Document:

H.B. Fuller Company Management Short-Term Incentive Plan

 Exhibit 10.1 
  

			
	 

  
	  	 Rewards - Compensation
 Management Short-Term Incentive
 (STI) Plan

	  
	  
	 	  	

  

			
	Purpose	 	The STI plan provides an annual performance-based cash bonus opportunity for eligible employees. This is intended to achieve a number of goals including:
		
		 	 •     Emphasizing the Company’s commitment to competitive compensation
practices;

		
		 	 •     Driving a high performance culture;

		
		 	 •     Assuring accountability;

		
		 	 •     Focusing on results, not activity; and

		
		 	 •     Reinforcing the importance of measurable and aligned goals and
objectives.

		
	Eligibility	 	To participate in the STI Plan, an employee must:
		
		 	 •     Be a regular full-time or part-time employee of the Company in job grades 25 or higher.
Consultants and temporary agency employees performing services at Company facilities are not eligible to participate;

		
		 	 •     Not qualify as a participant in any other Company variable compensation program (such as
sales or unit performance bonus programs).

		
		 	To receive payment under the STI Plan, the participant must:
		
		 	 •     Be actively employed as of fiscal year-end

		
	Plan Design	 	The plan design is based on financial metrics. The metrics will vary based on position and will generally include the following:
		
		 	 •     Operating Income*

		
		 	 •     Net Working Capital**

		
		 	 •     Organic Sales

		
		 	 •     Earnings Per Share

		
		 	 *       Operating Income used as a proxy for EBITDA

		 	 **     Net Working Capital used as a proxy for ROGI

		
		 	There will be 5 design standards, as follows:
		
		 	 •     Region

		
		 	 •     Region – Operations or Sales Management

		
		 	 •     Corporate/Global

		
		 	 •     Business Unit, Country, Sub Region

		
		 	 •     Global Accounts, Industry, Program

  

  
 Page 1 of 7 

			
	 

  
	 	 Rewards - Compensation
 Management Short-Term Incentive
 (STI) Plan

	 
	 
	 	 	

  

			
		  	Participant’s plan design will be based on position. Details of the design are as follows:
		
		  	 •     Region Standard

		
		  	 •     Applies generally to region roles, with the exception of sales and
operations.

  

									
	 	  	Metric & Weighting Per
Metric
	  	  	EPS	 	Region Organic
Revenue	 	Region EBITDA
($) / OI	 	ROGI / Net
Working Capital
	 EC Member
	  	30%	 	40%	 	20%	 	10%
	 Standard
	  	25%	 	40%	 	25%	 	10%

  

			
		  	 •     Region – Operations or Region Sales Management

  

									
	 	  	Metric & Weighting Per
Metric
	  	  	EPS	 	Operations Scorecard (for Ops roles);
Organic Revenue in area of responsibility
(ie Director Perf Pkg)	 	Region EBITDA
($) / OI	 	Region ROGI / Net
Working Capital
	 Standard
	  	25%	 	40%	 	25%	 	10%

  

			
		  	 •     Corporate/Global

		
		  	 •     Applies to corporate functions such as Finance, HR, Legal, Marketing,
Technology

  

											
	 	  	Metric & Weighting Per
Metric
	  	  	EPS	 	NA Composite	 	EU Composite	 	AP Composite	 	LA Composite
	 Standard
	  	30%	 	25%	 	20%	 	12.5%	 	12.5%

  

			
		  	 •     Region composite is the combination of Region Organic Revenue, EBITDA/Operating Income, and
ROGI/Net Working Capital results

		
		  	 •     Business Unit, Country, Sub Region

  

											
	 	  	Metric & Weighting Per
Metric
	  	  	EPS	 	Region
Composite	 	BU/Country/Sub Region
Organic Revenue or
Operations Scorecard	 	 BU/Country/Sub
 Region EBITDA / OI
	 	BU/Country/Sub
Region ROGI / Net
Working
Capital
	 Standard
	  	15%	 	20%	 	35%	 	20%	 	10%

  

			
		  	 •     Global Accounts, Global Industry, Global Program

  

													
	 	  	Metric & Weighting Per
Metric
	  	  	EPS	 	Global Account,
Industry or Program
Sales	 	NA Composite	 	EU Composite	 	AP Composite	 	LA Composite
	 Standard
	  	15%	 	30%	 	20%	 	15%	 	10%	 	10%

  

			
		  	CEO Plan Design:

  

							
	Metric & Weighting Per Metric
	EPS	 	HBF Organic Revenue	 	HBF EBITDA ($) / OI	 	HBF ROGI / Net
Working Capital
	30%	 	40%	 	20%	 	10%

  

  
 Page 2 of 7 

			
	 

  
	 	 Rewards - Compensation
 Management Short-Term Incentive
 (STI) Plan

	 
	 
	 	 	

  

			
		  	Target
		
		  	 •     Each metric will have a target level of performance. Payout will be determined for each
metric based on performance relative to target. The target levels of performance will be established at the beginning of each fiscal year.

		
		  	Threshold
		
		  	 •     Threshold performance levels will be established for each metric as
follows:

		
		  	 •     Sales, Organic Revenue: 85% of target

		
		  	 •     Operating Income: 80% of target

		
		  	 •     Net Working Capital: 80% of target

		
		  	 •     EPS: 80% of target

		
		  	 •     Operations Metrics: 80-90% of target, varies by metric

		
		  	 •     Payout at the threshold level of performance will be 50% of the target allocated to that
metric.

		
		  	Superior
		
		  	 •     Superior performance levels will be established for each metric as
follows:

		
		  	 •     Sales, Organic Revenue: 105% of target

		
		  	 •     Operating Income: 115% of target

		
		  	 •     Net Working Capital: 115% of target

		
		  	 •     EPS: 115% of target

		
		  	 •     Operations Metrics: 110-120% of target, varies by metric

		
		  	 •     Payout at the superior level of performance will be 150% of the target allocated to that
metric.

		
		  	See Appendix for payout schedule.
		
		  	Superior Stretch Goal – Executive Committee
		
		  	 •     Additional superior goals will be established for metrics for the EC members as
follows:

		
		  	 •     Organic Revenue: 110% of target

		
		  	 •     Operating Income: 125% of target

		
		  	 •     Net Working Capital: 125% of target

		
		  	 •     EPS: 125% of target

		
		  	 •     Payout at the superior stretch goal will be 200% of the target allocated to that
metric

		
	Payment	  	Payment will be made in cash, subject to taxes and deductions as applicable. Payment will be made as close as possible to January 31 following the conclusion of the relevant
Plan Year, but will be made no later than March 15th of the calendar year following the Plan Year.
		
	Participant Status Changes	  	If a participant begins employment with the company during the Plan Year, bonus potential will be pro-rated for the time the participant was employed during the Plan
Year.
		
		  	If a participant transfers jobs and changes plan design standards, potential bonus will be pro- rated for the time spent in each job.

  

  
 Page 3 of 7 

			
	 

  
	 	 Rewards - Compensation
 Management Short-Term Incentive
 (STI) Plan

	 
	 
	 	 	

  

			
	Administration	  	Participants may direct questions about the STI Plan to their local management or human resources representatives.
		
		  	The Compensation Committee of the Board of Directors shall make a certification decision with respect to performance of financial metrics and consider extraordinary circumstances
that may have positively or negatively impacted the achievement of the objectives. The Board or management in their discretion, reserves the right at any time to enhance, diminish or terminate all or any portion of any compensation plan or program,
on a collective or individual basis.
		
	Relevant Terms	  	Actively Employed – A full-time or part-time employee on the Company payroll. It excludes any employee who has been terminated from employment with the Company –
voluntarily or involuntarily – in advance of fiscal year-end.
		
		  	Company – H.B. Fuller Company and its wholly owned subsidiaries.
		
		  	Eligible Earnings – Varies by region and country
		
		  	Payment – The cash reward payable after conclusion of the Plan Year.
		
		  	Plan Year – The relevant Company fiscal year.
		
		  	Short Term Incentive (STI) Plan – The program described herein. May also be referred to as “STIP” or “STI Plan”.

  

  
 Page 4 of 7 

			
	 

  
	 	 Rewards - Compensation
 Management Short-Term Incentive
 (STI) Plan

	 
	 
	 	 	

  

					
	Appendix	 		 	
	 	 	 STIP Payment schedule for Organic
 Revenue

	 	 Metric
 Performance
	 	 Payout (as % of
 target)

	 	105%	 	150.0%
	 	104%	 	140.0%
	 	103%	 	130.0%
	 	102%	 	120.0%
	 	101%	 	110.0%
	 	100%	 	100.0%
	 	99%	 	96.7%
	 	98%	 	93.3%
	 	97%	 	90.0%
	 	96%	 	86.7%
	 	95%	 	83.3%
	 	94%	 	80.0%
	 	93%	 	76.7%
	 	92%	 	73.3%
	 	91%	 	70.0%
	 	90%	 	66.7%
	 	89%	 	63.3%
	 	88%	 	60.0%
	 	87%	 	56.7%
	 	86%	 	53.3%
	 	85%	 	50.0%

					
	 	 	 STIP Payment Schedule for EPS,
EBITDA/Operating Income, ROGI/Net
 Working Capital

	 	 Metric
 Performance
	 	 Payout (as % of
 target)

	 	115%	 	150.0%
	 	114%	 	146.7%
	 	113%	 	143.3%
	 	112%	 	140.0%
	 	111%	 	136.7%
	 	110%	 	133.3%
	 	109%	 	130.0%
	 	108%	 	126.7%
	 	107%	 	123.3%
	 	106%	 	120.0%
	 	105%	 	116.7%
	 	104%	 	113.3%
	 	103%	 	110.0%
	 	102%	 	106.7%
	 	101%	 	103.3%
	 	100%	 	100.0%
	 	99%	 	97.5%
	 	98%	 	95.0%
	 	97%	 	92.5%
	 	96%	 	90.0%
	 	95%	 	87.5%
	 	94%	 	85.0%
	 	93%	 	82.5%
	 	92%	 	80.0%
	 	91%	 	77.5%
	 	90%	 	75.0%
	 	89%	 	72.5%
	 	88%	 	70.0%
	 	87%	 	67.5%
	 	86%	 	65.0%
	 	85%	 	62.5%
	 	84%	 	60.0%
	 	83%	 	57.5%
	 	82%	 	55.0%
	 	81%	 	52.5%
	 	80%	 	50.0%

  

			
		 	 •     Payout is calculated for each incremental increase in performance (straight line
interpolation).

		
		 	 •     EC members have an additional stretch superior goal as follows:

		
		 	 •     Organic Revenue: Payout is calculated at an additional 10% for each incremental increase in
performance up to 110% of metric performance (straight line interpolation).

		
		 	 •     EPS, EBITDA/Operating Income, ROGI/Net Working Capital: Payout is calculated at an additional
5% for each incremental increase in performance up to 125% of metric performance (straight line interpolation).

  

  
 Page 5 of 7 

			
	 

  
	 	 Rewards - Compensation
 Management Short-Term Incentive
 (STI) Plan

	 
	 
	 	 	

  

 Calculation Guidelines 
  

			
		  	 1.      Company EPS. As reported adjusted for STIP & UPB accruals (see below).

		
		  	 2.      Organic Revenue. The reported revenue is adjusted for the
following:

		
		  	 a.      Currency impact compared to budgeted exchange rates for Europe and Asia Pacific regions.

		
		  	 3.      HBF Operating Income. The reported operating income is adjusted for the
following:

		
		  	 a.      STIP & UPB accruals (see below).

		
		  	 b.      Currency impact compared to budgeted exchange rates for the Europe and Asia Pacific
regions.

		
		  	 4.      Net Working Capital (NWC) as a percentage of Net Revenue.

		
		  	 a.      NWC includes net trade accounts receivable plus inventory minus trade accounts payable.

		
		  	 b.      NWC % for a quarter is determined by dividing NWC by the quarter’s annualized trade
revenue.

		
		  	 c.      Annualized trade revenue is the trade revenue for the quarter multiplied by
4.

		
		  	 d.      The percentage is determined by dividing NWC by the annualized
sales.

		
		  	 e.      The metric is determined by taking the average of the four quarters of the
year.

		
		  	 f.       Inventory for a region is valued using the FIFO (first in, first out)
method.

		
		  	 g.      Inventory for H.B. Fuller is valued using the LIFO (Last in, first out)
method.

		
		  	 h.      Any increases in working capital or revenue from acquisitions during the year are
excluded.

		
		  	 5.      Fully allocated regional operating income.

		
		  	 a.      Regional operating income targets include corporate governance allocation at budget.

		
		  	 b.      For evaluating performance against target, the actual corporate governance allocation is
adjusted to reflect Corporate STIP and UPB accruals at target.

		
		  	 c.      The corporate governance allocation is not to be included in determining targets or
performance below the regional level.

		
		  	 6.      Impact of STIP & UPB accruals. For income related metrics, performance
is evaluated assuming the STIP and UPB accruals are at target.

		
		  	 7.      North America. Basis of targets is US dollars. For purposes of determining
performance against targets, there is to be no adjustment back to budgeted exchange rates for Canada.

  

  
 Page 6 of 7 

			
	 

  
	 	 Rewards - Compensation
 Management Short-Term Incentive
 (STI) Plan

	 
	 
	 	 	

  

			
		
		  	 8.      Europe.

		
		  	 a.      Revenue, operating income and NWC are in Euros.

		
		  	 b.      The actual corporate governance allocation will be converted to Euros at the budgeted
exchange rate of .702 for determining performance against the operating income target.

		
		  	 9.      Latin America. Basis of targets is the US dollar. For purposes of determining
performance against targets, there is to be no adjustment back to budgeted exchange rates for individual countries.

		
		  	 10.    Asia Pacific. For revenue and income metrics expressed in US dollars, the budgeted exchange
rates will be used to assess performance.

		
		  	 11.    Region Composites. The region composite is the combined results of Organic Revenue,
Operating Income, and Net Working Capital. Performance for each of these metrics is assessed, and a payment percent is determined for each metric (per the Payment Schedule). These payment percents are applied, based on the metric weighting, to
determine the overall payment percent for the composite.

		
		  	 12.    In calculating the results, the following adjustments will be made:

		
		  	 a.      Individual legal settlements (payments or receipts) with a value (net of insurance) of
$3 million or greater will not be included in metric calculations.

		
		  	 b.      Any unbudgeted reorganization or restructuring-related items which cannot be offset by
related benefits in the fiscal year will not be included in metric calculations.

		
		  	 c.      Unbudgeted acquisitions and divestitures will be excluded from all actual and target
metric calculations, as applicable.

		
		  	 d.      Any unbudgeted asset write-downs in excess of $2 million will not be included in metric
calculations.

  

  
 Page 7 of 7Form of Deposit Agreement

 Exhibit 4.3 
  
  
  

			
	DEPOSIT AGREEMENT BETWEEN	  	
	JINKOSOLAR HOLDING CO., LTD.	  	
	AND	  	
	JPMORGAN CHASE BANK, N.A. as	  	
	Depositary	  	
	AND	  	
	HOLDERS OF AMERICAN DEPOSITARY	  	
	RECEIPTS	  	

	  
 WORLDWIDE SECURITIES SERVICES
 jpmorgan.com
	  

  
  
  

 

 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	PARTIES	  	1
	RECITALS	  	1
			
	Section 1.	  	Certain Definitions	  	
	 (a)
	  	 ADR Register
	  	1
	 (b)
	  	 ADRs; Direct Registration ADRs
	  	1
	 (c)
	  	 ADS
	  	1
	 (d)
	  	 Custodian
	  	1
	 (e)
	  	 Deliver, execute, issue et al.
	  	1
	 (f)
	  	 Delivery Order
	  	2
	 (g)
	  	 Deposited Securities
	  	2
	 (h)
	  	 Direct Registration System
	  	2
	 (i)
	  	 Holder
	  	2
	 (j)
	  	 Securities Act of 1933
	  	2
	 (k)
	  	 Securities Exchange Act of 1934
	  	2
	 (l)
	  	 Shares
	  	2
	 (m)
	  	 Transfer Office
	  	2
	 (n)
	  	 Withdrawal Order
	  	2
	Section 2.	  	ADRs	  	2
	Section 3.	  	Deposit of Shares	  	3
	Section 4.	  	Issue of ADRs	  	4
	Section 5.	  	Distributions on Deposited Securities	  	4
	Section 6.	  	Withdrawal of Deposited Securities	  	4
	Section 7.	  	Substitution of ADRs	  	4
	Section 8.	  	Cancellation and Destruction of ADRs	  	5
	Section 9.	  	The Custodian	  	5
	Section 10.	  	Co-Registrars and Co-Transfer Agents	  	5
	Section 11.	  	Lists of Holders	  	5
	Section 12.	  	Depositary’s Agents	  	5
	Section 13.	  	Successor Depositary	  	6
	Section 14.	  	Reports	  	6
	Section 15.	  	Additional Shares	  	7
	Section 16.	  	Indemnification	  	7
	Section 17.	  	Notices	  	8
	Section 18.	  	Miscellaneous	  	9
	Section 19.	  	Consent to Jurisdiction	  	9
	TESTIMONIUM	  	11
	SIGNATURES	  	11

  

 – i – 

 

 
  

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

  

 – ii – 

 

 
  

 DEPOSIT AGREEMENT dated as of [DATE] , 2010 (the “Deposit Agreement”) among
JinkoSolar Holding Co., Ltd. and its successors (the “Company”), JPMORGAN CHASE BANK, N.A., as depositary hereunder (the “Depositary”), and all holders from time to time of American Depositary Receipts issued hereunder
(“ADRs”) evidencing American Depositary Shares (“ADSs”) representing deposited Shares (defined below). The Company hereby appoints the Depositary as depositary for the Deposited Securities and hereby authorizes and directs the
Depositary to act in accordance with the terms set forth in this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in Section 1 or elsewhere in this Deposit Agreement. The parties hereto agree as follows:

 1. Certain Definitions. 
 (a) “ADR Register” is defined in paragraph (3) of the form of ADR. 
 (b) “ADRs” mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct Registration ADRs. ADRs in physical certificated form, and the terms and
conditions governing the Direct Registration ADRs (as hereinafter defined), shall be substantially in the form of Exhibit A annexed hereto (the “form of ADR”). The term “Direct Registration ADR” means an ADR, the
ownership of which is recorded on the Direct Registration System. References to “ADRs” shall include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated herein and
made a part hereof; the provisions of the form of ADR shall be binding upon the parties hereto. 
 (c) Subject to paragraph
(13) of the form of ADR, each “ADS” evidenced by an ADR represents the right to receive [EXCHANGE] Shares and a pro rata share in any other Deposited Securities. 
 (d) “Custodian” means the agent or agents of the Depositary (singly or collectively, as the context requires) and any
additional or substitute Custodian appointed pursuant to Section 9. 
 (e) The terms “deliver”,
“execute”, “issue”, “register”, “surrender”, “transfer” or “cancel”, when used with respect to Direct Registration ADRs, shall refer to an entry or
entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or
cancellation of certificates representing the ADRs. 
  

 1 

 

 
  

 (f) “Delivery Order” is defined in Section 3. 
 (g) “Deposited Securities” as of any time means all Shares at such time deposited under this Deposit Agreement and any and
all other Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and other Shares, securities, property and cash. 
 (h) “Direct Registration System” means the system for the uncertificated registration of ownership of securities established by
The Depository Trust Company (“DTC”) and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued
by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC which provides for automated transfer of ownership between DTC and the
Depositary. 
 (i) “Holder” means the person or persons in whose name an ADR is registered on the ADR Register.

 (j) “Securities Act of 1933” means the United States Securities Act of 1933, as from time to time amended.

 (k) “Securities Exchange Act of 1934” means the United States Securities Exchange Act of 1934, as from time
to time amended. 
 (l) “Shares” mean the ordinary shares of the Company, and shall include the rights to
receive Shares specified in paragraph (1) of the form of ADR. 
 (m) “Transfer Office” is defined in
paragraph (3) of the form of ADR. 
 (n) “Withdrawal Order” is defined in Section 6. 
 2. ADRs. (a) ADRs in certificated form shall be engraved, printed or otherwise reproduced at the discretion of the Depositary in
accordance with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with
such changes as may be required by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate any special limitations or restrictions to which any particular ADRs are subject.
ADRs may be issued in denominations of any number of ADSs. ADRs in certificated form shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. ADRs in certificated form bearing the
facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such ADRs. 
  

 2 

 

 
  

 (b) Direct Registration ADRs. Notwithstanding anything in this Deposit Agreement
or in the form of ADR to the contrary, ADSs shall be evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder. 
 (c) Holders shall be bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless of whether their ADRs are Direct Registration ADRs or certificated ADRs. 
 3. Deposit of Shares. In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following
in form satisfactory to it: (a) a written order directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order a Direct Registration ADR or ADRs evidencing the number of ADSs representing such
deposited Shares (a “Delivery Order”); (b) proper endorsements or duly executed instruments of transfer in respect of such deposited Shares; (c) instruments assigning to the Depositary, the Custodian or a nominee of either any
distribution on or in respect of such deposited Shares or indemnity therefor; and (d) proxies entitling the Custodian to vote such deposited Shares. As soon as practicable after the Custodian receives Deposited Securities pursuant to any such
deposit or pursuant to paragraph (10) or (13) of the form of ADR, the Custodian shall present such Deposited Securities for registration of transfer into the name of the Depositary, the Custodian or a nominee of either, to the extent such
registration is practicable, at the cost and expense of the person making such deposit (or for whose benefit such deposit is made) and shall obtain evidence satisfactory to it of such registration. Deposited Securities shall be held by the Custodian
for the account and to the order of the Depositary at such place or places and in such manner as the Depositary shall determine. Deposited Securities may be delivered by the Custodian to any person only under the circumstances expressly contemplated
in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may
reasonably accept, including, without limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or an accredited intermediary, such as a bank, acting as a registrar for the Shares,
together with delivery of the documents, payments and Delivery Order referred to herein to the Custodian or the Depositary. 
  

 3 

 

 
  

 4. Issue of ADRs. After any such deposit of Shares, the Custodian shall notify
the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile
transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs registered as
requested and evidencing the aggregate ADSs to which such person is entitled. 
 5. Distributions on Deposited
Securities. To the extent that the Depositary determines in its discretion that any distribution pursuant to paragraph (10) of the form of ADR is not practicable with respect to any Holder, the Depositary may make such distribution as it so
deems practicable, including the distribution of foreign currency, securities or property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or the retention thereof as Deposited Securities with
respect to such Holder’s ADRs (without liability for interest thereon or the investment thereof). 
 6. Withdrawal of
Deposited Securities. In connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, the Depositary may require proper endorsement in blank of such ADR (or duly executed
instruments of transfer thereof in blank) and the Holder’s written order directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written order of,
any person designated in such order (a “Withdrawal Order”). Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail postage prepaid, or, at the request, risk and expense
of the Holder, by cable, telex or facsimile transmission. Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law shall be properly endorsed or accompanied by properly executed instruments of transfer
or, if such certificates may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem practicable, including, without limitation, by transfer of
record ownership thereof to an account designated in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar for the Deposited Securities. 
 7. Substitution of ADRs. The Depositary shall execute and deliver a new Direct Registration ADR in exchange and substitution for any
mutilated certificated ADR upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, upon the Holder
thereof filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary. 
  

 4 

 

 
  

 8. Cancellation and Destruction of ADRs. All ADRs surrendered to the Depositary
shall be cancelled by the Depositary. The Depositary is authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices. 
 9. The Custodian. Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The Depositary reserves the right to add, replace or
remove a Custodian. The Depositary will give the Company prompt notice of any such action, which will be advance notice if practicable. Each Custodian so appointed (other than JPMorgan Chase Bank, N.A.) shall give written notice to the Company and
the Depositary accepting such appointment and agreeing to be bound by the applicable terms hereof. 
 Any Custodian may resign
from its duties hereunder by at least 30 days written notice to the Depositary. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged. Any Custodian ceasing to act hereunder as Custodian shall deliver,
upon the instruction of the Depositary, all Deposited Securities held by it to a Custodian continuing to act. 
 10.
Co-Registrars and Co-Transfer Agents. The Depositary may appoint and remove (i) co-registrars to register ADRs and transfers, combinations and split-ups of ADRs and to countersign ADRs in accordance with the terms of any such appointment
and (ii) co-transfer agents for the purpose of effecting transfers, combinations and split-ups of ADRs at designated transfer offices in addition to the Transfer Office on behalf of the Depositary. Each co-registrar or co-transfer agent (other
than JPMorgan Chase Bank, N.A.) shall give notice in writing to the Company and the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement. 
 11. Lists of Holders. The Company shall have the right to inspect transfer records of the Depositary and its agents and the ADR
Register, take copies thereof and require the Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary or its agent shall furnish to the Company promptly upon the written request of the
Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven days of the Depositary’s receipt of such request. 
 12. Depositary’s Agents. The Depositary may perform its obligations under this Deposit Agreement through any agent appointed by it, provided that the Depositary shall notify the Company of
such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed, subject to paragraph (14) of the form of ADR. 
  

 5 

 

 
  

 13. Successor Depositary. The Depositary may at any time
resign as Depositary hereunder by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. The
Depositary may at any time be removed by the Company by providing no less than 90 days prior written notice of such removal to the Depositary, such removal to take effect the later of (i) the 90th day after such notice of removal is first provided and (ii) the appointment of a successor
depositary and its acceptance of such appointment as hereinafter provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed within the applicable 45-day period (in the case
of resignation) or 90-day period (in the case of removal) as specified in paragraph (17) of the form of ADR, then the Depositary may elect to terminate this Deposit Agreement and the ADR and the provisions of said paragraph (17) shall
thereafter govern the Depositary’s obligations hereunder. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust
company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such
successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, only upon payment of all sums due to it and on the written request
of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification and fees owing, each of which shall survive any such
removal and/or resignation), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADRs. Any such
successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all its American
depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document or any further act. 
 14. Reports. On or before the first date on which the Company makes any communication available to holders of Deposited Securities or any securities regulatory authority or stock exchange, by
publication or otherwise, the Company shall transmit to the Depositary a copy thereof in English or with an English translation or summary. The Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions
of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company and, promptly upon any change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in
English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon the Company’s delivery thereof for all purposes of this Deposit Agreement. 
  

 6 

 

 
  

 15. Additional Shares. Neither the Company nor any company controlling,
controlled by or under common control with the Company shall issue additional Shares, rights to subscribe for Shares, securities convertible into or exchangeable for Shares or rights to subscribe for any such securities or shall deposit any Shares
under this Deposit Agreement, except under circumstances complying in all respects with the Securities Act of 1933. The Depositary will use reasonable efforts to comply with written instructions of the Company not to accept for deposit hereunder any
Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with securities laws in the United States. 
 16. Indemnification. The Company shall indemnify, defend and save harmless each of the Depositary and its agents against any loss,
liability or expense (including reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in connection with the provisions of this Deposit Agreement and of the ADRs, as the same may be amended, modified or
supplemented from time to time in accordance herewith by either the Depositary or its agents or their respective directors, employees, agents and affiliates, except, subject to the penultimate paragraph of this Section 16, for any liability or
expense directly arising out of the negligence or willful misconduct of the Depositary or its agents acting in their capacity as such hereunder. 
 The indemnities set forth in the preceding paragraph shall also apply to any liability or expense which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any
registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of ADSs, except to the extent any such liability or expense arises out of
(i) information relating to the Depositary or its agents (other than the Company), as applicable, furnished in writing by the Depositary and not changed or altered by the Company expressly for use in any of the foregoing documents or
(ii) if such information is provided, the failure to state a material fact necessary to make the information provided not misleading. 
  

 7 

 

 
  

 Except as provided in the next succeeding paragraph, the Depositary shall indemnify,
defend and save harmless the Company against any loss, liability or expense (including reasonable fees and expenses of counsel) incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or expense is due to the
negligence or bad faith of the Depositary or its agents acting in their capacity as such hereunder. 
 Notwithstanding any other
provision of this Deposit Agreement or the ADRs to the contrary, neither the Company nor the Depositary, nor any of their agents, shall be liable to the other for any indirect, special, punitive or consequential damages (collectively “Special
Damages”) except (i) to the extent such Special Damages arise from the gross negligence or willful misconduct of the party from whom indemnification is sought or (ii) to the extent Special Damages arise from or out of a claim brought
by a third party (including, without limitation, Holders) against the Depositary or its agents, except to the extent such Special Damages arise out of the gross negligence or willful misconduct of the party seeking indemnification hereunder.

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

			
	(a)	  	 JPMorgan Chase Bank, N.A.
 Four New York Plaza
 New York, New York 10004
 Attention: ADR Administration
 Fax: (212) 623-0079

		
	(b)	  	 JinkoSolar Holding Co., Ltd.
 1 Jingke Road
 Shangrao Economic Development Zone
 Jiangxi Province, 334100
 People’s Republic of China
 Attention: [Chief Financial Officer]
 Fax: (86-793)
846-1152

  

 8 

 

 
  

 18. Miscellaneous. This Deposit Agreement is for the exclusive benefit of the
Company, the Depositary, the Holders, and their respective successors hereunder, and shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders and owners of ADRs from time to time shall be parties to
this Deposit Agreement and shall be bound by all of the provisions hereof. If any such provision is invalid, illegal or unenforceable in any respect, the remaining provisions shall in no way be affected thereby. This Deposit Agreement may be
executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one instrument. 
 19. Consent to Jurisdiction. The Company irrevocably agrees that any legal suit, action or proceeding against the Company brought by the Depositary or any Holder, arising out of or based upon this Deposit Agreement or the
transactions contemplated hereby, may be instituted in any state or federal court in New York, New York, and irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits
to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company also irrevocably agrees that any legal suit, action or proceeding against the Depositary brought by the Company, arising out of or based upon this
Deposit Agreement or the transactions contemplated hereby, may only be instituted in a state or federal court in New York, New York. The Company has appointed [CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, New York 10011], as its
authorized agent (the “Authorized Agent”) upon which process may be served in any such action arising out of or based on this Deposit Agreement or the transactions contemplated hereby which may be instituted in any state or federal court
in New York, New York by the Depositary or any Holder, and waives any other requirements of or objections to personal jurisdiction with respect thereto. The Company represents and warrants that the Authorized Agent has agreed to act as said agent
for service of process, and the Company agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process
upon the Authorized Agent and written notice of such service to the Company shall be deemed, in every respect, effective service of process upon the Company. If, for any reason, the Authorized Agent named above or its successor shall no longer serve
as agent of the Company to receive service of process in New York, the Company shall promptly appoint a successor acceptable to the Depositary, so as to serve and will promptly advise the Depositary thereof. 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. Notwithstanding the foregoing, any action based on this Deposit
Agreement may be instituted by the Depositary or any Holder in any competent court in the Cayman Islands, Hong Kong or the People’s Republic of China. 
  

 9 

 

 
  

 To the extent that the Company or any of its properties, assets or revenues may have or
may hereafter be entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim,
from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief
or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or other matter under or arising out of or in connection with the Shares or Deposited
Securities, the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and
enforcement. 
 EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR
HOLDER OF INTERESTS IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR
ANY OTHER THEORY). 
  

 10 

 

 
  

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

			
	JINKOSOLAR HOLDING CO., LTD.
		
	By:	 	  

	Name:	 	
	Title	 	
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	  

	Name:	 	
	Title:	 	Vice President

  

 11 

 

 
  

 EXHIBIT A 
 ANNEXED TO AND INCORPORATED IN 
 DEPOSIT AGREEMENT  
 [FORM OF FACE OF ADR] 
  

									
	____	 		 	No. of ADSs:	  		  	
	Number	 		 		  		  	

  

									
	 	 	 	 	 	 	Each ADS represents	 	 
		 		 		 	[EXCHANGE] Share	 	
					
		 		 		 	CUSIP:	 	

 AMERICAN DEPOSITARY RECEIPT 
 evidencing 
 AMERICAN DEPOSITARY SHARES 
 representing 
 ORDINARY SHARES 
 of 
 JINKOSOLAR HOLDING CO., LTD. 
 (Incorporated under the laws of the Cayman Islands)

 JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as
depositary hereunder (the “Depositary”), hereby certifies that          is the registered owner (a “Holder”) of American Depositary Shares (“ADSs”), each (subject to
paragraph (13)) representing [EXCHANGE] ordinary shares (including the rights to receive Shares described in paragraph (1), “Shares” and, together with any other securities, cash or property from time to time held by the Depositary in
respect or in lieu of deposited Shares, the “Deposited Securities”), of JinkoSolar Holding Co., Ltd., a corporation organized under the laws of the Cayman Islands (the “Company”), deposited under the Deposit Agreement dated as of
[DATE] , 2010 (as amended from time to time, the “Deposit Agreement”) among the Company, the Depositary and all Holders from time to time of American Depositary Receipts issued thereunder (“ADRs”), each of whom by accepting an
ADR becomes a party thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the laws of the State of New York. 
  

 A-1 

 

 
  

 (1) Issuance of ADRs; Pre-Release. This ADR is one of the ADRs issued under the
Deposit Agreement. Subject to paragraph (4), the Depositary may so issue ADRs for delivery at the Transfer Office (defined in paragraph (3)) only against deposit of: (a) Shares in form satisfactory to the Custodian; (b) rights to
receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions; or, (c) in accordance with the next sub-paragraph of this paragraph (1). 
 In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs
prior to the receipt of Shares and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited Securities, including ADSs which were issued under (i) above but for which Shares may not have been received (each such
transaction a “Pre-Release”). The Depositary may receive ADSs in lieu of Shares under (i) above (which ADSs will promptly be canceled by the Depositary upon receipt by the Depositary) and receive Shares in lieu of ADSs under
(ii) above. Each such Pre-Release will be subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered (a) represents that at the time of the Pre-Release the Applicant
or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release, (b) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the
Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (c) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (d) agrees to any additional
restrictions or requirements that the Depositary deems appropriate. Each such Pre-Release will be at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate, terminable by the
Depositary on not more than five (5) business days’ notice and subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in
such Pre-Release at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from
time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release with any one person on a case-by-case basis as it deems appropriate. The Depositary may retain for its own
account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 
  

 A-2 

 

 
  

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

 A-3 

 

 
  

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

 A-4 

 

 
  

 (5) Taxes. If any tax or other governmental charge shall become payable by or on
behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the
Depositary. The Depositary may refuse to effect any registration, registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2), any withdrawal of such Deposited Securities until such payment is made. The
Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities (after attempting by reasonable means
to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of
ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such
authority or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the
Custodian. If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may
dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or
the balance of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder of an ADR or an interest therein agrees to indemnify the Depositary, the Company, the Custodian and any of their respective directors,
employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at
source or other tax benefit obtained. 
  

 A-5 

 

 
  

 (6) Disclosure of Interests. To the extent that the provisions of or governing
any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure
or limits, Holders and all persons holding ADRs agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company instructions in respect thereof. The Company reserves the right to instruct
Holders to deliver their ADSs for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder thereof as a holder of Shares and Holders agree to comply with such instructions. The Depositary
agrees to cooperate with the Company in its efforts to inform Holders of the Company’s exercise of its rights under this paragraph and agrees to consult with, and provide reasonable assistance without risk, liability or expense on the part of
the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any Holder. 
  

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 (7) Charges of Depositary. The Depositary may charge, and collect from,
(i) each person to whom ADSs are issued, including, without limitation, issuances against deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph
(10)), issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or the Deposited Securities, and (ii)
each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason, U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or surrendered (as the case
may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge. The following additional charges
shall be incurred by the Holders, by any party depositing or withdrawing Shares or by any party surrendering ADSs, to whom ADSs are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company
or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution of ADSs pursuant to paragraph (10)), whichever is applicable (i) a fee of U.S.$0.05 or less per ADS (or portion thereof) for any Cash distribution made
pursuant to the Deposit Agreement, (ii) a fee of U.S.$1.50 per ADR or ADRs for transfers made pursuant to paragraph (3) hereof, (iii) a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee
being in an amount equal to the fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities (for purposes of this paragraph (7) treating all such securities as if they
were Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to Holders entitled thereto, (iv) an aggregate fee of U.S.$0.05 per ADS per calendar year (or portion thereof) for
services performed by the Depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against Holders as of the record date or record dates set by the Depositary during each
calendar year and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions), and (v) reimbursement of such fees, charges and
expenses as are incurred by the Depositary and/or any of the Depositary’s agents (including, without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange control regulations or
any law or regulation relating to foreign investment) in connection with the servicing of the Shares or other Deposited Securities, the delivery of Deposited Securities or otherwise in connection with the Depositary’s or its Custodian’s
compliance with applicable law, rule or regulation (which charge shall be assessed on a proportionate basis against Holders as of the record date or dates set by the depositary and shall be payable at the sole discretion of the Depositary by billing
such Holders or by deducting such charge from one or more cash dividends or other cash distributions). The Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to
agreements from time to time between the Company and the Depositary, except (i) stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing Shares), (ii) cable, telex and facsimile
transmission and delivery charges incurred at the request of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders), (iii) transfer or registration fees for the registration
or transfer of Deposited Securities on any applicable register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities; there are no such fees
in respect of the Shares as of the date of the Deposit Agreement), and (iv) expenses of the Depositary in connection with the conversion of foreign currency into U.S. dollars (which are paid out of such foreign currency). Such charges may at
any time and from time to time be changed by agreement between the Company and the Depositary. 
 (8) Available
Information. The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made
generally available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and the Custodian and at the Transfer Office. The Depositary will distribute copies of such communications (or
English translations or summaries thereof) to Holders when furnished by the Company. The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports with the United States
Securities and Exchange Commission (the “Commission”). Such reports and other information may be inspected and copied at public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington,
DC 20549. 
  

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

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

	Authorized Officer

 The Depositary’s office is located at 4 New York Plaza, New York, New York
10004. 
  

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

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 (11) Record Dates. The Depositary may, after consultation with the Company if
practicable, fix a record date (which, to the extent applicable, shall be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be responsible for the fee assessed by the
Depositary for administration of the ADR program and for any expenses provided for in paragraph (7) hereof as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of Deposited
Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so entitled or obligated. 
 (12) Voting of Deposited Securities. As soon as practicable after receipt from the Company of notice of any meeting or solicitation
of consents or proxies of holders of Shares or other Deposited Securities, the Depositary shall distribute to Holders a notice stating (a) such information as is contained in such notice and any solicitation materials, (b) that each Holder
on the record date set by the Depositary therefor will, subject to any applicable provisions of Cayman Island law, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by the ADSs evidenced by such Holder’s ADRs and (c) the manner in which such instructions may be given, including instructions to give a discretionary proxy to a person designated by the Company. Upon receipt of instructions of
a Holder on such record date in the manner and on or before the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities to vote
or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs in accordance with such instructions. The Depositary will not itself exercise any voting discretion in respect of any Deposited Securities.
There is no guarantee that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable such Holder to return any voting instructions to the Depositary in a timely manner. 
 (13) Changes Affecting Deposited Securities. Subject to paragraphs (4) and (5), the Depositary may, in its discretion, amend
this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation,
cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the
Depositary is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public
or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company, and to the extent the
Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall constitute Deposited Securities and
each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted. 
  

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 (14) Exoneration. The Depositary, the Company, their agents and each of them
shall: (a) incur no liability (i) if any present or future law, rule, regulation , fiat, order or decree of the United States, the Cayman Islands, The People’s Republic of China (including the Hong Kong Special Administrative Region,
the People’s Republic of China) or any other country, or of any governmental or regulatory authority or any securities exchange or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or
future provision of the Company’s charter, any act of God, war, terrorism or other circumstance beyond its control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act
which the Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without limitation, voting pursuant to paragraph (12) hereof), or (ii) by reason of any exercise or failure to exercise any discretion
given it in the Deposit Agreement or this ADR; (b) assume no liability except to perform its obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without gross negligence or bad faith; (c) in the
case of the Depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (d) in the case of the Company and its agents hereunder be
under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against
all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required; or (e) not be liable for any action or inaction by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Holder, or any other person believed by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions made by any securities depository,
clearing agency or settlement system in connection with or arising out of book-entry settlement of Deposited Securities or otherwise. The Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the
insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction or other document believed by
them to be genuine and to have been signed or presented by the proper party or parties. The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in
which any such vote is cast or for the effect of any such vote. The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in ADRs. Notwithstanding anything to the contrary set forth in the
Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or
otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or
other regulators. None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or beneficial owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or beneficial
owner’s income tax liability. The Depositary and the Company shall not incur any liability for any tax consequences that may be incurred by Holders and beneficial owners on account of their ownership of the ADRs or ADSs. The Company has agreed
to indemnify the Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances. Neither the Company nor the Depositary nor any of their agents shall be liable to Holders or
beneficial owners of interests in ADSs for any indirect, special, punitive or consequential damages (including, without limitation, lost profits) of any form incurred by any person or entity, whether or not foreseeable and regardless of the type of
action in which such a claim may be brought. No disclaimer of liability under the Securities Act of 1933 is intended by any provision hereof. 
  

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 (15) Resignation and Removal of Depositary; the Custodian. The Depositary may
resign as Depositary by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. The Depositary may at any time be removed by the Company by no less than 90 days prior written notice of such removal, to become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary and
(ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may appoint substitute or additional Custodians and the term “Custodian” refers to each
Custodian or all Custodians as the context requires. 
  

 A-12 

 

 
  

 (16) Amendment. Subject to the last sentence of paragraph (2), the ADRs and the
Deposit Agreement may be amended by the Company and the Depositary, provided that any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders, shall become effective 30 days after notice of such amendment shall have been
given to the Holders. Every Holder of an ADR at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as
amended thereby. In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Any
amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be traded
solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding the foregoing, if any
governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or
supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment
or supplement is given to Holders or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and
failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders to retrieve or receive the text of such
amendment (i.e., upon retrieval from the Securities and Exchange Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary).  
 (17) Termination. The Depositary may, and shall at the written direction of the Company, terminate the Deposit
Agreement and this ADR by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination; provided, however, if the Depositary shall have (i) resigned as Depositary hereunder,
notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder within 45 days of the date of such resignation, or (ii) been removed as Depositary hereunder, notice of
such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder on the 90th day after the Company’s notice of removal was first provided to the Depositary. After the date so fixed for
termination, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver Deposited Securities being withdrawn. As soon as
practicable after the expiration of six months from the date so fixed for termination, the Depositary shall sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in a segregated account the net proceeds of such
sales, together with any other cash then held by it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of ADRs not theretofore surrendered. After making such sale, the
Depositary shall be discharged from all obligations in respect of the Deposit Agreement and this ADR, except to account for such net proceeds and other cash. After the date so fixed for termination, the Company shall be discharged from all
obligations under the Deposit Agreement except for its obligations to the Depositary and its agents. 
  

 A-13 

 

 
  

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

 A-14

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