Document:

EX-4.3

 Exhibit 4.3 
  

 
  

CHEETAH MOBILE INC. 
 AND 

THE BANK OF NEW YORK MELLON 

As Depositary 

AND 
 OWNERS AND HOLDERS OF
AMERICAN DEPOSITARY SHARES 
 Deposit Agreement 

Dated as of May 7, 2014 
  

 
  

  
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 TABLE OF CONTENTS 
  

							
	 ARTICLE 1.             DEFINITIONS
	  	 	1	  
	 SECTION 1.01
	    	 American Depositary Shares
	  	 	1	  
	 SECTION 1.02
	    	 Commission
	  	 	2	  
	 SECTION 1.03
	    	 Company
	  	 	2	  
	 SECTION 1.04
	    	 Custodian
	  	 	2	  
	 SECTION 1.05
	    	 Deliver; Surrender
	  	 	2	  
	 SECTION 1.06
	    	 Deposit Agreement
	  	 	3	  
	 SECTION 1.07
	    	 Depositary; Corporate Trust Office
	  	 	3	  
	 SECTION 1.08
	    	 Deposited Securities
	  	 	3	  
	 SECTION 1.09
	    	 Dollars
	  	 	3	  
	 SECTION 1.10
	    	 DTC
	  	 	3	  
	 SECTION 1.11
	    	 Foreign Registrar
	  	 	3	  
	 SECTION 1.12
	    	 Holder
	  	 	4	  
	 SECTION 1.13
	    	 Owner
	  	 	4	  
	 SECTION 1.14
	    	 Receipts
	  	 	4	  
	 SECTION 1.15
	    	 Registrar
	  	 	4	  
	 SECTION 1.16
	    	 Restricted Securities
	  	 	4	  
	 SECTION 1.17
	    	 Securities Act of 1933
	  	 	4	  
	 SECTION 1.18
	    	 Shares
	  	 	5	  
		
	 ARTICLE 2.             FORM OF RECEIPTS, DEPOSIT OF
SHARES, DELIVERY, TRANSFER AND SURRENDER OF   AMERICAN DEPOSITARY SHARES
	  	 	5	  
	 SECTION 2.01
	    	 Form of Receipts; Registration and Transferability of American Depositary Shares
	  	 	5	  
	 SECTION 2.02
	    	 Deposit of Shares
	  	 	6	  
	 SECTION 2.03
	    	 Delivery of American Depositary Shares
	  	 	7	  
	 SECTION 2.04
	    	 Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and
Uncertificated American Depositary Shares
	  	 	7	  
	 SECTION 2.05
	    	 Surrender of American Depositary Shares and Withdrawal of Deposited Securities
	  	 	8	  
	 SECTION 2.06
	    	 Limitations on Delivery, Transfer and Surrender of American Depositary Shares
	  	 	9	  
	 SECTION 2.07
	    	 Lost Receipts, etc.
	  	 	10	  
	 SECTION 2.08
	    	 Cancellation and Destruction of Surrendered Receipts
	  	 	10	  
	 SECTION 2.09
	    	 Pre-Release of American Depositary Shares
	  	 	11	  
	 SECTION 2.10
	    	 DTC Direct Registration System and Profile Modification System
	  	 	11	  

  
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	 ARTICLE 3.             CERTAIN OBLIGATIONS OF OWNERS
AND HOLDERS OF AMERICAN DEPOSITARY SHARES
	  	 	12	  
	 SECTION 3.01
	    	 Filing Proofs, Certificates and Other Information
	  	 	12	  
	 SECTION 3.02
	    	 Liability of Owner for Taxes
	  	 	12	  
	 SECTION 3.03
	    	 Warranties on Deposit of Shares
	  	 	12	  
	 SECTION 3.04
	    	 Disclosure of Interests
	  	 	13	  
		
	 ARTICLE 4.             THE DEPOSITED
SECURITIES
	  	 	13	  
	 SECTION 4.01
	    	 Cash Distributions
	  	 	13	  
	 SECTION 4.02
	    	 Distributions Other Than Cash, Shares or Rights
	  	 	14	  
	 SECTION 4.03
	    	 Distributions in Shares
	  	 	14	  
	 SECTION 4.04
	    	 Rights
	  	 	15	  
	 SECTION 4.05
	    	 Conversion of Foreign Currency
	  	 	16	  
	 SECTION 4.06
	    	 Fixing of Record Date
	  	 	17	  
	 SECTION 4.07
	    	 Voting of Deposited Securities
	  	 	18	  
	 SECTION 4.08
	    	 Changes Affecting Deposited Securities
	  	 	19	  
	 SECTION 4.09
	    	 Reports
	  	 	19	  
	 SECTION 4.10
	    	 Lists of Owners
	  	 	19	  
	 SECTION 4.11
	    	 Withholding
	  	 	20	  
		
	 ARTICLE 5.             THE DEPOSITARY, THE CUSTODIANS
AND THE COMPANY
	  	 	20	  
	 SECTION 5.01
	    	 Maintenance of Office and Transfer Books by the Depositary
	  	 	20	  
	 SECTION 5.02
	    	 Prevention or Delay in Performance by the Depositary or the Company
	  	 	21	  
	 SECTION 5.03
	    	 Obligations of the Depositary, the Custodian and the Company
	  	 	21	  
	 SECTION 5.04
	    	 Resignation and Removal of the Depositary
	  	 	22	  
	 SECTION 5.05
	    	 The Custodians
	  	 	23	  
	 SECTION 5.06
	    	 Notices and Reports
	  	 	23	  
	 SECTION 5.07
	    	 Distribution of Additional Shares, Rights, etc.
	  	 	24	  
	 SECTION 5.08
	    	 Indemnification
	  	 	25	  
	 SECTION 5.09
	    	 Charges of Depositary
	  	 	25	  
	 SECTION 5.10
	    	 Retention of Depositary Documents
	  	 	26	  
	 SECTION 5.11
	    	 Exclusivity
	  	 	27	  
	 SECTION 5.12
	    	 List of Restricted Securities Owners
	  	 	27	  
		
	 ARTICLE 6.             AMENDMENT AND
TERMINATION
	  	 	27	  
	 SECTION 6.01
	    	 Amendment
	  	 	27	  
	 SECTION 6.02
	    	 Termination
	  	 	28	  

  
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	 ARTICLE 7.             MISCELLANEOUS
	  	 	28	  
	 SECTION 7.01
	    	 Counterparts; Signatures
	  	 	28	  
	 SECTION 7.02
	    	 No Third Party Beneficiaries
	  	 	29	  
	 SECTION 7.03
	    	 Severability
	  	 	29	  
	 SECTION 7.04
	    	 Owners and Holders as Parties; Binding Effect
	  	 	29	  
	 SECTION 7.05
	    	 Notices
	  	 	29	  
	 SECTION 7.06
	    	 Arbitration; Settlement of Disputes
	  	 	30	  
	 SECTION 7.07
	    	 Submission to Jurisdiction; Appointment of Agent for Service of Process; Jury Trial Waiver
	  	 	31	  
	 SECTION 7.08
	    	 Waiver of Immunities
	  	 	32	  
	 SECTION 7.09
	    	 Governing Law
	  	 	32	  

  
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 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of May 7, 2014 among CHEETAH MOBILE INC., a company incorporated under the laws of the Cayman Islands (herein
called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and Holders (each as hereinafter defined) from time to time of American Depositary Shares issued hereunder. 

W I T N E S S E T H: 
 WHEREAS,
the Company desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) as agent of
the Depositary for the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary Receipts evidencing the American
Depositary Shares; and 
 WHEREAS, the American Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with
appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration
of the premises, it is agreed by and between the parties hereto as follows: 
  

	ARTICLE 1.	DEFINITIONS 

 The following definitions shall for all purposes, unless otherwise clearly
indicated, apply to the respective terms used in this Deposit Agreement: 
 SECTION 1.01 American Depositary Shares. 

The term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with
respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required
under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement
shall apply to both certificated and uncertificated American Depositary Shares. Each American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, until there shall occur a distribution upon
Deposited Securities covered by Section 4.03 or a change in Deposited Securities covered by Section 4.08 with respect to which additional American Depositary Shares are not delivered, and thereafter American Depositary Shares shall
represent the amount of Shares or Deposited Securities specified in such Sections. 

  
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 SECTION 1.02 Commission. 

The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in
the United States. 
 SECTION 1.03 Company. 

The term “Company” shall mean Cheetah Mobile Inc., a company incorporated under the laws of the Cayman Islands, and its successors.

 SECTION 1.04 Custodian. 

The term “Custodian” shall mean the principal Hong Kong office of The Hongkong and Shanghai Banking Corporation Limited, as agent of
the Depositary for the purposes of this Deposit Agreement, and any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of Section 5.05, as substitute or additional custodian or custodians
hereunder, as the context shall require and shall also mean all of them collectively. 
 SECTION 1.05 Deliver; Surrender. 

(a) The term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean
(i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities designated by the person entitled to that delivery or
(ii) physical transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to, the person entitled to that delivery. 

(b) The term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i) book-entry
transfer of American Depositary Shares to an account at DTC designated by the person entitled to such delivery, (ii) registration of American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by
the person entitled to such delivery and mailing to that person of a statement confirming that registration or (iii) if requested by the person entitled to such delivery, delivery at the Corporate Trust Office of the Depositary to the person
entitled to such delivery of one or more Receipts evidencing American Depositary Shares registered in the name requested by that person. 

(c) The term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers
of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to
the Depositary at its Corporate Trust Office of one or more Receipts evidencing American Depositary Shares. 

  
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 SECTION 1.06 Deposit Agreement. 

The term “Deposit Agreement” shall mean this Deposit Agreement, as the same may be amended from time to time in accordance with the
provisions hereof. 
 SECTION 1.07 Depositary; Corporate Trust Office. 

The term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary
hereunder. The term “Corporate Trust Office”, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this Deposit Agreement is 101 Barclay Street, New York, New York 10286. 

SECTION 1.08 Deposited Securities. 

The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit
Agreement, including without limitation Shares that have not been successfully delivered upon surrender of American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof
and at such time held under this Deposit Agreement, subject as to cash to the provisions of Section 4.05. 
 SECTION 1.09
Dollars. 
 The term “Dollars” shall mean United States dollars. 

SECTION 1.10 DTC. 
 The
term “DTC” shall mean The Depository Trust Company or its successor. 
 SECTION 1.11 Foreign Registrar. 

The term “Foreign Registrar” shall mean the entity that presently carries out the duties of registrar for the Shares or any
successor as registrar for the Shares and any other agent of the Company for the transfer and registration of Shares, including without limitation any securities depository for the Shares. 

  
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 SECTION 1.12 Holder. 

The term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares,
whether for its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares. 

SECTION 1.13 Owner. 
 The
term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for such purpose. 

SECTION 1.14 Receipts. 

The term “Receipts” shall mean the American Depositary Receipts issued hereunder evidencing certificated American Depositary Shares,
as the same may be amended from time to time in accordance with the provisions hereof. 
 SECTION 1.15 Registrar. 

The term “Registrar” shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, that
is appointed by the Depositary to register American Depositary Shares and transfers of American Depositary Shares as herein provided. 

SECTION 1.16 Restricted Securities. 

The term “Restricted Securities” shall mean Shares, or American Depositary Shares representing Shares, that are acquired directly or
indirectly from the Company or its affiliates (as defined in Rule 144 under the Securities Act of 1933) in a transaction or chain of transactions not involving any public offering, or that are subject to resale limitations under Regulation D under
the Securities Act of 1933 or both, or which are held by an officer, director (or persons performing similar functions) or other affiliate of the Company (unless, in each case, the sale of such Shares in the United States is covered by an effective
registration statement under the Securities Act of 1933), or that would require registration under the Securities Act of 1933 in connection with the offer and sale thereof in the United States, or that are subject to other restrictions on sale or
deposit under the laws of the United States or the Cayman Islands, or under a shareholder agreement or the articles of association or similar document of the Company. 

SECTION 1.17 Securities Act of 1933. 

The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended. 

  
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 SECTION 1.18 Shares. 

The term “Shares” shall mean Class A ordinary shares of the Company that are validly issued and outstanding and fully paid,
nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided, however, that, if there shall occur any change in nominal value, a split-up or
consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.08, an exchange or conversion in respect of the Shares of the Company, the term “Shares” shall thereafter also mean the successor
securities resulting from such change in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion. 

 

	ARTICLE 2.	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES 

SECTION 2.01 Form of Receipts; Registration and Transferability of American Depositary Shares. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been (i) executed by the Depositary by the
manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized signatory of the
Depositary or a Registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt shall be registered and (y) all American Depositary Shares
delivered as hereinafter provided and all registrations of transfer of American Depositary Shares shall be registered. A Receipt bearing the facsimile signature of a person that was at any time a proper officer of the Depositary shall, subject to
the other provisions of this paragraph, bind the Depositary, notwithstanding that such person was not a proper officer of the Depositary on the date of issuance of that Receipt. 

The Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the
provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which American Depositary Shares may
be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise.

  
 5 

 American Depositary Shares evidenced by a Receipt, when properly endorsed or accompanied by
proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities
under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution
of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this Deposit Agreement
to any Holder of American Depositary Shares (but only to the Owner of those American Depositary Shares). 
 SECTION 2.02 Deposit of
Shares. 
 Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be
deposited by delivery thereof to any Custodian hereunder, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory to the Custodian, together with all such certifications as may be required by the
Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if the Depositary requires, together with a written order directing the Depositary to deliver to, or upon the written order of, the person or persons
stated in such order, the number of American Depositary Shares representing such deposit. 
 No Share shall be accepted for deposit unless
accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable jurisdiction that is then performing the function of the regulation of currency exchange. If required by
the Depositary, Shares presented for deposit at any time, whether or not the transfer books of the Company or the Foreign Registrar, if applicable, are closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory
to the Depositary, which will provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property which any person in whose name the Shares are or have been recorded may
thereafter receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 

At the request and risk and expense of any person proposing to deposit Shares, and for the account of such person, the Depositary may receive
certificates for Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding such Share certificates to the Custodian for deposit hereunder. 

  
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 Upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited
hereunder, together with the other documents specified above, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate or certificates to the Company or the Foreign Registrar, if applicable, for
transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or such Custodian or its nominee. 

Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other
place or places as the Depositary shall determine. 
 SECTION 2.03 Delivery of American Depositary Shares. 

Upon receipt by any Custodian of any deposit pursuant to Section 2.02 hereunder, together with the other documents required as specified
above, such Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof and the number of American Depositary Shares to be so
delivered. Such notification shall be made by letter or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission (and in addition, if the transfer books of the Company or the Foreign Registrar, if
applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence from the Company or the Foreign Registrar that any Deposited Securities have been recorded upon the books of the Company or the Foreign
Registrar, if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee). Upon receiving such notice from such Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the
Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only upon
payment to the Depositary of the fees and expenses of the Depositary for the delivery of such American Depositary Shares as provided in Section 5.09, and of all taxes and governmental charges and fees payable in connection with such deposit and
the transfer of the Deposited Securities. 
 SECTION 2.04 Registration of Transfer of American Depositary Shares; Combination and
Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares. 
 The Depositary, subject to the terms
and conditions of this Deposit Agreement, shall register transfers of American Depositary Shares on its transfer books from time to time, upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those
American Depositary Shares, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of
a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States
of America. Thereupon the Depositary shall deliver those American Depositary Shares to or upon the order of the person entitled thereto. 

  
 7 

 The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon
surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the
same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
 The Depositary, upon surrender of
certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of
the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10) from the Owner of
uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and deliver to the Owner the same number of certificated American
Depositary Shares. 
 The Depositary may appoint one or more co-transfer agents for the purpose of effecting registration of transfers of
American Depositary Shares and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable
laws and other requirements by Owners or persons entitled to American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary. 

SECTION 2.05 Surrender of American Depositary Shares and Withdrawal of Deposited Securities. 

Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares for the purpose of withdrawal of the Deposited
Securities represented thereby, and upon payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.09 and payment of all taxes and governmental charges payable in connection with such
surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery, to him or as instructed, of the amount of Deposited
Securities at the time represented by those American Depositary Shares. Such delivery shall be made, as hereinafter provided, without unreasonable delay. 

  
 8 

 A Receipt surrendered for such purposes may be required by the Depositary to be properly endorsed
in blank or accompanied by proper instruments of transfer in blank. The Depositary may require the surrendering Owner to execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn
to be delivered to or upon the written order of a person or persons designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the office of such Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other
terms and conditions of this Deposit Agreement, to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American
Depositary Shares, except that the Depositary may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by those American
Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 

At the request, risk and expense of any Owner so surrendering American Depositary Shares, and for the account of such Owner, the Depositary
shall direct the Custodian to forward any cash or other property (other than rights) comprising, and forward a certificate or certificates, if applicable, and other proper documents of title for, the Deposited Securities represented by the
surrendered American Depositary Shares to the Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Owner, by cable, telex or facsimile
transmission. 
 SECTION 2.06 Limitations on Delivery, Transfer and Surrender of American Depositary Shares. 

As a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination
of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American
Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to
Shares being deposited or withdrawn) and payment of any applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any
regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.06. 

  
 9 

 The delivery of American Depositary Shares against deposit of Shares generally or against deposit
of particular Shares may be suspended, or the transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when
the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or
commission, or under any provision of this Deposit Agreement, or for any other reason, subject to the provisions of the following sentence. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American
Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of
Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to
the American Depositary Shares or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares which would be required to be
registered under the provisions of the Securities Act of 1933 for public offer and sale in the United States unless a registration statement is in effect as to such Shares for such offer and sale.  

SECTION 2.07 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares
evidenced by that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt, upon cancellation thereof, or in lieu of and in substitution for
such destroyed, lost or stolen Receipt. Before the Depositary shall deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner thereof shall have
(a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any
other reasonable requirements imposed by the Depositary. 
 SECTION 2.08 Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so
cancelled. 

  
 10 

 SECTION 2.09 Pre-Release of American Depositary Shares. 

Notwithstanding Section 2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to
Section 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the
termination of such Pre-Release or the Depositary knows that such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a
Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American
Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business
days’ notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares that are outstanding at any time as a result of
Pre-Release will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate.

 The Depositary may retain for its own account any compensation received by it in connection with the foregoing. 

SECTION 2.10 DTC Direct Registration System and Profile Modification System. 

(a) Notwithstanding the provisions of Section 2.04, the parties acknowledge that the Direct Registration System (“DRS”) and
Profile Modification System (“Profile”) shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of
uncertificated American Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on
behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant
without receipt by the Depositary of prior authorization from the Owner to register such transfer. 
 (b) In connection with and in
accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in
requesting a registration of transfer and delivery as described in subsection (a) has the actual authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the
provisions of Sections 5.03 and 5.08 shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and
in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary. 

  
 11 

	ARTICLE 3.	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 

 SECTION 3.01 Filing
Proofs, Certificates and Other Information. 
 Any person presenting Shares for deposit or any Owner or Holder may be required from time
to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute
such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares or the distribution of any dividend
or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed or such representations and warranties made. The Depositary
shall provide the Company, upon the Company’s written request and at the Company’s expense, as promptly as practicable, with copies of any information or other materials which it receives pursuant to this Section 3.01, to the extent
that disclosure is permitted under applicable law. 
 SECTION 3.02 Liability of Owner for Taxes. 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to any American Depositary Shares
or any Deposited Securities represented by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner of such American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer
of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the Owner
thereof any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the
Owner of such American Depositary Shares shall remain liable for any deficiency. 
 SECTION 3.03 Warranties on Deposit of Shares.

 Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each
certificate therefor, if applicable, are validly issued, fully paid, nonassessable and free of any preemptive rights of the holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such person shall
also be deemed to represent that the deposit of such Shares and the sale of American Depositary Shares representing such Shares by that person are not restricted under the Securities Act of 1933. Such representations and warranties shall survive the
deposit of Shares and delivery of American Depositary Shares. 

  
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 SECTION 3.04 Disclosure of Interests. 

The Company may from time to time request Owners to provide information as to the capacity in which such Owners own or owned American
Depositary Shares and regarding the identity of any other persons then or previously interested in such American Depositary Shares and the nature of such interest. Each Owner agrees to provide any information requested by the Company or the
Depositary pursuant to this Section 3.04. The Depositary agrees to comply with reasonable written instructions received from the Company requesting that the Depositary forward any such requests to the Owners and to forward to the Company any
such responses to such requests received by the Depositary. The Depositary shall provide reasonable assistance to the Company, at the Company’s request and expense, in obtaining information sought by the Company pursuant to this
Section 3.04. 
  

	ARTICLE 4.	THE DEPOSITED SECURITIES 

 SECTION 4.01 Cash Distributions. 

Whenever the Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, subject
to the provisions of Section 4.05, convert such dividend or distribution into Dollars and shall distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Section 5.09) to the Owners entitled
thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively; provided, however, that in the event that the Custodian or the Depositary shall be required to
withhold and does withhold from such cash dividend or such other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owner of the American Depositary Shares representing such Deposited
Securities shall be reduced accordingly. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Owner a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent
and so distributed to Owners entitled thereto. The Company or its agent will remit to the appropriate governmental agencies in the Cayman Islands and the People’s Republic of China all amounts withheld and owing to such agency. The Depositary
will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies. 

  
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 SECTION 4.02 Distributions Other Than Cash, Shares or Rights. 

Subject to the provisions of Sections 4.11 and 5.09, whenever the Depositary shall receive any distribution other than a distribution
described in Section 4.01, 4.03 or 4.04, the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary or any
taxes or other governmental charges, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing
such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the
Company or the Depositary withhold an amount on account of taxes or other governmental charges or that such securities must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems such
distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property
thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.09) shall be distributed by the Depositary to the Owners entitled thereto, all in the manner and
subject to the conditions described in Section 4.01. The Depositary may withhold any distribution of securities under this Section 4.02 if it has not received satisfactory assurances from the Company that the distribution does not require
registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Section 4.02 that is sufficient to pay its fees and expenses
in respect of that distribution. 
 SECTION 4.03 Distributions in Shares. 

If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may deliver to
the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, an aggregate number of American Depositary Shares representing the amount of Shares received as
such dividend or free distribution, subject to the terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including withholding of any tax or governmental charge as provided
in Section 4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.09 (and the Depositary may sell, by public or private sale, an amount of the Shares received sufficient to pay its fees and expenses in respect
of that distribution). The Depositary may withhold any such delivery of American Depositary Shares if it has not received satisfactory assurances from the Company that such distribution does not require registration under the Securities Act of 1933.
In lieu of delivering fractional American Depositary Shares in any such case, the Depositary may sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the
conditions described in Section 4.01. If additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities represented
thereby. 

  
 14 

 SECTION 4.04 Rights. 

In the event that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for
additional Shares or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net
proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such
Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is lawful and feasible to make such rights available to all or certain Owners but not to
other Owners, the Depositary may distribute to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants or other instruments therefor in such
form as it deems appropriate. 
 In circumstances in which rights would otherwise not be distributed, if an Owner requests the distribution
of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary
that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined in its sole discretion are reasonably required under applicable law.

 If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an
Owner pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be
received upon the exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and
purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to
Section 2.02, and shall, pursuant to Section 2.03, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph of this Section, such deposit shall be made, and depositary shares shall be
delivered, under depositary arrangements which provide for issuance of depositary shares subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under applicable United States laws. 

  
 15 

 If the Depositary determines in its discretion that it is not lawful and feasible to make such
rights available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make such rights
available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.09 and all taxes and governmental charges payable in connection with such rights and subject to the terms and
conditions of this Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange
restrictions or the date of delivery of any American Depositary Shares or otherwise. 
 The Depositary will not offer rights to Owners
unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act;
provided, that nothing in this Deposit Agreement shall create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement
declared effective. If an Owner requests the distribution of warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act of 1933, the Depositary shall not effect such distribution unless it has
received an opinion from recognized counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration; provided, however, that the Company will have no
obligation to cause its counsel to issue such opinion at the request at such Owner. 
 The Depositary shall not be responsible for any
failure to determine that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 

SECTION 4.05 Conversion of Foreign Currency. 

Whenever the Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the
United States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine such foreign currency into Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary
shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an
averaged or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars
incurred by the Depositary as provided in Section 5.09. 

  
 16 

 If such conversion or distribution can be effected only with the approval or license of any
government or agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
 If at
any time the Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of
any government or agency thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary,
the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability
for interest thereon for the respective accounts of, the Owners entitled to receive the same. 
 If any such conversion of foreign currency,
in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may
distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 

SECTION 4.06 Fixing of Record Date. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever
rights shall be issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, or whenever for any reason the Depositary causes a change in the
number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any
corresponding record date established by the Company in respect of the Shares or other Deposited Securities, (a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights or the net
proceeds of the sale thereof, (ii) entitled to give instructions for the exercise of voting rights at any such meeting or (iii) responsible for any fee or charge assessed by the Depositary pursuant to this Deposit Agreement, or (b) on
or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.01 through 4.05 and to the other terms and conditions of this Deposit Agreement, the Owners on such record date shall
be entitled, as the case may be, to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares
held by them respectively and to give voting instructions and to act in respect of any other such matter. 

  
 17 

 SECTION 4.07 Voting of Deposited Securities. 

Upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the
Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the sole discretion of the Depositary, which shall contain (a) such information as is contained in such notice of meeting
received by the Depositary from the Company, (b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Cayman Islands law and of the articles of association
or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and
(c) a statement as to the manner in which such instructions may be given, including an express indication that instructions may be given or deemed given in accordance with the last sentence of this paragraph if no instruction is received, to
the Depositary to give a discretionary proxy to a person designated by the Company. Upon the written request of an Owner of American Depositary Shares on such record date, received on or before the date established by the Depositary for such
purpose, the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities represented by those American Depositary Shares in accordance with the instructions set forth in such
request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other than in accordance with such instructions or as provided in the following sentence. If (i) the
Company instructed the Depositary to act under this Section 4.07 and complied with the following paragraph and (ii) no instructions are received by the Depositary from an Owner with respect to American Depositary Shares of that Owner on or
before the date established by the Depositary for such purpose, the Depositary shall deem that Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect to the amount of Deposited
Securities represented by those American Depositary Shares and the Depositary shall give a discretionary proxy to a person designated by the Company to vote that amount of Deposited Securities, except that no such instruction shall be deemed given
and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the
Company does not wish such proxy given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares. 

There can be no assurance that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph
sufficiently prior to the instruction cutoff date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in the preceding paragraph. 

  
 18 

 In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of
voting rights relating to Deposited Securities, if the Company will request the Depositary to act under this Section 4.07, the Company shall give the Depositary notice of any such meeting and details concerning the matters to be voted upon not
less than 30 days prior to the meeting date. 
 SECTION 4.08 Changes Affecting Deposited Securities. 

Upon any change in nominal value, change in par value, split-up, consolidation or any other reclassification of Deposited Securities, or upon
any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a party, or upon the redemption or cancellation by the Company of the Deposited Securities, any securities, cash or property
which shall be received by the Depositary or a Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities, shall be treated as new Deposited Securities under this Deposit Agreement, and American Depositary Shares
shall thenceforth represent, in addition to the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless additional American Depositary Shares are delivered pursuant to the following sentence. In any such
case the Depositary may deliver additional American Depositary Shares as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities.

 SECTION 4.09 Reports. 

The Depositary shall make available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy
solicitation material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The
Depositary shall also, upon written request by the Company, send to the Owners copies of such reports when furnished by the Company pursuant to Section 5.06. Any such reports and communications, including any such proxy soliciting material,
furnished to the Depositary by the Company shall be furnished in English, to the extent such materials are required to be translated into English pursuant to any regulations of the Commission. 

SECTION 4.10 Lists of Owners. 

Promptly upon request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the
names, addresses and holdings of American Depositary Shares by all persons in whose names American Depositary Shares are registered on the books of the Depositary. 

  
 19 

 SECTION 4.11 Withholding. 

In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject
to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and
in such manner as the Depositary deems necessary and practicable to pay such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges to the Owners entitled thereto in proportion
to the number of American Depositary Shares held by them respectively. 
  

	ARTICLE 5.	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY 

 SECTION 5.01 Maintenance of Office and
Transfer Books by the Depositary. 
 Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall
maintain in the Borough of Manhattan, The City of New York, facilities for the execution and delivery, registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement.

 The Depositary shall keep books, at its Corporate Trust Office, for the registration of American Depositary Shares and transfers of
American Depositary Shares which at all reasonable times shall be open for inspection by the Owners, provided that such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object other than the
business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares. 
 The Depositary may close the
transfer books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 

If any American Depositary Shares are listed on one or more stock exchanges in the United States, the Depositary shall act as Registrar or
appoint a Registrar or one or more co-registrars for registry of such American Depositary Shares in accordance with any requirements of such exchange or exchanges. 

  
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 SECTION 5.02 Prevention or Delay in Performance by the Depositary or the Company. 

Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any
Owner or Holder (i) if by reason of any provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or
future, of the articles of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof, or by reason of any act of God or war or
terrorism or other circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms
of this Deposit Agreement or the Deposited Securities it is provided shall be done or performed, (ii) by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of this Deposit
Agreement it is provided shall or may be done or performed, (iii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement, (iv) for the inability of any Owner or Holder to benefit from
any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders, or (v) for any special, consequential or
punitive damages for any breach of the terms of this Deposit Agreement. Where, by the terms of a distribution pursuant to Section 4.01, 4.02 or 4.03, or an offering or distribution pursuant to Section 4.04, or for any other reason, such
distribution or offering may not be made available to Owners, and the Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such
distribution or offering, and shall allow any rights, if applicable, to lapse. 
 SECTION 5.03 Obligations of the Depositary, the
Custodian and the Company. 
 The Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to
any Owner or Holder, except that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 

The Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including,
without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 

Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in
respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person. 

Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from
legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent to give such advice or information. 

  
 21 

 The Depositary shall not be liable for any acts or omissions made by a successor depositary
whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential
liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 
 The Depositary
shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of Deposited Securities or otherwise, provided that any such acts or
omissions are not the direct result of the negligence or bad faith of the Depositary. 
 The Depositary shall not be responsible for any
failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 

No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement. 

SECTION 5.04 Resignation and Removal of the Depositary. 

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

The Depositary may at any time be removed by the Company by 120 days prior written notice of such removal, to become effective upon the later
of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its reasonable efforts to appoint a
successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon
payment of all sums due it and on the written request of the Company shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title
and interest in the Deposited Securities to such successor and shall deliver to such successor a list of the Owners of all outstanding American Depositary Shares. Any such successor depositary shall promptly mail notice of its appointment to the
Owners. 

  
 22 

 Any corporation into or with which the Depositary may be merged or consolidated shall be the
successor of the Depositary without the execution or filing of any document or any further act. 
 SECTION 5.05 The Custodians. 

The Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. Any
Custodian may resign and be discharged from its duties hereunder by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to become effective. If upon such resignation there shall be
no Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian hereunder. The Depositary in its discretion may appoint a
substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians hereunder. Upon demand of the Depositary any Custodian shall deliver such of the Deposited Securities held by it as are requested of it to any
other Custodian or such substitute or additional custodian or custodians. Each such substitute or additional custodian shall deliver to the Depositary, forthwith upon its appointment, an acceptance of such appointment satisfactory in form and
substance to the Depositary. 
 Upon the appointment of any successor depositary hereunder, each Custodian then acting hereunder shall
forthwith become, without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority of each Custodian hereunder; but the successor depositary so
appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority as agent hereunder of such successor
depositary. 
 SECTION 5.06 Notices and Reports. 

On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other
Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other distributions or the offering of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy
of the notice thereof in the form given or to be given to holders of Shares or other Deposited Securities. 

  
 23 

 The Company will arrange for the translation into English, if not already in English, to the
extent required pursuant to any regulations of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of such notices and any other reports and communications which are made generally available by the Company
to holders of its Shares. If requested in writing by the Company, the Depositary will arrange for the mailing, at the Company’s expense, of copies of such notices, reports and communications to all Owners. The Company will timely provide the
Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. 

SECTION 5.07 Distribution of Additional Shares, Rights, etc. 

If the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights
to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the Company shall notify the Depositary in writing in English as promptly as practicable and
in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary,
stating whether or not the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933. If, in the opinion of that counsel, the Distribution requires, or, if made in the United States, would
require, registration under the Securities Act of 1933, that counsel shall furnish to the Depositary a written opinion as to whether or not there is a registration statement under the Securities Act of 1933 in effect that will cover that
Distribution. 
 The Company agrees with the Depositary that neither the Company nor any company controlled by, controlling or under common
control with the Company will at any time deposit any Shares, either originally issued or previously issued and reacquired by the Company or any such affiliate, unless a Registration Statement is in effect as to such Shares under the Securities Act
of 1933 or the Company delivers to the Depositary an opinion of United States counsel, satisfactory to the Depositary, to the effect that, upon deposit, those Shares will be eligible for public resale without restriction in the United States without
further registration under the Securities Act of 1933. 
 Notwithstanding anything else in this Deposit Agreement, nothing in this Deposit
Agreement shall be deemed to obligate the Company to file any registration statement in respect of any proposed transaction. 

  
 24 

 SECTION 5.08 Indemnification. 

The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of
them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) which may arise out of or in connection
with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or (b) acts performed or omitted, pursuant to the provisions of or in connection with
this Deposit Agreement and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates,
except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. 

The indemnities contained in the preceding paragraph shall not extend to any liability or expense which arises solely and exclusively out of a
Pre-Release (as defined in Section 2.09) of American Depositary Shares pursuant to Section 2.09 and which would not otherwise have arisen had those American Depositary Shares not been the subject of a Pre-Release pursuant to
Section 2.09; provided, however, that the indemnities provided in the preceding paragraph shall apply to any such liability or expense (i) to the extent that such liability or expense would have arisen had those American
Depositary Shares not be the subject of a Pre-Release, or (ii) which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy
statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of American Depositary Shares, except to the extent any such liability or expense arises out of
(x) information relating to the Depositary or any Custodian (other than the Company), as applicable, furnished in writing and not materially changed or altered by the Company expressly for use in any of the foregoing documents, or, (y) if
such information is provided, the failure to state a material fact necessary to make the information provided not misleading. 
 The
Depositary agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such
indemnity and the reasonable fees and expenses of counsel) which may arise out of acts performed or omitted by the Depositary or its Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 

SECTION 5.09 Charges of Depositary. 

The Company agrees to pay the fees and out-of-pocket expenses of the Depositary and those of any Registrar only in accordance with agreements
in writing entered into between the Depositary and the Company from time to time. 

  
 25 

 The following charges shall be incurred by any party depositing or withdrawing Shares or by any
party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the
American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.03), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from
time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or
its nominee on the making of deposits or withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the
conversion of foreign currency pursuant to Section 4.05, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.03, 4.03 or 4.04 and the
surrender of American Depositary Shares pursuant to Section 2.05 or 6.02, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not
limited to Sections 4.01 through 4.04 hereof, (7) a fee for the distribution of securities pursuant to Section 4.02, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to
above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners,
(8) in addition to any fee charged under clause 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in clause 9 below, and (9) any other charges
payable by the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against
Owners as of the date or dates set by the Depositary in accordance with Section 4.06 and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more cash
dividends or other cash distributions). 
 The Depositary may collect any of its fees by deduction from any cash distribution payable to
Owners that are obligated to pay those fees. 
 The Depositary, subject to Section 2.09 hereof, may own and deal in any class of
securities of the Company and its affiliates and in American Depositary Shares. 
 SECTION 5.10 Retention of Depositary Documents.

 The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement
at the times permitted by the laws or regulations governing the Depositary unless the Company requests that such papers be retained for a longer period or turned over to the Company or to a successor depositary. 

  
 26 

 SECTION 5.11 Exclusivity. 

Subject to Sections 5.04 and 6.02, the Company agrees not to appoint any other depositary for issuance of American or global depositary shares
or receipts so long as The Bank of New York Mellon is acting as Depositary hereunder. 
 SECTION 5.12 List of Restricted Securities
Owners. 
 From time to time, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company,
those persons or entities who beneficially own Restricted Securities and the Company shall update that list on a regular basis. The Company agrees to advise in writing each of the persons or entities so listed that such Restricted Securities are
ineligible for deposit hereunder. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. 
  

	ARTICLE 6.	AMENDMENT AND TERMINATION 

 SECTION 6.01 Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American
Depositary Shares until the expiration of 30 days after notice of such amendment shall have been given to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed,
by continuing to hold American Depositary Shares or any interest therein, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner to surrender
American Depositary Shares and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. 

  
 27 

 SECTION 6.02 Termination. 

The Company may at any time terminate this Deposit Agreement by instructing the Depositary to mail a notice of termination to the Owners of
all American Depositary Shares then outstanding at least 30 days prior to the termination date included in such notice. The Depositary may likewise terminate this Deposit Agreement if at any time 60 days shall have expired after the Depositary
delivered to the Company a written resignation notice and if a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.04; in such case the Depositary shall mail a notice of termination to the
Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date. On and after the date of termination, the Owner of American Depositary Shares will, upon (a) surrender of such American Depositary Shares,
(b) payment of the fee of the Depositary for the surrender of American Depositary Shares referred to in Section 2.05, and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order,
of the amount of Deposited Securities represented by those American Depositary Shares. If any American Depositary Shares shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of
transfers of American Depositary Shares, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to
collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of any rights or other property, upon surrender of American Depositary Shares (after deducting, in each case, the fee of the Depositary for the surrender of American
Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). 

At any time after the expiration of four months from the date of termination, the Depositary may sell the Deposited Securities then held under
this Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American
Depositary Shares that have not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under
this Deposit Agreement, except to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American
Depositary Shares in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges. Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under
this Deposit Agreement except for its obligations to the Depositary under Sections 5.08 and 5.09. 
  

	ARTICLE 7.	MISCELLANEOUS 

 SECTION 7.01 Counterparts; Signatures. 

This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts
shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Holder during business hours. 

  
 28 

 Any manual signature on this Deposit Agreement that is faxed, scanned or photocopied, and any
electronic signature valid under the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001, et. seq., shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual
signature, and the parties hereby waive any objection to the contrary. 
 SECTION 7.02 No Third Party Beneficiaries. 

This Deposit Agreement is for the exclusive benefit of the parties hereto and shall not be deemed to give any legal or equitable right, remedy
or claim whatsoever to any other person. 
 SECTION 7.03 Severability. 

In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

SECTION 7.04 Owners and Holders as Parties; Binding Effect. 

The Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance of American Depositary Shares or any interest therein. 
 SECTION 7.05 Notices. 

Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex
or facsimile transmission confirmed by letter, addressed to Cheetah Mobile Inc., 12/F, Fosun International Center Tower, No. 237 Chaoyang North Road, Chaoyang District, Beijing 100022, People’s Republic of China, or any other place to
which the Company may have transferred its principal office with notice to the Depositary. 
 Any and all notices to be given to the
Depositary shall be deemed to have been duly given if in English and personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to The Bank of New York Mellon, 101 Barclay Street, New York, New York
10286, Attention: American Depositary Receipt Administration, or any other place to which the Depositary may have transferred its Corporate Trust Office with notice to the Company. 

  
 29 

 Any and all notices to be given to any Owner shall be deemed to have been duly given if
personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for American Depositary Shares of the Depositary, or, if
such Owner shall have filed with the Depositary a written request that notices intended for such Owner be mailed to some other address, at the address designated in such request. 

Delivery of a notice sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box. The Depositary or the Company may, however, act upon any cable, telex or
facsimile transmission received by it, notwithstanding that such cable, telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid. 

SECTION 7.06 Arbitration; Settlement of Disputes. 

Any controversy, claim or cause of action brought by any party hereto against the Company arising out of or relating to the Shares or other
Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant, shall be settled by arbitration in accordance with the International Arbitration Rules of
the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

The place of the arbitration shall be The City of New York, State of New York, United States of America, and the language of the arbitration
shall be English. 
 The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have
no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson of
the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)), each of which shall appoint one arbitrator as if there
were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party serves the arbitration demand, the American Arbitration
Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the nationals of any country, whether or not a party is a
national of that country. 
 The arbitral tribunal shall have no authority to award any consequential, special or punitive damages or other
damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this Deposit Agreement. 

  
 30 

 SECTION 7.07 Submission to Jurisdiction; Appointment of Agent for Service of Process; Jury
Trial Waiver. 
 The Company hereby (i) irrevocably designates and appoints Law Debenture Corporate Services, 400 Madison Avenue,
Suite 4D, New York, New York 10017, in the State of New York, as the Company’s authorized agent upon which process may be served in any suit or proceeding (including any arbitration proceeding) arising out of or relating to the Shares or
Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be
instituted and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company agrees to deliver, upon the execution and
delivery of this Deposit Agreement, a written acceptance by such agent of its appointment as such agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be necessary
to continue such designation and appointment in full force and effect for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company fails to continue such
designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the
Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

  
 31 

 SECTION 7.08 Waiver of Immunities. 

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

SECTION 7.09 Governing Law. 

This Deposit Agreement and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall
be governed by the laws of the State of New York, except with respect to its authorization and execution by the Company, which shall be governed by the laws of the Cayman Islands. 

  
 32 

 IN WITNESS WHEREOF, CHEETAH MOBILE INC. and THE BANK OF NEW YORK MELLON have duly executed this
Deposit Agreement as of the day and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein. 

 

					
	CHEETAH MOBILE INC.
		
	By:	 	/s/ Sheng Fu
		 	  

		 	Name:	 	Sheng Fu
		 	Title:	 	Chief Executive Officer and Director
	
	 THE BANK OF NEW YORK MELLON,
 as
Depositary

		
	By:	 	/s/ Joanne DiGiovanni Hawke
		 	  

		 	Name:	 	Joanne DiGiovanni Hawke
		 	Title:	 	Managing Director

  
 [Signature Page to
Deposit Agreement] 

 EXHIBIT A 
  

					
		  		  	 AMERICAN DEPOSITARY SHARES
 (Each American
Depositary Share represents ten deposited Shares)

 THE BANK OF NEW YORK MELLON 

AMERICAN DEPOSITARY RECEIPT 
 FOR
CLASS A ORDINARY SHARES 
 OF 

CHEETAH MOBILE INC. 
 (INCORPORATED
UNDER THE LAWS OF THE CAYMAN ISLANDS) 
 The Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby
certifies that
                                         , or
registered assigns IS THE OWNER OF
                                         

AMERICAN DEPOSITARY SHARES 
 representing
deposited Class A ordinary shares (herein called “Shares”) of Cheetah Mobile Inc., a company incorporated under the laws of the Cayman Islands (herein called the “Company”). At the date hereof, each American Depositary Share
represents ten Shares deposited or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) at the principal Hong Kong office of The Hongkong and Shanghai Banking Corporation Limited (herein called the
“Custodian”). The Depositary’s Corporate Trust Office is located at a different address than its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal
executive office is located at One Wall Street, New York, N.Y. 10286. 
 THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS 

101 BARCLAY STREET, NEW YORK, N.Y. 10286 

  
 1 

	1.	THE DEPOSIT AGREEMENT. 

 This American Depositary Receipt is one of an issue (herein
called “Receipts”), all issued and to be issued upon the terms and conditions set forth in the deposit agreement dated as of May 7, 2014 (herein called the “Deposit Agreement”) among the Company, the Depositary and all
Owners and Holders from time to time of American Depositary Shares issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit
Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Shares
and held thereunder (such Shares, securities, property, and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s Corporate Trust Office in New York City and at the office of
the Custodian. 
 The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement
and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit
Agreement. 
  

	2.	SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF DEPOSITED SECURITIES. 

 Upon
surrender at the Corporate Trust Office of the Depositary of American Depositary Shares, and upon payment of the fee of the Depositary provided in this Receipt, and subject to the terms and conditions of the Deposit Agreement, the Owner of those
American Depositary Shares is entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time represented by those American Depositary Shares. Such delivery will be made at the option of the Owner hereof, either at
the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the
risk and expense of the Owner hereof. 

  
 2 

	3.	TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS. 

 Transfers of American Depositary
Shares may be registered on the books of the Depositary by the Owner in person or by a duly authorized attorney, upon surrender of those American Depositary Shares properly endorsed for transfer or accompanied by proper instruments of transfer, in
the case of a Receipt, or pursuant to a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement), in the case of uncertificated American Depositary
Shares, and funds sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon compliance with such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be split into other such
Receipts, or may be combined with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. The Depositary, upon surrender of certificated American Depositary
Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the Owner of uncertificated American
Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement) from the Owner of uncertificated American
Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and deliver to the Owner the same number of certificated American Depositary Shares. As a
condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may
require payment from the depositor of the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or
other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit
Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit
Agreement. 
 The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be
suspended, or the transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the
Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any
provision of the Deposit Agreement, or for any other reason, subject to the provisions of the following sentence. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding American Depositary
Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in
connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the
American Depositary Shares or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares which would be required to be registered
under the provisions of the Securities Act of 1933, unless a registration statement is in effect as to such Shares for such offer and sale. 

  
 3 

	4.	LIABILITY OF OWNER FOR TAXES. 

 If any tax or other governmental charge shall become
payable with respect to any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner to the Depositary. The Depositary may refuse to
register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until such payment is made, and may withhold any dividends or other distributions, or may sell for
the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental
charge and the Owner shall remain liable for any deficiency. 
  

	5.	WARRANTIES ON DEPOSIT OF SHARES. 

 Every person depositing Shares under the Deposit
Agreement shall be deemed thereby to represent and warrant, that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and free of any preemptive rights of the holders of outstanding Shares and that
the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of American Depositary Shares representing such Shares by that person are not restricted
under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and delivery of American Depositary Shares. 
  

	6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

 Any person presenting Shares for
deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the
Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of
any American Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are
executed or such representations and warranties made. No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable
jurisdiction that is then performing the function of the regulation of currency exchange. 

  
 4 

	7.	CHARGES OF DEPOSITARY. 

 The following charges shall be incurred by any party depositing
or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an
exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.03 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other
governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or
from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals under the terms of the Deposit Agreement, (3) such cable, telex and facsimile transmission expenses as are expressly
provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.05 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary
Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.03, 4.03 or 4.04 of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.05 or 6.02 of the Deposit
Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.01 through 4.04 of the Deposit Agreement,
(7) a fee for the distribution of securities pursuant to Section 4.02 of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have
been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee
charged under clause 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in clause 9 below, and (9) any other charges payable by the Depositary, any of
the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of the date or dates set
by the Depositary in accordance with Section 4.06 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more cash dividends or other
cash distributions). 
 The Depositary may collect any of its fees by deduction from any cash distribution payable to Owners that are
obligated to pay those fees. 
 The Depositary, subject to Article 8 hereof, may own and deal in any class of securities of the Company and
its affiliates and in American Depositary Shares. 

  
 5 

 From time to time, the Depositary may make payments to the Company to reimburse and / or share
revenue from the fees collected from Owners or Holders, or waive fees and expenses for services provided, generally relating to costs and expenses arising out of establishment and maintenance of the American Depositary Shares program. In performing
its duties under the Deposit Agreement, the Depositary may use brokers, dealers or other service providers that are affiliates of the Depositary and that may earn or share fees or commissions. 

 

	8.	PRE-RELEASE OF RECEIPTS. 

 Notwithstanding Section 2.03 of the Deposit Agreement,
the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to Section 2.05 of the Deposit Agreement,
deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such American Depositary Shares have been
Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation from the person to whom American Depositary
Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the
Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of
American Depositary Shares that are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of the Shares deposited under the Deposit Agreement; provided, however, that the Depositary
reserves the right to change or disregard such limit from time to time as it deems appropriate. 
 The Depositary may retain for its own
account any compensation received by it in connection with the foregoing. 
  

	9.	TITLE TO RECEIPTS. 

 It is a condition of this Receipt and every successive Owner and
Holder of this Receipt by accepting or holding the same consents and agrees that when properly endorsed or accompanied by proper instruments of transfer, the American Depositary Shares evidenced by this Receipt shall be transferable as certificated
registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary,
notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice
provided for in the Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares unless that
Holder is the Owner of those American Depositary Shares. 

  
 6 

	10.	VALIDITY OF RECEIPT. 

 This Receipt shall not be entitled to any benefits under the
Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall have been executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary; provided, however that such signature
may be a facsimile if a Registrar for the Receipts shall have been appointed and such Receipts are countersigned by the manual signature of a duly authorized officer of the Registrar. 

 

	11.	REPORTS; INSPECTION OF TRANSFER BOOKS. 

 The Company is subject to the periodic reporting
requirements of the Securities Exchange Act of 1934 and, accordingly, files reports with the Commission. Those reports will be available for inspection and copying through the Commission’s EDGAR system on the Internet at www.sec.gov or
at public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549. 
 The Depositary will
make available for inspection by Owners at its Corporate Trust Office any reports, notices and other communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder
of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary will also, upon written request by the Company, send to Owners copies of such reports when furnished by the
Company pursuant to the Deposit Agreement. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English to the extent such materials are required to be
translated into English pursuant to any regulations of the Commission. 
 The Depositary will keep books, at its Corporate Trust Office, for
the registration of American Depositary Shares and transfers of American Depositary Shares which at all reasonable times shall be open for inspection by the Owners, provided that such inspection shall not be for the purpose of communicating with
Owners in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the American Depositary Shares. 
  

	12.	DIVIDENDS AND DISTRIBUTIONS. 

 Whenever the Depositary receives any cash dividend or
other cash distribution on any Deposited Securities, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into United States
dollars transferable to the United States, and subject to the Deposit Agreement, convert such dividend or distribution into dollars and will distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7
hereof and Section 5.09 of the Deposit Agreement) to the Owners entitled thereto; provided, however, that in the event that the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other
cash distribution in respect of any Deposited Securities an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing such Deposited Securities shall be reduced
accordingly. 

  
 7 

 Subject to the provisions of Sections 4.11 and 5.09 of the Deposit Agreement, whenever the
Depositary receives any distribution other than a distribution described in Section 4.01, 4.03 or 4.04 of the Deposit Agreement, the Depositary will cause the securities or property received by it to be distributed to the Owners entitled
thereto, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the
Owners of Receipts entitled thereto, or if for any other reason the Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution,
including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and
Section 5.09 of the Deposit Agreement) will be distributed by the Depositary to the Owners of Receipts entitled thereto all in the manner and subject to the conditions described in Section 4.01 of the Deposit Agreement. The Depositary may
withhold any distribution of securities under Section 4.02 of the Deposit Agreement if it has not received satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933. The
Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in respect of that distribution. 

If any distribution consists of a dividend in, or free distribution of, Shares, the Depositary may deliver to the Owners entitled thereto, an
aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and issuance of
American Depositary Shares, including withholding of any tax or governmental charge as provided in Section 4.11 of the Deposit Agreement and payment of the fees and expenses of the Depositary as provided in Article 7 hereof and
Section 5.09 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received sufficient to pay its fees and expenses in respect of that distribution). The Depositary may withhold any such delivery
of American Depositary Shares if it has not received satisfactory assurances from the Company that such distribution does not require registration under the Securities Act of 1933. In lieu of delivering fractional American Depositary Shares in any
such case, the Depositary may sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.01 of the Deposit Agreement. If
additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 

  
 8 

 In the event that the Depositary determines that any distribution in property (including Shares
and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property (including Shares and
rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes
or charges to the Owners of Receipts entitled thereto. 
  

	13.	RIGHTS. 

 In the event that the Company shall offer or cause to be offered to the holders
of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights available to any Owners or in disposing of
such rights on behalf of any Owners and making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such
rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is lawful and feasible to make such
rights available to all or certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such
Owner, warrants or other instruments therefor in such form as it deems appropriate. 
 In circumstances in which rights would otherwise not
be distributed, if an Owner requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner under the Deposit Agreement, the Depositary will make such rights
available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has
determined in its sole discretion are reasonably required under applicable law. 

  
 9 

 If the Depositary has distributed warrants or other instruments for rights to all or certain
Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal
to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf
of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to
be deposited pursuant to Section 2.02 of the Deposit Agreement, and shall, pursuant to Section 2.03 of the Deposit Agreement, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph
of this Article 13, such deposit shall be made, and depositary shares shall be delivered, under depositary arrangements which provide for issuance of depositary shares subject to the appropriate restrictions on sale, deposit, cancellation, and
transfer under applicable United States laws. 
 If the Depositary determines in its discretion that it is not lawful and feasible to make
such rights available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make such
rights available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.09 of the Deposit Agreement and all taxes and governmental charges payable in connection with such rights and
subject to the terms and conditions of the Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such
Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 
 The Depositary will not
offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of
such Act; provided, that nothing in the Deposit Agreement shall create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration
statement declared effective. If an Owner requests the distribution of warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act of 1933, the Depositary shall not effect such distribution unless
it has received an opinion from recognized counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration. 

The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners
in general or any Owner in particular. 

  
 10 

	14.	CONVERSION OF FOREIGN CURRENCY. 

 Whenever the Depositary or the Custodian shall receive
foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be
converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine, such foreign currency into Dollars,
and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or
instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American
Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.09 of the Deposit Agreement. 

If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall
file such application for approval or license, if any, as it may deem desirable. 
 If at any time the Depositary shall determine that in
its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof which is
required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign
currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled to receive the same. 
 If any such conversion of foreign currency, in whole or in part, cannot be effected
for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign
currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 

 

	15.	RECORD DATES. 

 Whenever any cash dividend or other cash distribution shall become
payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited
Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record
date, which shall be the same as, or as near as practicable to, any corresponding record date established by the Company in respect of the Shares or other Deposited Securities, (a) for the determination of the Owners who shall be
(i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof, (ii) entitled to give instructions for the exercise of voting rights at any such meeting or (iii) responsible for any fee assessed
by the Depositary pursuant to the Deposit Agreement, or (b) on or after which each American Depositary Share will represent the changed number of Shares, subject to the provisions of the Deposit Agreement. 

  
 11 

	16.	VOTING OF DEPOSITED SECURITIES. 

 Upon receipt of notice of any meeting of holders of
Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners of Receipts a notice, the form of which notice shall be in the sole discretion of the
Depositary, which shall contain (a) such information as is contained in such notice of meeting received by the Depositary from the Company, (b) a statement that the Owners as of the close of business on a specified record date will be
entitled, subject to any applicable provision of law and of the articles of association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other
Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given, including an express indication that instructions may be given or deemed given in
accordance with the last sentence of this paragraph if no instruction is received, to the Depositary to give a discretionary proxy to a person designated by the Company. Upon the written request of an Owner of American Depositary Shares on such
record date, received on or before the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable to vote or cause to be voted the amount of Shares or other Deposited Securities represented by those
American Depositary Shares in accordance with the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other than in accordance with
such instructions or as provided in the following sentence. If (i) the Company instructed the Depositary to act under this Section 4.07 and complied with the following paragraph and (ii) no instructions are received by the Depositary
from an Owner with respect to American Depositary Shares of that Owner on or before the date established by the Depositary for such purpose, the Depositary shall deem that Owner to have instructed the Depositary to give a discretionary proxy to a
person designated by the Company with respect to the amount of Deposited Securities represented by those American Depositary Shares and the Depositary shall give a discretionary proxy to a person designated by the Company to vote that amount of
Deposited Securities, except that no such instruction shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information
as promptly as practicable in writing, if applicable) that (x) the Company does not wish such proxy given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares. 

  
 12 

 There can be no assurance that Owners generally or any Owner in particular will receive the
notice described in the preceding paragraph sufficiently prior to the instruction date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in the preceding paragraph. 

In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited
Securities, if the Company will request the Depositary to act under Section 4.07 of the Deposit Agreement, the Company shall give the Depositary notice of any such meeting or solicitation and details concerning the matters to be voted upon not
less than 30 days prior to the meeting date. 
  

	17.	CHANGES AFFECTING DEPOSITED SECURITIES. 

 Upon any change in nominal value, change in par
value, split-up, consolidation, or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation, or sale of assets affecting the Company or to which it is a party, or upon the redemption
or cancellation by the Company of the Deposited Securities, any securities, cash or property which shall be received by the Depositary or a Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities shall be
treated as new Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless
additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may deliver additional American Depositary Shares as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be
exchanged for new Receipts specifically describing such new Deposited Securities. 

  
 13 

	18.	LIABILITY OF THE COMPANY AND DEPOSITARY. 

 Neither the Depositary nor the Company nor any
of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder, (i) if by reason of any provision of any present or future law or regulation of the United States or any other country, or of any
governmental or regulatory authority, or by reason of any provision, present or future, of the articles of association or any similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or
any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from or be subject to any civil or criminal
penalty on account of doing or performing any act or thing which by the terms of the Deposit Agreement or Deposited Securities it is provided shall be done or performed, (ii) by reason of any non-performance or delay, caused as aforesaid, in
the performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or may be done or performed, (iii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement,
(iv) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to
Owners or Holders, or (v) for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement. Where, by the terms of a distribution pursuant to Section 4.01, 4.02 or 4.03 of the Deposit Agreement, or an
offering or distribution pursuant to Section 4.04 of the Deposit Agreement, or for any other reason, such distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose of such distribution or
offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse. Neither the Company nor the Depositary
assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Holders, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The
Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other
proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance
upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or information. The Depositary
shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be liable for the acts or
omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of Deposited Securities or otherwise, provided that any such acs or omissions are not the direct result of
negligence or bad faith of the Depositary. The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote,
provided that any such action or nonaction is in good faith. 
 No disclaimer of liability under the Securities Act of 1933 is intended by
any provision of the Deposit Agreement. 
  

	19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN. 

 The
Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of
such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by 120 days prior written notice of such removal, to become effective upon the later of (i) the 120th day after delivery of the
notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary in its discretion may appoint a substitute or additional custodian or
custodians. 

  
 14 

	20.	AMENDMENT. 

 The form of the Receipts and any provisions of the Deposit Agreement may at
any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase any fees
or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right of Owners, shall,
however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice of such amendment shall have been given to the Owners of outstanding American Depositary Shares. Every Owner and Holder of
American Depositary Shares, at the time any amendment so becomes effective, shall be deemed, by continuing to hold such American Depositary Shares or any interest therein, to consent and agree to such amendment and to be bound by the Deposit
Agreement as amended thereby. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. 

  
 15 

	21.	TERMINATION OF DEPOSIT AGREEMENT. 

 The Company may terminate the Deposit Agreement by
instructing the Depositary to mail notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date included in such notice. The Depositary may likewise terminate the Deposit
Agreement, if at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and if a successor depositary shall not have been appointed and accepted its appointment as provided in the Deposit
Agreement; in such case the Depositary shall mail a notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date. On and after the date of termination, the Owner of American
Depositary Shares will, upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American Depositary Shares referred to in Section 2.05, and (c) payment of any
applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by those American Depositary Shares. If any American Depositary Shares shall remain outstanding after the
date of termination, the Depositary thereafter shall discontinue the registration of transfers of American Depositary Shares, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any
further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in the Deposit Agreement, and shall
continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, upon surrender of American Depositary Shares (after
deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement,
and any applicable taxes or governmental charges). At any time after the expiration of four months from the date of termination, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter hold
uninvested the net proceeds of any such sale, together with any other cash then held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that have not theretofore
been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except to account
for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms
and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to
the Depositary with respect to indemnification, charges, and expenses. 
  

	22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM. 

 (a) Notwithstanding the
provisions of Section 2.04 of the Deposit Agreement, the parties acknowledge that the Direct Registration System (“DRS”) and Profile Modification System (“Profile”) shall apply to uncertificated American Depositary Shares
upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated American Depositary Shares, which ownership shall be evidenced by periodic statements issued
by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner, to direct the Depositary to register a transfer of those American Depositary Shares to DTC
or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register such transfer. 

  
 16 

 (b) In connection with and in accordance with the arrangements and procedures relating to
DRS/Profile, the parties understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in
subsection (a) has the actual authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.03 and 5.08 of the Deposit Agreement shall
apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with the Deposit Agreement,
shall not constitute negligence or bad faith on the part of the Depositary. 
  

	23.	ARBITRATION; SETTLEMENT OF DISPUTES. 

 Any controversy, claim or cause of action brought
by any party hereto against the Company arising out of or relating to the Shares or other Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant,
shall be settled by arbitration in accordance with the International Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

The place of the arbitration shall be The City of New York, State of New York, United States of America, and the language of the arbitration
shall be English. 
 The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have
no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson of
the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)), each of which shall appoint one arbitrator as if there
were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party serves the arbitration demand, the American Arbitration
Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the nationals of any country, whether or not a party is a
national of that country. 
 The arbitral tribunal shall have no authority to award any consequential, special or punitive damages or other
damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this Deposit Agreement. 

  
 17 

	24.	SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES. 

 In the Deposit
Agreement, the Company has (i) appointed Law Debenture Corporate Services, 400 Madison Avenue, Suite 4D, New York, New York 10017, in the State of New York, as the Company’s authorized agent upon which process may be served in any suit or
proceeding (including any arbitration proceeding) arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state or
federal court in the State of New York in which any such suit or proceeding may be instituted and (iii) agreed that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in
any such suit or proceeding. 
 EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE
SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING
EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 To the extent that the Company or any of its
properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any
respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the
giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the
Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such
immunity and consents to such relief and enforcement. 

  
 18 

	 	25.	DISCLOSURE OF INTERESTS. 

 The Company may from time to time request Owners to provide
information as to the capacity in which such Owners own or owned American Depositary Shares and regarding the identity of any other persons then or previously interested in such American Depositary Shares and the nature of such interest. Each Owner
agrees to provide any information requested by the Company or the Depositary pursuant to Section 3.04 of the Deposit Agreement. The Depositary agrees to comply with reasonable written instructions received from the Company requesting that the
Depositary forward any such requests to the Owners and to forward to the Company any such responses to such requests received by the Depositary. The Depositary shall provide reasonable assistance to the Company, at the Company’s request and
expense, in obtaining information sought by the Company pursuant to Section 3.04 of the Deposit Agreement. 

  
 19Exhibit 10.1

 

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This Second Amendment to Second Amended and Restated Credit Agreement (this “Second Amendment”) is made as of October 20, 2014, by and among GLOBAL OPERATING LLC, a Delaware limited liability company (“OLLC”), GLOBAL COMPANIES LLC, a Delaware limited liability company (“Global”), GLOBAL MONTELLO GROUP CORP., a Delaware corporation (“Montello”), GLEN HES CORP., a Delaware corporation (“Glen Hes”), CHELSEA SANDWICH LLC, a Delaware limited liability company (“Chelsea LLC”), GLP FINANCE CORP., a Delaware corporation (“Finance”), GLOBAL ENERGY MARKETING LLC, a Delaware limited liability company (“GEM”), GLOBAL ENERGY MARKETING II LLC, a Delaware limited liability company (“GEM II”),  GLOBAL CNG LLC, a Delaware limited liability company (“CNG”), ALLIANCE ENERGY LLC, a Massachusetts limited liability company (“Alliance”) and CASCADE KELLY HOLDINGS LLC, an Oregon limited liability company (“Cascade” and, collectively with OLLC, Global, Montello, Glen Hes, Chelsea LLC, Finance, GEM, GEM II, CNG and Alliance, the “Borrowers” and each individually, a “Borrower”), GLOBAL PARTNERS LP, a Delaware limited partnership (the “MLP”), each “Lender” (as such term is defined in the Credit Agreement referred to below) (collectively, the “Lenders” and each individually, a “Lender”) party hereto, and Bank of America, N.A. as Administrative Agent (as such term is defined in the Credit Agreement), amending certain provisions of that certain Second Amended and Restated Credit Agreement dated as of December 16, 2013 (as amended and in effect from time to time, the “Credit Agreement”) by and among the Borrowers, the MLP, the Lenders, the Administrative Agent, Swing Line Lender, the L/C Issuer, the Alternative Currency Fronting Lender, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. as Co-Syndication Agents and RBS Citizens NA and Societe Generale, as Co-Documentation Agents.  Capitalized terms used herein without definition and which are defined in the Credit Agreement shall have the same respective meanings herein as therein.

 

WHEREAS, Montello is contemplating acquiring 100% of the Equity Interests of Warren Equities, Inc., a Delaware corporation (“Warren”) from The Warren Alpert Foundation, a Delaware nonstock corporation (the “Warren Seller”) for an aggregate purchase price of not more than $395,000,000 (which amount includes any closing adjustments under the Warren Purchase Agreement (as hereinafter defined)) (the “Proposed Warren Acquisition”) pursuant to, and in accordance with, the terms of that certain Stock Purchase Agreement dated as of October 3, 2014 by and between Montello, the Warren Seller, Warren and, solely with respect to Section 10.20 and the other provisions in Article 10 related thereto, the MLP as the “Buyer Guarantor” (as defined therein), as the same may be amended (the “Warren Purchase Agreement”);

 

WHEREAS, in connection with the Proposed Warren Acquisition, the Borrowers have requested, in accordance with Section 2.13 of the Credit Agreement, an increase in the Aggregate Revolver Commitment of up to $150,000,000, with such increase (which will be in an amount of either $75,000,000 or $150,000,000, such definitive amount to be selected by the Borrowers) to be effective, so long as the Increase Termination Date (as hereinafter defined) has not occurred, one Business Day after receipt by the Administrative Agent of a written notice from the Borrowers specifying that the Borrowers have elected to increase the Aggregate Revolver Commitment in accordance with the terms of this Second Amendment, which notice shall specify whether such increase is in the amount of $75,000,000 or $150,000,000 (and any

 

 

failure to so specify shall be deemed an election by the Borrowers to increase in the amount of $150,000,000) and payment by the Borrowers of the fees contemplated in the Fee Letter (as hereinafter defined) and any applicable Ticking Fee (as hereinafter defined) (such date being the “Accordion Increase Date”), and certain of the Lenders have agreed to increase such Lender’s Revolver Commitment on the Accordion Increase Date by the amounts set forth on Exhibit A hereto; and

 

WHEREAS, the Loan Parties, the requisite Lenders and the Administrative Agent desire to amend certain provisions of the Credit Agreement and consent to certain modifications to the existing provisions of the Credit Agreement, all as provided more fully herein below;

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

§1.  Consent To Modifications to Exercising of Accordion.  Notwithstanding anything to the contrary contained in the Credit Agreement (including, without limitation, the provisions of Section 2.13 thereof), the parties hereto hereby agree that (a) the Borrowers have requested an increase in the Aggregate Revolver Commitment in an amount of up to $150,000,000, such increase to be effective on the Accordion Increase Date (such an increase being hereinafter referred to as the “Accordion Increase”); (b) by their signature below, each Lender identified on Exhibit A attached hereto (an “Increasing Lender”) has committed to increase its respective Revolver Commitment by the amount set forth on Exhibit A (such amount for each Increasing Lender, such Increasing Lender’s “Committed Amount”) on the Accordion Increase Date; (c) in order to effect the increase in the Aggregate Revolver Commitment contemplated hereby, the Borrowers shall have complied with the notice provisions set forth in the second WHEREAS clause of this Second Amendment and shall have delivered to the Administrative Agent and made available to the Lenders all flood compliance documentation required by applicable law; (d) to the extent the Borrowers effect the increase in the Aggregate Revolver Commitment and elect to increase such amount by $150,000,000, then each Lender’s Committed Amount shall be the amount (and only the amount) set forth on Exhibit A under the heading “Borrowers Elect $150,000,000 Increase” and the Increasing Lenders shall be deemed to have committed such amounts; (e) to the extent the Borrowers effect the increase in the Aggregate Revolver Commitment and elect to increase such amount by $75,000,000, then each Lender’s Committed Amount shall be the amount (and only the amount) set forth on Exhibit A under the heading “Borrowers Elect $75,000,000 Increase” and the Increasing Lenders shall be deemed to have committed only such amounts; (f) to the extent the Accordion Increase Date does not occur by the earliest to occur of (x) the date on which the Proposed Warren Acquisition is consummated; (y) the date on which the Borrowers have notified the Administrative Agent that the Proposed Warren Acquisition will not be consummated; and (z) February 15, 2015 (such earliest date being the “Increase Termination Date”), then, effective on such Increase Termination Date, each such Increasing Lender’s commitment to increase its respective Revolver Commitment with respect to the Accordion Increase shall automatically terminate on such date and be permanently reduced to zero; (g) to the extent the Accordion Increase Date occurs on or prior to the Increase Termination Date, then on the Accordion Increase Date, Schedule 2.01 to the Credit Agreement shall be automatically updated to give effect to the increase in the Aggregate Revolver Commitment; (h) to the extent that neither the Increase Termination Date nor the

 

2

 

Accordion Increase Date has occurred by January 15, 2015 then on the earliest to occur of (x) the date on which the Proposed Warren Acquisition is consummated; (y) the Accordion Increase Date and (z) the Increase Termination Date (solely to the extent the Increase Termination Date had not occurred by January 15, 2015) (such earliest date, the “Ticking Fee Payment Date”), the Borrowers shall pay to the Administrative Agent, for the pro rata accounts of the Increasing Lenders, on the Ticking Fee Payment Date, an annualized ticking fee of fifty (50) basis points on the Committed Amount (which, for purposes of determining the ticking fee, shall be based on an aggregate Committed Amount of $150,000,000, notwithstanding that the Borrowers may ultimately elect an Accordion Increase in an amount of $75,000,000)  for the period of January 15, 2015 through the Ticking Fee Payment Date and the failure of the Borrowers to pay such ticking fee on the Ticking Fee Payment Date shall constitute an immediate Event of Default under the Credit Agreement; and (i) to the extent the Accordion Increase Date occurs prior to the Increase Termination Date, the Borrowers shall pay to the Administrative Agent for the account of each Increasing Lender an upfront fee as contemplated in a certain fee letter dated as of the date hereof by and between the Administrative Agent and the Borrowers (the “Fee Letter”), with the failure to pay such fee at the times required under the Fee Letter constituting an immediate Event of Default under the Credit Agreement.

 

§2.  Amendment to Section 1 of the Credit Agreement.  Section 1.01 of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 1.01 of the Credit Agreement is hereby amended by deleting the definitions of “Assignment and Assumption”,  “Combined EBITDA”, “Eurocurrency Rate”, “Loan Notice”, “Responsible Officer”, “Sanctions”, “Subsidiary” and Swing Line Loan Notice” in their entirety and restating each such definition as follows:

 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit F-1 or any other form (including electronic documentation generated by use of an electronic platform) approved by the Administrative Agent.

 

“Combined EBITDA” means for any period, for each applicable Loan Party and its Subsidiaries on a combined basis, an amount equal to Combined Net Income for such period plus (a) the following to the extent deducted in calculating such Combined Net Income: (i) Combined Total Interest Expense for such period, (ii) the provision for Federal, state, local and foreign income taxes payable by such applicable Loan Party and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) other non-recurring expenses of the applicable Loan Parties and their Subsidiaries reducing such Combined Net Income which do not represent a cash item in such period or any future period, (v) any equity losses in respect of unconsolidated affiliates; and (vi) without duplication, cash distributions received by any Loan Party from joint ventures (including, without limitation, any Non-Wholly Owned JV) and minus (b) the following to the extent included in calculating such Combined Net Income: (i) Federal, state, local and foreign income tax credits of the applicable Loan Parties

 

3

 

and their Subsidiaries for such period, (ii) all nonrecurring non-cash items increasing Combined Net Income for such period and (iii) any equity earnings in respect of unconsolidated affiliates, provided, however, notwithstanding anything to the contrary contained herein, any gains or losses from any Dispositions shall be excluded from the calculation of Combined EBITDA.  For purposes of calculating Combined EBITDA for purposes of calculating the Combined Interest Coverage Ratio, the Combined Total Leverage Ratio or the Combined Senior Secured Leverage Ratio for any period in which (1) a Permitted Acquisition other than the Warren Acquisition has occurred, Combined EBITDA shall be adjusted in a manner which is satisfactory to the Administrative Agent in all respects to give effect to the consummation of such Permitted Acquisition, on a pro forma basis as if such Permitted Acquisition had occurred on the first date of the test period; and (2) the Warren Acquisition has occurred, Combined EBITDA shall be adjusted in a manner which is satisfactory to the Administrative Agent in all respects, after consultation with the Lenders, to give effect to the consummation of the Warren Acquisition, on a pro forma basis as if the Warren Acquisition had occurred on the first date of the test period, including until twelve (12) full fiscal months have elapsed from the Warren Acquisition Closing Date by calculating the EBITDA attributable to Warren for each monthly period included in the test period that occurred prior to the Warren Acquisition Closing Date by reference to a monthly EBITDA amount.

 

“Eurocurrency Rate” means:

 

(a)                                 With respect to any Credit Extension:

 

(i)  denominated in Dollars, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;

 

(ii)  denominated in Canadian dollars, the rate per annum equal to the Canadian Dealer Offered Rate (“CDOR”), or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 10:00 a.m. (Toronto, Ontario time) on the Rate Determination Date with a term equivalent to such Interest Period; and

 

(b)                                 for any rate calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day;

 

4

 

provided that (x) to the extent a comparable or successor rate is approved by the Administrative Agent in connection with any rate set forth in this definition, the approved rate shall be applied in a manner consistent with market practice; (y) to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent; and (z) if the Eurocurrency Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

“Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans or Cost of Funds Rate Loans, as the case may be, pursuant to Section 2.02(a),  shall be substantially in the form of Exhibit A-1 or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of a Borrower.

 

“Responsible Officer” means the chief executive officer, chief operating officer, chief accounting officer, president, executive vice president, chief financial officer, treasurer, assistant treasurer, secretary or controller of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 

“Sanctions” means any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (the “Sanctions Authorities”).

 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of a Loan Party.  Notwithstanding the foregoing, no Non-Wholly Owned JV shall be considered a

 

5

 

Subsidiary of any Loan Party for purposes of this Agreement and the other Loan Documents.

 

“Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04A(b), which shall be substantially in the form of Exhibit A-2 or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of a Borrower.

 

(b)                                 Section 1.01 of the Credit Agreement is further amended by inserting the following definitions in the appropriate alphabetical order:

 

“Accordion Increase” has the meaning set forth in the Second Amendment.

 

“Accordion Increase Date” has the meaning set forth in the Second Amendment.

 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction.

 

“Non-Wholly Owned JV” means any joint venture entity in which a Loan Party owns more than 50% of the Equity Interests in such entity but less than 100% of the Equity Interests in such entity.

 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Second Amendment” means that certain Second Amendment to Second Amended and Restated Credit Agreement dated as of October 20, 2014 among the Borrowers, the Lenders party thereto, the Administrative Agent and certain other parties thereto.

 

“Second Amendment Effective Date” means October 20, 2014.

 

“Warren” means Warren Equities, Inc., a Delaware corporation.

 

“Warren Acquisition” means the acquisition by Montello of 100% of the Equity Interests of Warren on the Warren Acquisition Closing Date pursuant to the terms of the Warren Purchase Agreement.

 

“Warren Acquisition Closing Date” means the date on which the Warren Acquisition is consummated.

 

“Warren Purchase Agreement” means that certain Stock Purchase Agreement dated as of October 3, 2014 by and among the Warren Seller, Montello and the other parties thereto, as amended from time to time.

 

6

 

“Warren Seller” means The Warren Alpert Foundation, a Delaware nonstock corporation.

 

§3.  Amendments to Article II of the Credit Agreement.  Article II of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 2.02(a) of the Credit Agreement is hereby amended by deleting Section 2.02(a) in its entirety and restating it as follows:

 

(a)                                 Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans and Cost of Funds Rate Loans shall be made upon the Borrowers’ irrevocable notice to the Administrative Agent, which may be given by (A) telephone or (B) a Loan Notice; provided, that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Loan Notice.  Each such Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurocurrency Rate Loans denominated in Dollars or of any conversion of Eurocurrency Rate Loans denominated in Dollars to Base Rate Committed Loans, (ii) three Business Days prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Loans denominated in the Alternative Currency, and (iii) on the requested date of any Committed Borrowing or continuation of a Base Rate Committed Loan and Cost of Funds Rate Loans or conversion of Base Rate Committed Loans or Eurocurrency Rate Loans denominated in Dollars to Cost of Funds Rate Loans.  Each Committed Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof.  Except as provided in Sections 2.03(c) and 2.04A(c), each Committed Borrowing of or conversion to Cost of Funds Rate Loans or Base Rate Committed Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof.  Each Loan Notice shall specify (i) whether the Borrowers are requesting a Committed Borrowing, a conversion of Committed Loans from one Type to the other, or a continuation of Eurocurrency Rate Loans or Cost of Funds Rate Loans, (ii) if the Borrowers are requesting a Borrowing, whether such Borrower is of a WC Loan or a Revolver Loan and, in the case of a Revolver Loan, whether any of the proceeds are going to be used to finance general corporate purposes, (iii) the requested date of the Committed Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iv) the principal amount of Committed Loans to be borrowed, converted or continued, (v) the Type of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, (vi) if applicable, the duration of the Interest Period with respect thereto, and (vii) the currency of the Committed Loans to be borrowed.  If the Borrowers fail to specify a currency in a Loan Notice requesting a Borrowing, then the Committed Loans so requested shall be made in Dollars.  If the Borrowers fails to specify a Type of Committed Loan in a Loan Notice or if the Borrowers fail to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made

 

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as, or converted to, Base Rate Committed Loans; provided, however, that in the case of a failure to timely request a continuation of Committed Loans denominated in the Alternative Currency, such Loans shall be continued as Eurocurrency Rate Loans in their original currency with an Interest Period of one month.  Any automatic conversion to Base Rate Committed Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans or Cost of Funds Rate Loans, as the case may be.  If the Borrowers request a Committed Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Loan Notice, but fail to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  No Committed Loan may be converted into or continued as a Committed Loan denominated in a different currency, but instead must be prepaid in the original currency of such Committed Loan and reborrowed in the other currency.

 

(b)                                 Section 2.04A(b) of the Credit Agreement is hereby amended by deleting Section 2.04A(b) in its entirety and restating it as follows:

 

(b)                                 Borrowing Procedures.  Each Swing Line Borrowing shall be made upon the Borrowers’ irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by (A) telephone or (B) by a Swing Line Notice; provided, that any telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice. Each such Swing Line Loan Notice must be received by the Swing Line Lender and the Administrative Agent not later than 3:30 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day.  Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent of the contents thereof.  Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 4:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04A(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 4:30 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrowers at their office by crediting the account of the Borrowers on the books of the Swing Line Lender in Same Day Funds.

 

(c)                                  Section 2.04(a)(i) of the Credit Agreement is hereby amended by deleting the words “such notice must be received by the Administrative Agent not later than 11:00 a.m.” which appear in Section 2.04(a)(i) and substituting in place thereof the words “ such notice must

 

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be in a form acceptable to the Administrative Agent and be received by the Administrative Agent not later than 11:00 a.m.”

 

(d)                                 Section 2.13(a) of the Credit Agreement is hereby amended by deleting Section 2.13(a) in its entirety and restating it as follows:

 

(a)                                 Request for Increase.  Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrowers may from time to time, request an increase in the Aggregate WC Commitments or the Aggregate Revolver Commitments, or both, by an amount (for all such requests, including, to the extent applicable, the Accordion Increase made effective on the Accordion Increase Date) not exceeding an aggregate amount equal to the sum of (a) $300,000,000 plus (b) the aggregate amount of the Accordion Increase, if any, made effective on the Accordion Increase Date; provided, that (i) any such request shall specify whether such request is for an increase in the Aggregate WC Commitment, the Aggregate Revolver Commitment or both (and, if both, the allocation between the two); and (ii) any such request for an increase shall be in a minimum amount of $25,000,000.  At the time of sending such notice, the Borrowers (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than five Business Days from the date of delivery of such notice to the Lenders).

 

§4.  Amendment to Section 3.01 of the Credit Agreement.  Section 3.01(e)(ii)(D) of the Credit Agreement is hereby amended by inserting immediately at the end of the text of Section 3.01(e)(ii)(D) the following additional sentence:  “For purposes of determining withholding Taxes imposed under FATCA, from and after the Second Amendment Effective Date, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans and the Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).”

 

§5.  Amendments to Article V of the Credit Agreement.  Article V of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 5.22 of the Credit Agreement is hereby amended by deleting Section 5.22 in its entirety and restating it as follows:

 

5.22  Bank Accounts.  The Perfection Certificate of each Loan Party sets forth the account numbers and locations of all securities accounts, deposit accounts and other bank accounts of each such Loan Party, other than (a) other securities accounts, deposit accounts and other bank accounts established by a Loan Party after the date of the applicable Perfection Certificate and where such Loan Party provided the Administrative Agent with prior written notice of the establishment of such account and took all appropriate actions required, or which were requested by the Administrative Agent, to perfect the Administrative Agent’s security interest in such account and (b) other deposit accounts established by a Loan Party after the date hereof in connection with a

 

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Receivables Sales Agreement entered into in compliance with Section 7.05(h) hereof for the sole purposes of collecting proceeds from Accounts Receivable sold to an AR Buyer under such Receivables Sales Agreement.

 

(b)                                 Section 5.24 of the Credit Agreement is hereby amended by inserting immediately after the end of the text of Section 5.24(c) the following new paragraphs:

 

(d)                                 Neither any Loan Party, nor any of its Subsidiaries, nor, to the knowledge of the Loan Parties and their Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity currently the subject of any Sanctions, nor is any Loan Party or any Subsidiary of a Loan Party located, organized or resident in a Designated Jurisdiction.

 

(e)                                  The Loan Parties and their Subsidiaries have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

 

§6.  Amendments to Article VI of the Credit Agreement.  Article VI of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 6.01(c) of the Credit Agreement is hereby amended by deleting Section 6.01(c) in its entirety and restating it as follows:

 

(c)                                  concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and 6.01(b), a management prepared copy of such financial statements which excludes therefrom each Non-Wholly Owned JV as a Person to be combined with the other Loan Parties and setting forth a reconciliation of such statements to the financial statements delivered pursuant to Sections 6.01(a) and 6.01(b).

 

(b)                                 Section 6.03 of the Credit Agreement is hereby amended by (i) deleting the word “and” which appears at the end of Section 6.03(e), (ii) inserting a semicolon and the word “and” at the end of the text of Section 6.03(f) and inserting the new paragraph (g):

 

(g)                                  immediately upon a Loan Party becoming aware that the Warren Acquisition will not be consummated.

 

(c)                                  Section 6.12 of the Credit Agreement is hereby amended by deleting the last sentence of Section 6.12 in its entirety and substituting in place thereof the following sentence:  “In addition, each Loan Party’s deposit accounts (other than payroll accounts) and securities accounts shall be subject to the Administrative Agent’s first priority perfected security interest therein, other than a deposit account established by a Loan Party after the date hereof in connection with a Receivables Sales Agreement entered into in compliance with Section 7.05(h) hereof for the sole purposes of collecting proceeds from Accounts Receivable sold to an AR Buyer under such Receivables Sales Agreement, provided if any such proceeds being deposited into such account remain subject to a Lien in favor of the Administrative Agent, the rights of the

 

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Loan Parties and the Administrative Agent to the portion of such proceeds subject to the Administrative Agent’s Lien shall be subject to the Receivables Intercreditor Agreement.”

 

(d)                                 Section 6.13 of the Credit Agreement is hereby amended by inserting immediately after the text of Section 6.13(a) the following sentence:  “Notwithstanding anything to the contrary contained in this Section 6.13 or in any of the Loan Documents, the Borrowers shall be required, upon the Warren Acquisition Effective Date, to immediately join Warren as a Borrower hereunder, and any Subsidiary of Warren as a Guarantor hereunder, and shall cause each of Warren and each of its Subsidiaries to execute and deliver to the Administrative Agent such joinder agreements and Loan Documents (including, without limitation, Security Agreements and Mortgages) as well as Title Policies with respect to the Mortgaged Properties and all flood compliance documentation required by applicable laws and regulations (including, without limitation, to the extent any Mortgaged Property is located in a flood zone, satisfactory flood insurance in such amounts as is necessary to comply with all applicable laws and regulations) as the Administrative Agent shall require or deem appropriate (including, without limitation, any document necessary to grant to the Administrative Agent, for the benefit of the Secured Parties, a first priority perfected security interest in Warren’s and each such Subsidiary’s assets) and cause Warren and each of its Subsidiaries to deliver to the Administrative Agent all documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a) and favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in this sentence), all in form, content and scope reasonably satisfactory to the Administrative Agent, and Schedule 5.13 hereof shall be updated to give effect to any changes resulting from such Warren Acquisition, provided, (a) the Borrowers shall use all reasonable efforts to deliver the Title Policies with respect to the Mortgaged Properties owned by Warren and its Subsidiaries on the Warren Acquisition Closing Date, but to the extent any such Title Policies are not available, then, to the extent of those Title Policies not yet available, the Borrowers shall not be required to deliver such Title Policies until ninety (90) days (or such longer period as consented to by the Administrative Agent) following the Warren Acquisition Closing Date; and (b) the Borrowers shall use all reasonable efforts to deliver to the Administrative Agent and the Lenders flood compliance documentation required by applicable laws and regulations with respect to each location of Warren or any of its Subsidiaries which is expected to become a Mortgaged Property (each, a “Flood Site”) on the Warren Acquisition Closing Date, but to the extent flood compliance documentation required by applicable laws and regulations is not completed for any Flood Site on or prior to the Warren Acquisition Closing Date, subject to the provisions of this clause (b), the Borrowers shall be permitted to consummate the Warren Acquisition notwithstanding the fact that such Flood Site will not be subject to a Mortgage, and a Mortgage will not be required for such Flood Site (and will not be taken for such Flood Site) until the Administrative Agent and the Lenders have received all such flood compliance documentation required by applicable laws and regulations for each such Flood Site, provided, that (i) the Borrowers shall deliver to the Administrative Agent and the Lenders flood compliance documentation required by applicable laws and regulations for each Flood Site, and shall cause each such Flood Site to then become subject to a Mortgage within ninety (90) days (or such longer period as consented to by the Administrative Agent) following the Warren Acquisition Closing Date; and (ii) there shall not be more than ten (10) Flood Sites.

 

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§7.  Amendments to Article VII of the Credit Agreement.  Article VII of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 7.02(j) of the Credit Agreement is hereby amended by deleting Section 7.02(j) in its entirety and restating it as follows:

 

(j)                                    Investments consisting of a Permitted Acquisition, which, for the avoidance of doubt, includes Investments consisting of a Guarantee by a Loan Party of the obligations of another Loan Party to a seller of assets or stock of another Person under any purchase agreement or similar agreement entered into in connection with, or in contemplation of, a Permitted Acquisition, so long as the Loan Party which is the primary obligor thereunder is permitted to enter into such agreement;

 

(b)                                 Section 7.02(m) of the Credit Agreement is hereby amended by deleting the amount “$5,000,000” which appears in Section 7.02(m) and substituting in place thereof the amount “$50,000,000”.

 

(c)                                  Section 7.03(b) of the Credit Agreement is hereby amended by deleting Section 7.03(b) in its entirety and restating it as follows:

 

(b)                                 Indebtedness of a Loan Party in respect of (1) the Senior Unsecured Notes or the Subordinated Debt, and any guarantee obligations of a Loan Party in respect thereof, provided (i) all of the conditions set forth in the definition of “Senior Unsecured Notes” or “Subordinated Debt”, as applicable, have been satisfied at the time of issuance; and (ii) no Default of Event of Default has occurred and is continuing at the time of issuance of such Senior Unsecured Notes or Subordinated Debt, as the case may be, or would exist as a result of such issuance, including, without limitation, with the financial covenants contained herein after giving effect on a pro forma basis to the incurrence of such Indebtedness, and (2) any Indebtedness incurred to refinance, renew, extend or replace such Senior Unsecured Notes or Subordinated Debt, as the case may be, in whole or in part provided that, with respect to any such refinancing, renewal, extension or replacement, (a) the weighted average life to maturity of any such Indebtedness shall not be less than the weighted average life to maturity of then outstanding Credit Agreement Obligations if any, or the Senior Unsecured Notes or Subordinated Debt, as the case may be, as in effect on the date of issuance thereof; (b) the maturity of such Indebtedness shall be no less than six months after the Maturity Date; (c) the aggregate principal amount of such Indebtedness shall not exceed the aggregate principal amount of Indebtedness being so refinanced, renewed, extended or replaced (plus all accrued and unpaid interest thereon and all applicable fees, expenses and prepayment premiums directly related thereto; (d) such Indebtedness remains unsecured; and (e) such Indebtedness meets all of the other criteria set forth in the definition of Senior Unsecured Notes or Subordinated Debt, as applicable;

 

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(d)                                 Section 7.16 of the Credit Agreement is hereby amended by deleting Section 7.16 in its entirety and restating it as follows:

 

7.16                        Bank Accounts. Either (a) establish any bank account other than (i) those set forth in the applicable Loan Party’s Perfection Certificate without the Administrative Agent’s prior written consent and (ii) other deposit accounts established by a Loan Party after the date hereof in connection with a Receivables Sales Agreement entered into in compliance with Section 7.05(h) hereof for the sole purposes of collecting proceeds from Accounts Receivable sold to an AR Buyer under such Receivables Sales Agreement so long as the provisions of Section 6.12 are complied with (to the extent applicable); (b) violate directly or indirectly any Lock Box Agreement or any control agreement in favor of the Administrative Agent for the benefit of the Administrative Agent and the Lenders with respect to such account; (c) deposit into any of the payroll accounts set forth in the applicable Loan Party’s Perfection Certificate any amounts in excess of amounts necessary to pay current payroll obligations from such accounts; (d) at any time allow any amount in excess of $150,000 to remain in any of the accounts identified in the applicable Loan Party’s Perfection Certificate as “petty cash” accounts; or (e) allow any collected funds (other than nominal amounts not in excess of $500 and after taking into account any checks which the Loan Parties may have written and mailed or otherwise tendered to the payee thereof) to remain in any account which is not with the Administrative Agent (other than those accounts identified in the applicable Loan Party’s Perfection Certificate as “petty cash” accounts unless the Administrative Agent or the Loan Parties have requested that the amounts in such accounts be transferred to the Lock Box Account or the Operating Account on a weekly or more frequent basis) at the close of business on the day each week (or other, more frequent period requested by the Administrative Agent or any Loan Party) on which amounts in such accounts are to be transferred to the Lock Box Account.

 

(e)                                  Section 7.17 of the Credit Agreement is hereby amended by deleting Section 7.17 in its entirety and restating it as follows:

 

7.17                        Sanctions; Anti-Corruption.  (a) Use the proceeds of any Credit Extension, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swing Line Lender, or otherwise) of Sanctions; or (b) directly or indirectly use the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, or other similar legislation in other jurisdictions.

 

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§8.  Amendment to Section 8.01 of the Credit Agreement.  Section 8.01 of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 8.01(f) of the Credit Agreement is hereby amended by deleting each reference to “the Basin JV” which appears in Section 8.01(f) and substituting in each place thereof the words “any Non-Wholly Owned JV”.

 

(b)                                 Section 8.01(g) of the Credit Agreement is hereby amended by deleting each reference to “the Basin JV” which appears in Section 8.01(g) and substituting in each place thereof the words “any Non-Wholly Owned JV”.

 

§9.  Amendments to Article X of the Credit Agreement.  Article X of the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 10.02(b) of the Credit Agreement is hereby amended by deleting the words “delivered or furnished by electronic communication (including email and Internet or intranet websites)” which appear in the first sentence of Section 10.02(b) and substituting in place thereof the words “delivered or furnished by electronic communication (including email, FpML messaging, and Internet or intranet websites)”.

 

(b)                                 Section 10.02(c) of the Credit Agreement is hereby amended by deleting the words “any Loan Party’s or the Administrative Agent’s transmission of Borrower Materials through the Internet” which appear in Section 10.02(c) and substituting in place thereof the words “any Loan Party’s or the Administrative Agent’s transmission of Borrower Materials or notices through the platform, any other electronic platform or electronic messaging service, or through the Internet”.

 

(c)                                  Section 10.02(e) of the Credit Agreement is hereby amended by deleting the words “(including telephonic or electronic Loan Notices, Letter of Credit Applications and Swing Line Loan Notices)” which appear in Section 10.02(e) and substituting in place thereof the words “(including telephonic notices, Loan Notices, Letter of Credit Applications and Swing Line Loan Notices)”.

 

(d)                                 Section 10.17 of the Credit Agreement is hereby amended by deleting Section 10.17 in its entirety and restating it as follows:

 

10.17                 Electronic Execution of Assignments and Certain Other Documents. The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Loan Notices, Swing Line Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent

 

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and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

 

§10.  Conditions to Effectiveness. This Second Amendment will become effective as of the date hereof upon receipt by the Administrative Agent of the following:

 

(a)                                 the fully executed original counterparts of this Second Amendment executed by the Loan Parties, the Administrative Agent and the required Lenders;

 

(b)                                 the fully executed original counterparts of the Fee Letter, executed by the Borrowers and the Administrative Agent;

 

(c)                                  receipt by the Administrative Agent for the account of each Lender approving this Second Amendment and sending to the Administrative Agent its fully executed and delivered signature page hereto for receipt by the Administrative Agent by not later than 5:00 p.m. (Eastern time) on October 20, 2014, a fee in an amount of 10 basis points on the amount of such Lender’s WC Commitment and Revolver Commitment as in effect on the date hereof (without giving effect to any Committed Amount by an Increasing Lender); and

 

(d)                                 receipt by the Administrative Agent of a certificate from the Loan Parties certifying (i) that the representations and warranties of the Loan Parties contained in Article V of the Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct on the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this paragraph (d), the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Credit Agreement and (ii) no Default or Event of Default has occurred and is continuing as of the date hereof.

 

§11.  Effectiveness of Accordion Increase. The Accordion Increase shall be effective, so long as the Increase Termination Date has not occurred and so long as all flood compliance documentation required by applicable law has been delivered to the Administrative Agent and made available to the Lenders, one Business Day after receipt by the Administrative Agent of a written notice from the Borrowers specifying that the Borrowers have elected to increase the Aggregate Revolver Commitment in accordance with the terms of this Second Amendment, which notice shall specify whether such increase is in the amount of $75,000,000 or $150,000,000 (and any failure to so specify shall be deemed an election by the Borrowers to increase in the amount of $150,000,000) and payment by the Borrowers of the fees contemplated in the Fee Letter and any applicable Ticking Fee.  The Administrative Agent will promptly notify each Lender of the occurrence

 

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of the Accordion Increase.  To the extent the Increase Termination Date occurs prior to the Accordion Increase becoming effective, then effective on such Increase Termination Date, each such Increasing Lender’s commitment to increase its respective Revolver Commitment with respect to the Accordion Increase shall automatically terminate on such date and be permanently reduced to zero.

 

§12.                        Representations and Warranties.  Each of the Loan Parties hereby repeats, on and as of the date hereof, each of the representations and warranties made by it in Article V of the Credit Agreement, provided, that all references therein to the Credit Agreement shall refer to such Credit Agreement as amended hereby.  In addition, each of the Loan Parties hereby represents and warrants that the execution and delivery by such Loan Party of this Second Amendment and the performance by each such Loan Party of all of its agreements and obligations under the Credit Agreement as amended hereby and the other Loan Documents to which it is a party are within the corporate, partnership and/or limited liability company authority of each of the Loan Parties and have been duly authorized by all necessary corporate, partnership and/or membership action on the part of each of the Loan Parties.

 

§13.                        Ratification, Etc.  Except as expressly amended hereby, the Credit Agreement and all documents, instruments and agreements related thereto, including, but not limited to the Security Documents, are hereby ratified and confirmed in all respects and shall continue in full force and effect.  The Credit Agreement and this Second Amendment shall be read and construed as a single agreement.  All references in the Credit Agreement or any related agreement or instrument to the Credit Agreement shall hereafter refer to the Credit Agreement as amended hereby.  This Second Amendment shall constitute a Loan Document.

 

§14.                        No Waiver.  Nothing contained herein shall constitute a waiver of, impair or otherwise affect any Obligations, any other obligation of the Loan Parties or any rights of the Administrative Agent, the L/C Issuer, the Swing Line Lender, the Alternative Currency Fronting Lender, the Syndication Agent, the Co-Documentation Agents or the Lenders consequent thereon.

 

§15.                        Counterparts.  This Second Amendment may be executed in one or more counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

§15.                        Governing Law.  THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment as a document under seal as of the date first above written.

 

	
 
    	
GLOBAL   OPERATING LLC
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Daphne   H. Foster
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
GLOBAL   COMPANIES LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Daphne   H. Foster
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
GLOBAL   MONTELLO GROUP CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Daphne   H. Foster
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CHELSEA   SANDWICH LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Daphne   H. Foster
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GLEN   HES CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Daphne   H. Foster
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    

 

17

 

	
 
    	
GLP   FINANCE CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Gregory   B. Hanson
    
	
 
    	
 
    	
Title:   Treasurer
    
	
 
    	
 
    
	
 
    	
GLOBAL   ENERGY MARKETING LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Gregory   B. Hanson
    
	
 
    	
 
    	
Title:   Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GLOBAL   ENERGY MARKETING II LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Gregory   B. Hanson
    
	
 
    	
 
    	
Title:   Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ALLIANCE   ENERGY LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Gregory   B. Hanson
    
	
 
    	
 
    	
Title:   Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CASCADE   KELLY HOLDINGS LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Gregory   B. Hanson
    
	
 
    	
 
    	
Title:   Treasurer
    

 

18

 

	
 
    	
GLOBAL   CNG LLC
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Gregory   B. Hanson
    
	
 
    	
 
    	
Title:   Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GLOBAL   PARTNERS LP
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Gregory   B. Hanson
    
	
 
    	
 
    	
Title:   Treasurer
    

 

19

 

	
 
    	
BANK   OF AMERICA, N.A., as
    
	
 
    	
Administrative   Agent
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Liliana   Claar
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Liliana   Claar
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    
					

 

20

 

	
 
    	
BANK   OF AMERICA, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jordan Forester
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Jordan   Forester
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Assistant   Vice President
    
					

 

21

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Dan   Bueno
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Dan   Bueno
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Authorized   Officer
    
					

 

22

 

	
 
    	
CITIZENS   BANK, N.A., (F/K/A RBS CITIZENS NA), as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jason Upham
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Jason   Upham
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Assistant   Vice President
    
					

 

23

 

	
 
    	
WELLS   FARGO BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Daniel   M. Grondin
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Daniel   M. Grondin
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Senior   Vice President
    
					

 

24

 

	
 
    	
SOCIETE   GENERALE, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michiel V.M. Van Der Voort
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Michiel   V.M. Van Der Voort
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    
					

 

25

 

	
 
    	
BNP   PARIBAS, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Matthew   L. Rosetti
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Matthew   L. Rosetti
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Keith   Richards
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Keith   Richards
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Director
    
							

 

26

 

	
 
    	
COOPERATIEVE   CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND” NEW YORK   BRANCH, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Chung-Taek   Oh
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Chung-Taek   Oh
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Executive   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lionel Autret
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Lionel   Autret
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Executive   Director
    

 

27

 

	
 
    	
BMO   HARRIS FINANCING, INC., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Matthew   L. Davis
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Matthew   L. Davis
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

28

 

	
 
    	
THE   BANK OF TOKYO-MITSUBISHI UFJ, LTD. NY BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Andrew   Oram
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Andrew   Oram
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    

 

29

 

	
 
    	
SANTANDER   BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/William   Maag
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Willima   Maag
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    

 

30

 

	
 
    	
CREDIT   AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Mark   Lvoff
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Mark   Lvoff
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Zali   Win
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Zali   Win
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    

 

31

 

	
 
    	
NATIXIS,   NEW YORK BRANCH, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/David   Pershad
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
David   Pershad
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Alisa   Trani
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Alisa   Trani
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Director
    

 

32

 

	
 
    	
SUMITOMO   MITSUI BANKING CORPORATION, NY BRANCH, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/James   D. Weinstein
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
James   D. Weinstein
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    

 

33

 

	
 
    	
DEUTSCHE   BANK AG, NEW YORK BRANCH, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chris Chapman
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Chris   Chapman
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Shai   Bandner
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Shai   Bandner
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

34

 

	
 
    	
TD   BANK, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Vijay   Prasad
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Vijay   Prasad
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

35

 

	
 
    	
KEYBANK   NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Keven   D. Smith
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Keven   D. Smith
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

36

 

	
 
    	
BARCLAYS   BANK PLC, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Ronnie   Glenn
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Ronnie   Glenn
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

37

 

	
 
    	
REGIONS   BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Richard   Kaufman
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Richard   Kaufman
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

38

 

	
 
    	
RAYMOND   JAMES BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Scott   G. Axelrod
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Scott   G. Axelrod
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

39

 

	
 
    	
PEOPLE’S   UNITED BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Michael   Foster
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Michael   Foster
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Assistant   Vice President
    

 

40

 

	
 
    	
THE   HUNTINGTON NATIONAL BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Jared   Shaner
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Jared   Shaner
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

41

 

	
 
    	
WEBSTER   BANK, NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Carol   Carver
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Carol   Carver
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

42

 

	
 
    	
FIRST   NIAGARA BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Robert   Dellatorre
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Robert   Dellatorre
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

43

 

	
 
    	
CADENCE   BANK, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Mike   Ross
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Mike   Ross
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Executive   Vice President
    

 

44

 

	
 
    	
RB   INTERNATIONAL FINANCE (USA) LLC, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Astrid   Wilke
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Astrid   Wilke
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Group   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Pearl   Geffers
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Pearl   Geffers
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
First   Vice President
    

 

45

 

	
 
    	
BLUE   HILLS BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Kelley   Keefe
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Kelley   Keefe
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

46

 

	
 
    	
CUSTOMERS   BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/James   B. Daley
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
James   B. Daley
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

47

 

RATIFICATION OF GUARANTY

 

Each of the undersigned guarantors (each a “Guarantor”) hereby acknowledges and consents to the foregoing Second Amendment as of October 20, 2014, and agrees that each of (a) the Second Amended and Restated Guaranty dated as of December 16, 2013 (as amended and in effect from time to time, the “Original Guaranty”) from each of Global Partners LP and Bursaw Oil LLC; and (b) the Guarantee dated as of September 8, 2014 (as amended and in effect from time to time, the “Canada Guaranty”) from Global Partners Energy Canada ULC remains in full force and effect, and each of the Guarantors confirms and ratifies all of its obligations thereunder and under each of the other Loan Documents to which such Guarantor is a party. Notwithstanding anything to the contrary contained herein, the parties thereto hereby acknowledge, agree and confirm that as of the date hereof, each of the Original Guaranty and the Canada Guaranty remains in full force and effect.

 

	
 
    	
GLOBAL   PARTNERS LP
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Daphne   H. Foster
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
BURSAW   OIL LLC
    
	
 
    	
By:   Alliance Energy LLC, its sole member
    
	
 
    	
By:   Global Operating LLC, its sole member
    
	
 
    	
By:   Global Partners LP, its sole member
    
	
 
    	
By:   Global GP LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Daphne   H. Foster
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GLOBAL   PARTNERS ENERGY CANADA ULC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Daphne   H. Foster
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    

 

48

 

Exhibit A

 

	
Increasing Lender
    	
 
    	
Committed Amount if
   Borrowers Elect $150,000,000
   Increase
    	
 
    	
Committed Amount if
   Borrowers Elect $75,000,000
   Increase
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Customers Bank
    	
 
    	
$
    	
14,400,000
    	
 
    	
$
    	
7,200,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Bank of America, N.A.
    	
 
    	
$
    	
11,600,000
    	
 
    	
$
    	
5,800,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
BNP Paribas
    	
 
    	
$
    	
11,600,000
    	
 
    	
$
    	
5,800,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Citizens Bank, N.A.
    	
 
    	
$
    	
11,600,000
    	
 
    	
$
    	
5,800,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
JP Morgan Chase Bank, N.A.
    	
 
    	
$
    	
11,600,000
    	
 
    	
$
    	
5,800,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Societe Generale
    	
 
    	
$
    	
11,600,000
    	
 
    	
$
    	
5,800,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
The Bank of Tokyo-Mitsubishi UFJ, Ltd. NY   Branch
    	
 
    	
$
    	
11,600,000
    	
 
    	
$
    	
5,800,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Wells Fargo Bank, N.A.
    	
 
    	
$
    	
11,600,000
    	
 
    	
$
    	
5,800,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
BMO Harris Financing, Inc.
    	
 
    	
$
    	
7,800,000
    	
 
    	
$
    	
3,900,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Cooperatieve Centrale Raiffeisen-Boerenleenbank   B.A., “Rabobank Nederland” New York Branch
    	
 
    	
$
    	
7,800,000
    	
 
    	
$
    	
3,900,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Santander Bank, N.A.
    	
 
    	
$
    	
7,800,000
    	
 
    	
$
    	
3,900,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Sumitomo Mitsui Banking Corporation, NY Branch
    	
 
    	
$
    	
6,550,000
    	
 
    	
$
    	
3,275,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Natixis, New York Branch
    	
 
    	
$
    	
5,200,000
    	
 
    	
$
    	
2,600,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
The Huntington National Bank
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
2,500,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Credit Agricole Corporate and Investment Bank
    	
 
    	
$
    	
4,550,000
    	
 
    	
$
    	
2,275,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Regions Bank
    	
 
    	
$
    	
4,200,000
    	
 
    	
$
    	
2,100,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Cadence Bank, N.A.
    	
 
    	
$
    	
3,000,000
    	
 
    	
$
    	
1,500,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Blue Hills Bank
    	
 
    	
$
    	
2,500,000
    	
 
    	
$
    	
1,250,000
    	
 
    

 

49

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