs cease to be DTC eligible so that neither DTC nor any of its nominees shall thereafter be a Holder. At such time as the ADSs cease to be DTC eligible and/or neither
DTC nor any of its nominees is a Holder, the Depositary shall (a) instruct its Custodian to deliver all Deposited Securities to the Company along with a general stock power that refers to the names set forth on the ADR Register and
(b) provide the Company with a copy of the ADR Register (which copy may be sent by email or by any means permitted under the notice provisions of the Deposit Agreement). Upon receipt of such Deposited Securities and the ADR Register, the
Company shall use its best efforts to issue to each Holder a Share certificate representing the Shares represented by the ADSs reflected on the ADR Register in such Holder’s name and to deliver such Share certificate to the Holder at the
address set forth on the ADR Register. After providing such instruction to the Custodian and delivering a copy of the ADR Register to the Company, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR
and shall cease to have any obligations under the Deposit Agreement and/or the ADRs. After the Company receives the copy of the ADR Register and the Deposited Securities, the Company shall be discharged from all obligations under the Deposit
Agreement except (i) to distribute the Shares to the Holders entitled thereto and (ii) for its obligations to the Depositary and its agents.” 

Notwithstanding anything to the contrary, in connection with any termination pursuant to this paragraph (17), the Depositary may, in its sole
discretion and without notice to the Company, establish an unsponsored American depositary share program (on such terms as the Depositary may determine) for the Shares and make available to Holders a means to withdraw the Shares represented by the
ADSs issued under the Deposit Agreement and to direct the deposit of such Shares into such unsponsored American depositary shares program, subject, in each case, to receipt by the Depositary, at its discretion, of the fees, charges and expenses
provided for in paragraph (7) hereof and the fees, charges and expenses applicable to the unsponsored American depositary share program 

(18) Appointment; Acknowledgements and Agreements. Each Holder and each Beneficial Owner, upon acceptance of any ADSs or ADRs (or any
interest in any of them) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), (b) appoint
the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the
applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the
applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof, and (c) acknowledge and agree that (i) nothing in the Deposit Agreement or any ADR shall give rise to a
partnership or joint venture among the parties thereto nor establish a fiduciary or similar relationship among such parties, (ii) the Depositary, its divisions, branches and affiliates, and their respective agents, may from time to time be in
the possession of non-public information about the Company, Holders, Beneficial Owners and/or their respective affiliates, (iii) the Depositary and its divisions, branches and affiliates may at any time
have multiple banking relationships with the Company, Holders, Beneficial Owners and/or the affiliates of any of them, (iv) the Depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions in which
parties adverse to the Company or the Holders or Beneficial Owners may have interests, (v) nothing contained in the Deposit Agreement or any ADR(s) shall (A) preclude the Depositary or any of its divisions, branches or affiliates from
engaging in such transactions or establishing or maintaining such relationships, or (B) obligate the Depositary or any of its divisions, branches or affiliates to disclose such transactions or relationships or to account for any profit made or
payment received in such transactions or relationships, (vi) the Depositary shall not be deemed to have knowledge of any information held by any branch, division or affiliate of the Depositary and (vii) notice to a Holder shall be deemed, for
all purposes of the Deposit Agreement and this ADR, to constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder’s ADRs. For all purposes under the Deposit Agreement and this ADR, the Holder hereof shall be deemed
to have all requisite authority to act on behalf of any and all Beneficial Owners of the ADSs evidenced by this ADR. 

  
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 (19) Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT,
EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE
DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR
THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY), INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION OR PROCEEDING UNDER THE UNITED STATES FEDERAL SECURITIES LAWS. No provision of this Deposit Agreement or any ADR is intended
to constitute a waiver or limitation of any rights which a Holder or any Beneficial Owner may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable. 

  
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 (20) Jurisdiction. Holders and Beneficial Owners understand, and by holding or owning
an ADR or ADS or an interest therein such Holders and Beneficial Owners each irrevocably agrees, that any legal suit, action or proceeding against or involving the Company or the Depositary, regardless of whether such legal suit, action or
proceeding also involves parties other than the Company or the Depositary, arising out of or related in any way to the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated hereby or thereby or by virtue of ownership thereof,
including without limitation claims under the Securities Act of 1933, may only be instituted in the United States District Court for the Southern District of New York (or, in the state courts of New York County, New York if either (i) the
United States District Court for the Southern District of New York lacks jurisdiction, or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum is, or becomes, invalid, illegal or
unenforceable), and by holding or owning an ADR or ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive
jurisdiction of such courts in any such suit, action or proceeding. Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, subject to the federal securities law carve-out set
forth in Section 20(d) below, the Depositary may refer any such suit, action or proceeding to arbitration in accordance with the provisions of the Deposit Agreement and, upon such referral, any such suit, action or proceeding instituted by
Holders and/or Beneficial Owners shall be finally decided in such arbitration or proceeding instituted by Holders and/or Beneficial Owners shall be finally decided in such arbitration rather than in such court. Notwithstanding the above and anything
in the Deposit Agreement to the contrary, in the Deposit Agreement, each of the parties thereto (i.e. the Company, the Depositary and all Holders and Owners) have agreed that: (i) the Depositary may, in its sole discretion, elect to institute
any dispute, suit, action, controversy, claim or proceeding directly or indirectly arising out of, based upon or relating in any way to the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby,
including without limitation any question regarding its or their existence, validity, interpretation, performance or termination (a “Dispute”) against any other party or parties hereto (including, without limitation, Disputes, suits,
actions or proceedings brought against Holders and Owners) or any other person or party, by having the Dispute referred to and finally resolved by an arbitration conducted under the terms set out below, and (ii) the Depositary may in its sole
discretion require, by written notice to the relevant person or party, or persons or parties, that any Dispute, suit, action, controversy, claim or proceeding brought by any party or parties hereto or any other person or party (including, without
limitation, Disputes, suits, actions or proceedings brought by Holders and Owners) against the Depositary shall be referred to and finally settled by an arbitration conducted under the terms set out below; provided however, notwithstanding the
Depositary’s written notice under this clause (ii), to the extent there are specific federal securities law violation aspects to any claims against the Company and/or the Depositary brought by any Holder, Owner or other person or party, the
federal securities law violation aspects of such claims brought by a Holder or Owner or any other person or party against the Company and/or the Depositary may, at the option of such Holder, Owner, person or party, remain in the United States
District Court for the Southern District of New York (or in the state courts of New York County in New York if either (i) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular
dispute or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal or unenforceable) and all other aspects, claims,
Disputes, legal suits, actions and/or proceedings brought by such Holder, Owner, person or party against the Company and/or the Depositary, including those brought along with, or in addition to, federal securities law violation claims, would be
referred to arbitration in accordance herewith. Any such arbitration shall, at the Depositary’s election, be conducted either in New York, New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association or
in Hong Kong following the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) with the Hong Kong International Arbitration Centre serving as the appointing authority, and the language of any such arbitration
shall be English, all in accordance with the provisions in Section 20(d) of the Deposit Agreement. Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, any suit, action or proceeding against the Company based on
the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted by the Depositary in any competent court in the Cayman Islands, Hong Kong, the United States and/or any other court of
competent jurisdiction, or, subject to the federal securities law carve-out described in the prior sentence and set forth in Section 20(d) of the Deposit Agreement, by the Depositary through the
commencement of an arbitration pursuant to Section 20(d) of this Deposit Agreement. 

  
 A-25 

			
	 91997.02-SINSR01A - MSW
 LEGAL_EU #
31539815.3

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