Document:

EX-4.2

Exhibit 4.2

THE COMPANIES LAW (2010 REVISION)

OF THE CAYMAN ISLANDS

COMPANY LIMITED BY SHARES

SECOND AMENDED AND RESTATED

MEMORANDUM AND ARTICLES OF ASSOCIATION

OF

COUNTRY STYLE COOKING RESTAURANT CHAIN CO., LTD.

(Adopted by a Special Resolution passed on 7 September 2010 and effective
conditional and
immediately upon the completion of the Company’s initial public offering of ordinary shares
represented by American Depository Shares)

 

 

THE COMPANIES LAW (2010 REVISION)

OF THE CAYMAN ISLANDS

COMPANY LIMITED BY SHARES

SECOND AMENDED AND RESTATED

MEMORANDUM OF ASSOCIATION

OF

COUNTRY STYLE COOKING RESTAURANT CHAIN CO., LTD.

(Adopted by a Special Resolution passed on 7 September 2010 and effective conditional and

immediately upon the completion of the Company’s initial public offering of ordinary shares

represented by American Depository Shares)

	1.	 	The name of the Company is Country Style Cooking Restaurant Chain Co., Ltd.
	 
	2.	 	The Registered Office of the Company will be situated at the offices of Maples Corporate
Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such
other location within the Cayman Islands as the Directors may from time to time determine.
	 
	3.	 	The objects for which the Company is established are unrestricted and the Company shall have
full power and authority to carry out any object not prohibited by the Companies Law or any
other law of the Cayman Islands.
	 
	4.	 	The Company shall have and be capable of exercising all the functions of a natural person of
full capacity irrespective of any question of corporate benefit as provided by the Companies
Law.
	 
	5.	 	The Company will not trade in the Cayman Islands with any person, firm or corporation except
in furtherance of the business of the Company carried on outside the Cayman Islands; provided
that nothing in this section shall be construed as to prevent the Company effecting and
concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its
powers necessary for the carrying on of its business outside the Cayman Islands.
	 
	6.	 	The liability of each Shareholder of the Company is limited to the amount, if any, unpaid on
the Shares held by such Shareholder.
	 
	7.	 	The authorised share capital of the Company is US$2,000,000 divided into (i) 1,000,000,000
Ordinary Shares of a nominal or par value of US$0.001 each and (ii) 1,000,000,000 shares of a
nominal or par value of US$0.001 each of such Class or Classes (howsoever designated) as the
Board of Directors may determine in accordance with Articles 8 and 9 of the Articles of
Association. Subject to the Companies Law and the Articles of Association, the Company shall
have power to redeem or purchase any of its Shares and to sub-divide or consolidate the said
Shares or any of them and to issue all or any part of its capital whether original, redeemed,
increased or reduced with or without any preference, priority, special

 

 

	 	 	privilege or other rights or subject to any postponement of rights or to any conditions or
restrictions whatsoever and so that unless the conditions of issue shall otherwise expressly
provide every issue of shares whether stated to be ordinary, preference or otherwise shall
be subject to the powers on the part of the Company hereinbefore provided.
	 
	8.	 	The Company has the power to deregister in the Cayman Islands and be registered by way of
continuation in some other jurisdiction.
	 
	9.	 	Capitalized terms that are not defined in this Memorandum of Association bear the same
meanings as those given in the Articles of Association of the Company.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	CLAUSE	 	PAGE	 
	 
	TABLE A
	 	 	2	 
	INTERPRETATION
	 	 	2	 
	PRELIMINARY
	 	 	6	 
	SHARES
	 	 	6	 
	MODIFICATION OF RIGHTS
	 	 	7	 
	CERTIFICATES
	 	 	7	 
	FRACTIONAL SHARES
	 	 	8	 
	LIEN
	 	 	8	 
	CALLS ON SHARES
	 	 	9	 
	FORFEITURE OF SHARES
	 	 	9	 
	TRANSFER OF SHARES
	 	 	10	 
	TRANSMISSION OF SHARES
	 	 	11	 
	REGISTRATION
OF EMPOWERING INSTRUMENTS
	 	 	11	 
	ALTERATION OF SHARE CAPITAL
	 	 	12	 
	REDEMPTION AND PURCHASE OF SHARES
	 	 	12	 
	GENERAL MEETINGS
	 	 	13	 
	NOTICE OF GENERAL MEETINGS
	 	 	14	 
	PROCEEDINGS AT GENERAL MEETINGS
	 	 	14	 
	VOTES OF SHAREHOLDERS
	 	 	16	 
	CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS
	 	 	17	 
	CLEARING HOUSES
	 	 	17	 
	DIRECTORS
	 	 	17	 
	ALTERNATE DIRECTOR OR PROXY
	 	 	18	 
	POWERS AND DUTIES OF DIRECTORS
	 	 	19	 
	BORROWING POWERS OF DIRECTORS
	 	 	20	 
	THE SEAL
	 	 	20	 
	DISQUALIFICATION OF DIRECTORS
	 	 	21	 
	PROCEEDINGS OF DIRECTORS
	 	 	21	 
	PRESUMPTION OF ASSENT
	 	 	23	 
	DIVIDENDS
	 	 	23	 
	ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION
	 	 	24	 
	CAPITALISATION OF RESERVES
	 	 	25	 
	SHARE PREMIUM ACCOUNT
	 	 	26	 
	NOTICES
	 	 	26	 
	INFORMATION
	 	 	27	 
	INDEMNITY
	 	 	27	 

i

 

	 	 	 	 	 
	CLAUSE	 	PAGE	 
	 
	FINANCIAL
YEAR
	 	 	28	 
	NON-RECOGNITION OF TRUSTS
	 	 	28	 
	WINDING UP
	 	 	28	 
	AMENDMENT OF ARTICLES OF ASSOCIATION
	 	 	29	 
	CLOSING OF REGISTER OR FIXING RECORD DATE
	 	 	29	 
	REGISTRATION BY WAY OF CONTINUATION
	 	 	29	 
	DISCLOSURE
	 	 	29	 

ii

 

THE COMPANIES LAW (2010 REVISION)

OF THE CAYMAN ISLANDS

COMPANY LIMITED BY SHARES

SECOND AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

COUNTRY STYLE COOKING RESTAURANT CHAIN CO., LTD.

(Adopted by a Special Resolution passed on 7 September 2010 and effective conditional and

immediately upon the completion of the Company’s initial public offering of ordinary shares

represented by American Depository Shares)

TABLE A

	 	 	The Regulations contained or incorporated in Table ‘A’ in the First Schedule of the Law
shall not apply to the Company and the following Articles shall comprise the Articles of
Association of the Company.

INTERPRETATION

	1.	 	In these Articles the following defined terms will have the meanings ascribed to them, if not
inconsistent with the subject or context:

	 	 	 	 	 
	 

	 	"ADS”
	 	means an American depositary share representing
Ordinary Shares;
	 
	 	 	 	 
	 

	 	“Articles”
	 	means these articles of association of the Company,
as amended or substituted from time to time;
	 
	 	 	 	 
	 

	 	“Board” and “Board of
Directors” and
“Directors”
	 	means the directors of the Company for the time
being, or as the case may be, the directors
assembled as a board or as a committee thereof;
	 
	 	 	 	 
	 

	 	“Chairman”
	 	means the chairman of the Board of Directors;
	 
	 	 	 	 
	 

	 	“Class” or “Classes”
	 	means any class or classes of Shares as may from
time to time be issued by the Company;

2

 

	 	 	 	 	 
	 

	 	“Commission”
	 	means Securities and Exchange Commission of the
United States of America or any other federal
agency for the time being administering the
Securities Act;
	 
	 	 	 	 
	 

	 	“Company”
	 	means Country Style Cooking Restaurant Chain Co.,
Ltd., a Cayman Islands exempted company;
	 
	 	 	 	 
	 

	 	“Companies Law”
	 	means the Companies Law (2010 Revision) of the
Cayman Islands and any statutory amendment or
re-enactment thereof;
	 
	 	 	 	 
	 

	 	“Company’s Website”
	 	means the website of the Company, the address or
domain name of which has been notified to
Shareholders;
	 
	 	 	 	 
	 

	 	“Designated Stock
Exchange”
	 	means The New York Stock Exchange in the United
States or any other stock exchange that the
Company’s ADSs are listed for trading;
	 
	 	 	 	 
	 

	 	“Designated Stock
Exchange Rules”
	 	means the relevant code, rules and regulations, as
amended, from time to time, applicable as a result
of the original and continued listing of any shares
or ADSs on the Designated Stock Exchange;
	 
	 	 	 	 
	 

	 	“electronic”
	 	means the meaning given to it in the Electronic
Transactions Law and any amendment thereto or
re-enactments thereof for the time being in force
and includes every other law incorporated therewith
or substituted therefor;
	 
	 	 	 	 
	 

	 	“electronic
communication”
	 	means electronic posting to the Company’s Website,
transmission to any number, address or internet
website or other electronic delivery methods as
otherwise decided and approved by not less than
two-thirds of the vote of the Board;
	 
	 	 	 	 
	 

	 	“Electronic
Transactions Law”
	 	means the Electronic Transactions Law (2003
Revision) of the Cayman Islands and any statutory
amendment or re-enactment thereof;
	 
	 	 	 	 
	 

	 	“Independent Director”
	 	means a director who is an independent director as
defined in the Designated Stock Exchange Rules;
	 
	 	 	 	 
	 

	 	“Law”
	 	means the Companies Law and every other law and
regulation of the Cayman Islands for the time being
in force concerning companies and affecting the
Company;
	 
	 	 	 	 
	 

	 	“Memorandum of
Association”
	 	means the memorandum of association of the Company,
as amended or substituted from time to time;
	 
	 	 	 	 
	 

	 	“Month”
	 	means calendar month;
	 
	 	 	 	 
	 

	 	“Ordinary Resolution”
	 	means a resolution:

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	 	 	 	(a)     passed by a simple majority of such
Shareholders as, being entitled to do so, vote in
person or, where proxies are allowed, by proxy at a
general meeting of the Company and where a poll is
taken regard shall be had in computing a majority
to the number of votes to which each Shareholder is
entitled; or

	 
	 	 	 	 
	 

	 	 	 	(b)     approved in writing by all of the Shareholders
entitled to vote at a general meeting of the
Company in one or more instruments each signed by
one or more of the Shareholders and the effective
date of the resolution so adopted shall be the date
on which the instrument, or the last of such
instruments, if more than one, is executed;

	 
	 	 	 	 
	 

	 	“Ordinary Shares”
	 	means an ordinary share of a nominal or par value
of US$0.001 each in the capital of the Company;
	 
	 	 	 	 
	 

	 	“paid up”
	 	means paid up as to the par value in respect of the
issue of any Shares and includes credited as paid up;
	 
	 	 	 	 
	 

	 	“Person”
	 	means any natural person, firm, company, joint
venture, partnership, corporation, association or
other entity (whether or not having a separate
legal personality) or any of them as the context so requires;
	 
	 	 	 	 
	 

	 	“Register”
	 	means the register of Members of the Company
maintained in accordance with the Companies Law;
	 
	 	 	 	 
	 

	 	“Registered Office”
	 	means the registered office of the Company as
required by the Companies Law;
	 
	 	 	 	 
	 

	 	“Seal”
	 	means the common seal of the Company (if adopted)
including any facsimile thereof;
	 
	 	 	 	 
	 

	 	“Secretary”
	 	means any Person appointed by the Directors to
perform any of the duties of the secretary of the Company;
	 
	 	 	 	 
	 

	 	“Securities Act”
	 	means the Securities Act of 1933 of the United
States of America, as amended, or any similar
federal statute and the rules and regulations of
the Commission thereunder, all as the same shall be
in effect at the time;
	 
	 	 	 	 
	 

	 	“Share”
	 	means a share in the capital of the Company. All
references to “Shares” herein shall be deemed to be
Shares of any or all Classes as the context may
require. For the avoidance of doubt in these
Articles the expression “Share” shall include a
fraction of a Share;
	 
	 	 	 	 
	 

	 	“Shareholder” or
“Member”
	 	means a Person who is registered as the holder of
Shares in the Register;
	 
	 	 	 	 
	 

	 	“Share Premium
Account”
	 	means the share premium account established in
accordance with these Articles and the Companies
Law;

4

 

	 	 	 	 	 
	 

	 	“signed”
	 	means bearing a signature or representation of a
signature affixed by mechanical means or an
electronic symbol or process attached to or
logically associated with an electronic
communication and executed or adopted by a person
with the intent to sign the electronic
communication;
	 
	 	 	 	 
	 

	 	“Special Resolution”
	 	means a special resolution of the Company passed in
accordance with the Law, being a resolution:
	 
	 	 	 	 
	 

	 	 	 	(a)     passed by a majority of not less than
two-thirds of such Shareholders as, being entitled
to do so, vote in person or, where proxies are
allowed, by proxy at a general meeting of the
Company of which notice specifying the intention to
propose the resolution as a special resolution has
been duly given and where a poll is taken regard
shall be had in computing a majority to the number
of votes to which each Shareholder is entitled; or

	 
	 	 	 	 
	 

	 	 	 	(b)     approved in writing by all of the Shareholders
entitled to vote at a general meeting of the
Company in one or more instruments each signed by
one or more of the Shareholders and the effective
date of the special resolution so adopted shall be
the date on which the instrument or the last of
such instruments, if more than one, is executed;

	 
	 	 	 	 
	 

	 	“United States”
	 	means the United States of America, its
territories, its possessions and all areas subject
to its jurisdiction; and
	 
	 	 	 	 
	 

	 	“year”
	 	means calendar year.

	2.	 	In these Articles, save where the context requires otherwise:

	 	(a)	 	words importing the singular number shall include the plural number and vice
versa;
	 
	 	(b)	 	words importing the masculine gender only shall include the feminine gender and
any Person as the context may require;
	 
	 	(c)	 	the word “may” shall be construed as permissive and the word “shall” shall be
construed as imperative;
	 
	 	(d)	 	reference to a dollar or dollars (or US$) and to a cent or cents is reference
to dollars and cents of the United States of America;
	 
	 	(e)	 	reference to a statutory enactment shall include reference to any amendment or
re-enactment thereof for the time being in force;
	 
	 	(f)	 	reference to any determination by the Directors shall be construed as a
determination by the Directors in their sole and absolute discretion and shall be
applicable either generally or in any particular case;

5

 

	 	(g)	 	reference to “in writing” shall be construed as written or represented by any
means reproducible in writing, including any form of print, lithograph, email,
facsimile, photograph or telex or represented by any other substitute or format for
storage or transmission for writing or partly one and partly another; and
	 
	 	(h)	 	Section 8 of the Electronic Transactions Law shall not apply.

	3.	 	Subject to the last two preceding Articles, any words defined in the Companies Law shall, if
not inconsistent with the subject or context, bear the same meaning in these Articles.

PRELIMINARY

	4.	 	The business of the Company may be conducted as the Directors see fit.
	 
	5.	 	The Registered Office shall be at such address in the Cayman Islands as the Directors may
from time to time determine. The Company may in addition establish and maintain such other
offices and places of business and agencies in such places as the Directors may from time to
time determine.
	 
	6.	 	The expenses incurred in the formation of the Company and in connection with the offer for
subscription and issue of Shares shall be paid by the Company. Such expenses may be amortised
over such period as the Directors may determine and the amount so paid shall be charged
against income and/or capital in the accounts of the Company as the Directors shall determine.
	 
	7.	 	The Directors shall keep, or cause to be kept, the Register at such place as the Directors
may from time to time determine and, in the absence of any such determination, the Register
shall be kept at the Registered Office.

SHARES

	8.	 	Subject to these Articles, all Shares for the time being unissued shall be under the control
of the Directors who may:

	 	(a)	 	issue, allot and dispose of the same to such Persons, in such manner, on such
terms and having such rights and being subject to such restrictions as they may from
time to time determine; and
	 
	 	(b)	 	grant options with respect to such Shares and issue warrants or similar
instruments with respect thereto;

	 	 	and, for such purposes, the Directors may reserve an appropriate number of Shares for the
time being unissued.

	9.	 	The Directors may authorise the division of Shares into any number of Classes and the
different Classes shall be authorised, established and designated (or re-designated as the
case may be) and the variations in the relative rights (including, without limitation, voting,
dividend and redemption rights), restrictions, preferences, privileges and payment obligations
as between the different Classes (if any) may be fixed and determined by the Directors or by
a Special Resolution. The Directors may issue Shares with such preferred or other rights,
all or any of which may be greater than the rights of Ordinary Shares, at such time and on
such terms as they may think appropriate.

6

 

	10.	 	The Company may insofar as may be permitted by law, pay a commission to any Person in
consideration of his subscribing or agreeing to subscribe whether absolutely or conditionally
for any Shares. Such commissions may be satisfied by the payment of cash or the lodgement of
fully or partly paid-up Shares or partly in one way and partly in the other. The Company may
also pay such brokerage as may be lawful on any issue of Shares.
	 
	11.	 	The Directors may refuse to accept any application for Shares, and may accept any application
in whole or in part, for any reason or for no reason.

MODIFICATION OF RIGHTS

	12.	 	Whenever the capital of the Company is divided into different Classes the rights attached to
any such Class may, subject to any rights or restrictions for the time being attached to any
Class, only be materially adversely varied or abrogated with the consent in writing of the
holders of three-fourths of the issued Shares of that Class or with the sanction of a Special
Resolution passed at a separate meeting of the holders of the Shares of that Class. To every
such separate meeting all the provisions of these Articles relating to general meetings of the
Company or to the proceedings thereat shall, mutatis mutandis, apply, except that the
necessary quorum shall be one or more Persons at least holding or representing by proxy
one-third in nominal or par value amount of the issued Shares of the relevant Class (but so
that if at any adjourned meeting of such holders a quorum as above defined is not present,
those Shareholders who are present shall form a quorum) and that, subject to any rights or
restrictions for the time being attached to the Shares of that Class, every Shareholder of the
Class shall on a poll have one vote for each Share of the Class held by him. For the purposes
of this Article the Directors may treat all the Classes or any two or more Classes as forming
one Class if they consider that all such Classes would be affected in the same way by the
proposals under consideration, but in any other case shall treat them as separate Classes.
	 
	13.	 	The rights conferred upon the holders of the Shares of any Class issued with preferred or
other rights shall not, subject to any rights or restrictions for the time being attached to
the Shares of that Class, be deemed to be materially adversely varied or abrogated by, inter
alia, the creation, allotment or issue of further Shares ranking pari passu with or subsequent
to them or the redemption or purchase of any Shares of any Class by the Company. The rights of
the holders of Shares shall not be deemed to be materially adversely varied or abrogated by
the creation or issue of Shares with preferred or other rights including, without limitation,
the creation of Shares with enhanced or weighted voting rights.

CERTIFICATES

	14.	 	Every Person whose name is entered as a member in the Register shall, without payment, be
entitled to a certificate within two months after allotment or lodgement of transfer (or
within such other period as the conditions of issue shall provide) in the form determined by
the Directors. All certificates shall specify the Share or Shares held by that person and the
amount paid up thereon, provided that in respect of a Share or Shares held jointly by several
persons the Company shall not be bound to issue more than one certificate, and delivery of a
certificate for a Share to one of several joint holders shall be sufficient delivery to all.
All certificates for Shares shall be delivered personally or sent through the post addressed
to the member entitled thereto at the Member’s registered address as appearing in the
Register.
	 
	15.	 	Every share certificate of the Company shall bear legends required under the applicable laws,
including the Securities Act.

7

 

	16.	 	Any two or more certificates representing Shares of any one Class held by any Member may at
the Member’s request be cancelled and a single new certificate for such Shares issued in lieu
on payment (if the Directors shall so require) of US$1.00 or such smaller sum as the Directors
shall determine.
	 
	17.	 	If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or
destroyed, a new certificate representing the same Shares may be issued to the relevant Member
upon request subject to delivery up of the old certificate or (if alleged to have been lost,
stolen or destroyed) compliance with such conditions as to evidence and indemnity and the
payment of out-of-pocket expenses of the Company in connection with the request as the
Directors may think fit.
	 
	18.	 	In the event that Shares are held jointly by several persons, any request may be made by any
one of the joint holders and if so made shall be binding on all of the joint holders.

FRACTIONAL SHARES

	19.	 	The Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to
nominal or par value, premium, contributions, calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights (including, without prejudice to the
generality of the foregoing, voting and participation rights) and other attributes of a whole
Share. If more than one fraction of a Share of the same Class is issued to or acquired by the
same Shareholder such fractions shall be accumulated.

LIEN

	20.	 	The Company has a first and paramount lien on every Share (whether or not fully paid) for all
amounts (whether presently payable or not) payable at a fixed time or called in respect of
that Share. The Company also has a first and paramount lien on every Share registered in the
name of a Person indebted or under liability to the Company (whether he is the sole registered
holder of a Share or one of two or more joint holders) for all amounts owing by him or his
estate to the Company (whether or not presently payable). The Directors may at any time
declare a Share to be wholly or in part exempt from the provisions of this Article. The
Company’s lien on a Share extends to any amount payable in respect of it.
	 
	21.	 	The Company may sell, in such manner as the Directors in their absolute discretion think fit,
any Share on which the Company has a lien, but no sale shall be made unless an amount in
respect of which the lien exists is presently payable nor until the expiration of fourteen
days after a notice in writing, demanding payment of such part of the amount in respect of
which the lien exists as is presently payable, has been given to the registered holder for the
time being of the Share, or the Persons entitled thereto by reason of his death or bankruptcy.
	 
	22.	 	For giving effect to any such sale the Directors may authorise some Person to transfer the
Shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the
Shares comprised in any such transfer and he shall not be bound to see to the application of
the purchase money, nor shall his title to the Shares be affected by any irregularity or
invalidity in the proceedings in reference to the sale.
	 
	23.	 	The proceeds of the sale after deduction of expenses, fees and commission incurred by the
Company shall be received by the Company and applied in payment of such part of the amount in
respect of which the lien exists as is presently payable, and the residue shall

8

 

	 	 	(subject to a
like lien for sums not presently payable as existed upon the Shares prior to the sale) be paid
to the Person entitled to the Shares immediately prior to the sale.

CALLS ON SHARES

	24.	 	Subject to the terms of the allotment, the Directors may from time to time make calls upon
the Shareholders in respect of any moneys unpaid on their Shares, and each Shareholder shall
(subject to receiving at least fourteen days’ notice specifying the time or times of payment)
pay to the Company at the time or times so specified the amount called on such Shares.
	 
	25.	 	The joint holders of a Share shall be jointly and severally liable to pay calls in respect
thereof.
	 
	26.	 	If a sum called in respect of a Share is not paid before or on the day appointed for payment
thereof, the Person from whom the sum is due shall pay interest upon the sum at the rate of
eight percent per annum from the day appointed for the payment thereof to the time of the
actual payment, but the Directors shall be at liberty to waive payment of that interest wholly
or in part.
	 
	27.	 	The provisions of these Articles as to the liability of joint holders and as to payment of
interest shall apply in the case of non-payment of any sum which, by the terms of issue of a
Share, becomes payable at a fixed time, whether on account of the amount of the Share, or by
way of premium, as if the same had become payable by virtue of a call duly made and notified.
	 
	28.	 	The Directors may make arrangements on the issue of partly paid Shares for a difference
between the Shareholders, or the particular Shares, in the amount of calls to be paid and in
the times of payment.
	 
	29.	 	The Directors may, if they think fit, receive from any Shareholder willing to advance the
same all or any part of the moneys uncalled and unpaid upon any partly paid Shares held by
him, and upon all or any of the moneys so advanced may (until the same would, but for such
advance, become presently payable) pay interest at such rate (not exceeding without the
sanction of an Ordinary Resolution, eight percent per annum) as may be agreed upon between the
Shareholder paying the sum in advance and the Directors.

FORFEITURE OF SHARES

	30.	 	If a Shareholder fails to pay any call or instalment of a call in respect of partly paid
Shares on the day appointed for payment, the Directors may, at any time thereafter during such
time as any part of such call or instalment remains unpaid, serve a notice on him requiring
payment of so much of the call or instalment as is unpaid, together with any interest which
may have accrued.
	 
	31.	 	The notice shall name a further day (not earlier than the expiration of fourteen days from
the date of the notice) on or before which the payment required by the notice is to be made,
and shall state that in the event of non-payment at or before the time appointed the Shares in
respect of which the call was made will be liable to be forfeited.
	 
	32.	 	If the requirements of any such notice as aforesaid are not complied with, any Share in
respect of which the notice has been given may at any time thereafter, before the payment
required by notice has been made, be forfeited by a resolution of the Directors to that
effect.

9

 

	33.	 	A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as
the Directors think fit, and at any time before a sale or disposition the forfeiture may be
cancelled on such terms as the Directors think fit.
	 
	34.	 	A Person whose Shares have been forfeited shall cease to be a Shareholder in respect of the
forfeited Shares, but shall, notwithstanding, remain liable to pay to the Company all moneys
which at the date of forfeiture were payable by him to the Company in respect of the Shares
forfeited, but his liability shall cease if and when the Company receives payment in full of
the amount unpaid on the Shares forfeited.
	 
	35.	 	A certificate in writing under the hand of a Director of the Company that a Share has been
duly forfeited on a date stated in the certificate, shall be conclusive evidence of the facts
in the declaration as against all Persons claiming to be entitled to the Share.
	 
	36.	 	The Company may receive the consideration, if any, given for a Share on any sale or
disposition thereof pursuant to the provisions of these Articles as to forfeiture and may
execute a transfer of the Share in favour of the Person to whom the Share is sold or disposed
of and that Person shall be registered as the holder of the Share, and shall not be bound to
see to the application of the purchase money, if any, nor shall his title to the Shares be
affected by any irregularity or invalidity in the proceedings in reference to the disposition
or sale.
	 
	37.	 	The provisions of these Articles as to forfeiture shall apply in the case of non-payment of
any sum which by the terms of issue of a Share becomes due and payable, whether on account of
the amount of the Share, or by way of premium, as if the same had been payable by virtue of a
call duly made and notified.

TRANSFER OF SHARES

	38.	 	The instrument of transfer of any Share shall be in writing and in any usual or common form
or such other form as the Directors may, in their absolute discretion, approve and be executed
by or on behalf of the transferor and if in respect of a nil or partly paid up Share, or if so
required by the Directors, shall also be executed on behalf of the transferee and shall be
accompanied by the certificate (if any) of the Shares to which it relates and such other
evidence as the Directors may reasonably require to show the right of the transferor to make
the transfer. The transferor shall be deemed to remain a Shareholder until the name of the
transferee is entered in the Register in respect of the relevant Shares.

	39.	(a)	 	The Directors may in their absolute discretion decline to register any transfer of Shares
which is not fully paid up or on which the Company has a lien.
	 
	 	(b)	 	The Directors may also decline to register any transfer of any Share unless:

	 	i.	 	the instrument of transfer is lodged with the Company,
accompanied by the certificate for the Shares to which it relates and such
other evidence as the Board may reasonably require to show the right of the
transferor to make the transfer;
	 
	 	ii.	 	the instrument of transfer is in respect of only one Class of
Shares;
	 
	 	iii.	 	the instrument of transfer is properly stamped, if required;
	 
	 	iv.	 	in the case of a transfer to joint holders, the number of joint
holders to whom the Share is to be transferred does not exceed four; or

10

 

	 	v.	 	the Shares transferred are free of any lien in favour of the
Company; or
	 
	 	vi.	 	a fee of such maximum sum as the Designated Stock Exchange may
determine to be payable, or such lesser sum as the Board of Directors may from
time to time require, is paid to the Company in respect thereof.

	40.	 	The registration of transfers may, on 14 days’ notice being given by advertisement in such
one or more newspapers or by electronic means, be suspended and the Register closed at such
times and for such periods as the Directors may, in their absolute discretion, from time to
time determine, provided always that such registration of transfer shall not be suspended nor
the Register of Members closed for more than 30 days in any year.
	 
	41.	 	All instruments of transfer that are registered shall be retained by the Company. If the
Directors refuse to register a transfer of any Shares, they shall within two months after the
date on which the transfer was lodged with the Company send to each of the transferor and the
transferee notice of the refusal.

TRANSMISSION OF SHARES

	42.	 	The legal personal representative of a deceased sole holder of a Share shall be the only
Person recognised by the Company as having any title to the Share. In the case of a Share
registered in the name of two or more holders, the survivors or survivor, or the legal
personal representatives of the deceased survivor, shall be the only Person recognised by the
Company as having any title to the Share.
	 
	43.	 	Any Person becoming entitled to a Share in consequence of the death or bankruptcy of a
Shareholder shall upon such evidence being produced as may from time to time be required by
the Directors, have the right either to be registered as a Shareholder in respect of the Share
or, instead of being registered himself, to make such transfer of the Share as the deceased or
bankrupt Person could have made; but the Directors shall, in either case, have the same right
to decline or suspend registration as they would have had in the case of a transfer of the
Share by the deceased or bankrupt Person before the death or bankruptcy.
	 
	44.	 	A Person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder
shall be entitled to the same dividends and other advantages to which he would be entitled if
he were the registered Shareholder, except that he shall not, before being registered as a
Shareholder in respect of the Share, be entitled in respect of it to exercise any right
conferred by membership in relation to meetings of the Company, provided however, that the
Directors may at any time give notice requiring any such person to elect either to be
registered himself or to transfer the Share, and if the notice is not complied with within
ninety days, the Directors may thereafter withhold payment of all dividends, bonuses or other
monies payable in respect of the Share until the requirements of the notice have been complied
with.

REGISTRATION OF EMPOWERING INSTRUMENTS

	45.	 	The Company shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the
registration of every probate, letters of administration, certificate of death or marriage,
power of attorney, notice in lieu of distringas, or other instrument.

11

 

ALTERATION OF SHARE CAPITAL

	46.	 	The Company may from time to time by Ordinary Resolution increase the share capital by such
sum, to be divided into Shares of such Classes and amount, as the resolution shall prescribe.
	 
	47.	 	The Company may by Ordinary Resolution:

	 	(a)	 	consolidate and divide all or any of its share capital into Shares of a larger
amount than its existing Shares;
	 
	 	(b)	 	convert all or any of its paid up Shares into stock and reconvert that stock
into paid up Shares of any denomination;
	 
	 	(c)	 	subdivide its existing Shares, or any of them into Shares of a smaller amount
provided that in the subdivision the proportion between the amount paid and the amount,
if any, unpaid on each reduced Share shall be the same as it was in case of the Share
from which the reduced Share is derived; and
	 
	 	(d)	 	cancel any Shares that, at the date of the passing of the resolution, have not
been taken or agreed to be taken by any Person and diminish the amount of its share
capital by the amount of the Shares so cancelled.

	48.	 	The Company may by Special Resolution reduce its share capital and any capital redemption
reserve in any manner authorised by law.

REDEMPTION AND PURCHASE OF SHARES

	49.	 	Subject to the provisions of the Companies Law and these Articles, the Company may:

	 	(a)	 	issue Shares that are to be redeemed or are liable to be redeemed at the option
of the Shareholder or the Company. The redemption of Shares shall be effected in such
manner as may be determined, before the issue of such Shares, by either the Board or by
the Shareholders by Special Resolution;
	 
	 	(b)	 	purchase its own Shares (including any redeemable Shares) provided that the
Shareholders shall have approved the manner of purchase by Ordinary Resolution or the
manner of purchase is in accordance with the following Articles (this authorisation is
in accordance with section 37(2) of the Companies Law); and
	 
	 	(c)	 	the Company may make a payment in respect of the redemption or purchase of its
own Shares in any manner permitted by the Companies Law, including out of capital.

	50.	 	Purchase of Shares represented by ADSs listed on the Designated Stock Exchange

	 	 	The Company is authorised to purchase any Shares which are represented by ADSs listed on the
Designated Stock Exchange in accordance with the following manner of purchase:

	 	(a)	 	in the event that the Company purchases any ADSs, it shall also purchase the
Shares underlying such ADS in accordance with this Article;
	 
	 	(b)	 	the purchase price shall be paid by the Company to the depositary, to be paid
by the depositary to the seller of the relevant ADSs (and such monies shall be held on
trust 

12

 

	 	 	 	by the depositary for the account of such seller until they have been paid to
such seller), or may, by agreement between the depositary and the Company, be paid
directly by the Company to such seller;

	 	(c)	 	the maximum number of Shares that may be repurchased shall be equal to the
number of issued and outstanding Shares less one Share; and
	 
	 	(d)	 	the repurchase of the ADSs and the underlying Shares shall be at such time; at
such price and on such other terms as determined and agreed by the Board in their sole
discretion provided however that:

	 	(i)	 	such repurchase transactions shall be in accordance with the
Designated Stock Exchange Rules and any other relevant codes, rules and
regulations applicable to the listing of the ADSs on the Designated Stock
Exchange; and
	 
	 	(ii)	 	at the time of the repurchase, the Company is able to pay its
debts as they fall due in the ordinary course of its business.

	51.	 	Purchase of shares not represented by ADSs
	 
	 	 	The Company is authorised to purchase any Shares not underlying ADSs in accordance
with the following manner of purchase:

	 	(a)	 	the Company shall serve a repurchase notice in a form approved by the Board on
the Shareholder from whom the Shares are to be repurchased at least two business days
prior to the date specified in the notice as being the repurchase date;
	 
	 	(b)	 	the price for the Shares being repurchased shall be such price agreed between
the Board and the applicable Shareholder;
	 
	 	(c)	 	the date of repurchase shall be the date specified in the repurchase notice;
and
	 
	 	(d)	 	the repurchase shall be on such other terms as specified in the repurchase
notice as determined and agreed by the Board and the applicable Shareholder in their
sole discretion.

	52.	 	The purchase of any Share shall not oblige the Company to purchase any other Share other than
as may be required pursuant to applicable law and any other contractual obligations of the
Company.
	 
	53.	 	The holder of the Shares being purchased shall be bound to deliver up to the Company the
certificate(s) (if any) thereof for cancellation and thereupon the Company shall pay to him
the purchase or redemption monies or consideration in respect thereof.

GENERAL MEETINGS

	54.	 	All general meetings other than annual general meetings shall be called extraordinary general
meetings.

	55.	(a)	 	The Company may in each year hold a general meeting as its annual general meeting and
shall specify the meeting as such in the notices calling it. The annual general meeting shall
be held at such time and place as may be determined by the Directors.

13

 

	 	(b)	 	At these meetings the report of the Directors (if any) shall be presented.
	 
	56.	(a)	 	The Directors may call general meetings, and they shall on a Shareholders’ requisition
forthwith proceed to convene an extraordinary general meeting of the Company.
	 
	 	(b)	 	A Shareholders’ requisition is a requisition of Shareholders holding at the
date of deposit of the requisition in aggregate not less than one-third of such of the
issued Shares of the Company as at that date of the deposit carries the right of voting
at general meetings of the Company.
	 
	 	(c)	 	The requisition must state the objects of the meeting and must be signed by the
requisitionists and deposited at the Registered Office, and may consist of several
documents in like form each signed by one or more requisitionists.
	 
	 	(d)	 	If the Directors do not within 21 days from the date of the deposit of the
requisition duly proceed to convene a general meeting to be held within a further 21
days, the requisitionists, or any of them representing more than one-half of the total
voting rights of all of them, may themselves convene a general meeting, but any meeting
so convened shall not be held after the expiration of three months after the expiration
of the said 21 days.
	 
	 	(e)	 	A general meeting convened as aforesaid by requisitionists shall be convened in
the same manner as nearly as possible as that in which general meetings are to be
convened by Directors.

NOTICE OF GENERAL MEETINGS

	57.	 	At least 10 days’ notice shall be given for any general meeting. Every notice shall be
exclusive of the day on which it is given or deemed to be given and of the day for which it is
given and shall specify the place, the day and the hour of the meeting and the general nature
of the business and shall be given in the manner hereinafter mentioned or in such other manner
if any as may be prescribed by the Company, provided that a general meeting of the Company
shall, whether or not the notice specified in this Article has been given and whether or not
the provisions of these Articles regarding general meetings have been complied with, be deemed
to have been duly convened if it is so agreed:

	 	(a)	 	in the case of an annual general meeting by all the Shareholders (or their
proxies) entitled to attend and vote thereat; and
	 
	 	(b)	 	in the case of an extraordinary general meeting by a majority in number of the
Shareholders (or their proxies) having a right to attend and vote at the meeting, being
a majority together holding not less than ninety five per cent in par value of the
Shares giving that right.

	58.	 	The accidental omission to give notice of a meeting to or the non-receipt of a notice of a
meeting by any Shareholder shall not invalidate the proceedings at any meeting.

PROCEEDINGS AT GENERAL MEETINGS

	59.	 	No business shall be transacted at any general meeting unless a quorum of Shareholders is
present at the time when the meeting proceeds to business. The quorum required for a general
meeting of Shareholders consists of at least two Shareholders, present in person or 

14

 

	 	 	by proxy
and entitled to vote, holding in aggregate not less than one-tenth of the Shares in issue
carrying a right to vote at such meeting.

	60.	 	If within half an hour from the time appointed for the meeting a quorum is not present, the
meeting, if convened upon the requisition of Shareholders, shall be dissolved. In any other
case it shall stand adjourned to the same day in the next week, at the same time and place,
and if at the adjourned meeting a quorum is not present within half an hour from the time
appointed for the meeting the Shareholder or Shareholders present and entitled to vote shall
form a quorum.
	 
	61.	 	If the Directors wish to make this facility available for a specific general meeting or all
general meetings of the Company, participation in any general meeting of the Company may be by
means of a telephone or similar communication equipment by way of which all Persons
participating in such meeting can communicate with each other and such participation shall be
deemed to constitute presence in person at the meeting.
	 
	62.	 	The chairman, if any, of the Directors shall preside as chairman at every general meeting of
the Company.
	 
	63.	 	If there is no such chairman, or if at any general meeting he is not present within fifteen
minutes after the time appointed for holding the meeting or is unwilling to act as chairman,
any Director or Person nominated by the Directors shall preside as chairman, failing which the
Shareholders present in person or by proxy shall choose any Person present to be chairman of
that meeting.
	 
	64.	 	The chairman may with the consent of any general meeting at which a quorum is present (and
shall if so directed by the meeting) adjourn a meeting from time to time and from place to
place, but no business shall be transacted at any adjourned meeting other than the business
left unfinished at the meeting from which the adjournment took place. When a meeting, or
adjourned meeting, is adjourned for fourteen days or more, notice of the adjourned meeting
shall be given as in the case of an original meeting. Save as aforesaid it shall not be
necessary to give any notice of an adjournment or of the business to be transacted at an
adjourned meeting.
	 
	65.	 	The Directors may cancel or postpone any duly convened general meeting at any time prior to
such meeting, except for general meetings requisitioned by the Shareholders in accordance with
these Articles, for any reason or for no reason, upon notice in writing to Shareholders. A
postponement may be for a stated period of any length or indefinitely as the Directors may
determine.
	 
	66.	 	At any general meeting a resolution put to the vote of the meeting shall be decided on a show
of hands, unless a poll is (before or on the declaration of the result of the show of hands)
demanded by the chairman or any Shareholder holding at least ten percent of the Shares given a
right to vote at the meeting, present in person or by proxy, and unless a poll is so demanded,
a declaration by the chairman that a resolution has, on a show of hands, been carried, or
carried unanimously, or by a particular majority, or lost, and an entry to that effect in the
book of the proceedings of the Company, shall be conclusive evidence of the fact, without proof of the number or proportion of the votes recorded in favour of, or
against, that resolution.
	 
	67.	 	If a poll is duly demanded it shall be taken in such manner as the chairman directs, and the
result of the poll shall be deemed to be the resolution of the meeting at which the poll was
demanded.

15

 

	68.	 	In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of
the meeting at which the show of hands takes place or at which the poll is demanded, shall be
entitled to a second or casting vote.
	 
	69.	 	A poll demanded on the election of a chairman of the meeting or on a question of adjournment
shall be taken forthwith. A poll demanded on any other question shall be taken at such time
as the chairman of the meeting directs.

VOTES OF SHAREHOLDERS

	70.	 	Subject to any rights and restrictions for the time being attached to any Share, on a show of
hands every Shareholder present in person and every Person representing a Shareholder by proxy
shall, at a general meeting of the Company, each have one vote and on a poll every Shareholder
and every Person representing a Shareholder by proxy shall have one vote for each Share of
which he or the Person represented by proxy is the holder.
	 
	71.	 	In the case of joint holders the vote of the senior who tenders a vote whether in person or
by proxy shall be accepted to the exclusion of the votes of the other joint holders and for
this purpose seniority shall be determined by the order in which the names stand in the
Register.
	 
	72.	 	A Shareholder of unsound mind, or in respect of whom an order has been made by any court
having jurisdiction in lunacy, may vote in respect of Shares carrying the right to vote held
by him, whether on a show of hands or on a poll, by his committee, or other Person in the
nature of a committee appointed by that court, and any such committee or other Person, may
vote in respect of such Shares by proxy.
	 
	73.	 	No Shareholder shall be entitled to vote at any general meeting of the Company unless all
calls, if any, or other sums presently payable by him in respect of Shares carrying the right
to vote held by him have been paid.
	 
	74.	 	On a poll votes may be given either personally or by proxy.
	 
	75.	 	The instrument appointing a proxy shall be in writing under the hand of the appointor or of
his attorney duly authorised in writing or, if the appointor is a corporation, either under
Seal or under the hand of an officer or attorney duly authorised. A proxy need not be a
Shareholder.
	 
	76.	 	An instrument appointing a proxy may be in any usual or common form or such other form as the
Directors may approve.
	 
	77.	 	The instrument appointing a proxy shall be deposited at the Registered Office or at such
other place as is specified for that purpose in the notice convening the meeting, or in any
instrument of proxy sent out by the Company:

	 	(a)	 	not less than 48 hours before the time for holding the meeting or adjourned
meeting at which the person named in the instrument proposes to vote; or
	 
	 	(b)	 	in the case of a poll taken more than 48 hours after it is demanded, be
deposited as aforesaid after the poll has been demanded and not less than 24 hours
before the time appointed for the taking of the poll; or
	 
	 	(c)	 	where the poll is not taken forthwith but is taken not more than 48 hours after
it was demanded be delivered at the meeting at which the poll was demanded to the
chairman or to the secretary or to any director;

16

 

	 	 	provided that the Directors may in the notice convening the meeting, or in an instrument of
proxy sent out by the Company, direct that the instrument appointing a proxy may be
deposited (no later than the time for holding the meeting or adjourned meeting) at the
registered office or at such other place as is specified for that purpose in the notice
convening the meeting, or in any instrument of proxy sent out by the Company. The Chairman
may in any event at his discretion direct that an instrument of proxy shall be deemed to
have been duly deposited. An instrument of proxy that is not deposited in the manner
permitted shall be invalid.
	 
	78.	 	The instrument appointing a proxy shall be deemed to confer authority to demand or join in
demanding a poll.
	 
	79.	 	A resolution in writing signed by all the Shareholders for the time being entitled to receive
notice of and to attend and vote at general meetings of the Company (or being corporations by
their duly authorised representatives) shall be as valid and effective as if the same had been
passed at a general meeting of the Company duly convened and held.

CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS

	80.	 	Any corporation which is a Shareholder or a Director may by resolution of its directors or
other governing body authorise such Person as it thinks fit to act as its representative at
any meeting of the Company or of any meeting of holders of a Class or of the Directors or of a
committee of Directors, and the Person so authorised shall be entitled to exercise the same
powers on behalf of the corporation which he represents as that corporation could exercise if
it were an individual Shareholder or Director.

CLEARING HOUSES

	81.	 	If a clearing house (or its nominee) is a Member of the Company it may, by resolution of its
directors or other governing body or by power of attorney, authorise such person or persons as
it thinks fit to act as its representative or representatives at any general meeting of the
Company or at any general meeting of any class of Members of the Company provided that, if
more than one person is so authorised, the authorisation shall specify the number and class of
Shares in respect of which each such person is so authorised. A person so authorised pursuant
to this Article shall be entitled to exercise the same powers on behalf of the clearing house
(or its nominee) which he represents as that clearing house (or its nominee) could exercise if
it were an individual Member holding the number and Class of Shares specified in such
authorisation.

DIRECTORS

	82.	(a)	 	Unless otherwise determined by the Company in general meeting, the number of Directors
shall not be less than two Directors, the exact number of Directors to be determined from time
to time by the Board of Directors. For so long as Shares or ADSs are listed on the Designated
Stock Exchange, the Directors shall include such number of Independent Directors as applicable law, rules or regulations or the
Designated Stock Exchange Rules require.
	 
	 	(b)	 	The Board of Directors shall have a Chairman elected and appointed by a
majority of the Directors then in office. The period for which the Chairman will hold
office will also be determined by a majority of all of the Directors then in office.
The Chairman shall preside as chairman at every meeting of the Board of Directors. To
the extent the Chairman is not present at a meeting of the Board of Directors within
fifteen 

17

 

	 	 	 	minutes after the time appointed for holding the same, the attending Directors
may choose one of their number to be the chairman of the meeting.
	 
	 	(c)	 	The Company may by Ordinary Resolution appoint any person to be a Director.
	 
	 	(d)	 	The Board may appoint any person as a Director, to fill a casual vacancy on the
Board or as an addition to the existing Board, subject to the Company’s compliance with
director nomination procedures required under the Designated Stock Exchange Rules, as
long as Shares or ADSs are listed on the Designated Stock Exchange.

	83.	 	A Director shall hold office until he is removed from office by Ordinary Resolution
notwithstanding anything in these Articles or in any agreement between the Company and such
Director (but without prejudice to any claim for damages under such agreement).
	 
	84.	 	The Board may, from time to time, and except as required by applicable law or the listing
rules of the recognized stock exchange where the Company’s securities are traded, adopt,
institute, amend, modify or revoke the corporate governance policies or initiatives, which
shall be intended to set forth the policies of the Company and the Board on various corporate
governance related matters as the Board shall determine by resolution from time to time.
	 
	85.	 	A Director shall not be required to hold any Shares in the Company by way of qualification.
A Director who is not a member of the Company shall nevertheless be entitled to attend and
speak at general meetings.
	 
	86.	 	The remuneration of the Directors may be determined by the Directors or by Ordinary
Resolution.
	 
	87.	 	The Directors shall be entitled to be paid their travelling, hotel and other expenses
properly incurred by them in going to, attending and returning from meetings of the Directors,
or any committee of the Directors, or general meetings of the Company, or otherwise in
connection with the business of the Company, or to receive such fixed allowance in respect
thereof as may be determined by the Directors from time to time, or a combination partly of
one such method and partly the other.

ALTERNATE DIRECTOR OR PROXY

	88.	 	Any Director may in writing appoint another Person to be his alternate and, save to the
extent provided otherwise in the form of appointment, such alternate shall have authority to
sign written resolutions on behalf of the appointing Director, but shall not be required to
sign such written resolutions where they have been signed by the appointing director, and to
act in such Director’s place at any meeting of the Directors at which he is unable to be
present. Every such alternate shall be entitled to attend and vote at meetings of the
Directors as a Director when the Director appointing him is not personally present and where
he is a Director to have a separate vote on behalf of the Director he is representing in
addition to his own vote. A Director may at any time in writing revoke the appointment of an
alternate appointed by him. Such alternate shall be deemed for all purposes to be a Director of the
Company and shall not be deemed to be the agent of the Director appointing him. The
remuneration of such alternate shall be payable out of the remuneration of the Director
appointing him and the proportion thereof shall be agreed between them.

	89.	 	Any Director may appoint any Person, whether or not a Director, to be the proxy of that
Director to attend and vote on his behalf, in accordance with instructions given by that
Director, or in the absence of such instructions at the discretion of the proxy, at a meeting
or 

18

 

	 	 	meetings of the Directors which that Director is unable to attend personally. The
instrument appointing the proxy shall be in writing under the hand of the appointing Director
and shall be in any usual or common form or such other form as the Directors may approve, and
must be lodged with the chairman of the meeting of the Directors at which such proxy is to be
used, or first used, prior to the commencement of the meeting.

POWERS AND DUTIES OF DIRECTORS

	90.	 	Subject to the Companies Law, these Articles and to any resolutions passed in a general
meeting, the business of the Company shall be managed by the Directors, who may pay all
expenses incurred in setting up and registering the Company and may exercise all powers of the
Company.
	 
	91.	 	Subject to these Articles, the Directors may from time to time appoint any natural person or
corporation, whether or not a Director to hold such office in the Company as the Directors may
think necessary for the administration of the Company, including but not limited to, the
office of president, one or more vice-presidents, treasurer, assistant treasurer, manager or
controller, and for such term and at such remuneration (whether by way of salary or commission
or participation in profits or partly in one way and partly in another), and with such powers
and duties as the Directors may think fit. Any natural person or corporation so appointed by
the Directors may be removed by the Directors.
	 
	92.	 	No resolution passed by the Company in general meeting shall invalidate any prior act of the
Directors that would have been valid if that resolution had not been passed.
	 
	93.	 	The Directors may appoint any natural person or corporation to be a Secretary (and if need be
an assistant Secretary or assistant Secretaries) who shall hold office for such term, at such
remuneration and upon such conditions and with such powers as they think fit. Any Secretary
or assistant Secretary so appointed by the Directors may be removed by the Directors or by the
Company by Ordinary Resolution.
	 
	94.	 	The Directors may delegate any of their powers to committees consisting of such member or
members of their body as they think fit; any committee so formed shall in the exercise of the
powers so delegated conform to any regulations that may be imposed on it by the Directors.
	 
	95.	 	The Directors may from time to time and at any time by power of attorney (whether under Seal
or under hand) or otherwise appoint any company, firm or Person or body of Persons, whether
nominated directly or indirectly by the Directors, to be the attorney or attorneys or
authorised signatory (any such person being an “Attorney” or “Authorised Signatory”,
respectively) of the Company for such purposes and with such powers, authorities and
discretion (not exceeding those vested in or exercisable by the Directors under these
Articles) and for such period and subject to such conditions as they may think fit, and any
such power of attorney or other appointment may contain such provisions for the protection and
convenience of Persons dealing with any such Attorney or Authorised Signatory as the Directors may think fit, and may also authorise any such Attorney or Authorised Signatory to
delegate all or any of the powers, authorities and discretion vested in him.
	 
	96.	 	The Directors may from time to time provide for the management of the affairs of the Company
in such manner as they shall think fit and the provisions contained in the three next
following Articles shall not limit the general powers conferred by this Article.
	 
	97.	 	The Directors from time to time and at any time may establish any committees, local boards or
agencies for managing any of the affairs of the Company and may appoint any natural 

19

 

	 	 	person or
corporation to be a member of such committees or local boards and may appoint any managers or
agents of the Company and may fix the remuneration of any such natural person or corporation.

	98.	 	The Directors from time to time and at any time may delegate to any such committee, local
board, manager or agent any of the powers, authorities and discretions for the time being
vested in the Directors and may authorise the members for the time being of any such local
board, or any of them to fill any vacancies therein and to act notwithstanding vacancies and
any such appointment or delegation may be made on such terms and subject to such conditions as
the Directors may think fit and the Directors may at any time remove any natural person or
corporation so appointed and may annul or vary any such delegation, but no Person dealing in
good faith and without notice of any such annulment or variation shall be affected thereby.
	 
	99.	 	Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any
of the powers, authorities, and discretion for the time being vested in them.

BORROWING POWERS OF DIRECTORS

	100.	 	The Directors may exercise all the powers of the Company to borrow money and to mortgage or
charge its undertaking, property and uncalled capital or any part thereof, to issue
debentures, debenture stock and other securities whenever money is borrowed or as security for
any debt, liability or obligation of the Company or of any third party.

THE SEAL

	101.	 	The Seal shall not be affixed to any instrument except by the authority of a resolution of
the Directors provided always that such authority may be given prior to or after the affixing
of the Seal and if given after may be in general form confirming a number of affixings of the
Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant
Secretary) or in the presence of any one or more Persons as the Directors may appoint for the
purpose and every Person as aforesaid shall sign every instrument to which the Seal is so
affixed in their presence.

	102.	 	The Company may maintain a facsimile of the Seal in such countries or places as the Directors
may appoint and such facsimile Seal shall not be affixed to any instrument except by the
authority of a resolution of the Directors provided always that such authority may be given
prior to or after the affixing of such facsimile Seal and if given after may be in general
form confirming a number of affixings of such facsimile Seal. The facsimile Seal shall be
affixed in the presence of such Person or Persons as the Directors shall for this purpose
appoint and such Person or Persons as aforesaid shall sign every instrument to which the
facsimile Seal is so affixed in their presence and such affixing of the facsimile Seal and
signing as aforesaid shall have the same meaning and effect as if the Seal had been affixed in
the presence of and the instrument signed by a Director or a Secretary (or an assistant Secretary) or in the presence of any one or more Persons as the Directors may appoint for
the purpose.
	 
	103.	 	Notwithstanding the foregoing, a Secretary or any assistant Secretary shall have the
authority to affix the Seal, or the facsimile Seal, to any instrument for the purposes of
attesting authenticity of the matter contained therein but which does not create any
obligation binding on the Company.

20

 

DISQUALIFICATION OF DIRECTORS

	104.	 	The office of Director shall be vacated, if the Director:

	 	(a)	 	becomes bankrupt or makes any arrangement or composition with his creditors;
	 
	 	(b)	 	dies or is found to be or becomes of unsound mind;
	 
	 	(c)	 	resigns his office by notice in writing to the Company;
	 
	 	(d)	 	without special leave of absence from the Board, is absent from meetings of the
Board for three consecutive meetings and the Board resolves that his office be vacated;
or
	 
	 	(e)	 	is removed from office pursuant to any other provision of these Articles.

PROCEEDINGS OF DIRECTORS

	105.	 	The Directors may meet together (either within or without the Cayman Islands) for the
despatch of business, adjourn, and otherwise regulate their meetings and proceedings as they
think fit. Save as provided in Article 92, questions arising at any meeting shall be decided
by a majority of votes. At any meeting of the Directors, each Director present in person or
represented by his proxy or alternate shall be entitled to one vote. In case of an equality
of votes the Chairman shall have a second or casting vote. A Director may, and a Secretary or
assistant Secretary on the requisition of a Director shall, at any time summon a meeting of
the Directors.
	 
	106.	 	A Director may participate in any meeting of the Directors, or of any committee appointed by
the Directors of which such Director is a member, by means of telephone or similar
communication equipment by way of which all Persons participating in such meeting can
communicate with each other and such participation shall be deemed to constitute presence in
person at the meeting.
	 
	107.	 	The quorum necessary for the transaction of the business of the Directors may be fixed by the
Directors, and unless so fixed, the quorum shall be a majority of Directors then in office. A
Director represented by proxy or by an alternate Director at any meeting shall be deemed to be
present for the purposes of determining whether or not a quorum is present.
	 
	108.	 	A Director who is in any way, whether directly or indirectly, interested in a contract or
proposed contract with the Company shall declare the nature of his interest at a meeting of
the Directors. A general notice given to the Directors by any Director to the effect that he
is a member of any specified company or firm and is to be regarded as interested in any
contract which may thereafter be made with that company or firm shall be deemed a sufficient
declaration of interest in regard to any contract so made. A Director may vote in respect of
any contract or proposed contract or arrangement notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at
any meeting of the Directors at which any such contract or proposed contract or arrangement
shall come before the meeting for consideration.
	 
	109.	 	A Director may hold any other office or place of profit under the Company (other than the
office of auditor) in conjunction with his office of Director for such period and on such
terms (as to remuneration and otherwise) as the Directors may determine and no Director or
intending Director shall be disqualified by his office from contracting with the Company
either

21

 

	 	 	with regard to his tenure of any such other office or place of profit or as vendor,
purchaser or otherwise, nor shall any such contract or arrangement entered into by or on
behalf of the Company in which any Director is in any way interested, be liable to be avoided,
nor shall any Director so contracting or being so interested be liable to account to the
Company for any profit realised by any such contract or arrangement by reason of such Director
holding that office or of the fiduciary relation thereby established. A Director,
notwithstanding his interest, may be counted in the quorum present at any meeting of the
Directors whereat he or any other Director is appointed to hold any such office or place of
profit under the Company or whereat the terms of any such appointment are arranged and he may
vote on any such appointment or arrangement.

	110.	 	Any Director may act by himself or his firm in a professional capacity for the Company, and
he or his firm shall be entitled to remuneration for professional services as if he were not a
Director; provided that nothing herein contained shall authorise a Director or his firm to act
as auditor to the Company.
	 
	111.	 	The Directors shall cause minutes to be made in books or loose-leaf folders provided for the
purpose of recording:

	 	(a)	 	all appointments of officers made by the Directors;
	 
	 	(b)	 	the names of the Directors present at each meeting of the Directors and of any
committee of the Directors; and
	 
	 	(c)	 	all resolutions and proceedings at all meetings of the Company, and of the
Directors and of committees of Directors.

	112.	 	When the Chairman of a meeting of the Directors signs the minutes of such meeting the same
shall be deemed to have been duly held notwithstanding that all the Directors have not
actually come together or that there may have been a technical defect in the proceedings.
	 
	113.	 	A resolution in writing signed by all the Directors or all the members of a committee of
Directors entitled to receive notice of a meeting of Directors or committee of Directors, as
the case may be (an alternate Director, subject as provided otherwise in the terms of
appointment of the alternate Director, being entitled to sign such a resolution on behalf of
his appointer), shall be as valid and effectual as if it had been passed at a duly called and
constituted meeting of Directors or committee of Directors, as the case may be. When signed a
resolution may consist of several documents each signed by one or more of the Directors or his
duly appointed alternate.
	 
	114.	 	The continuing Directors may act notwithstanding any vacancy in their body but if and for so
long as their number is reduced below the number fixed by or pursuant to these Articles as the
necessary quorum of Directors, the continuing Directors may act for the purpose of increasing
the number, or of summoning a general meeting of the Company, but for no other purpose.
	 
	115.	 	The Directors may elect a chairman of their meetings and determine the period for which he is
to hold office but if no such chairman is elected, or if at any meeting the chairman is not
present within fifteen minutes after the time appointed for holding the meeting, the Directors
present may choose one of their number to be chairman of the meeting.
	 
	116.	 	Subject to any regulations imposed on it by the Directors, a committee appointed by the
Directors may elect a chairman of its meetings. If no such chairman is elected, or if at any

22

 

	 	 	meeting the chairman is not present within fifteen minutes after the time appointed for
holding the meeting, the committee members present may choose one of their number to be
chairman of the meeting.

	117.	 	A committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to
any regulations imposed on it by the Directors, questions arising at any meeting shall be
determined by a majority of votes of the committee members present and in case of an equality
of votes the chairman shall have a second or casting vote.
	 
	118.	 	All acts done by any meeting of the Directors or of a committee of Directors, or by any
Person acting as a Director, shall notwithstanding that it be afterwards discovered that there
was some defect in the appointment of any such Director or Person acting as aforesaid, or that
they or any of them were disqualified, be as valid as if every such Person had been duly
appointed and was qualified to be a Director.

PRESUMPTION OF ASSENT

	119.	 	A Director of the Company who is present at a meeting of the Board of Directors at which
action on any Company matter is taken shall be presumed to have assented to the action taken
unless his dissent shall be entered in the Minutes of the meeting or unless he shall file his
written dissent from such action with the person acting as the chairman or secretary of the
meeting before the adjournment thereof or shall forward such dissent by registered post to
such person immediately after the adjournment of the meeting. Such right to dissent shall not
apply to a Director who voted in favour of such action.

DIVIDENDS

	120.	 	Subject to any rights and restrictions for the time being attached to any Shares, the
Directors may from time to time declare dividends (including interim dividends) and other
distributions on Shares in issue and authorise payment of the same out of the funds of the
Company lawfully available therefor.
	 
	121.	 	Subject to any rights and restrictions for the time being attached to any Shares, the Company
by Ordinary Resolution may declare dividends, but no dividend shall exceed the amount
recommended by the Directors.
	 
	122.	 	The Directors may, before recommending or declaring any dividend, set aside out of the funds
legally available for distribution such sums as they think proper as a reserve or reserves
which shall, in the absolute discretion of the Directors be applicable for meeting
contingencies, or for equalising dividends or for any other purpose to which those funds may
be properly applied and pending such application may in the absolute discretion of the
Directors, either be employed in the business of the Company or be invested in such
investments (other than Shares of the Company) as the Directors may from time to time think
fit.
	 
	123.	 	Any dividend payable in cash to the holder of Shares may be paid in any manner determined by
the Directors. If paid by cheque it will be sent by mail addressed to the holder at his
address in the Register, or addressed to such person and at such addresses as the holder may
direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise
direct, be made payable to the order of the holder or, in the case of joint holders, to the
order of the holder whose name stands first on the Register in respect of such Shares, and
shall be sent at his or their risk and payment of the cheque or warrant by the bank on which
it is drawn shall constitute a good discharge to the Company.

23

 

	124.	 	With the sanction of an Ordinary Resolution, the Directors may determine that a dividend
shall be paid wholly or partly by the distribution of specific assets (which may consist of
the shares or securities of any other company) and may settle all questions concerning such
distribution. Without limiting the generality of the foregoing, the Directors may fix the
value of such specific assets, may determine that cash payment shall be made to some
Shareholders in lieu of specific assets and may vest any such specific assets in trustees on
such terms as the Directors think fit.
	 
	125.	 	Subject to any rights and restrictions for the time being attached to any Shares, all
dividends shall be declared and paid according to the amounts paid up on the Shares, but if
and for so long as nothing is paid up on any of the Shares dividends may be declared and paid
according to the par value of the Shares. No amount paid on a Share in advance of calls shall,
while carrying interest, be treated for the purposes of this Article as paid on the Share.
	 
	126.	 	If several Persons are registered as joint holders of any Share, any of them may give
effectual receipts for any dividend or other moneys payable on or in respect of the Share.
	 
	127.	 	No dividend shall bear interest against the Company.
	 
	128.	 	Any dividend unclaimed after a period of six years from the date of declaration of such
dividend may be forfeited by the Board of Directors and, if so forfeited, shall revert to the
Company.

ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION

	129.	 	The books of account relating to the Company’s affairs shall be kept in such manner as may be
determined from time to time by the Directors.
	 
	130.	 	The books of account shall be kept at the Registered Office, or at such other place or places
as the Directors think fit, and shall always be open to the inspection of the Directors.
	 
	131.	 	The Directors may from time to time determine whether and to what extent and at what times
and places and under what conditions or regulations the accounts and books of the Company or
any of them shall be open to the inspection of Shareholders not being Directors, and no
Shareholder (not being a Director) shall have any right of inspecting any account or book or
document of the Company except as conferred by law or authorised by the Directors or by
Ordinary Resolution.
	 
	132.	 	The accounts relating to the Company’s affairs shall be audited in such manner and with such
financial year end as may be determined from time to time by the Directors or failing any
determination as aforesaid shall not be audited.
	 
	133.	 	The Directors may appoint an Auditor of the Company who shall hold office until removed from
office by a resolution of the Directors and may fix his or their remuneration.
	 
	134.	 	Every Auditor of the Company shall have a right of access at all times to the books and
accounts and vouchers of the Company and shall be entitled to require from the Directors and
Officers of the Company such information and explanation as may be necessary for the
performance of the duties of the auditors.
	 
	135.	 	Auditors shall, if so required by the Directors, make a report on the accounts of the Company
during their tenure of office at the next annual general meeting following their appointment,

24

 

	 	 	and at any time during their term of office, upon request of the Directors or any general
meeting of the Members.

	136.	 	The Directors in each year shall prepare, or cause to be prepared, an annual return and
declaration setting forth the particulars required by the Companies Law and deliver a copy
thereof to the Registrar of Companies in the Cayman Islands.

CAPITALISATION OF RESERVES

	137.	 	Subject to the Companies Law, the Directors may, with the authority of an Ordinary
Resolution:

	 	(a)	 	resolve to capitalise an amount standing to the credit of reserves (including a
Share Premium Account, capital redemption reserve and profit and loss account), whether
or not available for distribution;
	 
	 	(b)	 	appropriate the sum resolved to be capitalised to the Shareholders in
proportion to the nominal amount of Shares (whether or not fully paid) held by them
respectively and apply that sum on their behalf in or towards:

	 	(i)	 	paying up the amounts (if any) for the time being unpaid
on Shares held by them respectively, or
	 
	 	(ii)	 	paying up in full unissued Shares or debentures of a
nominal amount equal to that sum,

	 	 	 	and allot the Shares or debentures, credited as fully paid, to the
Shareholders (or as they may direct) in those proportions, or partly in one way
and partly in the other, but the Share Premium Account, the capital redemption
reserve and profits which are not available for distribution may, for the
purposes of this Article, only be applied in paying up unissued Shares to be
allotted to Shareholders credited as fully paid;
	 
	 	(c)	 	make any arrangements they think fit to resolve a difficulty arising in the
distribution of a capitalised reserve and in particular, without limitation, where
Shares or debentures become distributable in fractions the Directors may deal with the
fractions as they think fit;
	 
	 	(d)	 	authorise a Person to enter (on behalf of all the Shareholders concerned) into
an agreement with the Company providing for either:

	 	(i)	 	the allotment to the Shareholders respectively, credited as
fully paid, of Shares or debentures to which they may be entitled on the
capitalisation, or
	 
	 	(ii)	 	the payment by the Company on behalf of the Shareholders
(by the application of their respective proportions of the reserves resolved
to be capitalised) of the amounts or part of the amounts remaining unpaid on their
existing Shares,

	 	 	 	and any such agreement made under this authority being effective and binding on all
those Shareholders; and
	 
	 	(e)	 	generally do all acts and things required to give effect to the resolution.

25

 

SHARE PREMIUM ACCOUNT

	138.	 	The Directors shall in accordance with the Companies Law establish a Share Premium Account
and shall carry to the credit of such account from time to time a sum equal to the amount or
value of the premium paid on the issue of any Share.
	 
	139.	 	There shall be debited to any Share Premium Account on the redemption or purchase of a Share
the difference between the nominal value of such Share and the redemption or purchase price
provided always that at the discretion of the Directors such sum may be paid out of the
profits of the Company or, if permitted by the Companies Law, out of capital.

NOTICES

	140.	 	Except as otherwise provided in these Articles, any notice or document may be served by the
Company or by the Person entitled to give notice to any Shareholder either personally, or by
posting it airmail or air courier service in a prepaid letter addressed to such Shareholder at
his address as appearing in the Register, or by electronic mail to any electronic mail address
such Shareholder may have specified in writing for the purpose of such service of notices, or
by facsimile or by placing it on the Company’s Website should the Directors deem it
appropriate provided that the Company has obtained the member’s prior express positive
confirmation in writing to receive notices in such manner. In the case of joint holders of a
Share, all notices shall be given to that one of the joint holders whose name stands first in
the Register in respect of the joint holding, and notice so given shall be sufficient notice
to all the joint holders.
	 
	141.	 	Notices posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail.
	 
	142.	 	Any Shareholder present, either personally or by proxy, at any meeting of the Company shall
for all purposes be deemed to have received due notice of such meeting and, where requisite,
of the purposes for which such meeting was convened.
	 
	143.	 	Any notice or other document, if served by:

	 	(a)	 	post, shall be deemed to have been served five days after the time when the
letter containing the same is posted;
	 
	 	(b)	 	facsimile, shall be deemed to have been served upon production by the
transmitting facsimile machine of a report confirming transmission of the facsimile in
full to the facsimile number of the recipient;
	 
	 	(c)	 	recognised courier service, shall be deemed to have been served 48 hours after
the time when the letter containing the same is delivered to the courier service; or
	 
	 	(d)	 	electronic mail, shall be deemed to have been served immediately upon the time
of the transmission by electronic mail.

	 	 	In proving service by post or courier service it shall be sufficient to prove that the
letter containing the notice or documents was properly addressed and duly posted or
delivered to the courier service.
	 
	144.	 	Any notice or document delivered or sent by post to or left at the registered address of any
Shareholder in accordance with the terms of these Articles shall notwithstanding that such

26

 

	 	 	Shareholder be then dead or bankrupt, and whether or not the Company has notice of his death
or bankruptcy, be deemed to have been duly served in respect of any Share registered in the
name of such Shareholder as sole or joint holder, unless his name shall at the time of the
service of the notice or document, have been removed from the Register as the holder of the
Share, and such service shall for all purposes be deemed a sufficient service of such notice
or document on all Persons interested (whether jointly with or as claiming through or under
him) in the Share.
	145.	 	Notice of every general meeting of the Company shall be given to:

	 	(a)	 	all Shareholders holding Shares with the right to receive notice and who have
supplied to the Company an address for the giving of notices to them; and
	 
	 	(b)	 	every Person entitled to a Share in consequence of the death or bankruptcy of a
Shareholder, who but for his death or bankruptcy would be entitled to receive notice of
the meeting.

	 	 	No other Person shall be entitled to receive notices of general meetings.

INFORMATION

	146.	 	No Member shall be entitled to require discovery of any information in respect of any detail
of the Company’s trading or any information which is or may be in the nature of a trade secret
or secret process which may relate to the conduct of the business of the Company and which in
the opinion of the Board would not be in the interests of the Members of the Company to
communicate to the public.
	 
	147.	 	The Board shall be entitled to release or disclose any information in its possession, custody
or control regarding the Company or its affairs to any of its Members including, without
limitation, information contained in the Register and transfer books of the Company.

INDEMNITY

	148.	 	Every Director (including for the purposes of this Article any alternate Director appointed
pursuant to the provisions of these Articles), Secretary, assistant Secretary, or other
officer for the time being and from time to time of the Company (but not including the
Company’s auditors) and the personal representatives of the same (each an “Indemnified
Person”) shall be indemnified and secured harmless against all actions, proceedings, costs,
charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified
Person, other than by reason of such Indemnified Person’s own dishonesty, wilful default or
fraud, in or about the conduct of the Company’s business or affairs (including as a result of
any mistake of judgment) or in the execution or discharge of his duties, powers, authorities
or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether
successfully or otherwise) any civil proceedings concerning the Company or its affairs in
any court whether in the Cayman Islands or elsewhere.
	 
	149.	 	No Indemnified Person shall be liable:

	 	(a)	 	for the acts, receipts, neglects, defaults or omissions of any other Director
or officer or agent of the Company; or

27

 

	 	(b)	 	for any loss on account of defect of title to any property of the Company; or
	 
	 	(c)	 	on account of the insufficiency of any security in or upon which any money of
the Company shall be invested; or
	 
	 	(d)	 	for any loss incurred through any bank, broker or other similar Person; or
	 
	 	(e)	 	for any loss occasioned by any negligence, default, breach of duty, breach of
trust, error of judgement or oversight on such Indemnified Person’s part; or
	 
	 	(f)	 	for any loss, damage or misfortune whatsoever which may happen in or arise from
the execution or discharge of the duties, powers, authorities, or discretions of such
Indemnified Person’s office or in relation thereto;

	 	 	unless the same shall happen through such Indemnified Person’s own dishonesty, wilful
default or fraud.

FINANCIAL YEAR

	150.	 	Unless the Directors otherwise prescribe, the financial year of the Company shall end on
December 31 in each year and shall begin on January 1 in each year.

NON-RECOGNITION OF TRUSTS

	151.	 	No Person shall be recognised by the Company as holding any Share upon any trust and the
Company shall not, unless required by law, be bound by or be compelled in any way to recognise
(even when having notice thereof) any equitable, contingent, future or partial interest in any
Share or (except only as otherwise provided by these Articles or as the Companies Law
requires) any other right in respect of any Share except an absolute right to the entirety
thereof in each Shareholder registered in the Register.

WINDING UP

	152.	 	If the Company shall be wound up the liquidator may, with the sanction of a Special
Resolution of the Company and any other sanction required by the Companies Law, divide amongst
the Members in kind the whole or any part of the assets of the Company (whether they shall
consist of property of the same kind or not) and may for that purpose value any assets and
determine how the division shall be carried out as between the Members or different classes of
Members. The liquidator may, with the like sanction, vest the whole or any part of such assets
in trustees upon such trusts for the benefit of the Members as the liquidator, with the like
sanction, shall think fit, but so that no Member shall be compelled to accept any asset upon
which there is a liability.
	 
	153.	 	If the Company shall be wound up, and the assets available for distribution amongst the
Members shall be insufficient to repay the whole of the share capital, such assets shall be
distributed so that, as nearly as may be, the losses shall be borne by the Members in
proportion to the par value of the Shares held by them. If in a winding up the assets
available for distribution amongst the Members shall be more than sufficient to repay the
whole of the share capital at the commencement of the winding up, the surplus shall be
distributed amongst the Members in proportion to the par value of the Shares held by them at
the commencement of the winding up subject to a deduction from those Shares in respect of
which there are monies due, of all monies payable to the Company for unpaid calls or

28

 

	 	 	otherwise. This Article is without prejudice to the rights of the holders of Shares issued
upon special terms and conditions.

AMENDMENT OF ARTICLES OF ASSOCIATION

	154.	 	Subject to the Companies Law, the Company may at any time and from time to time by Special
Resolution alter or amend these Articles in whole or in part.

CLOSING OF REGISTER OR FIXING RECORD DATE

	155.	 	For the purpose of determining those Shareholders that are entitled to receive notice of,
attend or vote at any meeting of Shareholders or any adjournment thereof, or those
Shareholders that are entitled to receive payment of any dividend, or in order to make a
determination as to who is a Shareholder for any other purpose, the Directors may provide that
the Register shall be closed for transfers for a stated period which shall not exceed in any
case 40 days. If the Register shall be so closed for the purpose of determining those
Shareholders that are entitled to receive notice of, attend or vote at a meeting of
Shareholders the Register shall be so closed for at least ten days immediately preceding such
meeting and the record date for such determination shall be the date of the closure of the
Register.
	 
	156.	 	In lieu of or apart from closing the Register, the Directors may fix in advance a date as the
record date for any such determination of those Shareholders that are entitled to receive
notice of, attend or vote at a meeting of the Shareholders and for the purpose of determining
those Shareholders that are entitled to receive payment of any dividend the Directors may, at
or within 90 days prior to the date of declaration of such dividend, fix a subsequent date as
the record date for such determination.
	 
	157.	 	If the Register is not so closed and no record date is fixed for the determination of those
Shareholders entitled to receive notice of, attend or vote at a meeting of Shareholders or
those Shareholders that are entitled to receive payment of a dividend, the date on which
notice of the meeting is posted or the date on which the resolution of the Directors declaring
such dividend is adopted, as the case may be, shall be the record date for such determination
of Shareholders. When a determination of those Shareholders that are entitled to receive
notice of, attend or vote at a meeting of Shareholders has been made as provided in this
Article, such determination shall apply to any adjournment thereof.

REGISTRATION BY WAY OF CONTINUATION

	158.	 	The Company may by Special Resolution resolve to be registered by way of continuation in a
jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for the time
being incorporated, registered or existing. In furtherance of a resolution adopted pursuant to
this Article, the Directors may cause an application to be made to the Registrar of Companies
to deregister the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and may cause all such
further steps as they consider appropriate to be taken to effect the transfer by way of
continuation of the Company.

DISCLOSURE

	159.	 	The Directors, or any service providers (including the officers, the Secretary and the
registered office agent of the Company) specifically authorised by the Directors, shall be
entitled to disclose to any regulatory or judicial authority any information regarding the
affairs 

29

 

	 	 	of the Company including without limitation information contained in the Register and
books of the Company.

30EX-4.5

Exhibit 4.5

Dated September 27, 2007

COUNTRY STYLE COOKING RESTAURANT CHAIN CO., LTD.

SHAREHOLDERS’ AGREEMENT

PAUL, HASTINGS, JANOFSKY & WALKER

22nd Floor

Bank of China Tower

1 Garden Road

Hong Kong

 

 

TABLE OF CONTENTS

	 	 	 	 	 

	1. Definitions and Interpretation
	 	 	1	 
	 
	2. Financial Statements and Reports and Information and Inspection Rights
	 	 	7	 
	 
	3. Election of Directors; Management
	 	 	8	 
	 
	4. Right of Participation
	 	 	9	 
	 
	5. Right of First Refusal; Co-Sale Right
	 	 	11	 
	 
	6. Representations and Warranties; Covenants and Undertakings
	 	 	17	 
	 
	7. Demand Registration
	 	 	21	 
	 
	8. Piggyback Registration
	 	 	24	 
	 
	9. Expenses of Registration
	 	 	26	 
	 
	10. Termination of Registration Rights
	 	 	27	 
	 
	11. Registration Procedures and Obligations
	 	 	27	 
	 
	12. Information Furnished by Holder
	 	 	28	 
	 
	13. Indemnification
	 	 	28	 
	 
	14. Lock-Up or Market Standoff
	 	 	31	 
	 
	15. No-Action Letter or Opinion of Counsel in Lieu of Registration;
Conversion of Preferred Shares
	 	 	32	 
	 
	16. Reports Under the Exchange Act
	 	 	33	 
	 
	17. Transfer of Rights
	 	 	33	 
	 
	18. Legend; Stop Transfer Instructions
	 	 	34	 
	 
	19. Covenants
	 	 	34	 
	 
	20. Board Committees
	 	 	39	 
	 
	21. Miscellaneous
	 	 	40	 
	 
	22. Confidentiality and Announcements
	 	 	43	 

i

 

EXECUTION COPY

COUNTRY STYLE COOKING RESTAURANT CHAIN CO., LTD.

SHAREHOLDERS’ AGREEMENT

     THIS SHAREHOLDERS’ AGREEMENT (the “Agreement”) is made as of September 27, 2007, by and
among:

	 	1.	 	Country Style Cooking Restaurant Chain Co., Ltd.

an exempted company incorporated under the laws of the Cayman Islands (the
“Company”);
	 
	 	2.	 	Growing Rich Limited
 a limited liability company
incorporated in Hong Kong
(“Growing Rich”);
	 
	 	3.	 	Chongqing Growing Rich Country Style Cooking Management
Co., Ltd.  a wholly
foreign-owned enterprise registered in Chongqing, PRC (the “WFOE”);
	 
	 	4.	 	Chongqing Country Style Cooking Restaurants Chain Co., Ltd.
 a domestic-funded enterprise established
under PRC laws with limited liability (the “Founder Co”);
	 
	 	5.	 	LI Hong  (PRC ID No. 510202196807080920);
	 
	 	6.	 	ZHANG Xingqiang  (PRC ID No. 110103196601100910) (together with LI Hong, the
“Founders”, and each a “Founder”);
	 
	 	7.	 	SIG China Investments One, Ltd., an exempted company incorporated in the Cayman
Islands (“SIG”); and
	 
	 	8.	 	Sequoia Capital China II, L.P., an exempted limited partnership registered in the
Cayman Islands (“Sequoia”).

     (the foregoing parties collectively, the “Parties”, and each a “Party”).

RECITALS

A. The Parties entered into a Subscription Agreement dated as of September 26, 2007 (the
“Subscription Agreement”), pursuant to which the Company issued and the Investors subscribed
24,000,000 Series A Shares of the Company.

B. In connection with the issuance and subscription of the Series A Shares of the Company, the
Parties desire to enter into this Agreement.

	 	 	THE PARTIES AGREE AS FOLLOWS:
	 
	1.	 	Definitions and Interpretation
	 
	1.1	 	Definitions. For purposes of this Agreement the following terms have the following meanings:
	 
	 	 	“Adherence Deed” means an adherence deed in the form attached hereto as EXHIBIT B.

 

 

	 	 	“Affiliate” means, in respect of a Person, any other Person that, directly or indirectly, through
one or more intermediaries, Controls, is Controlled by, or is under common Control with, such
Person, and in the case of an Investor shall include (a) any Person who holds Shares as a nominee
for such Investor, (b) any shareholder of such Investor, (c) any entity or individual which has a
direct and indirect interest in such Investor (including, if applicable, any general partner or
limited partner) or any fund manager thereof, (d) any Person that directly or indirectly Controls,
is Controlled by, under common Control with, or is managed by such Investor or its fund manager,
(e) the relatives of any individual referred to in (c) above, and (f) any trust Controlled by or
held for the benefit of such individuals.
	 
	 	 	“Agreement” has the meaning set forth in the preamble to this Agreement.
	 
	 	 	“Blue Sky” means the laws or statutes of any state of the United States of America or any other
jurisdiction regulating the sale of corporate securities within that state or jurisdiction.
	 
	 	 	“Board” means the Company’s board of Directors as constituted from time to time.
	 
	 	 	“Business Day” means any day, excluding Saturdays and Sundays, on which banks in Hong Kong,
Chongqing, PRC, and the State of New York, U.S.A. are generally open for business.
	 
	 	 	“Commission” means the United States Securities and Exchange Commission, as constituted from time
to time, or any successor agency charged with administering the Securities Act and/or the Exchange
Act.
	 
	 	 	“Compulsory Payment Amount” has the meaning set forth in the Memorandum of Association and Articles
of Association of the Company.
	 
	 	 	“Control” with respect to any third Person shall be deemed to exist in favor of any Person (a) when
such Person holds at least 20 per cent. of the outstanding voting securities of such third Person
and no other Persons owns a greater number of outstanding voting securities of such third Person or
(b) over other members of such Person’s immediate family. Immediate family members include, without
limitation, a Person’s spouse, parents, children, siblings, mother-in-law and father-in-law and
brothers and sisters-in-law. The terms “Controlling” and “Controlled” have meanings correlative to
the foregoing.
	 
	 	 	“Co-Sale Investors” means Investors exercising the Co-Sale Right, and Co-Sale Investor means any
one of them.
	 
	 	 	“Co-Sale Right” has the meaning set forth in Section 5.2 of this Agreement.
	 
	 	 	“Co-Sale Ratio” with respect to a Co-Sale Investor, means the ratio of (a) the number of Ordinary
Share Equivalents owned by such Co-Sale Investor on the date of the Transfer Notice to (b) the
total number of Ordinary Share Equivalents owned by the Transferring Shareholder and all the
Co-Sale Investors on the date of the Transfer Notice.
	 
	 	 	“Covenantors” means the Group Companies and the Founders, and “Covenantor” means any of them.

2

 

	 	 	“Damages” has the meaning set forth in Section 13.1 of this Agreement.
	 
	 	 	“Directors” means the directors of the Company, and “Director” means any one of them.
	 
	 	 	“ESOP” means the stock incentive plan of the Company approved from time to time in accordance with
this Agreement and the Memorandum of Association and Articles of Association of the Company.
	 
	 	 	“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission promulgated thereunder, all as from time to time in effect.
	 
	 	 	“Form F-3” means Form F-3 issued by the Commission or any substantially similar form then in
effect.
	 
	 	 	“Founders” has the meaning set forth in the Recitals, and “Founder” means any one of them.
	 
	 	 	“Group” or “Group Companies” means the Company, the WFOE, Growing Rich, Founder Co and their
respective Subsidiaries from time to time, and “Group Company” means any one of them.
	 
	 	 	“Holder” means any holder of outstanding Registrable Securities.
	 
	 	 	“IFRS” means International Financial Reporting Standards issued by the International Accounting
Standards Board, as in effect from time to time.
	 
	 	 	“Initiating Holders” means Holders who in the aggregate hold at least 50 per cent. of the
Registrable Securities.
	 
	 	 	“Investor Consent” means, at the time of its determination, the prior written consent of Investors
holding a majority of the Series A Shares in aggregate, as adjusted in accordance with their terms,
or securities resulting from the conversion or exchange of such Series A Shares which must include
the consent of the Investor Representatives.
	 
	 	 	“Investor Representatives” means SIG Representative and Sequoia Representative.
	 
	 	 	“Investors” means SIG and Sequoia, and “Investor” means any one of them.
	 
	 	 	“Issuance Notice” has the meaning set forth in Section 4.2 of this Agreement.
	 
	 	 	“New Securities” means any share capital of the Company (including reissued shares), whether
authorized or not, and any rights, options, or warrants to purchase share capital of the Company,
any notes, debentures, preferred stock or shares and securities of any type whatsoever that are
ultimately, or may become, convertible into capital stock of the Company issued (or, pursuant to
Article 16(c) of the Memorandum and Articles, deemed to be issued) by the Company. “New Securities”
does not include: (a) Ordinary Shares issued upon conversion of Preferred Shares; (b) securities
issued as a dividend or distribution on Preferred Shares or any event for which adjustment is made
pursuant to Article 16(g) or Article 16(h) of the

3

 

	 	 	Memorandum and Articles, (c) securities offered to the public pursuant to a registration statement
or registered prospectus in respect of a Qualified IPO, or (d) securities or share capital issued
to all Shareholders pro rata without consideration pursuant to a stock dividend, stock split, or
similar transaction.
	 
	 	 	“Ordinary Share Equivalents” means the number of issued and outstanding Ordinary Shares, and
Ordinary Shares into which issued and outstanding Preferred Shares and other securities are
convertible.
	 
	 	 	“Ordinary Shareholders” means the holders of Ordinary Shares.
	 
	 	 	“Ordinary Shares” means the ordinary shares of the Company.
	 
	 	 	“Person” means any individual, sole proprietorship, partnership, firm, joint venture, estate,
trust, unincorporated organization, association, corporation, institution, public benefit
corporation, entity or governmental authority or other entity of any kind or nature.
	 
	 	 	“PRC” means the People’s Republic of China, excluding (solely for purposes of this Agreement) the
Hong Kong Special Administrative Region, the Macau Special Administrative Region and the Islands of
Taiwan.
	 
	 	 	“Preferred Shares” means Series A Shares.
	 
	 	 	“Prohibited Transfer” has the meaning set forth in Section 5.6 of this Agreement.
	 
	 	 	“Pro Rata Ratio” with respect to any Investor, means the ratio of: (a) the total number of Ordinary
Share Equivalents held by that Investor to (b) the total number of Ordinary Share Equivalents held
by all Investors.
	 
	 	 	“Pro Rata Share” with respect to any Investor, means the ratio of: (a) the total number of Ordinary
Share Equivalents held by that Investor (assuming the conversion of all outstanding Preferred
Shares) immediately before the proposed allotment and issue of New Securities to (b) the total
number of Ordinary Share Equivalents held by all Shareholders of the Company (assuming the
conversion of all outstanding Preferred Shares to Common Shares and the exercise of all options
outstanding) immediately before the proposed allotment and issue of New Securities.
	 
	 	 	“Qualified IPO” means the closing of the Company’s first firm commitment, underwritten public
offering of Ordinary Shares or securities representing Ordinary Shares in connection with which
Ordinary Shares or such securities (or the shares of a company of which the Company is a wholly
owned subsidiary established for the purpose of listing (the “Listco”)) is listed and becomes
publicly traded on an internationally recognized securities exchange (including the Stock Exchange
of Hong Kong) or the NASDAQ National Market or the issue or transfer of shares in a company whose
shares are listed on an internationally recognized stock exchange (including the Stock Exchange of
Hong Kong) or on NASDAQ National Market for which shares approval for listing and trading has been
duly obtained and which shares are issued or transferred in consideration of the acquisition of the
Ordinary Shares of the Company or the shares of the Listco, provided, however, (i) that such
transaction or listing shall result in aggregate proceeds to the Company of at least US$60,000,000
(before deduction for underwriters’ commissions

4

 

	 	 	and expenses), (ii) that the market capitalization of the Company or the Listco immediately after
such transaction or listing shall be at least US$300,000,000, and (iii) that such transaction or
listing shall be acceptable to Shareholders holding a majority of the Series A Shares.
	 
	 	 	“Register”, “Registered”, and “Registration” means a registration of securities effected by
preparing and filing a registration statement on Form F-1, S-1, SB-2, F-3 or S-3 in compliance with the Securities Act, or on any comparable form in
connection with a registration in a jurisdiction other than the United States (a “Registration
Statement”), and the declaration or ordering of the effectiveness of that Registration Statement by
the Commission.
	 
	 	 	“Registrable Securities” means all Ordinary Shares not previously sold to the public but issued or
issuable to the Investors including: (a) Ordinary Shares issuable upon conversion or exercise of
any of the Preferred Shares; (b) Ordinary Shares issued pursuant to stock splits, stock dividends,
and similar distributions to the Investors; and (c) any securities of the Company granted
registration rights pursuant to Section 7 or 8 of this Agreement.
	 
	 	 	“Registration Expenses” means all expenses incurred by the Company in complying with Section 7 or 8
of this Agreement, including, without limitation, all federal and state Registration,
qualification, and filing fees, printing expenses, any fees, commissions, expenses and
disbursements of underwriters customarily paid by similarly situated companies in connection with
underwritten offerings of equity securities to the public, fees and disbursements of counsel for
the Company and one special counsel for all Holders (if different from counsel to the Company),
Blue Sky fees and expenses, and the expense of any special audits incident to or required by any
Registration, but excluding Selling Expenses.
	 
	 	 	“Registration Statement” has the meaning set forth in the definition of “Registration” above.
	 
	 	 	“Related Party” shall mean, with respect to any Person, (a) any Affiliate of such Person, (b) each
Person that serves as a director, officer, partner, executor, or trustee of such Person (or in any
other similar capacity), (c) any Person with respect to which such Person serves as a general
partner or trustee (or in any other similar capacity), (d) any Person that has direct or indirect
beneficial ownership of voting securities or other voting interests representing at least 10 per
cent. of the outstanding voting power or equity securities or other equity interests representing
at least 10 per cent. of the outstanding equity interests (a “Material Interest”) in such Person,
and (e) any Person in which such Person holds a Material Interest.
	 
	 	 	“Reserved Matters” has the meaning set forth in Section 19.1 of this Agreement.
	 
	 	 	“Right of First Refusal” has the meaning set forth in Section 5.1 of this Agreement.
	 
	 	 	“Right of Participation” has the meaning set forth in Section 4.1 of this Agreement.

5

 

	 	 	“Rule [followed by a number]” means the Rule of the same number promulgated by the Commission under
the Securities Act.
	 
	 	 	“Sale of the Company” means (a) the sale, lease or other disposition (in one or a series of related
transactions) of all or substantially all of the Company’s assets to one Person or a group of
Persons acting in concert (other than the Company or any of its Controlled Affiliates), including a
sale (or multiple related sales) of one or more Subsidiaries (whether by way of merger,
consolidation, recapitalization, reclassification, reorganization or sale of all or substantially
all of the assets or securities) which constitute all or substantially all of the consolidated
assets or business of the Company, (b) the sale, exchange or transfer, in one or a series of
related transactions, of a majority of the outstanding capital stock of the Company to one Person
or a group of Persons acting in concert, under circumstances in which the holders of a majority in
voting power of the outstanding capital stock of the Company immediately prior to such transaction
beneficially own less than a majority in voting power of the outstanding capital stock of the
Company or the acquiring Person immediately following such transaction, or (c) a merger,
consolidation, amalgamation, recapitalization, reclassification, reorganization or similar business
combination transaction involving the Company under circumstances in which holders of a majority in
voting power of the capital stock of the Company immediately prior to such transaction beneficially
own less than a majority in voting power of the outstanding capital stock of the Company, or the
surviving or resulting corporation or acquirer, as the case may be, immediately following such
transaction.
	 
	 	 	“Securities Act” means the United States Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder, all as from time to time in effect.
	 
	 	 	“Selling Expenses” means all underwriting discounts and selling commissions applicable to the sale
of Registrable Securities pursuant to this Agreement.
	 
	 	 	“Senior Manager” means, with respect to any Group Company, the chief executive officer of such
company and any member of management reporting directly to the board of directors or chief
executive officer, managing director, chairman or legal representative of such company.
	 
	 	 	“Sequoia Representative” has the meaning set forth in Section 3.1(a) of this Agreement.
	 
	 	 	“Series A Shares” means Series A redeemable convertible preferred shares of the Company.
	 
	 	 	“Shares” means any Ordinary Shares or Preferred Shares.
	 
	 	 	“Shareholders” means the holders of Shares, and “Shareholder” means any one of them.
	 
	 	 	“SIG Representative” has the meaning set forth in Section 3.1(a) of this Agreement.
	 
	 	 	“Stock” has the meaning set forth in Section 5.1 of this Agreement.

6

 

	 	 	“Subsidiary” means, with respect to any Person that is not an individual, any corporation,
partnership, or other entity, Controlled by such Person.
	 
	 	 	“Transaction Documents” has the meaning set forth in the Subscription Agreement.
	 
	 	 	“Transfer Notice” has the meaning set forth in Section 5.1 of this Agreement.
	 
	 	 	“Transferring Shareholder” has the meaning set forth in Section 5.1 of this Agreement.
	 
	 	 	“Underwriter’s Representative” has the meaning set forth in Section 7.5(a) of this Agreement.
	 
	1.2	 	Interpretation. In this Agreement, unless otherwise specified:

	 	(a)	 	the headings and sub-headings are inserted for convenience only and shall not affect the
construction of this Agreement;
	 
	 	(b)	 	each reference to, and the definition of, any document shall be deemed to refer to such
document as it may be amended from time to time in accordance with its terms;
	 
	 	(c)	 	all time and dates in this Agreement shall be Hong Kong time and dates except where
otherwise stated;
	 
	 	(d)	 	each reference to a law or governmental approval shall be deemed to refer to such law or
governmental approval as the same may be amended from time to time;
	 
	 	(e)	 	any reference to a Person (including any Party) in any capacity includes a reference to
its permitted successors and assigns in such capacity and, in the case of any governmental
entity, any Person succeeding to any of its functions and capacities;
	 
	 	(f)	 	defined terms in the singular shall include the plural and vice versa, and the masculine,
feminine or neutral gender shall include all genders;
	 
	 	(g)	 	the words “include”, “includes” and “including” are deemed to be followed by the phrase
“without limitation”; and
	 
	 	(h)	 	references herein to Sections, Exhibits and Schedules are to sections and exhibits of and
schedules to this Agreement.

	2.	 	Financial Statements and Reports and Information and Inspection Rights.
	 
	2.1	 	Financial Statements and Reports to Shareholders. The Company covenants and agrees that,
commencing on the date of this Agreement and ending upon a Qualified IPO, the Company shall deliver
to each Investor, in English and in a form acceptable to such Investor:

	 	(a)	 	within 90 days after the end of each fiscal year of the Group, an audited consolidated
balance sheet of the Group as of the end of that year and audited consolidated statements of
income, shareholders’

7

 

	 	 	 	equity, and cash flow for that year, which year-end financial statements shall be
detailed and shall be prepared in accordance with IFRS, consistently applied and
accompanied by the opinion of a “big 4” firm of independent public accountants;
	 
	 	(b)	 	within 30 days after the end of each fiscal quarter of the Group, an unaudited
consolidated quarterly income statement, balance sheet and cash flow statement of the Group,
quarterly management review reports detailing certain operational performance indicators of
the Group and a comprehensive operating budget forecasting the Company’s revenues, expenses,
and cash position on a month-to-month basis for the upcoming fiscal year in a format
acceptable to a majority of the Investors;
	 
	 	(c)	 	within 30 days after the end of each calendar month that is not also the end of a fiscal
year or a fiscal quarter, unaudited management accounts of the Group;
	 
	 	(d)	 	at least 45 days prior to the end of each fiscal year of the Group, the annual
consolidated budget of the Group for the next fiscal year;
	 
	 	(e)	 	promptly following the end of each quarter, copy of an updated capitalization table;
	 
	 	(f)	 	copies of all documents or other information sent by any Group Company to any shareholder
of any Group Company; and
	 
	 	(g)	 	upon the written request of an Investor Representative, any other information as such
Investor Representative may reasonably request.

	2.2	 	Information and Inspection Rights.

	 	(a)	 	The Company covenants and agrees that, commencing on the date of this Agreement and ending
upon a Qualified IPO, for so long as any Investor holds any Preferred Shares and/or Ordinary
Shares issued upon the conversion of such Preferred Shares, such Investor shall have the right
to inspect the facilities, records and books of the Group Companies during normal business
hours, which shall include the right, without limitation, to discuss the business, operations
and financial condition of the Group Companies with their respective directors, officers,
employees, accountants, legal counsel or investment bankers.
	 
	 	(b)	 	The Company shall deliver to each Investor copies certified true and complete by the Chief
Executive Officer of (i) annual, quarterly and monthly financial statements, and other
information as determined by the Board, (ii) 30 days prior to the end of each fiscal year, a
comprehensive operating annual budget forecasting the Company’s revenue, expenses, and cash
position on a month-to-month basis for the upcoming fiscal year, and (iii) promptly following
the end of each quarter an up-to-date capitalization table.

	3.	 	Election of Directors; Management.

8

 

	3.1	 	Board Composition. The number of persons comprising the Board shall be no more than five (5).
Each Covenantor agrees that, at each meeting of the shareholders of the Company called for the
purpose of electing the Board, it shall vote all of its shares of the Company entitled to vote, and
exercise any other rights or powers it has over the Company as follows:

	 	(a)	 	Investor Representatives. SIG shall be entitled to nominate, and to remove from office and
replace one (1) Director (the “SIG
Representative”), and Sequoia shall be entitled to nominate, and to remove from office
and replace one (1) Director (the “Sequoia Representative”, and collectively the
“Investor Representatives”). The Investor Representatives shall have the right to
appoint alternates or proxies to attend any meeting of the Board.
	 
	 	(b)	 	Ordinary Shareholders’ Representatives. The majority of the Ordinary Shareholders shall
collectively be entitled to nominate, and to remove from office and replace three (3)
Directors.

	3.2	 	Expenses. The Board shall meet at least quarterly, unless otherwise agreed by a vote of the
majority of Directors. The Company shall reimburse each Investor Representative for all reasonable
expenses incurred by such Investor Representative relating to Board activities, including but not
limited to reasonable travel expenses incurred to attend Board meetings, up to US$10,000 per annum
with respect to all Directors appointed by each Investor, provided that such expenses are incurred
within the territory of PRC.
	 
	3.3	 	Insurance; Indemnification.

	 	(a)	 	If the Board so requires, the Company shall:

	 	(i)	 	purchase and, at all times, maintain for the benefit of each Investor Representative
and his alternate, insurance against liability for negligence (including gross
negligence), default (including willful default), breach of duty and breach of trust for
an aggregate insured amount of not less than US$1,000,000; and
	 
	 	(ii)	 	deliver to each Investor Representative a copy of the policy documents in relation
to such insurance.

	 	(b)	 	The Company shall indemnify and hold harmless each Investor Representative and his
alternate, to the fullest extent permissible by law, from and against all liabilities,
damages, actions, suits, proceedings, claims, costs, charges and expenses suffered or incurred
by or brought or made against such Investor Representative or his alternate as a result of any
act, matter or thing done or omitted to be done by him in good faith in the course of acting
as a Director or alternate Director, as applicable, of the Company, by delivering to such
Investor Representative or his alternate, at the time of appointment as a Director or an
alternate Director, a deed of indemnity duly executed by the Company substantially in the form
attached hereto as EXHIBIT A.

	4.	 	Right of Participation.

9

 

	4.1	 	Right of Participation and Right of Oversubscription With Respect to New Securities. Subject to
the provisions of Sections 4.2 and 4.3, the Company grants to each Investor the right of
participation (the “Right of Participation”) to purchase its Pro Rata Share of New Securities which
the Company may, from time to time, propose to allot and issue and the right of oversubscription if
any other Investor elects not to purchase its Pro Rata Share of such New Securities (the
“Oversubscription Right”). The Company shall offer to the Investors for subscription their Pro Rata
Share of the New Securities on the same terms and at the same price at which the Company proposes
to allot and issue the New Securities. The New Securities which have not been accepted for
subscription by the Investors who fail to exercise their rights of participation or fail to
complete the purchase of their Pro Rata Shares shall first be offered to the Investors who have
exercised their Oversubscription Rights within the Issuance Notice Period pro rata to the number of
additional New Securities which such Investors have agreed to take up above their Pro Rata Shares
provided that no Investor shall be obliged to purchase more New Securities above its Pro Rata Share
than such additional New Securities it indicates its agreement to take up under this Section 4.1.
Thereafter the Company shall have the right to sell all remaining New Securities pursuant to
Section 4.3 of this Agreement.
	 
	4.2	 	Issuance Notice. In the event the Company proposes to issue New Securities, it shall give each
Investor a written notice (the “Issuance Notice”) of its intention, describing the type of New
Securities, the price, the terms upon which the Company proposes to issue the same, and an offer
for subscription the number of shares which that Investor is entitled to purchase pursuant to
Section 4.1 of this Agreement, and a statement that each Investor shall have 20 days from the date
of receipt of the Issuance Notice to accept the offer for subscription under the Issuance Notice
(the “Issuance Notice Period”). Within the Issuance Notice Period, each Investor may elect to
purchase its Pro Rata Share of the New Securities and to exercise its Oversubscription Right for
the price and upon the terms specified in the Issuance Notice by: (a) giving written notice to the
Company within the Issuance Notice Period, (b) forwarding payment for its Pro Rata Share of New
Securities to the Company if immediate payment is required by the terms of the Issuance Notice, and
(c) if the Oversubscription Right is exercised, the amount of additional New Securities it agrees
to purchase above its Pro Rata Share.
	 
	4.3	 	Sale of New Securities. In the event an Investor fails to exercise its right of participation
within the Issuance Notice Period and subject to the other Investors’ Oversubscription Rights, the
Company shall have 90 days thereafter to sell or enter into an agreement (pursuant to which the
sale of New Securities covered by the Issuance Notice shall be closed, if at all, within 60 days
after the date of that agreement) to allot and issue the New Securities in respect of which the
Investor’s rights were not exercised, at a price and upon general terms no more favorable to the
subscriber of the New Securities than specified in the Issuance Notice. In the event the Company
has not sold the New Securities within this 90-day period (or allotted and issued New Securities in
accordance with the foregoing within 60 days from the date of the agreement), the Company shall not
thereafter allot or issue any New Securities without first offering the New Securities to each
Investor in the manner provided above.

10

 

	5.	 	Right of First Refusal; Co-Sale Right.
	 
	5.1	 	Right of First Refusal.

	 	(a)	 	Subject to the provisions of this Section 5.1 and Sections 5.6 and 5.8 of this Agreement,
if any Shareholder holding one per cent. or more of the Shares, other than an Investor (the
“Transferring Shareholder”) proposes to sell or otherwise transfer any Shares or other voting
securities (or securities convertible into or exchangeable for voting securities) of the
Company now owned or subsequently acquired by the Transferring Shareholder (the “Stock”) or
any interest therein to any Person then the Investors shall have a right of first refusal (the
“Right of First Refusal”) to purchase the Stock proposed to be sold or otherwise transferred.
	 
	 	(b)	 	The Transferring Shareholder shall give a written notice (the “Transfer Notice”) to the
Investors describing fully the proposed transfer, including the number of shares proposed to
be transferred, the proposed transfer price, and the name and address of the proposed
transferee. The Transfer Notice shall be signed by the Transferring Shareholder, accompanied
by a written certification by such Transferring Shareholder that the proposed transferee is a
bona fide purchaser and that the Transfer Notice constitutes a binding commitment of the
Transferring Shareholder and the proposed transferee, with or without conditions, for the
transfer of that Stock subject to the Right of First Refusal.
	 
	 	(c)	 	Each Investor shall then have the right to purchase its Pro Rata Ratio of the Stock
subject to the Transfer Notice at a price per share equal to the proposed per share transfer
price, by delivery of a notice of exercise of its Right of First Refusal within 20 days after
the date the Transfer Notice is delivered to the Investors.
	 
	 	(d)	 	To the extent any Investor elects not to exercise its Right of First Refusal with respect
to its Pro Rata Ratio of the Stock subject to the Transfer Notice, the other Investors who
have exercised their Right of First Refusal (the “Electing Investors”) shall have the
additional right within 10 days after the expiration of the 30-day period specified above to
buy its pro rata share of the Stock subject to the Transfer Notice with respect to which the
Right of First Refusal has not been exercised (the “Unpurchased Stock”). For purposes of the
preceding sentence, each Electing Investor’s pro rata share of the Unpurchased Stock shall be
a fraction, the numerator of which shall be the number of Stock purchased by such Electing
Investor pursuant to clause (c) of this Section 5.1 and the denominator of which shall be the
total number of Stock purchased by all the Electing Investors pursuant to clause (c) of this
Section 5.1; provided that no Electing Investor shall be obligated to purchase more
Unpurchased Stock than it indicates its agreement to purchase under this clause (d).
	 
	 	(e)	 	If the purchase price for the Stock specified in a Transfer Notice is payable in
securities or property other than cash (or evidence of cash indebtedness), the Electing
Investors shall have the right to pay the purchase price in such securities or property (or in
cash equivalent to

11

 

	 	 	 	the fair market value of such securities or property), and the Transferring Shareholder
shall, before the dispatch of the Transfer Notice, appoint a third party valuer (the
“Valuer”) approved in advance by the Electing Investors to determine such fair market
value as at the latest practicable date prior to the Transfer Notice reasonably selected
by the Valuer. The determination of such fair market value by the Valuer shall, in the
absence of manifest error, be final and conclusive and shall be included in the Transfer
Notice together with a copy of the report from the Valuer stating the basis for
calculating such fair market value. The costs of appointing the Valuer shall be borne
equally by the Transferring Shareholder on the one hand, and the Electing Investors on
the other hand. The Valuer shall act as an expert and not as an arbitrator.

	5.2	 	Right of First Refusal With Respect to Preferred Shares.

	 	(a)	 	Investor Notice of Sale. No Investor (the “Selling Investor”) shall sell or transfer any
Preferred Shares (or securities resulting from the conversion or exchange thereof) held by it
(the “Investor Transfer Shares”) unless it first complies with this Section 5.2. The Selling
Investor shall promptly give written notice (the “Investor Transfer Notice”) to the other
Investors and the Founders, describing in reasonable detail the proposed sale or transfer
including, without limitation, the number of Investor Transfer Shares, the nature of such sale
or transfer, the consideration to be paid, and the name and the address of each prospective
purchaser or transferee.
	 
	 	(b)	 	Reply Notice. Each Investor or Founder who wishes to purchase Investor Transfer Shares (an
“Exercising Investor”) shall within 20 days from the date of receipt of the Investor Transfer
Notice provide the Selling Investor with a written notice (a “Reply Notice”) specifying the
maximum number of any Investor Transfer Shares which it irrevocably commits to purchase (the
“Exercise Amount”). A failure by an Investor or Founder to respond within such 20-day period
shall be deemed to constitute a decision by such Investor or Founder not to purchase any
Investor Transfer Shares. For the avoidance of doubt, each Exercising Investor may specify in
its Reply Notice an Exercise Amount higher or lower than its Proportionate Amount (as defined
in clause (d) of this Section 5.2). The Investor Transfer Shares shall be allocated among the
Exercising Investors (with rounding to avoid fractional shares) in proportion to their
respective Proportionate Amounts and on the same material terms and conditions as specified in
the Investor Transfer Notice PROVIDED THAT in no event shall an amount greater than an
Exercising Investor’s Exercise Amount be allocated to such Exercising Investor.
	 
	 	(c)	 	Excess Investor Transfer Shares. Any Investor Transfer Shares not allocated to Exercising
Investors pursuant to clause (b) of this Section 5.2 (“Excess Investor Transfer Shares”) shall
be allocated among the Exercising Investors whose Exercise Amounts have not yet been satisfied
pursuant to clause (b), in proportion to each Exercising Investor’s respective Excess
Proportionate Amount (with rounding to avoid fractional shares); provided that in no event
shall an Exercising Investor be required to purchase more Investor Transfer Shares

12

 

	 	 	 	pursuant to this clause (c) than the Exercise Amount specified by such Exercising
Investor in its Reply Notice. The procedures set out in this clause (c) shall be
repeated until the Exercise Amounts of all Exercising Investors have been satisfied or
until all the Investor Transfer Shares have been fully allocated to the Exercising
Investors, whichever occurs first.
	 
	 	(d)	 	Proportionate Amount. An Exercising Investor’s “Proportionate Amount” is equal to the
product obtainable by multiplying (x) the total number of Investor Transfer Shares, by (y) a
fraction, the numerator of which shall be the number of Ordinary Share Equivalents held by
such Exercising Investor (on an as converted basis) on the date of the Investor Transfer
Notice and the denominator of which shall be the aggregate number of all Ordinary Share
Equivalents held by all the Exercising Investors (on an as converted basis) on the date of the
Investor Transfer Notice.
	 
	 	(e)	 	Excess Proportionate Amount. An Exercising Investor’s “Excess Proportionate Amount” is
equal to the product obtainable by multiplying (x) the total number of Excess Investor
Transfer Shares, by (y) a fraction, the numerator of which shall be the number of Ordinary
Share Equivalents held by such Exercising Investor (on an as converted basis) on the date of
the Investor Transfer Notice and the denominator of which shall be the aggregate number of
Ordinary Share Equivalents held, on the date of the Investor Transfer Notice, by all the
Exercising Investors (on an as converted basis) whose Exercise Amount has not yet been
satisfied after employing the procedures set out herein.
	 
	 	(f)	 	In the event the Investors other than the Selling Investor fail to agree to purchase all
of the Investor Transfer Shares within the respective periods given above, the Selling
Investor shall not be obligated to sell any of the Investor Transfer Shares to the Exercising
Investors. The Selling Investor shall have 90 days from the date of delivery of the Investor
Transfer Notice to sell the Investor Transfer Shares at the price and upon terms and
conditions no more favorable to the transferee than specified in the original Investor
Transfer Notice. In the event that the Selling Investor has not sold the Investor Transfer
Shares within this 90-day period, the Selling Investor shall not thereafter sell any Shares
without first offering such shares to the other Investors in the manner provided in this
Section 2.2 above.

	5.3	 	Co-Sale Right. If the Transferring Shareholder is an Ordinary Shareholder, then each Investor
who does not exercise its Right of First Refusal pursuant to Section 5.1 above shall have the
right, exercisable upon written notice to the Transferring Shareholder within 20 days after the
date the Transfer Notice is delivered to the Investors, to participate in the sale of Stock on
substantially the same terms and conditions as the Transferring Shareholder to the extent of that
Investor’s Co-Sale Ratio with respect to its Stock (the “Co-Sale Right”), provided, however, such
Co-Sale Right shall not apply to any sale of Stock to an Investor pursuant to the exercise of the
Right of First Refusal of such Investor under Section 5.1, or the Right of First Refusal With
Respect to Preferred Shares of such Investor under Section 5.2. Each notice of an exercise of the
Co-Sale Right shall state the number of shares of Stock such

13

 

	 	 	Investor wishes to sell under its Co-Sale Right. Any Investor may elect to sell all or some of
the shares of Stock then held by such Investor up to that Investor’s Co-Sale Ratio with
respect to its Stock. To the extent the Investors exercise their Co-Sale Right in accordance
with the terms and conditions set forth in this Section 5.3, the Transferring Shareholder (i)
may only sell its shares of Stock if the proposed transferee completes the purchase of the
shares which the Investors seek to sell pursuant to the exercise of their Co-Sale Right, and
(ii) shall, at the request of any Investor, reduce the number of shares of its Stock to be
sold by the number of shares of Stock that such Investor wishes to sell under its Co-Sale
Right.

	 	(a)	 	Delivery of Certificates. The Investors shall effect their participation in the sale by
promptly delivering to the Transferring Shareholder for transfer to the prospective purchaser
one or more certificates, properly endorsed for transfer, which represent the type and number
of shares of Stock which the Investors elect to sell; provided that if an Investor elects to
sell Preferred Shares under its Co-Sale Right, it shall convert such Preferred Shares into
Ordinary Shares for transfer upon consummation of the sale. No Co-Sale Investor shall be
required to give any representations or warranties to the purchaser other than a
representation and warranty that such Stock is sold by such Co-Sale Investor as beneficial
owner free from encumbrances and liens other than those under this Agreement, the Memorandum
of Association and the Articles of Association of the Company.
	 
	 	(b)	 	Sales Proceeds. The stock certificate or certificates that the Investors deliver to the
Transferring Shareholder pursuant to Section 5.3(a) shall be transferred to the prospective
purchaser in consummation of the sale of the Stock pursuant to substantially the same terms
and conditions as specified in the Transfer Notice, and the Transferring Shareholder shall
upon receiving the same from the prospective purchaser concurrently remit to each Investor
that portion of the sale proceeds to which that Investor is entitled by reason of its
participation in the sale. To the extent that any prospective purchaser or purchasers
prohibits assignment or otherwise refuses to purchase shares or other securities from the
Investors, the Transferring Shareholder shall not sell to the prospective purchaser or
purchasers any Stock unless and until, simultaneously with the sale, the Transferring
Shareholder purchases those shares or other securities from the Investors.

	5.4	 	Sale by Transferring Shareholder. Subject to Section 5.7, if and to the extent that the
Investors do not exercise their Right of First Refusal or their Co-Sale Right in aggregate with
respect to the sale of all the Stock subject to the Transfer Notice within the relevant prescribed
period, the Transferring Shareholder may, not later than 90 days following delivery to the Company
and the Investors of the Transfer Notice, conclude a bona fide transfer of all of the Stock covered
by the Transfer Notice on terms and conditions not more favorable to the transferee or transferor
than those described in the Transfer Notice. Any proposed transfer on terms and conditions more
favorable than those described in the Transfer Notice, as well as any subsequent proposed transfer
of any Stock by the Transferring Shareholder, shall again be subject to the Right of First Refusal
and Co-Sale Right of the Investors and shall

14

 

	 	 	require compliance by the Transferring Shareholder with the procedures described in this
Section 5.
	 
	5.5	 	No Adverse Effect. The Investors’ exercise or non-exercise of the Right of First Refusal or the
Co-Sale Right shall not adversely affect their rights to participate in subsequent transfers of
Stock by the Transferring Shareholder subject to the provisions of this Section 5.
	 
	5.6	 	Prohibited Transfer. Subject to the terms of this Section 5.6 and Section 5.8, no Ordinary
Shareholder shall transfer any of the Stock it holds as at the date hereof, nor transfer or dispose
of or create any Encumbrance over any such Stock, without the prior written consent of Investors
representing a majority of the Preferred Shares, or securities resulting from the conversion or
exchange of such Preferred Shares and as adjusted for stock splits, stock dividends, reverse stock
splits and the like. In the event a Transferring Shareholder sells any Stock in contravention of
the Right of First Refusal or the Co-Sale Right of the Investors (a “Prohibited Transfer”), each
Investor, in addition to other remedies as may be available at law, in equity or hereunder, shall
have the put option provided in Section 5.7 below, and the Transferring Shareholder shall be bound
by the applicable provisions of that put option.
	 
	5.7	 	Remedies. In the event of a Prohibited Transfer, the Investors shall have the right to sell to
the Transferring Shareholder the type and number of shares of Stock equal to the number of shares
of stock the Investors would have been entitled to transfer to the purchaser had the Prohibited
Transfer been effected pursuant to and in compliance with the terms of this Agreement (the “Put
Option”). This sale shall be made on the following terms and conditions:

	 	(a)	 	the price per share at which the Stock is to be sold to the Transferring Shareholder shall
be equal to the price per share paid in the Prohibited Transfer;
	 
	 	(b)	 	the Transferring Shareholder shall reimburse the Investors for any and all fees and
expenses, including legal fees and expenses, incurred pursuant to the exercise or the
attempted exercise of the Investors’ rights under this Section 5;
	 
	 	(c)	 	within 60 days after the earlier of the dates on which the Investors (i) receive notice of
the Prohibited Transfer, or (ii) otherwise become aware of the Prohibited Transfer, the
Investors shall, if exercising the Put Option created by this Section 5.7, deliver to the
Transferring Shareholder the certificate or certificates representing the Stock to be sold,
each certificate to be properly endorsed for transfer;
	 
	 	(d)	 	the Transferring Shareholder shall, upon receipt of the certificate or certificates for
the Stock to be sold by the Investors, pursuant to this Section 5.7, pay the aggregate
purchase price therefor and the amount of reimbursable fees and expenses, as specified in
Section 5.7(b), in cash or by other means acceptable to the Investors; and
	 
	 	(e)	 	notwithstanding the foregoing, the Company agrees it will not effect any attempt by the
Transferring Shareholder to transfer Stock in violation of this Section 5 nor will it treat
any alleged transferee as the holder of the Stock purported to be transferred in violation of this

15

 

	 	 	 	Section 5, unless the Put Option is completed pursuant to this Section 5.7.

	5.8	 	Certain Permitted Transfers. The restrictions or requirements set forth in
Sections 5.1 through 5.7 with respect to transfers of Shares shall not, subject to
any applicable law, apply to:

	 	(a)	 	any transfer by any Shareholder who is a natural person:

	 	(i)	 	to a legal representative of such Shareholder, if such Shareholder becomes
incapacitated, or upon the death of such Shareholder;
	 
	 	(ii)	 	by will, the laws of intestacy or the laws of descent or survivorship; or
	 
	 	(iii)	 	any sale or transfer of Shares to the Company or an entity designated by the
Company pursuant to a repurchase right or right of first refusal of the Company in the
event of a termination of an employment or consulting relationship with a Group Company;
or
	 
	 	(iv)	 	pursuant to a court order upon the termination of a marital relationship of such
Shareholder; or

	 	(b)	 	any transfer by an Investor to its Affiliates.
	 
	 	 	 	(any permitted transferee thereunder, a “Permitted Transferee”)

	 	 	Provided, however, that in the case of any transfer described in any of
sub-paragraphs (a) and (b) above:

	 	(A)	 	each Permitted Transferee shall have executed and delivered to the Company and the other
Shareholders, as a condition precedent to any such transfer or acquisition of Shares, an
Adherence Deed in the form of EXHIBIT B, and shall have submitted to the Company and
the Investors such evidence as the Company and the Investors may reasonably request to
demonstrate that such transferee qualifies as a Permitted Transferee; and
	 
	 	(B)	 	each Permitted Transferee shall remain qualified as a Permitted Transferee of the
transferring Shareholder at all times following such transfer for as long as it continues to
hold any Shares, failing which it shall transfer the Shares held by it to another Permitted
Transferee reasonably satisfactory to the Company and the Investors.

	5.9	 	Drag-Along.

	 	(a)	 	At any time after the expiry of the 60th month from the date hereof, if the Company shall
not have undergone an IPO or Sale of the Company, and (i) the holders of a majority of the
Series A Shares, and (ii) the holders of a majority of the Ordinary Shares at a minimum price
equal to US$200,000,000, being five times of the Series A financing fully-diluted post-money
valuation of the Company (collectively, the

16

 

	 	 	 	“Initiating Sellers”) approve a Sale of the Company (in either case an “Approved Sale”),
at the request of the Initiating Sellers, each Shareholder shall approve, consent to and
raise no objections to the Approved Sale, and if the Approved Sale is structured as a
sale of the issued and outstanding capital stock of the Company (whether by merger,
recapitalization, consolidation or sale or Transfer of shares or otherwise), then each
Shareholder shall waive any dissenter’s rights, appraisal rights or similar rights in
connection with such Sale of the Company and each Shareholder shall agree to sell its
Shares on the terms and conditions approved by the Initiating Sellers. If the holders of
a majority of the Series A Shares approve a Sale of the Company pursuant to this
provision but the holders of a majority of the Ordinary Shares do not so approve, the
holders of the Series A Shares shall have the right to sell all their Series A Shares to
the holders of the Ordinary Shares pro rata at the price contemplated by any intending
third party purchaser of the Company in such proposed Sale of the Company. Each
Shareholder shall take all necessary and desirable actions in connection with the
consummation of the Approved Sale, including executing such agreements and instruments
and taking such other actions as may be reasonably necessary to provide the
representations, warranties, indemnities, covenants, conditions, escrow agreements and
other provisions and agreements, as the case may be, required for the consummation of
such Approved Sale. In the event that any Shareholder fails for any reason to take any
of the foregoing actions after reasonable notice thereof, such Shareholder hereby grants
an irrevocable power of attorney and proxy to the Initiating Sellers or an assignee or
designee of such Initiating Sellers to take all necessary actions and execute and
deliver all documents deemed by such Person to be reasonably necessary to effectuate the
terms of this Section 5.9. Subject to clause (c) of this Section 5.9, the restrictions
on Transfers of Shares set forth in Sections 5.1, 5.2, 5.3, 5.4 and 5.8 shall not apply
in connection with an Approved Sale, notwithstanding anything to the contrary in this
Agreement.
	 
	 	(b)	 	The Initiating Sellers shall deliver written notice to each other Shareholder setting
forth in reasonable detail the terms (including price, time and form of payment) of any
Approved Sale (the “Drag-Along Notice”). Within 15 days following receipt of the Drag-Along
Notice, each other Shareholder shall deliver to the Company written notice setting forth such
Shareholder’s agreement to the Approved Sale and undertaking to raise no objections against,
or impediments to, the Approved Sale (including, waiving all dissenter’s and similar rights)
and (ii) if the Approved Sale is structured as a sale of capital stock, to sell its Shares on
the terms and conditions set forth in the Drag Notice, including delivery of certificates
representing such Shareholder’s Shares (duly endorsed for transfer or accompanied by executed
stock powers or transfer instruments therefor).

	6.	 	Representations and Warranties; Covenants and Undertakings.
	 
	6.1	 	Restrictions on Transfer. Each Covenantor jointly and severally represents, warrants and
undertakes to each Investor that, other than as provided under the Transaction Documents, it will
not transfer, alienate or dispose of any share capital in any Group Company or otherwise create any
Encumbrance

17

 

	 	 	on any share capital of any Group Company without the written consent of each Investor.
	 
	6.2	 	Key Person Insurance. At the request of SIG, the Company shall purchase and maintain key person
insurance policies upon the life and against the disability of each Founder for such insured
amounts, on such terms and for the benefit of such Persons as SIG may require. Each Founder agrees
to cooperate fully in obtaining such insurance policies, including, without limitation, submitting
himself to any physical or medical examination which the insurer or underwriter in respect of such
policies may require, at such times and places as such insurer or underwriter may require.
	 
	6.3	 	Tax Covenants.

	 	(a)	 	For purposes of paragraphs (a) through (d) of this Section 6.3:

	 	(i)	 	“U.S. Investor” means (A) any Investor that is a United States person and (B) any
Investor that is an entity treated as a foreign partnership for U.S. federal income tax
purposes, one or more of the owners of which are United States persons; and
	 
	 	(ii)	 	“United States person” means any person described in Section 7701(a)(30) of the
Internal Revenue Code of 1986, as amended (the “Code”).

	 	(b)	 	Classification for U.S. Tax Purposes. The Company will not take any action inconsistent
with the treatment of the Company as a corporation for U.S. federal income tax purposes and
will not elect to be treated as an entity other than corporation for U.S. federal income tax
purposes.
	 
	 	(c)	 	Passive Foreign Investment Company.

	 	(i)	 	The Company will use, and will cause each direct and indirect subsidiary to use,
commercially reasonable efforts to avoid classification as a passive foreign investment
company (“PFIC”) within the meaning of Section 1297 of the United States Internal Revenue
Code of 1986, as amended, for the current year or any subsequent year.
	 
	 	(ii)	 	The Company agrees to make available to any U.S. Investor upon request, the books
and records of the Company and its direct and indirect subsidiaries, and to provide
information to such U.S. Investor pertinent to the Company’s or any subsidiary’s status
or potential status as a PFIC. Upon a determination by the Company, any U.S. Investor or
any taxing authority that the Company or any direct or indirect subsidiary has been or
is likely to become a PFIC, the Company will provide such U.S. Investor with all
information reasonably available to the Company or any of its subsidiaries to permit
such U.S. Investor to (i) accurately prepare all tax returns and comply with any
reporting requirements as a result of such determination and (ii) make any election
(including, without limitation, a “qualified electing fund” election under Section

18

 

	 	 	 	1295 of the Code), with respect to the Company or any of its direct or indirect
subsidiaries, and comply with any reporting or other requirements incident to such
election. If a determination is made by the Company, any U.S. Investor or any
taxing authority that the Company is a PFIC for a particular year, then for such
year and for each year thereafter, the Company will also provide each known
Investor with a completed “PFIC Annual Information Statement” as required by
Treasury Regulation Section 1.1295-1(g) and otherwise comply with applicable
Treasury Regulation requirements. The Company will promptly notify the U.S.
Investors of any assertion by the Internal Revenue Service that the Company or any
of its subsidiaries is or is likely to become a passive foreign investment
company.

	 	(d)	 	Controlled Foreign Corporation. The Company shall: (A) furnish to each U.S. Investor upon
its reasonable request, on a timely basis, and at the Company’s expense, all information
necessary to satisfy the U.S. income tax return filing requirements of such U.S. Investor (and
each “United States shareholder” of the Company as defined by Section 951(b) of the Code that
owns a direct or indirect interest in such U.S. Investor (a “U.S. Shareholder”)) arising from
its investment in the Company and relating to the Company’s classification as a “controlled
foreign corporation” (“CFC”) within the meaning of Section 957 of the Code; (B) use
commercially reasonable efforts to avoid generating for any taxable year in which the Company
is a CFC, amounts includible in the income of a U.S. Investor or U.S.
Shareholder pursuant to Section 951 of the Code (a “Section 951 Inclusion”); and (C) if
any U.S. Investor or U.S. Shareholder has a Section 951 Inclusion (determined solely by
reference to outstanding Preference Shares) for any taxable year (such U.S. Investor or
U.S. Shareholder, a “Taxable CFC Shareholder”), distribute cash pro rata with respect to
each outstanding Preference Share so that the aggregate amount distributed to each
Taxable CFC Shareholder equals 50 per cent. of the Section 951 Inclusion of such Taxable
CFC Shareholder for such taxable year; and (ii) If the Company ceases to be a CFC at any
time, the Company will provide prompt written notice to known U.S. Investors if at any
time thereafter the Company becomes aware that it or any subsidiary has become a CFC.
Upon written request of a U.S. Investor from time to time, subject to obtaining the
consent of its shareholders to release such information, the Company will promptly
provide in writing such information in its possession concerning its shareholders and,
to the Company’s actual knowledge, the direct and indirect interest holders in each
shareholder sufficient for such U.S. Investor to determine whether the Company is a CFC.

	6.4	 	Dealings with Government Officials. None of the Group Companies or any director, officer,
agent, employee, or any other Person associated with or acting for or on behalf of the foregoing,
will offer, pay, promise to pay, or authorize the payment of any money, or offer, give a promise to
give, or authorize the giving of anything of value, to any Government Official, to any political
party or official thereof or to any candidate for political office (or to any Person where the
Group Company, such director, officer, agent,

19

 

	 	 	employee or other Person knows or is aware of a high probability that all or a portion of such
money or thing of value would be offered, given or promised, directly or indirectly, to any
Government Official, political party, party official, or candidate for political office) for
the purposes of:

	 	(a)	 	influencing any act or decision of such Government Official, political party, party
official, or candidate in his or its official capacity;
	 
	 	(b)	 	inducing such Government Official, political party, party official or candidate to do or
omit to do any act in violation of the lawful duty of such Government Official, political
party, party official or candidate;
	 
	 	(c)	 	securing any improper advantage; or
	 
	 	(d)	 	inducing such Government Official, political party, party official, or candidate to use
his or its influence with any Governmental Authority to affect or influence any act or
decision of such Governmental Authority, in order to assist any Group Company in obtaining or
retaining business for or with, or directing business any Group Company.

	6.5	 	Compliance with the laws of the PRC. Each Founder and each Group Company shall at all times
comply with, and take all necessary steps to rectify any actual or potential conflicts or
inconsistencies respecting any Founder or Group Company with, all applicable laws of the PRC,
including all circulars, directives and notices issued by the PRC State Administration of Foreign
Exchange () the PRC
Ministry of Commerce
()
and other applicable departments, instrumentalities
and bureaux of the government of the PRC.
	 
	6.6	 	Waiver of Business Opportunities.

	 	(a)	 	Each Group Company acknowledges that the Investors are professional investment funds. The
Investors or their respective Affiliates may from time to time have information on or
knowledge of a business opportunity that a Group Company is financially able to undertake, is
from its nature in the line or lines of one or more Group Company’s existing or prospective
business and is a practical advantage to it, and is one in which a Group Company has an
interest or reasonable expectancy (“Business Opportunity”). Such Business Opportunity may or
may not be within the knowledge of an Investor Representative. Each Group Company irrevocably
agrees that no Investor Representative shall be under any duty to disclose any Business
Information to the Company or any other Group Company, or permit any Group Company to
participate in any Business Opportunity, or to otherwise take advantage of any Business
Opportunity, and hereby waives, to the extent permitted by law, any claim based on the
corporate opportunity doctrine or otherwise that could limit the Investors’ ability to benefit
from information related to an actual or potential Business Opportunity or that would require
the Investors or any Investor Representative to disclose any such information to any Group
Company or offer any Business Opportunity to any Group Company. Each Covenantor hereby
irrevocably agree that each Investor Representative shall be entitled to report all matters

20

 

	 	 	 	concerning the Group and its business (including but not limited to matters
discussed at meetings of the Board or information provided to an Investor Representative
in its capacity as such) to the Investor that appointed it.
	 
	 	(b)	 	The Investors and their respective Affiliates shall have the right to, and shall have no
duty hereunder to refrain from, investing in or financing or becoming a stockholder or
shareholder of other companies, corporations, business or enterprises that engage in the same
or similar activities or lines of business as any Group Company or that does business with any
potential or actual customer or supplier of any Group Company, or that employs or otherwise
engages any officer or employee of any Group Company. To the fullest extent permitted by law,
neither nor any Affiliate of the Investors nor any officer or director thereof shall be liable
to any Group Company or its other stockholders or shareholders for breach of any fiduciary
duty by reason of any such activities of the Investors or their respective Affiliates, or the
participation therein by the Investors or any of their Affiliates. In the event that the
Investors or any of their Affiliates acquires knowledge of a potential transaction or matter
which may be a Business Opportunity for any Group Company, no Investor shall have any duty to
communicate or present such Business Opportunity to the Group Company and shall not be liable
to the Group Company or its other stockholders or shareholders for breach of any fiduciary
duty as a Shareholder of the Company by reason of the fact that the Investors or any of their
Affiliates pursues or acquires such Business Opportunity for itself, directs such Business
Opportunity to another Person, or does not communicate information regarding such Business
Opportunity to any Group Company.

	7.	 	Demand Registration.
	 
	7.1	 	Request for Registration on Form Other Than Form F-3. Subject to the terms of this Agreement,
in the event that the Company receives from the Initiating Holders at any time following the
earlier to occur of (i) June 30, 2008, or (ii) six months after the closing of the Company’s
initial public offering of Ordinary Shares under a Registration Statement, a written request that
the Company effect any Registration with respect to all or a part of the Registrable Securities on
a form other than Form F-3 for an offering of the then outstanding Registrable Securities, the
Company shall (i) promptly give written notice of the proposed Registration to all other Holders,
and (ii) as soon as practicable, effect the Registration of the Registrable Securities specified in
the request, together with any Registrable Securities of any Holder in that request as are
specified in a written request given within 20 days after written notice from the Company. The
Company shall not be obligated to take any action to effect any Registration pursuant to this
Section 7.1 after the Company has effected three Registrations pursuant to this Section 7.1 and
each Registration has been declared effective. The substantive provisions of Section 7.5 shall be
applicable to the Registration initiated under this Section 7.1.
	 
	7.2	 	Request for Registration on Form F-3. If any Holder requests that the Company file a
Registration Statement on Form F-3 (or any successor form to

21

 

	 	 	Form F-3, or any comparable form for a Registration in a jurisdiction other than the United
States) for a public offering of shares of Registrable Securities, the anticipated aggregate
price to the public of which, net of Selling Expenses, would not be less than US$500,000, and
the Company is a registrant entitled to use Form F-3 or comparable form to Register the
Registrable Securities for an offering, the Company shall cause those Registrable Securities
to be Registered for the offering on that form and to cause those Registrable Securities to be
qualified in jurisdictions as the Holder or Holders may request. The substantive provisions of
Section 7.5 shall be applicable to each Registration initiated under this Section 7.2.
Registrations on Form F-3 shall not be deemed to be demand Registrations as described in
Section 7.1 above. Except as otherwise provided herein, there shall be no limit on the number
of times the Holders may request Registration of Registrable Securities under this Section
7.2.
	 
	7.3	 	Right of Deferral. Notwithstanding the foregoing, the Company shall not be obligated to file a
Registration Statement pursuant to this Section 7:

	 	(a)	 	in any particular jurisdiction in which the Company would be required to execute a general
consent to service of process in effecting that Registration, qualification, or compliance,
unless the Company is already subject to service in that jurisdiction and except as may be
required by the Securities Act or other applicable law in a jurisdiction other than the United
States in which the Registration is being effected;
	 
	 	(b)	 	within six months immediately following the effective date of any Registration Statement
pertaining to the securities of the Company (other than a registration of securities in a Rule
145 transaction or with respect to an employee benefit plan or a Registration from which the
Registrable Securities of Holders have been excluded, with respect to all or any portion of
the Registrable Securities the Holders requested be included in such Registration); or
	 
	 	(c)	 	if the Company furnishes to those Holders requesting Registration a certificate signed by
the President or Chief Executive Officer of the Company stating that in the good faith
judgment of the Board it would be materially detrimental to the Company and its shareholders
for a Registration Statement to be filed at such time, then the Company’s obligation to file a
Registration Statement shall be deferred for a period not to exceed 60 days from the receipt
of the request to file the Registration by that Holder provided that the Company shall not
exercise the right contained in this Section 7.3(c) more than once in any 12-month period and
provided further, that during such 60-day period the Company shall not file a Registration
Statement with respect to a public offering of securities of the Company.

	7.4	 	Registration of Other Securities in Demand Registration. Any Registration Statement filed
pursuant to the request of any Holder under this Section 7 may, subject to the provisions of
Section 7.5, include Ordinary Shares of the Company other than Registrable Securities.
	 
	7.5	 	Underwriting in Demand Registration.

22

 

	 	(a)	 	Notice of Underwriting. If 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 this Section 7, and the Company shall include that
information in the written notice referred to in Section 7.1 or 7.2 of this Agreement. The right of
any Holder to Registration pursuant to this Section 7 shall be conditioned upon that Holder’s
agreement to participate in the underwriting and the inclusion of that Holder’s Registrable
Securities in the underwriting. In such event, the Company shall (together with all Holders
proposing to distribute their securities through the underwriting) enter into an underwriting
agreement with the representative (the “Underwriter’s Representative”) of the underwriter or
underwriters as set forth in Section 7.5(c).
	 
	 	(b)	 	Inclusion of Other Holders in Demand Registration. If the Company, officers or directors of the
Company holding Ordinary Shares other than Registrable Securities, or holders of securities other
than Registrable Securities, request inclusion of such Ordinary Shares or other securities in the
Registration, the Initiating Holders, to the extent they deem advisable and consistent with the
goals of that Registration, may, in their sole discretion, on behalf of all Holders, offer to any
or all of the Company, those officers or directors, and the holders of securities other than
Registrable Securities that such Ordinary Shares or other securities be included in the
underwriting and may condition that offer on the acceptance by those persons of the terms of this
Section 7. If, however, the number of shares so included exceeds the number of shares of
Registrable Securities included by all Holders, the Registration shall be treated as governed by
Section 8 of this Agreement rather than this Section 7, and it shall not count as a Registration
for purposes of this Section 7.
	 
	 	(c)	 	Selection of Underwriter in Demand Registration. The Company shall (together with all Holders
proposing to distribute their securities through the underwriting) enter into an underwriting
agreement with the Underwriter’s Representative of the underwriter or underwriters selected for the
underwriting by the Holders of a majority of the Registrable Securities being Registered by the
Initiating Holders and reasonably acceptable to the Company.
	 
	 	(d)	 	Marketing Limitation in Demand Registration. In the event the Underwriter’s Representative
advises the Initiating Holders in writing that market factors (including, without limitation, the
aggregate number of Ordinary Shares requested to be Registered, the general condition of the
market, and the status of the persons proposing to sell securities pursuant to the Registration)
require a limitation of the number of shares to be underwritten, then the number of shares of
Registrable Securities that may be included in the Registration and underwriting shall be allocated
among all selling Holders in proportion, as nearly as practicable, to the respective amounts of
Registrable Securities entitled to inclusion in that Registration held by those Holders at the time
of filing the Registration Statement. No Registrable Securities or other securities excluded from
the underwriting by reason of this Section 7.5(d) shall be included in that Registration Statement.

23

 

	 	(e)	 	Right of Withdrawal in Demand Registration. If any Holder of Registrable Securities, or a
holder of other securities entitled (upon request) to be included in that Registration,
disapproves of the terms of the underwriting, that person may elect to withdraw therefrom by
written notice to the Company, the Underwriter’s Representative, and the Initiating Holders
delivered at least seven days prior to the effective date of the Registration Statement. The
securities so withdrawn shall also be withdrawn from the Registration Statement.

	7.6	 	Other Securities Laws in Demand Registration. In the event of any Registration pursuant to this
Section 7, the Company shall Register and qualify the securities covered by the Registration
Statement under the securities laws of any other jurisdictions in the United States of America,
Europe, Hong Kong and Singapore as shall be appropriate for the distribution of the securities;
provided, however, that: (a) the Company shall not be required to do business or to file a general
consent to service of process in any such state or jurisdiction; and (b) notwithstanding anything
in this Agreement to the contrary, in the event any jurisdiction in which the securities shall be
qualified imposes a non-waivable requirement that expenses incurred in connection with the
qualification of the securities be borne by selling shareholders, the expenses shall be payable pro
rata by the selling shareholders.
	 
	7.7	 	Other Registration Rights. Each Covenantor hereby jointly represents and warrants to the
Investors that the Company has not granted any rights to any shareholder or other person with
respect to the Registration of securities of the Company. Without the prior written consent of
Holders of a majority of the Registrable Securities, the Company covenants and agrees that it shall
not hereafter grant any person any rights with respect to the Registration of securities of the
Company which are on a parity with or superior to the rights granted hereunder.
	 
	8.	 	Piggyback Registration.
	 
	8.1	 	Notice of Piggyback Registration and Inclusion of Registrable Securities.
Subject to the terms of this Agreement, if the Company decides to Register any of its Ordinary
Shares (either for its own account or the account of a security holder or holders exercising
their respective demand registration rights (other than Holders exercising their demand rights
pursuant to Section 7 of this Agreement)) (other than a registration relating solely to the
sale of securities to participants in a Company stock plan, a registration relating to a
corporate reorganization or other transaction under Rule 145 of the Securities Act, or a
registration in which the only securities being registered are Ordinary Shares issuable upon
conversion of debt securities that are also being registered), the Company shall: (a) at least
30 days prior to any such Registration, give each Holder written notice thereof (which shall
include a list of the jurisdictions in which the Company intends to attempt to qualify those
securities under the applicable Blue Sky or other securities laws); and (b) include in that
Registration (and any related qualification under Blue Sky laws or other compliance), and in
any underwriting involved therein, all the Registrable Securities specified in a written
request delivered to the Company by any Holder within 30 days after delivery of the written
notice from the Company. The Company shall have the right to terminate or withdraw any

24

 

	 	 	registration initiated by it under this Section 8 prior to the effectiveness of such
Registration whether or not any Holder has elected to include securities in such registration.
	 
	8.2	 	Underwriting in Piggyback Registration.

	 	(a)	 	Notice of Underwriting in Piggyback Registration. If the Registration of which the Company
gives notice is for a Registered public offering, involving an underwriting, the Company shall
so advise the Holders as a part of the written notice given pursuant to Section 8. In this
event, the right of any Holder to Registration shall be conditioned upon the underwriting and
the inclusion of that Holder’s Registrable Securities in the underwriting, to the extent
provided in this Section 8. All Holders proposing to distribute their securities through the
underwriting shall (together with the Company and the other holders distributing their
securities through the underwriting) enter into an underwriting agreement with the
Underwriter’s Representative for that offering. The Holders shall have no right to participate
in the selection of the underwriters for an offering pursuant to this Section 8.
	 
	 	(b)	 	Marketing Limitation in Piggyback Registration. In the event the Underwriter’s
Representative advises the Holders seeking Registration of Registrable Securities pursuant to
this Section 8 in writing that market factors (including, without limitation, the aggregate
number of Ordinary Shares requested to be Registered, the general condition of the market, and
the status of the persons proposing to sell securities pursuant to the Registration) require a
limitation of the number of shares to be underwritten, the Underwriter’s Representative
(subject to the allocation priority set forth in Section 8.2(c)) may:

	 	(i)	 	in the case of the Company’s initial Registered public offering, exclude some or all
Registrable Securities from the Registration and underwriting; and
	 
	 	(ii)	 	in the case of any Registered public offering subsequent to the initial public
offering, limit the number of shares of Registrable Securities to be included in the
Registration and underwriting, to not less than 50 per cent. of the securities requested
by such Holders to be included in the Registration.

	 	(c)	 	Allocation of Shares in Piggyback Registration. In the event that the Underwriter’s
Representative limits the number of shares to be included in a Registration pursuant to
Section 8.2(b), the number of shares to be included in the Registration shall be allocated
among all other Holders and other holders of securities (other than Registrable Securities)
requesting and legally entitled to include securities in that Registration, in the following
order of priority:

	 	(i)	 	first, to the Company, to the extent it is offering shares for its own account; and
	 
	 	(ii)	 	next, to Holders requesting inclusion of Registrable Securities in the offering, in
proportion, as nearly as practicable, to the respective amounts of securities (including
Registrable Securities) then held by such Holders respectively; and

25

 

	 	(iii)	 	next, to holders of other securities of the Company requesting inclusion of such
securities in the offering, in proportion, as nearly as practicable to the respective
amounts of securities then held by such other holders respectively.

	 	 	 	For any Registration subsequent to an initial public offering, the number of Registrable
Securities that may be included in the Registration and underwriting under Section
8.2(b)(ii) shall not be reduced to less than 50 per cent. of the aggregate securities
requested by Holders to be included in the Registration without the prior consent of at
least a majority of the Holders who have requested their Registrable Securities be
included in the Registration and underwriting. No Registrable Securities or other
securities excluded from the underwriting by reason of this Section 8.2(c) shall be
included in the Registration Statement.
	 
	 	(d)	 	Withdrawal in Piggyback Registration. If any Holder disapproves of the terms of any
underwriting, the Holder may elect to withdraw therefrom by written notice to the Company and
the Underwriter’s Representative delivered at least seven days prior to the effective date of
the Registration Statement. Any Registrable Securities or other securities excluded or
withdrawn from the underwriting shall be withdrawn from the Registration.
	 
	 	(e)	 	Not Demand Registration. Registration pursuant to this Section 8 shall not be deemed to be
a demand Registration as described in Section 7 above. There shall be no limit on the number
of times the Holders may request Registration of Registrable Securities pursuant to this
Section 8.

	9.	 	Expenses of Registration.

All Registration Expenses incurred in connection with Registrations pursuant to Sections 7.1, 7.2
and 8 shall be borne by the Company, and the Company shall bear the fees of a single counsel for
the selling Shareholders in the Registrations. All Registration Expenses incurred in connection
with any other Registration, qualification, or compliance, shall be apportioned among the Holders
and other holders, including the Company, of the securities so Registered on the basis of the
number of shares Registered. Notwithstanding the above, the Company shall not be required to pay
for any expenses of any Registration proceeding begun pursuant to Section 7 if the Registration
request is subsequently withdrawn at the request of the Holders of a majority of the Registrable
Securities to be Registered (which Holders shall bear those expenses), unless the Holders of a
majority of the Registrable Securities agree to forfeit their right to one corresponding
Registration pursuant to Section 7 provided, however, that if at the time of such withdrawal, the
Holders have learned of a material adverse change in the condition, business, or prospects of the
Company not known to the Holders at the time of their request for such Registration and have
withdrawn their request for Registration with reasonable promptness after learning of such material
adverse change, then the Holders shall not be required to pay any of such expenses and such
Registration shall not constitute the use of a demand Registration pursuant to Section 7.1. All
Selling Expenses shall be borne by the holders of the securities Registered pro rata on the basis
of the number of shares Registered.

26

 

	10.	 	Termination of Registration Rights.

The rights to cause the Company to Register securities granted under Sections 7 and 8 and to
receive notices pursuant to Section 8 of this Agreement, shall terminate, with respect to each
Holder on the date five years after a Qualified IPO or the Company’s initial public offering of
securities pursuant to a Registration Statement, or with respect to each Holder, if that Holder is
eligible to sell all of that Holder’s Registrable Securities either (i) under Rule 144 within any
three-month period without volume limitations, or (ii) under Rule 144(k), or (iii) with respect to
each Holder’s right with respect to Registration of Registrable Securities in any jurisdiction
other than the United States, if that Holder is eligible to sell all of its Registrable Securities
under a provision of that jurisdiction’s securities laws comparable to Rule 144 or 144(k).

	11.	 	Registration Procedures and Obligations.

Whenever required under this Agreement to effect the Registration of any Registrable Securities,
the Company shall as expeditiously as practicable:

	 	(a)	 	Prepare and file with the Commission (or comparable regulatory agency for a Registration
in a jurisdiction other than the United States) a Registration Statement with respect to those
Registrable Securities and use its best efforts to cause that Registration Statement to become
effective, and, upon the request of the Holders of a majority of the Registrable Securities
Registered thereunder, keep the Registration Statement effective for up to 180 days, or if
earlier, until the distribution contemplated by the Registration has been completed;
	 
	 	(b)	 	Prepare and file with the Commission (or comparable regulatory agency for a Registration
in a jurisdiction other than the United States), amendments and supplements to that
Registration Statement and the prospectus used in connection with the Registration Statement
as may be necessary to comply with the provisions of the Securities Act (or other applicable
law in a jurisdiction other than the United States) with respect to the disposition of all
securities covered by the Registration Statement;
	 
	 	(c)	 	Furnish to the Holders the number of copies of a prospectus, including a preliminary
prospectus, required by the Securities Act (or other applicable law in a jurisdiction other
than the United States), and any other documents as they may request in order to facilitate
the disposition of Registrable Securities owned by them;
	 
	 	(d)	 	Otherwise use its best efforts to comply with the Securities Act, the Exchange Act and any
other applicable rules and regulations of the Commission, and make available to the securities
holders, as soon as practicable, an earnings statement covering the period of at least 12
months after the effective date of such Registration Statement, which earnings statement shall
satisfy Section 11(a) of the Securities Act and any applicable regulations thereunder,
including Rule 158;
	 
	 	(e)	 	Use its best efforts to Register and qualify the securities covered by the Registration
Statement under the securities or Blue Sky laws of any other jurisdictions as shall be
requested by the Holders, provided that the Company shall not be required to qualify to do
business or file

27

 

	 	 	 	a general consent to service of process in any such states or jurisdictions, and
provided further that in the event any jurisdiction in which the securities shall be
qualified imposes a non-waivable requirement that expenses incurred in connection with
the qualification of the securities be borne by selling shareholders, those expenses
shall be payable pro rata by selling shareholders;
	 
	 	(f)	 	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 managing underwriter of
the offering. Each Holder participating in the underwriting shall also enter into and perform
its obligations under such an agreement;
	 
	 	(g)	 	Notify each Holder of Registrable Securities covered by the Registration Statement at any
time when a prospectus relating thereto is required to be delivered under the Securities Act
of the happening of any event as a result of which the prospectus included in the Registration
Statement, as then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing;
	 
	 	(h)	 	Provide a transfer agent and registrar for all Registrable Securities Registered pursuant
to the Registration Statement and a CUSIP number for all those Registrable Securities, in each
case not later than the effective date of the Registration;
	 
	 	(i)	 	Furnish, at the request of any Holder requesting Registration of Registrable Securities
pursuant to this Agreement, on the date that Registrable Securities are delivered for sale in
connection with a Registration pursuant to this Agreement, (i) an opinion, dated the date of
the sale, of the counsel representing the Company for the purposes of the Registration, in
form and substance as is customarily given to underwriters in an underwritten public offering,
and (ii) a “comfort” letter dated the date of the sale, from the independent certified public
accountants of the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering and
satisfactory to a majority in interests of the Holders requesting Registration, addressed to
the underwriters, if any, and to Holders requesting Registration of Registrable Securities.
	 
	 	(j)	 	Take all action necessary to list the Registrable Securities on the primary exchange upon
which the Company’s securities are then traded.

	12.	 	Information Furnished by Holder.

It shall be a condition precedent of the Company’s obligations under this Agreement that each
Holder of Registrable Securities included in any Registration furnish to the Company information
regarding the Holder and the distribution proposed by the Holder as the Company may reasonably
request.

	13.	 	Indemnification.

28

 

	13.1	 	Company‘s Indemnification of Holders. To the extent permitted by law, the Company shall
indemnify each Holder, each of its officers, directors, and constituent partners, legal counsel for
the Holders, and each person controlling that Holder, with respect to which Registration,
qualification, or compliance of Registrable Securities has been effected pursuant to this
Agreement, and each underwriter, if any, and each person who controls any underwriter against all
claims, losses, damages, liabilities, or actions in respect thereof (collectively, “Damages”) to
the extent the Damages arise out of or are based upon any untrue statement (or alleged untrue
statement) of a material fact contained in any prospectus or other document (including any related
Registration Statement) incident to any Registration, qualification, or compliance, or are based on
any omission (or alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, or any violation by the Company of any
rule or regulation promulgated under the Securities Act, Exchange Act, applicable Blue Sky laws, or
other applicable laws in the jurisdiction other than the United States in which the Registration
occurred, applicable to the Company and relating to action or inaction required of the Company in
connection with any Registration, qualification, or compliance, and the Company shall reimburse
each Holder, each underwriter, and each person who controls any Holder or underwriter, for any
legal and any other expenses incurred in connection with investigating or defending any such claim,
loss, damage, liability, or action.
	 
	13.2	 	Holder‘s Indemnification of Company. To the extent permitted by law, each Holder shall, if
Registrable Securities held by that Holder are included in the securities as to which Registration,
qualification or, compliance is being effected pursuant to this Agreement, indemnify the Company,
each of its directors and officers, each legal counsel and independent accountant of the Company,
each underwriter, if any, of the Company’s securities covered by the Registration Statement, each
person who controls the Company or underwriter within the meaning of the Securities Act, and each
other Holder, each of its officers, directors, and constituent partners, and each person
controlling the other Holder, against all Damages arising out of or based upon any untrue statement
(or alleged untrue statement) of a material fact contained in any Registration Statement,
prospectus, offering circular, or other document, or any omission (or alleged omission) to state
therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, or any violation by the Holder of any rule or regulation promulgated under the
Securities Act, Exchange Act, applicable Blue Sky laws, or other applicable laws in the
jurisdiction other than the United States in which the Registration occurred, applicable to the
Holder and relating to action or inaction required of the Holder in connection with any
Registration, qualification, or compliance, and shall reimburse the Company, those Holders,
directors, officers, partners, persons, law and accounting firms, underwriters or control persons
for any legal and any other expenses reasonably incurred in connection with investigating or
defending any claim, loss, damage, liability, or action, in each case to the extent, but only to
the extent, that the untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in that Registration Statement, prospectus, offering circular, or other document
in reliance upon and in conformity with written information furnished to the Company by that Holder
and stated to be specifically for use in connection with the offering of securities of the Company,
provided, however, that the indemnity contained in this Section

29

 

	13.2	 	shall not apply to amounts paid in settlement of any Damages if settlement is effected
without the consent of that Holder (which consent shall not be unreasonably withheld) and
provided, further, that each Holder’s liability under this Section 13.2 shall not exceed the
Holder’s proceeds (less underwriting discounts and selling commissions) from the offering of
securities made in connection with that Registration.
	 
	 	 	Any indemnification pursuant to this Section 13.2 shall be several, and not joint and several,
among the Holders whose Registrable Securities are included in the Registration.
	 
	13.3	 	Condition to Indemnity. The foregoing indemnity agreements of the Company and the Holders are
subject to the condition that, insofar as they relate to any violation made in a preliminary
prospectus but eliminated or remedied in the amended prospectus on file with the Commission at the
time the Registration Statement in question becomes effective or the amended prospectus filed with
the Commission pursuant to Rule 424(b) (the “Final Prospectus”), such indemnity agreement shall not
inure to the benefit of any person if a copy of the Final Prospectus was furnished to the
indemnified party and was not furnished to the person asserting the loss, liability, claim or
damage at or prior to the time such action is required by the Securities Act.
	 
	13.4	 	Indemnification Procedure. Promptly after receipt by an indemnified party under this Section
13 of notice of the commencement of any action, the indemnified party shall, if a claim is to be
made against an indemnifying party under this Section 13, notify the indemnifying party in writing,
of the commencement thereof and generally summarize the action. The indemnifying party shall have
the right to participate in and to assume the defense of that claim; provided, however, that the
indemnifying party shall be entitled to select counsel for the defense of the claim with the
approval of any parties entitled to indemnification, which approval shall not be unreasonably
withheld; provided further, however, that if either party reasonably determines that there may be a
conflict between the position of the Company and the Shareholders in conducting the defense of the
action, suit, or proceeding by reason of recognized claims for indemnity under this Section 13,
then counsel for that party shall be entitled to conduct the defense to the extent reasonably
determined by counsel to be necessary to protect the interests of
that party. The failure to notify an indemnifying party promptly of the commencement of any action, if
prejudicial to the ability of the indemnifying party to defend the action, shall relieve the
indemnifying party, to the extent so prejudiced, of any liability to the indemnified party
under this Section 13, but the omission to notify the indemnifying party shall not relieve the
party of any liability that the party may have to any indemnified party otherwise than under
this Section 13.
	 
	13.5	 	Contribution. If the indemnification provided for in this Section 13 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any Damages, then
the indemnifying party, in lieu of indemnifying the indemnified party hereunder, shall contribute
to the amount paid or payable by the indemnified party as a result of those Damages in such
proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one
hand, and of the indemnified party, on the other hand, in connection with the statements or
omissions that resulted in Damages as well as any other relevant equitable considerations. The
relative fault of the

30

 

	 	 	indemnifying party and of the indemnified party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the indemnifying or the
indemnified party and the parties’ relative intent, knowledge, access to information, and
opportunity to correct or prevent the statement or omission. No Holder will be required to
contribute any amount in excess of the net proceeds received from the sale of all such
Registrable Securities offered and sold by such Holder pursuant to such Registration
Statement; and no person or entity guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) will be entitled to contribution from any person or
entity who was not guilty of such fraudulent misrepresentation.
	 
	13.6	 	Conflicts. Notwithstanding the foregoing, to the extent that provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the
underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control; provided however, that the provision in any such underwriting
agreement pertaining to indemnification and contribution will be (i) substantially similar to those
contained herein, or (ii) typical of such provisions found in underwriting agreements of companies
similarly situated to the Company.
	 
	13.7	 	Survival of Obligations. Subject to Section 13.6, the obligations of the Company and Holders
under this Section 13 shall survive the completion of any offering of Registrable Securities in a
Registration Statement under this Agreement or otherwise. No indemnifying party, in the defense of
any such claim or litigation, shall, except with the consent of each indemnified party, consent to
entry of any judgment or enter into any settlement which admits fault of behalf of the indemnified
party or which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a release from all liability with respect to such claim or
litigation.
	 
	14.	 	Lock-Up or Market Standoff.

Each Holder and Covenantor acknowledges that the Underwriter’s Representative (if any), in
connection with a registration relating to the Company’s initial public offering (other than a
registration on Form S-8 or a related or successor form relating solely to an employee benefit plan
or a registration on Form S-4 or a related or successor form relating solely to a transaction under
Rule 145), may request the Shareholders enter into a lockup or market standoff agreement in
customary form (subject to the following conditions) pursuant to which the Shareholders agree not
to sell or otherwise transfer or dispose of any Shares or other securities of the Company without
the prior written consent of the Underwriter’s Representative for up to 180 days following the
effective date of a Registration Statement of the Company filed under the Securities Act (or other
applicable law in a jurisdiction other than the United States in which a Registration occurred).
The obligations of each Holder under this Section 14 shall be conditioned upon the following:

	 	(a)	 	the lockup or market standoff agreement applies only to the first registration statement
of the Company which covers securities to be sold on its behalf to the public in an
underwritten offering, but not to

31

 

	 	 	 	Registrable Securities actually sold pursuant to such Registration Statement;
	 
	 	(b)	 	such Holder is satisfied that all Covenantors, directors or officers of any Group Company,
and holders of one per cent. or more of any class of securities of the Company are bound by
substantially identical restrictions, and that neither the Company nor the Underwriter’s
Representative will release any such Founders, directors or officers of any Group Company, and
holders of one per cent. or more of any class of securities from the lock-up without first
releasing the Holders; (c) the lockup or market standoff agreement provides that if any
securities of the Company are to be excluded or released in whole or part from such
restrictions, the Underwriter’s Representative shall so notify each Holder and each Holder
shall be excluded or released, in proportionate amounts to the extent of the exclusion or
release with respect to any other holder of the Company’s securities, including any director
or officer of any Group Company, or holder of one per cent. or more of any class of securities
of the Company subject to such restrictions; (d) the lockup or market standoff agreement by
its terms permits transfers of Registrable Securities by any Holder to any Affiliate of such
Holder during the restricted period, provided that such Affiliate executes a lock-up or market
standoff agreement substantively identical to that executed by the transferring Holder; and
(e) to the extent permitted by applicable law and regulation, the Underwriter’s Representative
and the Company permit the holders of Preferred Shares to sell their Shares in an amount
representing up to 20 per cent. of the Shares or other securities to be sold in such public
offering.

15. No-Action Letter or Opinion of Counsel in Lieu of Registration; Conversion of Preferred Shares.

Notwithstanding anything else in this Agreement, if: (a) the Company obtains from the Commission
(or comparable regulatory agency in lieu of Registration in a jurisdiction other than the United
States) a “no-action” letter in which the Commission or such comparable regulatory agency has
indicated that it will take no action if, without Registration under the Securities Act or
comparable law, any Holder disposes of Registrable Securities covered by any request for
Registration made under Section 7 of this Agreement in the specific manner in which the Holder
proposes to dispose of Registrable Securities included in that request (such as including, without
limitation, inclusion of the Registrable Securities in an underwriting initiated by either the
Company or the Holders) and that the Registrable Securities may be sold to the public without
Registration in accordance with an established procedure or Rule-based “safe harbor” without
unreasonable legal risk or uncertainty; or (b) in the opinion of counsel retained by the Company
concurred in by counsel for the Holder, which concurrence shall not be unreasonably withheld, no
Registration under the Securities Act (or other applicable law) is required in connection with the
disposition and that the Registrable Securities may be sold to the public without Registration,
then the Registrable Securities included in the request shall not be eligible for Registration
under this Agreement. Any Registrable Securities not so disposed of shall be eligible for
Registration in accordance with the terms of this Agreement with respect to other proposed
dispositions to which this Section 15 does not apply. The Registration rights of the Holders of
Registrable Securities set forth in this Agreement are conditioned upon the conversion of the
Registrable Securities with respect to

32

 

which Registration is sought into Ordinary Shares prior to the effective date of the Registration
Statement.

	16.	 	Reports Under the Exchange Act.

With a view to making available to Holders the benefits of Rule 144 promulgated under the
Securities Act and any other rule or regulation of the Commission 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 F-3, the Company agrees to:

	 	(a)	 	make and keep public information available, as those terms are understood and defined in
Rule 144, at all times after 90 days after the effective date of the first Registration
Statement filed by the Company for the offering of its securities to the public;
	 
	 	(b)	 	take all action, including the voluntary Registration of its Ordinary Shares under Section
12 of the Exchange Act, necessary to enable the Holders to utilize Form F-3 for the sale of
their Registrable Securities, such action to be taken as soon as practicable after the end of
the fiscal year in which the first Registration Statement filed by the Company for the
offering of its securities to the general public is declared effective;
	 
	 	(c)	 	file with the Commission in a timely manner all reports and other documents required of
the Company under the Securities Act and the Exchange Act;
	 
	 	(d)	 	furnish to any Holder, so long as the Holder owns any Registrable Securities, promptly
upon request (i) a written statement by the Company that it has complied with the reporting
requirements of Rule 144 (at any time after 90 days after the effective date of the first
Registration Statement filed by the Company), the Securities Act, and the Exchange Act (at any
time after it has become subject to those reporting requirements), or that it qualifies as a
registrant whose securities may be resold pursuant to Form F-3 (at any time after it so
qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and any
other reports and documents filed by the Company; and (iii) any other information as may be
requested in availing any Holder of any rule or regulation of the Commission which permits the
selling of any securities without Registration or pursuant to that form; and
	 
	 	(e)	 	for a Registration in a jurisdiction other than the United States, take actions similar to
those set forth in paragraphs (a), (b), (c) and (d) of this Section 16 with a view to making
available to Holders the benefits of the corresponding provision or provisions of that
jurisdiction’s securities laws.

	17.	 	Transfer of Rights.

The rights hereunder may be assigned by any Investor to a transferee or assignee of any Preferred
Shares or Registrable Securities, conditioned upon signing the Adherence Deed.

33

 

	18.	 	Legend; Stop Transfer Instructions.
	 
	18.1	 	Legend. Each certificate representing shares or securities now or hereafter owned by any
Shareholder or any transferee of such shares and securities and the members register of the Company
shall be endorsed with the following legend:

	 	 	 	“THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A SHAREHOLDERS’ AGREEMENT BY AND
BETWEEN THE HOLDER HEREOF, THE COMPANY AND CERTAIN OTHER SHAREHOLDERS OF THE COMPANY.
COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE
COMPANY.”

	18.2	 	Stop Transfer Instructions. The Parties hereto agree that the Company may instruct its
transfer agent to impose transfer restrictions on the shares represented by certificates bearing
the legend referred to in Section 18.1 to enforce the provisions of this Agreement, and the Company
agrees promptly to do so. The legend shall be removed upon termination of this Agreement.
	 
	19.	 	Covenants.
	 
	19.1	 	Matters requiring Investor Consent. In addition to any other rights provided by law and the
provisions of the Articles of Association or Memorandum of Association of the Company, no Group
Company shall, and each Covenantor shall exercise all of their rights with respect to Ordinary
Shares held by them so as to cause the Group Companies to not effect or otherwise consummate any of
the following (the “Reserved Matters”) without first obtaining Investor Consent and the consent of
the SIG Representative and Sequoia Representative:

	 	(a)	 	Make any distribution of profits to the Shareholders by way of interim or final dividend,
capitalization of reserves or otherwise.
	 
	 	(b)	 	Settle or alter the terms of any bonus or profit sharing scheme or any employee share
option or share participation scheme.
	 
	 	(c)	 	Amend the accounting policies previously adopted, change the fiscal or financial year of
the Company, or adopt the annual accounts or budgets of any Group Company.
	 
	 	(d)	 	Appoint or change the auditors of any Group Company.
	 
	 	(e)	 	Appoint, amend, remove or settle the terms of appointment (including compensation) of any
Senior Manager (including, for the avoidance of doubt, any chief financial officer, chief
operating officer or chief technology officer) of any Group Company.
	 
	 	(f)	 	Acquire any investment or incur any commitment in excess of US$100,000 (or its equivalent
in other currencies) in respect of any single transaction, or in excess of US$500,000 (or its
equivalent in

34

 

	 	 	 	other currencies) in aggregate at any time in a series of related transactions in any
financial year of any Group Company in the ordinary course of its business, or acquire any
share capital or other securities of any body corporate.
	 
	 	(g)	 	Make any investment other than investments in prime commercial paper, money market funds,
certificates of deposit in any International bank having a net worth in excess of US$1,000,000 or
obligations issued or guaranteed by the United States of America or other sovereign government, in
each case having a maturity not in excess of two years.
	 
	 	(h)	 	Approve, or make adjustments or modifications to the terms of transactions involving the
interest of any director, shareholder or Related Party of any Group Company, including but not
limited to the making of any loans or advances, whether directly or indirectly, or the provision of
any guarantee, indemnity or security for or in connection with any indebtedness of liabilities of
any director or shareholder of any Group Company.
	 
	 	(i)	 	Increase, reduce or cancel the authorized or issued share capital of any Group Company or
issue, allot, purchase or redeem any shares or securities convertible into or carrying a right of
subscription in respect of shares or any share warrants or grant or issue any options rights or
warrants or which may require the issue of shares in the future or do any act which has the effect
of diluting or reducing the effective shareholding of the Investors in the Company or their
effective interest in any Group Company, except for (A) a redemption in accordance with the
Company’s Articles of Associations, (B) a repurchase or issuance of shares pursuant to an employee
share option plan approved by the Investors, (C) issuances of Ordinary Shares upon conversion of
Preferred Shares or other outstanding convertible securities approved by the Investors, and (D)
issuances of Ordinary Shares upon exercise of outstanding options or warrants approved by the
Investors.
	 
	 	(j)	 	Borrow any money or obtain any financial facilities except pursuant to trade facilities
obtained from banks or other financial institutions in excess of US$250,000 (or its equivalent in
other currencies) at any time in any financial year unless the transaction is already included in a
Board-approved budget or that it is trade credit incurred in the ordinary course of business.
	 
	 	(k)	 	Make any loan or advance to any person, including any employee or director, except advances and
similar expenditures in the ordinary course of business or under the terms of an employee stock or
option plan approved by the Board.
	 
	 	(l)	 	Make any loan or advance to, or own any stock or other securities of any subsidiary or other
corporation, partnership, or other entity unless it is wholly owned by the Company.
	 
	 	(m)	 	Create, allow to arise or issue any debenture constituting a pledge, lien or charge (whether by
way of fixed or floating change, mortgage encumbrance or other security) security interest,
guarantee, claim,

35

 

	 	 	 	restriction, equity or encumbrances of any nature whatsoever on any of the property,
undertaking, assets or rights of any Group Company, except for the purpose of securing
borrowings from banks or other financial institutions in the ordinary course of business not
exceeding US$100,000 (or its equivalent in other currencies) or in excess of US$500,000 (or
its equivalent in other currencies) at any time in any financial year.
	 
	 	(n)	 	Enter into or be a party to any transaction with any director, officer or employee of the
Company or any associate (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such
person except transactions resulting in payments to or by the Company in an amount less than
US$50,000 per year, or transactions 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
approved by a majority of the Board.
	 
	 	(o)	 	Sell, transfer, license, charge, encumber or otherwise dispose of any trademarks, patents or
other intellectual property owned by any Group Company, other than licensing in the ordinary course
of business.
	 
	 	(p)	 	Make any alteration or amendment to the Memorandum of Association or Articles of Association of
the Company, or the constitutional documents of any other Group Company.
	 
	 	(q)	 	Increase or reduce the maximum number of Directors on the Board.
	 
	 	(r)	 	Dispose of or dilute the Company’s direct or indirect interest in any other Group Company or
any of its other Subsidiaries.
	 
	 	(s)	 	Cease to conduct or carry on the business of any Group Company substantially as now conducted
or change any part of its business activities.
	 
	 	(t)	 	Sell or dispose of the goodwill or assets of any Group Company other than in the ordinary
course of business.
	 
	 	(u)	 	Pass any resolution for the winding up or dissolution of any Group Company or undertake any
merger, reconstruction or liquidation exercise concerning any Group Company or apply for the
appointment of a receiver, manager or judicial manager or like officer in respect of any Group
Company.
	 
	 	(v)	 	Approve any transfer of shares or interests in any Group Company.
	 
	 	(w)	 	Enter into any abnormal or unusual contract or contract outside the ordinary course of business
of the Company.
	 
	 	(x)	 	Settle, compromise or concede any litigation, legal proceedings, arbitration, mediation or any
other dispute resolution procedures involving any claim in excess of US$20,000 (or its equivalent
in other currencies) or any injunction, provided that the Company shall immediately notify each
Investor of any actual or threatened litigation, legal proceedings, arbitration, mediation or any
other dispute resolution procedures irrespective of its nature or size.

36

 

	 	(y)	 	Change the principal business of the Company (including entering into a new line of
business or exiting from the current line of business).
	 
	 	(z)	 	Liquidate, dissolve or wind-up the affairs of the Company, or effect any event that would
result in payment of a Compulsory Payment Amount.
	 
	 	(aa)	 	Purchase or redeem or pay any dividend on any share capital in priority to the Series A
Shares (other than shares repurchased from former employees or consultants in connection with
the cessation of their employment or services, at the lower of fair market value or cost).

	 	 	To the extent that any of the acts listed in this Article 18(a) through to (aa) is required
under the Statute to be passed by a Special Resolution, then such act shall be passed when a
Special Resolution is passed.
	 
	19.2	 	Protection of Reserved Matters. Each Covenantor jointly and severally undertakes to each
Investor that it shall exercise all its rights and powers in relation to the Group Companies so as
to procure that, subject to applicable law, no resolutions to approve, authorize and ratify any of
the Reserved Matters shall be considered or passed or effected at any meeting of Shareholders or
otherwise, without first obtaining Investor Consent.
	 
	19.3	 	Control of Directly Owned Subsidiaries. The Company will exercise or refrain from exercising
any voting rights or other powers of Control which it may have in or over any of its directly owned
subsidiaries (each a “Directly Owned Subsidiary”) so as to ensure that none of the actions set out
in Section 19.1 will be taken by any such Directly Owned Subsidiary without the same prior approval
as required under Section 19.1, insofar as it is not inconsistent with or contrary to the laws and
regulations of the jurisdiction in which such Directly Owned Subsidiary is organized. For this
purpose, references in Section 19.1 to the Company shall be construed as references to such
Directly Owned Subsidiary.
	 
	19.4	 	Control of Indirectly Owned Subsidiaries. The Company will cause each of its Directly Owned
Subsidiaries to exercise or refrain from exercising any voting rights or other powers of Control
(whether direct or indirect) which it may have in or over any company which is a subsidiary of any
Directly Owned Subsidiary (each an “Indirectly Owned Subsidiary”) so as to ensure that none of the
actions set out in Section 19.1 will be taken by such Indirectly Owned Subsidiary without the same
prior approval as required under Section 19.1, insofar as it is not inconsistent with or contrary
to the laws and regulations of the jurisdiction in which such Indirectly Owned Subsidiary is
organized. For this purpose, references in Section 19.1 to the Company shall be construed as
references to such Indirectly Owned Subsidiary.
	 
	19.5	 	Obtaining a Qualified IPO or an Approved Sale. The Covenantors undertake to the Investors,
jointly and severally, to use their best endeavors to cause within 36 months from the date hereof:

	 	(a)	 	a Qualified IPO; or
	 
	 	(b)	 	an Approved Sale.

37

 

	19.6	 	Investors’ Right to Participate in Underwritten Public Offering. If Shares or other securities
of the Company are offered in an underwritten public offering (whether or not a Qualified IPO) for
the account of any Founder, any Shareholder or any holder of other securities of the Company, each
holder of Preferred Shares shall have the right to include a pro-rata number of its Shares (based
on the number of shares (on an as-if-converted basis) then held by such holder of Preferred Shares
and other Shareholders selling in the offering) in the offering on terms and conditions no less
favorable to the holders of Preferred Shares than to any other Person selling Shares or other
securities in the offering. Each Investor shall also have the right to purchase up to five (5) per
cent. of the securities offered in the public offering, subject to prior consent of the
underwriters in the public offering (whether or not a Qualified IPO) is obtained.
	 
	19.7	 	Non-Competition.

	 	(a)	 	Each Founder undertakes to each of the Investors that as long as he remains employed by a
Group Company, he will not place himself in a position of conflict of duties or interest with
any Group Company.
Each Founder also undertakes to each of the Investors that for a period of 12 months
after he ceases to be employed by a Group Company, he will not, without the prior
written consent of the Investors:

	 	(i)	 	in the territory of PRC, the Hong Kong SAR, the Macau SAR and Taiwan either on his
own account or through any of his Affiliates, or in conjunction with or on behalf of any
other Person, carry on or be engaged, concerned or interested directly or indirectly
whether as Shareholder, director, employee, partner, agent or otherwise carry on any
business in direct competition with the Business;
	 
	 	(ii)	 	in the territory of PRC, the Hong Kong SAR, the Macau SAR and Taiwan either on his
own account or through any of his Affiliates, or in conjunction with or on behalf of any
other Person, disclose any know-how, lists of customers or suppliers, trade secrets,
technical processes or other confidential information, made known to him in his capacity
as Founder;
	 
	 	(iii)	 	either on his own account or through any of his Affiliates or in conjunction with
or on behalf of any other Person solicit or entice away or attempt to solicit or entice
away from any Group Company, the custom of any person, firm, company or organization who
is or shall at any time within 12 months prior to such cessation have been a customer,
client, representative, agent or correspondent of such Group Company or in the habit of
dealing with such Group Company;
	 
	 	(iv)	 	either on his own account or through any of his Affiliates or in conjunction with
or on behalf of any other Person, employ, solicit or entice away or attempt to employ,
solicit or entice away from any Group Company any person who is or shall have been at
the date of or within 12 months prior to such

38

 

	 	 	 	cessation an officer, manager, consultant or employee of any such Group Company
whether or not such person would commit a breach of contract by reason of leaving
such employment; and
	 
	 	(v)	 	neither he nor any of his Affiliates will at any time hereafter, in relation to any
trade, business or company use any business or trade name or any permutation,
combination, derivation or part thereof now or hereafter used by any Group Company in
its name or in the name of any of its products, services or their derivative terms, or
the Chinese or English equivalent or any similar word in such a way as to be capable of
or likely to be confused with the name of any Group Company or the product or services
or any other products or services of any Group Company, and shall use all reasonable
endeavors to procure that no such name shall be used by any of his Affiliates or
otherwise by any Person with which he is connected.

	 	(b)	 	Each and every obligation under clause (a) of this Section 19.7 shall be treated as a
separate obligation and shall be severally enforceable as such and in the event of any
obligation or obligations being or becoming unenforceable in whole or in part, such part or
parts which are unenforceable shall be deleted from such Section and any such deletion shall
not affect the enforceability of the remainder parts of such Section.
	 
	 	(c)	 	The Parties agree that having regard to all the circumstances, the restrictive covenants
contained in clause (a) of this Section 19.7 are reasonable and necessary for the protection
of the Group and the Shareholders, and further agree that having regard to those circumstances
the said covenants and are not excessive or unduly onerous upon the Founder. However, it is
recognized that restrictions of the nature in question may fail for technical reasons
currently unforeseen and accordingly it is hereby agreed and declared that if any of such
restrictions shall be adjudged to be void as going beyond what is reasonable in all the
circumstances for the protection of the Group or the Shareholders, but would be valid if part
of the wording thereof were deleted or the periods thereof reduced or the range of activities
or area dealt with thereby reduced in scope, the said restriction shall apply with such
modification as may be necessary to make it valid and effective.

	19.8	 	Appointment of Certain Officers. The Investors may nominate the Chief Executive Officer, Chief
Financial Officer, Chief Operating Officer, Chief Technology Officer, and other key management
personnel and key technical personnel of the Group, and the Board or the boards of directors of
other members of the Group, as the case may be, shall appoint such nominees accordingly
	 
	20.	 	Board Committees
	 
	20.1	 	Establishment of Compensation Committee and ESOP. The Board shall forthwith establish a
Compensation Committee consisting of both Investor Representatives and the Chief Executive Officer
of the Company, provided

39

 

	 	 	that the Compensation Committee be always made up of a majority of two (2) Investor
Representatives The Compensation Committee shall propose the terms of the ESOP and all grants
of awards thereunder to the Board, for approval and adoption by the Board and the
Shareholders, shall have the power and authority to administer the ESOP and to grant options
thereunder in accordance with such approval by the Board and the Shareholders, and shall have
such other powers and authorities as the Board shall delegate to it.
	 
	20.2	 	Establishment of Audit Committee. The Board shall forthwith establish an Audit Committee
consisting of both Investor Representatives and Directors of the Company, provided that the Audit
Committee be always made up of a majority of two (2) Investor Representatives.
	 
	21.	 	Miscellaneous.
	 
	21.1	 	Governing Law. Sections 7 through 16 of this Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, excluding those laws that direct the
application of the laws of another jurisdiction. All other provisions of this Agreement shall be
governed by, and construed in accordance with, the laws of the Hong Kong Special Administrative
Region, excluding those laws that direct the application of the laws of another jurisdiction.
	 
	21.2	 	Dispute Resolution.

	 	(a)	 	Any dispute, controversy or claim arising out of or relating to this Agreement, or the
interpretation, breach, termination or validity hereof, shall be resolved through
consultation. Such consultation shall begin immediately after one party hereto has delivered
to the other party hereto a written request for such consultation. If within 30 days following
the date on which such notice is given the dispute cannot be resolved, the dispute shall be
submitted to arbitration upon the request of either party with notice to the other.
	 
	 	(b)	 	The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong
International Arbitration Centre (the
“Centre”). There shall be one arbitrator. The arbitrator shall be jointly appointed by the
disputing parties or, failing which the Secretary-General of the Centre shall appoint
the arbitrator.
	 
	 	(c)	 	The arbitration proceedings shall be conducted in English. The arbitration tribunal shall
apply the UNCITRAL Arbitration Rules as administered by the Centre at the time of the
arbitration.
	 
	 	(d)	 	The arbitrator shall decide any dispute submitted by the parties to the arbitration
strictly in accordance with the substantive laws of Hong Kong and shall not apply any other
substantive law.
	 
	 	(e)	 	Each party shall cooperate with the other in making full disclosure of and providing
complete access to all information and documents requested by the other in connection with
such arbitration proceedings, subject only to any confidentiality obligations binding on such
party.

40

 

	 	(f)	 	In the course of arbitration, the Parties shall continue to implement the terms of this
Agreement except (as between the disputing parties) for the matters under arbitration.
	 
	 	(g)	 	The award of the arbitration tribunal shall be final and binding upon the disputing
parties, and the prevailing party may apply to a court of competent jurisdiction for
enforcement of such award.
	 
	 	(h)	 	Either party shall be entitled to seek preliminary injunctive relief from any court of
competent jurisdiction pending the constitution of the arbitral tribunal.

	21.3	 	Counterparts and Facsimile Execution. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Any counterpart or other signature delivered by facsimile shall be
deemed for all purposes as being a good and valid execution and delivery of this Agreement by that
party.
	 
	21.4	 	Headings. The headings of the Sections of this Agreement are for convenience and shall not by
themselves determine the interpretation of this Agreement.
	 
	21.5	 	Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other
communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed
to have been duly given (a) when hand delivered to the other party; (b) when printed confirmation
sheet verifying successful transmission of the facsimile is generated by the sender’s machine, when
sent by facsimile at the number set forth below (or hereafter amended by subsequent notice to the
parties hereto); (c) five Business Days after deposit in the mail as certified mail, receipt
requested, postage prepaid and addressed to the other party as set forth below; or (d) three
Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the
parties as set forth below, provided that the sending party receives a confirmation of delivery
from the delivery service provider.

	 	 	 

	To:

	 	Any of the Covenantors
	 
	 	 
	 

	 	c/o Country Style Cooking Restaurant Chain Co., Ltd.
	 
	 	 
	 

	 	Room 727, Hilton Hotel
	 

	 	No. 139 Zhongshan Third Road
	 

	 	Yuzhong District
	 

	 	Chongqing
	 

	 	China
	 

	 	
	 
	 	 
	 

	 	Attention: Mr. Zhang Xingqiang and Ms. Li Hong
	 
	 	 
	 

	 	Facsimile: +86(23) 63800606
	 

	 	Telephone: +86(23) 89038688 or +86(23) 89031188
	 

	 	Email: csc.727@163.com / csc_li@163.com

41

 

	 	 	 	 	 	 	 

	 

	 	To:
	 	SIG	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	101 California Street, Suite 3250
	 	 
	 

	 	 	 	San Francisco	 	 
	 

	 	 	 	CA 94111, USA	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention: Mr. Michael L. Spolan	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Facsimile: +1(610) 6173896	 	 
	 

	 	 	 	Telephone: +1(415) 4036510	 	 
	 

	 	 	 	Email: michael.spolan@sig.com	 	 
	 
	 	 	 	 	 	 
	 

	 	To:
	 	Sequoia	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	2408, Air China Plaza	 	 
	 

	 	 	 	36 Xiaoyun Road	 	 
	 

	 	 	 	Chaoyang District	 	 
	 

	 	 	 	Beijing 100027, China	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention: Mr. Steven Ji	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Facsimile: + 86(10) 84475669	 	 
	 

	 	 	 	Telephone: +86(10) 84475668	 	 
	 

	 	 	 	Email: sji@sequoiacap.com	 	 

	 	 	Each person making a communication hereunder by facsimile shall promptly confirm
by telephone to the person to whom such communication was addressed each
communication made by it by facsimile pursuant hereto but the absence of such
confirmation shall not affect the validity of any such communication. A party may
change or supplement the addresses given above, or designate additional addresses,
for purposes of this Section 21.5 by giving the other parties written notice of
the new address in the manner set forth above.
	 
	21.6	 	Amendment of Agreement. This Agreement may be amended at any time by a written
instrument signed by the Company, holders of a majority of the Ordinary Shares and
holders of a majority of the Preferred Shares or securities resulting from the conversion
or exchange of such Preferred Shares. No waivers of or exceptions to any term, condition
or provision of this Agreement, in any one or more instances, shall be deemed to be, or
construed as, a further or continuing waiver of any such term, condition or provision.
	 
	21.7	 	Severability. In case any provision of this Agreement shall be invalid, illegal, or
unenforceable, the validity, legality, and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.
	 
	21.8	 	Entire Agreement; Successors and Assigns. Except as specifically referenced in this
Agreement, this Agreement, together with all Exhibits to this Agreement, constitute the
entire contract among the Parties with respect to the subject matter of this Agreement.
Any prior or contemporaneous agreement, discussion, understanding, or correspondence
among the parties (including any prior representations or warranties given by the
Parties)

42

 

	 	 	regarding the subject matter of this Agreement is superseded by this Agreement.
Subject to the exceptions specifically set forth in this Agreement, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the
respective executors, administrators, heirs, successors, and assigns of the
Parties to this Agreement.
	 
	21.9	 	Conflict with Charter Documents. In the event of any conflict or inconsistency
between the provisions of this Agreement and the provisions of the Company’s Articles or
Memorandum of Association or other constitutional documents, the terms of this Agreement
shall prevail as among the Parties other than the Company, who hereby agree and undertake
that they shall whenever necessary exercise all voting and other rights and powers
available to them so as to effect the intent of this Agreement to the greatest extent
possible under the circumstances and promptly amend the conflicting constitutional
documents to conform to this Agreement to the greatest extent possible.
	 
	21.10	 	Assignability. Subject to Section 17, the rights and obligation under this
Agreement shall not be assignable by any party without the prior written consent of all
the other Parties.
	 
	21.11	 	Termination. The provisions of this Agreement, save for Sections 1, 2, 7, 8,
9, 10, 11, 12, 13, 14, 15, 16, 21 and 22 and other provisions that by their
express terms survive termination, shall cease to have effect immediately upon a
Qualified IPO and no parties shall have any rights or obligations under these
provisions (save as excepted above) save for any obligations arising in connection
prior to the Qualified IPO.
	 
	21.12	 	Exercise of Investor’s Rights. Any rights of any Investor under this Agreement may,
without prejudice to such Investor to exercise any such rights, be exercised by any fund
manager of such Investor or their respective nominees (“Fund Manager”, which in the case
of SIG includes Susquehanna Asia Investment, LLP, and in the case of Sequoia includes
Sequoia Capital China Management I, L.P.), unless such Investor has given notice to the
other Parties that any such rights cannot be exercised by such Fund Manager.
	 
	21.13	 	Several Liability of Holders of Preferred Shares. Each holder of Preferred Shares
shall be severally (and not jointly and severally or jointly with any other Person)
liable for its own obligations under this Agreement.
	 
	22.	 	Confidentiality and Announcements.
	 
	22.1	 	Disclosure of Terms. Except with the prior written approval of the Investors, no
Party other than the Investors may make any announcement concerning or otherwise disclose
or divulge any information concerning any Investor’s involvement with or interest in any
Group Company including (without limitation) the subject matter and the terms and
conditions set forth in the Transaction Documents, and negotiations relating thereto,
which shall be confidential information (collectively, “Confidential Information”).

43

 

	22.2	 	Confidentiality Period. Each Party (other than the Investors) shall at all times
after the date of this Agreement keep confidential, and not directly or indirectly
reveal, disclose or use for any purpose, any Confidential Information, howsoever received
or obtained.
	 
	22.3	 	Permitted Disclosures. The prohibitions set out in Sections 22.1 and 22.2 do not
apply to:

	 	(a)	 	information which was in the public domain or otherwise known to a Party (the
“Disclosing Party”) before it was provided to the Disclosing Party by another
Party, or entered the public domain otherwise than as a result of (a) a breach by
the Disclosing Party of this Section 22, or (b) a breach of a confidentiality
obligation by the another person, where such breach was known to the Disclosing
Party;
	 
	 	(b)	 	disclosure of Confidential Information which is legally compelled by any law,
the order of any court, the requirements of a stock exchange or to obtain tax or
other clearances or consents from any relevant authority that is applicable to the
Disclosing Party, and provided that the Disclosing Party shall promptly provide
the other Parties with written notice of that fact, in accordance with Section
21.5, so that such other Parties may seek a protective order, confidential
treatment or other appropriate remedy. In such event, the Disclosing Party shall
furnish only that portion of the Confidential Information which is legally
required and shall exercise reasonable efforts to obtain reliable assurance that
confidential treatment will be accorded such Confidential Information to the
extent requested by the other Parties hereto;
	 
	 	(c)	 	information disclosed by any Investor (or its fund manager) for the purposes
of fund reporting or inter-fund reporting or to its fund manager, other funds
managed by its fund manager and their respective affiliates, advisers,
consultants, auditors, directors, officers, employees, stockholders, investors or
insurers;
	 
	 	(d)	 	information disclosed by any Investor to a bona fide potential purchaser of or
investor in any class of shares in the capital stock of the Company; or
	 
	 	(e)	 	information disclosed by any Investor Representative to the Investor that
appointed him, or its Affiliates.

	22.4	 	Covenantors’ Obligations. The Covenantors shall cause the observance of this Section
22 by each Group Company, shall allow access to Confidential Information only to
directors, officers and employees of the Group Companies whose duties require them to
possess such Confidential Information, and shall take all reasonable steps to minimize
the risk of disclosure of Confidential Information.
	 
	22.5	 	Other Information. The provisions of this Section 22 shall be in addition to, and
not in substitution for, the provisions of any separate nondisclosure agreement executed
by any of the Parties hereto with respect to the transactions contemplated hereby.

44

 

[Remainder of this page intentionally left blank]

45

 

     IN WITNESS WHEREOF, the parties to this Agreement have executed this Shareholders’
Agreement as of the date first written above.

	 	 	 	 	 

	GROUP COMPANIES	 	 
	 
	 	 	 	 
	COUNTRY STYLE COOKING
RESTAURANT CHAIN CO., LTD.
	 	 
	 
	 	 	 	 
	By:

	 	/s/ Zhang Xingqiang
 

	 	 
	Name:
	 	Zhang Xingqiang 	 	 
	Title:
	 	Authorized Signatory 	 	 
	 
	 	 	 	 
	GROWING RICH LIMITED
	 	 
	 
	 	 	 	 
	By:

	 	/s/ Zhang Xingqiang	 	 
	 

	 	 	 	 
	Name:
	 	Zhang Xingqiang 	 	 
	Title:
	 	Authorized Signatory 	 	 
	 
	 	 	 	 
	CHONGQING GROWING RICH
COUNTRY STYLE COOKING
MANAGEMENT CO., LTD.
	 	 
	 
	 	 	 	 
	By:

	 	/s/ Zhang Xingqiang	 	 
	 

	 	 	 	 
	Name:
	 	Zhang Xingqiang 	 	 
	Title:
	 	Authorized Signatory 	 	 
	 
	 	 	 	 
	CHONGQING COUNTRY STYLE
COOKING RESTAURANTS CHAIN
CO., LTD.
	 	 
	 
	 	 	 	 
	By:

	 	/s/ Zhang Xingqiang	 	 
	 

	 	 	 	 
	Name:
	 	Zhang Xingqiang 	 	 
	Title:
	 	Authorized Signatory 	 	 

[SHAREHOLDERS’ AGREEMENT SIGNATURE PAGE]

 

 

FOUNDERS

	 	 	 

	/s/ Li Hong

	 	/s/ Zhang Xingqiang
	 

	 	 
	LI Hong 

	 	ZHANG Xingqiang

[SHAREHOLDERS’ AGREEMENT SIGNATURE PAGE]

 

 

INVESTORS
– SIG

SIG CHINA INVESTMENTS ONE, LTD.

	 	 	 	 	 

	 
	 	 	 	 
	By:
	 	/s/ Michael L. Spolan	 	 
	Name:

	 	 

Michael L. Spolan
	 	 
	Title:

	 	Vice President
Subquehanna Asia
Investment LLLP, authorized agent for

SIG China Investments One, Ltd.
	 	 

[SHAREHOLDERS’ AGREEMENT SIGNATURE PAGE]

 

 

INVESTORS
– SEQUOIA

SEQUOIA
CAPITAL CHINA II, LP

	 	 	 	 	 

	A Cayman Islands exempted limited partnership	 	 
	 
	 	 	 	 
	By:

	 	Sequoia Capital China Management II, LP	 	 
	 
	 	 	 	 
	 

	 	A Cayman Islands exempted limited partnership

Its General Partner	 	 
	 
	 	 	 	 
	By:

	 	SC China Holding Limited	 	 
	 
	 	 	 	 
	 

	 	A Cayman Islands limited liability company Its General Partner	 	 
	 
	 	 	 	 
	/s/ Jimmy Wong	 	 
	 	 	 
	Name:

	 	Jimmy Wong	 	 
	Title:

	 	Authorized Signatory	 	 

[SHAREHOLDERS’ AGREEMENT SIGNATURE PAGE]

 

 

EXHIBIT A

INDEMNIFICATION AGREEMENT

This Indemnification Agreement (“Agreement”) is entered into as of the [...] day of [...] by and among
Country Style Cooking Restaurant Chain Co., Ltd., a business company incorporated under the laws of
the Cayman Islands (the “Company”),    
              
             
             
              
    and           
                               (together, the “Indemnitee”).

RECITALS

A. The Company and Indemnitee recognize the continued difficulty in obtaining liability
insurance for its directors, officers, employees, agents and fiduciaries, the significant
increases in the cost of such insurance and the general reductions in the coverage of
such insurance.

B. The Company and Indemnitee further recognize the substantial increase in corporate
litigation in general, subjecting directors, officers, employees, agents and fiduciaries
to expensive litigation risks at the same time as the availability and coverage of
liability insurance has been severely limited.

C. Indemnitee does not regard the current protection available as adequate under the
present circumstances, and Indemnitee and other directors, officers, employees, agents
and fiduciaries of the Company may not be willing to continue to serve in such capacities
without additional protection.

D. The Company desires to attract and retain the services of highly qualified
individuals, such as Indemnitee, to serve the Company and, in part, in order to induce
Indemnitee to continue to provide services to the Company, wishes to provide for the
indemnification and advancing of expenses to Indemnitee to the maximum extent permitted
by law.

E. In view of the considerations set forth above, the Company desires that Indemnitee be
indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

	1.	 	Indemnification.

	 	(a)	 	Indemnification of Expenses. The Company shall indemnify to the
fullest extent permitted by law if Indemnitee was or is or becomes a party to or
witness or other participant in, or are threatened to be made a party to or
witness or other participant in, any threatened, pending or completed action,
suit, proceeding or alternative dispute resolution mechanism, or any hearing,
inquiry or investigation that Indemnitee in good faith believe might lead to the
institution of any such action, suit, proceeding or alternative dispute resolution
mechanism, whether civil, criminal, administrative, investigative or other
(hereinafter a “Claim”) by reason of (or arising in part out of) any event or
occurrence related to the fact that Indemnitee is or was a director, officer,
employee, agent or fiduciary of the Company, or any subsidiary of the Company, or
is or was serving at the request of the Company as a director, officer, employee,
agent or fiduciary of

 

 

	 	 	 	another corporation, partnership, joint venture, trust or other
enterprise, or by reason of any action or inaction on the part of
Indemnitee while serving in such capacity (hereinafter an “Indemnifiable
Event”) against any and all expenses (including attorneys’ fees and all
other costs, expenses and obligations incurred in connection with
investigating, defending, being a witness in or participating in
(including on appeal), or preparing to defend, be a witness in or
participate in, any such action, suit, proceeding, alternative dispute
resolution mechanism, hearing, inquiry or investigation), judgments,
fines, penalties and amounts paid in settlement (if such settlement is
approved in advance by the Company, which approval shall not be
unreasonably withheld) of such Claim and any federal, state, local or
foreign taxes imposed on Indemnitee as a result of the actual or deemed
receipt of any payments under this Agreement (collectively, hereinafter
“Expenses”), including all interest, assessments and other charges paid or
payable in connection with or in respect of such Expenses. Such payment of
Expenses shall be made by the Company as soon as practicable but in any
event no later than twenty days after written demand by Indemnitee
therefor is presented to the Company.

	 	(b)	 	Reviewing Party. Notwithstanding the foregoing, (i) the obligations
of the Company under Section 1(a) shall be subject to the condition that the
Reviewing Party (as described in Section 10(e) hereof) shall not have determined
(in a written opinion, in any case in which the Independent Legal Counsel
referred to in Section 1(c) hereof is involved) that Indemnitee would not be
permitted to be indemnified under applicable law, and (ii) the obligation of the
Company to make an advance payment of Expenses to Indemnitee pursuant to Section
2(a) (an “Expense Advance”) shall be subject to the condition that, if, when and
to the extent that the Reviewing Party determines that Indemnitee would not be
permitted to be so indemnified under applicable law, the Company shall be
entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the
Company) for all such amounts theretofore paid; provided, however, that if
Indemnitee has commenced or thereafter commences legal proceedings in a court of
competent jurisdiction to secure a determination that Indemnitee should be
indemnified under applicable law, any determination made by the Reviewing Party
that Indemnitee would not be permitted to be indemnified under applicable law
shall not be binding and Indemnitee shall not be required to reimburse the
Company for any Expense Advance until a final judicial determination is made with
respect thereto (as to which all rights of appeal therefrom have been exhausted
or lapsed). The Indemnitee’s obligation to reimburse the Company for any Expense
Advance shall be unsecured and no interest shall be charged thereon. If there has
not been a Change in Control (as defined in Section 10(c) hereof), the Reviewing
Party shall be selected by the Board of Directors, and if there has been such a
Change in Control (other than a Change in Control which has been approved by a
majority of the Company’s Board of Directors who were directors immediately prior
to such Change in Control), the Reviewing Party shall be the Independent Legal
Counsel referred to in Section 1(c) hereof. If there has been no determination by
the Reviewing Party or if the Reviewing Party
determines that Indemnitee substantively would not be permitted to be indemnified
in whole or in

51

 

	 	 	 	part under applicable law, Indemnitee shall have the right to commence
litigation seeking an initial determination by the court or challenging
any such determination by the Reviewing Party or any aspect thereof,
including the legal or factual bases therefor, and the Company hereby
consents to service of process and to appear in any such proceeding. Any
determination by the Reviewing Party otherwise shall be conclusive and
binding on the Company and Indemnitee.
	 
	 	(c)	 	Change in Control. The Company agrees that if there is a Change in
Control of the Company (other than a Change in Control which has been approved by
a majority of the Company’s Board of Directors who were directors immediately
prior to such Change in Control) then, with respect to all matters thereafter
arising concerning the rights of Indemnitee to payments of Expenses and Expense
Advances under this Agreement or any other agreement or under the Company’s
Memorandum and Articles of Association as now or hereafter in effect, Independent
Legal Counsel (as defined in Section 10(d) hereof) shall be selected by
Indemnitee and approved by the Company (which approval shall not be unreasonably
withheld). Such counsel, among other things, shall render its written opinion to
the Company and Indemnitee as to whether and to what extent Indemnitee would be
permitted to be indemnified under applicable law and the Company agrees to abide
by such opinion. The Company agrees to pay the reasonable fees of the Independent
Legal Counsel referred to above and to fully indemnify such counsel against any
and all expenses (including attorneys’ fees), claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant hereto.
	 
	 	(d)	 	Mandatory Payment of Expenses. Notwithstanding any other provision of
this Agreement other than Section 9 hereof, to the extent that Indemnitee has
been successful on the merits or otherwise, including, without limitation, the
dismissal of an action without prejudice, in defense of any action, suit,
proceeding, inquiry or investigation referred to in Section (1)(a) hereof or in
the defense of any claim, issue or matter therein, Indemnitee shall be
indemnified against all Expenses incurred by Indemnitee in connection therewith.

	 	2.	 	Expenses; Indemnification Procedure.
	 
	 	(a)	 	Advancement of Expenses. The Company shall advance all Expenses
incurred by Indemnitee. The advances to be made hereunder shall be paid by the
Company to Indemnitee as soon as practicable but in any event no later than
twenty days after written demand by Indemnitee therefor to the Company.
	 
	 	(b)	 	Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition
precedent to Indemnitee’s right to be indemnified under this Agreement, give the
Company notice in writing as soon as practicable of any Claim made against
Indemnitee for which indemnification will or could be sought under this
Agreement. Notice to the Company shall be directed to the Chief Executive Officer
of the Company at the address shown on the signature page of this Agreement (or
such other address as the Company shall
designate in writing to Indemnitee). In addition, Indemnitee shall give the
Company such

52

 

	 	 	 	information and cooperation as it may reasonably require and as shall be
within Indemnitee’s power.
	 
	 	(c)	 	No Presumptions; Burden of Proof. For purposes of this Agreement, the
termination of any Claim by judgment, order, settlement (whether with or without
court approval) or conviction, or upon a plea of nolo contendere, or its
equivalent, shall not create a presumption that Indemnitee did not meet any
particular standard of conduct or have any particular belief or that a court has
determined that indemnification is not permitted by applicable law. In addition,
neither the failure of the Reviewing Party to have made a determination as to
whether Indemnitee has met any particular standard of conduct or had any
particular belief, nor an actual determination by the Reviewing Party that
Indemnitee has not met such standard of conduct or did not have such belief,
prior to the commencement of legal proceedings by Indemnitee to secure a judicial
determination that Indemnitee should be indemnified under applicable law, shall
be a defense to Indemnitee’s claim or create a presumption that Indemnitee has
not met any particular standard of conduct or did not have any particular belief.
In connection with any determination by the Reviewing Party or otherwise as to
whether Indemnitee is entitled to be indemnified hereunder, the burden of proof
shall be on the Company to establish that Indemnitee is not so entitled.
	 
	 	(d)	 	Notice to Insurers. If, at the time of the receipt by the Company of
a notice of a Claim pursuant to Section 2(b) hereof, the Company has liability
insurance in effect which may cover such Claim, the Company shall give prompt
notice of the commencement of such Claim to the insurers in accordance with the
procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf
of Indemnitee, all amounts payable as a result of such action, suit, proceeding,
inquiry or investigation in accordance with the terms of such policies.
	 
	 	(e)	 	Selection of Counsel. In the event the Company shall be obligated
hereunder to pay the Expenses of any Claim, the Company shall be entitled to
assume the defense of such Claim with counsel approved by Indemnitee, which
approval shall not be unreasonably withheld, upon the delivery to Indemnitee of
written notice of its election so to do. After delivery of such notice, approval
of such counsel by Indemnitee and the retention of such counsel by the Company,
the Company will not be liable to Indemnitee under this Agreement for any fees of
counsel subsequently incurred by Indemnitee with respect to the same Claim;
provided that, (i) Indemnitee shall have the right to employ Indemnitee’s counsel
in any such Claim at Indemnitee’s expense and (ii) if (A) the employment of
counsel by Indemnitee has been previously authorized by the Company, (B)
Indemnitee shall have reasonably concluded that there is a conflict of interest
between the Company and Indemnitee in the conduct of any such defense, or (C) the
Company shall not continue to retain such counsel to defend such Claim, then the
fees and expenses of Indemnitee’s counsel shall be at the expense of the Company.
The Company shall have the right to conduct such defense as it sees fit in its
sole discretion,

53

 

	 	 	 	including the right to settle any claim against Indemnitee without the
consent of the Indemnitee.
	 
	 	3.	 	Additional Indemnification Rights; Non-exclusivity.
	 
	 	(a)	 	Scope. The Company hereby agrees to indemnify Indemnitee to the
fullest extent permitted by law, notwithstanding that such indemnification is not
specifically authorized by the other provisions of this Agreement, the Company’s
Memorandum and Articles of Association. In the event of any change after the date
of this Agreement in any applicable law, statute or rule which expands the right
of a Cayman Islands corporation to indemnify a member of its Board of Directors or
an officer, employee, agent or fiduciary, it is the intent of the parties hereto
that Indemnitee shall enjoy by this Agreement the greater benefits afforded by
such change. In the event of any change in any applicable law, statute or rule
which narrows the right of a Cayman Islands corporation to indemnify a member of
its Board of Directors or an officer, employee, agent or fiduciary, such change,
to the extent not otherwise required by such law, statute or rule to be applied to
this Agreement, shall have no effect on this Agreement or the parties’ rights and
obligations hereunder except as set forth in Section 8(a) hereof.
	 
	 	(b)	 	Non-exclusivity. The indemnification provided by this Agreement shall
be in addition to any rights to which Indemnitee may be entitled under the
Company’s Memorandum of Association, its Articles of Association, any agreement,
any vote of stockholders or disinterested directors, the laws of the Hong Kong
Special Administrative Region, or otherwise. The indemnification provided under
this Agreement shall continue as to Indemnitee for any action Indemnitee took or
did not take while serving in an indemnified capacity even though Indemnitee may
have ceased to serve in such capacity.

4. No Duplication of Payments. The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against Indemnitee to the
extent Indemnitee has otherwise actually received payment (under any insurance policy,
Memorandum and Articles of Association or otherwise) of the amounts otherwise
indemnifiable hereunder.

5. Partial Indemnification. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of Expenses incurred in
connection with any Claim, but not, however, for all of the total amount thereof, the
Company shall nevertheless indemnify Indemnitee for the portion of such Expenses to which
Indemnitee is entitled.

6. Mutual Acknowledgment. Both the Company and Indemnitee acknowledge that in
certain instances, Federal law or applicable public policy may prohibit the Company from
indemnifying its directors, officers, employees, agents or fiduciaries under this
Agreement or otherwise. Indemnitee understands and acknowledges that if the Company is
subject to the informational requirements of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), the Company may be required to undertake with the
Securities and Exchange Commission to submit the question of indemnification to a court
in certain circumstances for a determination of the Company’s right under public policy
to indemnify Indemnitee.

54

 

7. Liability Insurance. The Company shall, from time to time, make the good faith
determination whether or not it is practicable for the Company to obtain and maintain a
policy or policies of insurance with reputable insurance companies providing the officers
and directors of the Company with coverage for losses from wrongful acts, or to ensure
the Company’s performance of its indemnification obligations under this Agreement. Among
other considerations, the Company will weigh the costs of obtaining such insurance
coverage against the protection afforded by such coverage. In all policies of directors’
and officers’ liability insurance, Indemnitee shall be named as an insured in such a
manner as to provide Indemnitee the same rights and benefits as are accorded to the most
favorably insured of the Company’s directors, if Indemnitee is a director; or of the
Company’s officers, if Indemnitee is not a director of the Company but is an officer; or
of the Company’s key employees, if Indemnitee is not an officer or director but is a key
employee.

8. Exceptions. Any other provision herein to the contrary notwithstanding, the
Company shall not be obligated pursuant to the terms of this Agreement:

	 	(a)	 	Excluded Action or Omissions. To indemnify Indemnitee for Expenses resulting
from acts, omissions or transactions for which Indemnitee is prohibited from
receiving indemnification under this Agreement or applicable law;
	 
	 	(b)	 	Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee
with respect to Claims initiated or brought voluntarily by Indemnitee and not by
way of defense, except (i) with respect to actions or proceedings brought to
establish or enforce a right to indemnification under this Agreement or any other
agreement or insurance policy or under the Company’s Memorandum and Articles of
Association now or hereafter in effect relating to Claims for Indemnifiable
Events, or (ii) in specific cases if the Board of Directors has approved the
initiation or bringing of such Claim;
	 
	 	(c)	 	Lack of Good Faith. To indemnify Indemnitee for any expenses incurred
by Indemnitee with respect to any proceeding instituted by Indemnitee to enforce
or interpret this Agreement, if a court of competent jurisdiction determines that
each of the material assertions made by Indemnitee in such proceeding was not made
in good faith or was frivolous; or
	 
	 	(d)	 	Claims Under Section 16(b). To indemnify Indemnitee for expenses and
the payment of profits arising from the purchase and sale by Indemnitee of
securities in violation of Section 16(b) of the Exchange Act, or any similar
successor statute if the Company is subject to the informational requirements of
the Exchange Act.

9. Period of Limitations. No legal action shall be brought and no cause of action
shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s
estate, spouse, heirs, executors or personal or legal representatives after the
expiration of two years from the date of accrual of such cause of action, and any claim
or cause of action of the Company shall be extinguished and deemed released unless
asserted by the timely filing of a legal action within such two-year
period; provided, however, that if any shorter period of limitations is otherwise
applicable to any such cause of action, such shorter period shall govern.

55

 

	10.	 	Construction of Certain Phrases.

	 	(a)	 	For purposes of this Agreement, references to the “Company” shall include, in
addition to the resulting corporation, any constituent corporation (including any
constituent of a constituent) absorbed in a consolidation or merger which, if its
separate existence had continued, would have had power and authority to indemnify
its directors, officers, employees, agents or fiduciaries, so that if Indemnitee
is or was a director, officer, employee, agent or fiduciary of such constituent
corporation, or is or was serving at the request of such constituent corporation
as a director, officer, employee, agent or fiduciary of another corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise,
Indemnitee shall stand in the same position under the provisions of this Agreement
with respect to the resulting or surviving corporation as Indemnitee would have
with respect to such constituent corporation if its separate existence had
continued.
	 
	 	(b)	 	For purposes of this Agreement, references to “other enterprises” shall
include employee benefit plans; references to “fines” shall include any excise
taxes assessed on Indemnitee with respect to an employee benefit plan; and
references to “serving at the request of the Company” shall include any service as
a director, officer, employee, agent or fiduciary of the Company which imposes
duties on, or involves services by, such director, officer, employee, agent or
fiduciary with respect to an employee benefit plan, its participants or its
beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the interest of the participants and beneficiaries of
an employee benefit plan, Indemnitee shall be deemed to have acted in a manner
“not opposed to the best interests of the Company” as referred to in this
Agreement.
	 
	 	(c)	 	For purposes of this Agreement a “Change in Control” shall be deemed to have
occurred if, on or after the date of this Agreement, (i) any “person” (as such
term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a
trustee or other fiduciary holding securities under an employee benefit plan of
the Company acting in such capacity or a corporation owned directly or indirectly
by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company, becomes the “beneficial owner” (as defined in
Rule 13d3 under the Exchange Act), directly or indirectly, of securities of the
Company representing more than 50 per cent. of the total voting power represented
by the Company’s then outstanding Voting Securities, (ii) during any period of two
consecutive years, individuals who at the beginning of such period constitute the
Board of Directors of the Company and any new director whose election by the Board
of Directors or nomination for election by the Company’s stockholders was approved
by a vote of at least two thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to
constitute a majority thereof, or (iii) the stockholders of the Company approve a
merger or consolidation of the Company with any other corporation other than a
merger or consolidation which would result in the Voting Securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being

56

 

	 	 	 	converted into Voting Securities of the surviving entity) at least 80 per
cent. of the total voting power represented by the Voting Securities of
the Company or such surviving entity outstanding immediately after such
merger or consolidation, or the stockholders of the Company approve a plan
of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of (in one transaction or a series of related
transactions) all or substantially all of the Company’s assets.
	 
	 	(d)	 	For purposes of this Agreement, “Independent Legal Counsel” shall mean an
attorney or firm of attorneys, selected in accordance with the provisions of
Section 1(c) hereof, who shall not have otherwise performed services for the
Company or Indemnitee within the last three years (other than with respect to
matters concerning the rights of Indemnitee under this Agreement, or of other
indemnitees under similar indemnity agreements).
	 
	 	(e)	 	For purposes of this Agreement, a “Reviewing Party” shall mean any appropriate
person or body consisting of a member or members of the Company’s Board of
Directors or any other person or body appointed by the Board of Directors who is
not a party to the particular Claim for which Indemnitee are seeking
indemnification, or Independent Legal Counsel.
	 
	 	(f)	 	For purposes of this Agreement, “Voting Securities” shall mean any securities
of the Company that vote generally in the election of directors.

11. Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall constitute an original.

12. Binding Effect; Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of and be enforceable by the parties hereto and their respective
successors, assigns, including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business and/or assets of
the Company, spouses, heirs, and personal and legal representatives. The Company shall
require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all, or a substantial part, of the
business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent that the Company would be required to perform if
no such succession had taken place. This Agreement shall continue in effect with respect
to Claims relating to Indemnifiable Events regardless of whether Indemnitee continues to
serve as a director, officer, employee, agent or fiduciary of the Company or of any other
enterprise at the Company’s request.

13. Attorneys’ Fees. In the event that any action is instituted by Indemnitee
under this Agreement or under any liability insurance policies maintained by the Company
to enforce or interpret any of the terms hereof or thereof, Indemnitee shall be entitled
to be paid all Expenses incurred by Indemnitee with respect to such action, regardless of
whether Indemnitee is ultimately successful in such action, and shall be entitled to the
advancement of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the material
assertions made by Indemnitee as a basis for

57

 

such action was not made in good faith or was frivolous. In the event of an action
instituted by or in the name of the Company under this Agreement to enforce or interpret
any of the terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses incurred
with respect to Indemnitee’s counterclaims and cross-claims made in such action), and
shall be entitled to the advancement of Expenses with respect to such action, unless, as
a part of such action, a court having jurisdiction over such action determines that each
of Indemnitee’s material defenses to such action was made in bad faith or was frivolous.

14. Notice. All notices and other communications required or permitted hereunder
shall be in writing, shall be effective when given, and shall in any event be deemed to
be given (a) five days after deposit with the U.S. Postal Service or other applicable
postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if
delivered by hand, (c) one business day after the business day of deposit with Federal
Express or similar overnight courier, freight prepaid, or (d) one day after the business
day of delivery by facsimile transmission, if delivered by facsimile transmission, with
copy by first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee’s address as set forth beneath Indemnitee’s signature to this Agreement
and if to the Company at the address of its principal corporate offices (attention:
Secretary) or at such other address as such party may designate by ten days’ advance
written notice to the other party hereto.

15. Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably
consent to the jurisdiction of the courts of the Hong Kong Special Administrative Region
for all purposes in connection with any action or proceeding which arises out of or
relates to this Agreement and agree that any action instituted under this Agreement may
be commenced, prosecuted and continued in the courts of the Hong Kong Special
Administrative Region which shall be a proper forum for adjudicating such a claim.

16. Severability. The provisions of this Agreement shall be severable in the
event that any of the provisions hereof (including any provision within a single section,
paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void
or otherwise unenforceable, and the remaining provisions shall remain enforceable to the
fullest extent permitted by law. Furthermore, to the fullest extent possible, the
provisions of this Agreement (including, without limitations, each portion of this
Agreement containing any provision held to be invalid, void or otherwise unenforceable,
that is not itself invalid, void or unenforceable) shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal or unenforceable.

17. Choice of Law. This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the Hong Kong Special
Administrative Region.

18. Subrogation. In the event of payment under this Agreement, the Company shall
be subrogated to the extent of such payment to all of the rights of recovery of
Indemnitee who shall execute all documents required and shall do all acts that may be
necessary to secure such rights and to enable the Company effectively to bring suit to
enforce such rights.

19. Amendment and Termination. No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed by both
the parties hereto. No waiver of any of the provisions of this Agreement shall be

58

 

deemed or shall constitute a waiver of any other provisions hereof (whether or not
similar) nor shall such waiver constitute a continuing waiver.

20. Integration and Entire Agreement. This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous written
and oral negotiations, commitments, understandings and agreements relating to the subject
matter hereof between the parties hereto.

21. No Construction as Employment Agreement. Nothing contained in this Agreement
shall be construed as giving Indemnitee any right to be retained in the employ of the
Company or any of its subsidiaries.

59

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above.

	 	 	 	 	 

	COUNTRY STYLE
COOKING RESTAURANT CHAIN CO., LTD.	 	
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	AGREED TO AND ACCEPTED BY	 	 
	 
	 	 	 	 
	THE INDEMNITEE:	 	 
	 
	 	 	 	 
	 	 	 
	Name:

	 	 

	 	 
	 

	 	 	 	 
	Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Name:

	 	 

	 	 
	 

	 	 	 	 
	Address:
	 	 	 	 
	 

	 	 	 	 

60

 

EXHIBIT B

ADHERENCE DEED

THIS ADHERENCE DEED is made the      day of

by [...], a company incorporated in [...] with registered number [...] whose registered office
is at [...] (“New Shareholder”)

RECITALS

A. On [...], 2007, the shareholders of COUNTRY STYLE COOKING RESTAURANT CHAIN CO., LTD.
(the “Company”) entered into a shareholders’ agreement (the “Shareholders’ Agreement”),
to which the substantial form of this Adherence Deed forms EXHIBIT B.

B. The New Shareholder is the intended transferee of [...] [Ordinary Shares]/[Series A
Shares] of par value [...] each (“Transferred Shares”) in the capital of the Company from
[...] (“Transferor”) and in accordance with Section [5.8]/[17] of the Shareholders’
Agreement is executing this Deed.

THIS DEED WITNESSES as follows:

1. Interpretation. Capitalized terms not otherwise defined in this Deed shall have the
meanings given to then in the Shareholders’ Agreement.

2. Covenant; Enforceability. The New Shareholder hereby ratifies and accedes to the terms
of, agrees to be bound by, and assumes all rights and obligations under the terms and
conditions of, the Shareholders’ Agreement, as if the New Shareholder had been an
original party to the Shareholders’ Agreement in the same capacity as the Transferor;
provided, however, that the New Shareholder shall not have the benefit of
any rights of the Transferor under the Shareholders’ Agreement which are expressed to be
non-transferable by the terms thereof. The existing Shareholders shall be entitled to
enforce the Shareholders’ Agreement against the New Shareholder.

3. Governing Law. This Adherence Deed shall be governed by and construed in all respects
in accordance with the laws of Hong Kong law.

IN WITNESS WHEREOF this Adherence Deed has been executed as a deed by the New Shareholder
on the date set forth above.

	 	 	 	 	 	 	 

	[NEW SHAREHOLDER]

	 	 	)	 	 	 
	in the presence of:

	 	 	)

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