Document:

EX-10.5

 Exhibit 10.5 
  

 
 FIFTH AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 
 by and among 

TENCENT LIMITED 

TENCENT GROWTHFUND LIMITED 

GENERAL ATLANTIC SINGAPORE FUND PTE. LTD. 

SUPER CLASS VENTURES LIMITED 

PAXTON VENTURES LIMITED 

CLASSROOM INVESTMENTS INC. 

KEYTONE VENTURES, L.P. 

KEYTONE VENTURES II, L.P. 

PONOROGO INVESTMENTS LIMITED 

SEATOWN LIONFISH PTE. LTD. 

SEA LIMITED 
 and 

THE OTHER PARTIES NAMED HEREIN 
  

 
 April 8, 2017 

 FIFTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This FIFTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is entered into as of
April 8, 2017 among the following Parties: 
 1. TENCENT LIMITED, a British Virgin Islands company with its registered
office at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Tencent Limited”) and TENCENT GROWTHFUND LIMITED, a Cayman Islands company with its registered office at Walker House,
87 Mary Street, George Town, Grand Cayman KY1-9001, Cayman Islands (collectively with Tencent Limited and their respective Affiliates, “Tencent”); 

2. GENERAL ATLANTIC SINGAPORE FUND PTE. LTD., a Singapore company limited by shares with its registered office at
80 Robinson Road, #02-00, Singapore 068898 (“General Atlantic”); 

3. SUPER CLASS VENTURES LIMITED, a company limited by shares incorporated in the British Virgin Islands with its registered
address at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Super Class”);  

4. PAXTON VENTURES LIMITED, a company limited by shares incorporated in the British Virgin Islands with its registered office at
P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Kuok”); 
 5.
CLASSROOM INVESTMENTS INC., a company organised and existing under the laws of the Province of Ontario, Canada with its registered office at 5650 Yonge Street, Toronto, Ontario M2M 4H5, Canada (“OTPP”); 

6. KEYTONE VENTURES L.P., and KEYTONE VENTURES II, L.P., each a Cayman Islands exempted limited partnership with its
registered office at PO Box 309 Ugland House, Grand Cayman KY1-1104, Cayman Islands (collectively, “Keytone”); 

7. PONOROGO INVESTMENTS LIMITED, a wholly-owned subsidiary of Khazanah Nasional Berhad with its registered address at Level 33,
Tower 2, Petronas Twin Towers, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia (“Ponorogo”); 
 8. SEATOWN
LIONFISH PTE. LTD., a Singapore company with its registered address at 60B Orchard Road #06-18 Tower 2, The Atrium@Orchard, Singapore 238891 (“Seatown”); 

9. SEA LIMITED, a Cayman Islands exempted company limited by shares with its registered address at P.O. Box 309, Ugland House,
Grand Cayman, KY1-1104, Cayman Islands (the “Company”); and 
 10. The
Persons set forth on the Schedule of Existing Shareholders (the “Existing Shareholders” and each an “Existing Shareholder”). 

RECITALS 

  
 2 

 WHEREAS, this Agreement amends and restates in its entirety that certain Fourth Amended and
Restated Investors’ Rights Agreement, dated as of August 19, 2016, by and among the Company, Tencent Limited, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo, Seatown, the Existing Shareholders and other parties named thereto
(the “Prior Agreement”). 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  

	1	GENERAL MATTERS. 

 1.1 Definitions. Capitalized terms used herein without
definition have the meanings assigned to them in Schedule A attached to this Agreement. The use of any term defined in Schedule A in its uncapitalized form indicates that the words have their normal and general meaning. 

1.2 Interpretation. Unless the context otherwise requires: 

(a) references to a company include references to any body corporate or entity with legal person status or any unincorporated
body of Persons without legal person status; 
 (b) references to law or laws include references to regulations
and regulatory requirements, modified or re-enacted from time to time; 
 (c) words in the singular include the plural, and vice
versa; and 
 (d) words importing any gender include all genders. 

1.3 Where any obligation in this Agreement is expressed to be undertaken or assumed by any Party, that obligation is to be construed as
requiring the Party concerned to exercise all rights and powers of control over the affairs of any other Person which it is able to exercise (whether directly or indirectly) in order to secure performance of the obligation. 

  
 3 

	2	INFORMATION AND INSPECTION RIGHTS. 

 2.1 Information Rights. So long as
(i) with respect to Tencent, it continues to hold at least three percent (3%) of the Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis), (ii) with respect to General Atlantic, it continues to hold
at least twenty percent (20%) of the total number of Shares acquired pursuant to the General Atlantic Share Purchase Agreement, (iii) with respect to Super Class and Kuok, the Super Class Group continues to hold at least twenty percent
(20%) of the total number of Shares acquired pursuant to the Super Class Share Purchase Agreement and the Kuok Share Purchase Agreement, (iv) with respect to OTPP, it continues to hold at least twenty percent (20%) of the total number
of Shares acquired pursuant to the OTPP Share Subscription Agreement and the OTPP Share Purchase Agreements, (v) with respect to Keytone, it continues to hold at least twenty percent (20%) of the total number of Shares acquired pursuant to
the Keytone Share Purchase Agreement, (vi) with respect to Ponorogo, it continues to hold at least twenty percent (20%) of the total number of Shares acquired pursuant to the Ponorogo Share Subscription Agreement, and (vii) with
respect to Seatown, it continues to hold at least twenty percent (20%) of the total number of Shares acquired pursuant to the Seatown Share Subscription Agreement, the Company shall permit, and procure that each Group Company shall permit,
Tencent Limited, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo or Seatown (as the case may be), at its own expense, to visit and inspect any of the Group Company’s properties, to examine its books of account and records all at
such reasonable times as may be reasonably requested by Tencent Limited, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo or Seatown and to discuss the Group Company’s business, affairs, conditions, operations finances and accounts
with its directors, officers, employees, accountants, legal counsels and investment bankers (the “Information Sharing Rights”); provided, however, that such Group Company will not be obligated pursuant to this Section
to provide access to any information that it reasonably considers to be a trade secret or similar confidential information, and provided further that the Group Company may require Tencent Limited, General Atlantic, Super Class, Kuok, OTPP,
Keytone, Ponorogo or Seatown (as the case may be) to execute a confidentiality and nondisclosure agreement prior to any such visit and inspection, which agreement shall not unduly restrict the Information Sharing Rights. So long as (i) with
respect to Tencent, it continues to hold at least three percent (3%) of the Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis), (ii) with respect to General Atlantic, it continues to hold at least twenty
percent (20%) of the total number of Shares acquired pursuant to the General Atlantic Share Purchase Agreement, (iii) with respect to Super Class and Kuok, the Super Class Group continues to hold at least twenty percent (20%) of the
total number of Shares acquired pursuant to the Super Class Share Purchase Agreement and the Kuok Share Purchase Agreement, (iv) with respect to OTPP, it continues to hold at least twenty percent (20%) of the total number of Shares
acquired pursuant to the OTPP Share Subscription Agreement and the OTPP Share Purchase Agreements, (v) with respect to Keytone, it continues to hold at least twenty percent (20%) of the total number of Shares acquired pursuant to the
Keytone Share Purchase Agreement, (vi) with respect to Ponorogo, it continues to hold at least twenty percent (20%) of the total number of Shares acquired pursuant to the Ponorogo Share Subscription Agreement, and (vii) with respect
to Seatown, it continues to hold at least twenty percent (20%) of the total number of Shares acquired pursuant to the Seatown Share Subscription Agreement, the Company shall deliver to Tencent Limited, General Atlantic, Super Class or Kuok,
OTPP, Keytone, Ponorogo or Seatown (as the case may be): 
 (a) as soon as practicable, but in any event within three (3) months after
the end of each Financial Year, an audited (consolidated) balance sheet of the Company and its Subsidiaries as of the end of such Financial Year and the related audited (consolidated) statements of income, shareholders’ equity and cash flows
for the Financial Year then ended, and a management report, prepared in English in accordance with the IFRS, and certified by one of the ‘Big Four’ firms of independent public accountants selected by the Board; 

(b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarterly
accounting periods in each Financial Year a (consolidated) balance sheet of the Company and its Subsidiaries as of the end of such fiscal quarter, and the related (consolidated) statements of income, shareholders’ equity and cash flows for such
fiscal quarter and for the Financial Year to date, in each case with comparative statements for the prior Financial Year period, unaudited but prepared in accordance with IFRS consistently applied (other than normal year-end audit adjustments) and a
management report; 

  
 4 

 (c) as soon as practicable, but in any event within thirty (30) days after the end of each
month, a (consolidated) balance sheet of the Company and its Subsidiaries as of the end of such month, and the related (consolidated) statements of income, shareholders’ equity and cash flows for such month, unaudited but prepared in accordance
with IFRS consistently applied; 
 (d) as soon as practicable, but in any event prior to the end of the preceding Financial Year, an annual
projected budget of the Company and its Subsidiaries, prepared in accordance with IFRS consistently applied; and 
 (e) promptly from time
to time, such other information relating to the financial condition, business, prospects or corporate affairs of the Company and its Subsidiaries as Tencent Limited, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo or Seatown (as the
case may be) may from time to time reasonably request, or promptly after transmission or occurrence, other reports, press releases and non-routine communications with shareholders or the financial community, the Company’s accountants and
business consultants, governmental agencies and authorities, any reports filed by the Company or its officers, directors and representatives with any securities exchange, regulatory authority, governmental agency and notice of any event which would
have a significant effect on the Company or any of its Subsidiary’s results of operations, business, prospects or financial condition or on the investment of Tencent Limited, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo or
Seatown (as the case may be). 
 2.2 Audit Rights. Upon the request at any time and from time to time of Tencent Limited, the Company
shall engage, and shall cause its Subsidiaries to engage, an accounting firm approved by Tencent Limited to conduct a special audit or review of the accounts of any Group Company. Any such audit or review shall be at Tencent Limited’s expense.

  

	3	REGISTRATION RIGHTS. 

 3.1 Applicability of Rights. The Holders shall be entitled
to the following rights with respect to any potential public offering of securities of the Company in the U.S., and to any analogous or equivalent rights, as applicable, with respect to any other offering of securities in any other jurisdiction
pursuant to which the Company undertakes to publicly offer or list such securities for trading on a recognized securities exchange, including, without limitation, the SEHK (the main board or GEM). 

3.2 Definitions. For purposes of this Section 3: 

(a) Form S-3 and Form F-3. The terms “Form S-3” and “Form F-3” mean such respective forms under the
Securities Act as are in effect on the date hereof, or any successor or comparable registration form(s) under the Securities Act subsequently adopted by the SEC, which permit(s) inclusion or incorporation of substantial information by reference to
other documents filed by the Company with the SEC. 
 (b) Holder. For purposes of this Section 3, the term
“Holder” means any person who holds Registrable Securities of record, whether such Registrable Securities were acquired directly from the Company or from another Holder in a permitted transfer to whom the rights under this
Section 3 have been duly assigned in accordance with Section 6.1 hereof. 

  
 5 

 (c) Registration. The terms “register,” “registered,” and
“registration” refer to a registration effected by preparing and filing a registration statement under the Securities Act, and the declaration or ordering of effectiveness of such registration statement. 

(d) Registrable Securities. The term “Registrable Securities” means: (1) Ordinary Shares (A) held by General
Atlantic, Super Class, Kuok, OTPP and Keytone, (B) issued or issuable upon conversion of the Series B Preference Shares held by Ponorogo and Seatown and (C) issued or issuable pursuant to the issuance of new securities by the Company to
General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo and Seatown pursuant to Section 4.1 hereof; (2) Ordinary Shares held by Tencent and Ordinary Shares (A) issued or issuable upon conversion of the Preference Shares held by
Tencent, and (B) issued or issuable pursuant to the issuance of new securities by the Company to Tencent pursuant to Section 4.1 hereof; (3) Ordinary Shares (A) held by the Existing Shareholders and (B) issued or issuable
upon the conversion of the Seed Preferred Shares or pursuant to the issuance of new securities by the Company to the Existing Shareholders pursuant to Section 4.1 hereof; (4) Ordinary Shares issued as (or issuable upon the conversion or
exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, any of the foregoing; (5) any other Ordinary Shares hereafter acquired by Tencent,
General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo, Seatown or the Existing Shareholders, including Ordinary Shares issued in respect of the Ordinary Shares described in (1)-(4) above, upon any share split, share dividend,
recapitalization or a similar event; and (6) any depositary receipts issued by an institutional depositary upon deposit of any of the foregoing. Notwithstanding the foregoing, “Registrable Securities” shall not include any
securities sold by a person in a transaction in which rights under this Section 3 are not assigned in accordance with this Agreement or any securities sold in a registered public offering under the Securities Act or analogous statute of another
jurisdiction, or sold or can be sold without restrictions pursuant to Rule 144 promulgated under the Securities Act or analogous statute of another jurisdiction, or otherwise. 

(e) Registrable Securities Then Outstanding. The number of shares of “Registrable Securities then outstanding” shall
mean the number of Ordinary Shares that are Registrable Securities and are then issued and outstanding or would be outstanding assuming full conversion of all Registrable Securities which are convertible into Ordinary Shares. 

  
 6 

 3.3 Demand Registration. 

(a) Request by Holders. If the Company shall receive at any time beginning on the earlier of (i) May 5, 2017 or (ii) the
six (6) month anniversary of a Qualified Public Offering, a written request from the Holders of at least twenty-five percent (25%) of the Registrable Securities then outstanding that the Company file a registration statement under the
Securities Act covering the registration of Registrable Securities pursuant to this Section 3.3, then the Company shall, within ten (10) Business Days after the receipt of such written request, give a written notice of such request (the
“Request Notice”) to all Holders. The Holders shall send a written notice stating the number of Registrable Securities requested to be registered and included in such registration (the “Request Securities”) to the
Company within ten (10) Business Days after receipt of the Request Notice. The Company shall thereafter use its commercially reasonable efforts to effect, as soon as practicable, the registration of the Request Securities, subject only to the
limitations of this Section 3.3; provided, however, that the Company shall not be obligated to effect any such registration if the Company has, within the six (6) month period preceding the date of such request, already
effected a registration under the Securities Act pursuant to this Section 3.3 or Section 3.5 hereof, or in which the Holders had an opportunity to participate pursuant to the provisions of Section 3.4 hereof, other than a registration
from which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Section 3.4(a) hereof.

 (b) Underwriting. If the Holders initiating the registration request under this Section 3.3 (the “Initiating
Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 3.3 and the Company shall
include such information in the Request Notice referred to in Section 3.3(a) hereof. In the event of an underwritten offering, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by at least a majority in interest of the Initiating Holders and such Holder) to
the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by
the Holders of at least a majority of the Registrable Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 3.3, if the underwriter(s) advise(s) the Company in writing that
marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten pursuant hereto, and the number of
Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata basis according to the number of Registrable Securities then
outstanding held by each Holder requesting registration (including the Initiating Holders); provided, however, that, other than the Company’s Qualified Public Offering, the right of the underwriter(s) to exclude Registrable
Securities from the registration and underwriting as described above shall be restricted so that: (i) the number of Registrable Securities included in any such registration is not reduced below twenty-five percent (25%) of the aggregate
number of Registrable Securities for which inclusion has been requested, even if this will cause the Company to reduce the number of shares it wishes to offer; and (ii) all Shares that are not Registrable Securities and are held by any other
Person, including any Person who is an employee, officer or Director of the Company or any Subsidiary of the Company shall first be excluded from such registration and underwriting before any Registrable Securities are so excluded. Further, if, as a
result of such underwriter cutback, the Holders cannot include in the offering all of the Registrable Securities that they have requested to be included therein, then such registration shall not be deemed to constitute one (1) of the two
(2) demand registrations to which the Holders are entitled pursuant to this Section 3.3. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by delivering a written notice to the
Company and the underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from
the registration. For any Holder that is a partnership, the Holder and the partners and retired partners of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the
foregoing persons, and for any Holder that is a corporation, the Holder and all corporations that are Affiliates of such Holder, shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder”
shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined herein. 

  
 7 

 (c) Maximum Number of Demand Registrations. The Company shall have no obligation to effect
more than two (2) registrations pursuant to this Section 3.3 and such registrations have been declared or ordered effective. 

(d) Deferral. Notwithstanding the foregoing, if the Company shall furnish to the Holders requesting the filing of a registration
statement pursuant to this Section 3.3, a certificate signed by the President or chief executive officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders
for such registration statement to be filed, then the Company shall have the right to defer such filing for a period of not more than one hundred and twenty (120) days after receipt of the request of the Initiating Holders; provided,
however, that the Company may not utilize this right more than once in any twelve (12) month period; provided further, that during such one hundred and twenty (120) day period, the Company shall not file any registration
statement pertaining to the public offering of any securities of the Company. 
 (e) Expenses. The Company shall pay all expenses
(excluding only underwriting discounts and commissions relating to the Registrable Securities sold by the Holders) incurred in connection with any registration pursuant to this Section 3.3, including all U.S. federal, “blue sky” and
all foreign registration, filing and qualification fees, printer’s and accounting fees, the fees and out-of-pocket expenses (including disbursements) of outside counsels for the Holders (subject to a cap to be agreed with the Company prior to
the completion of the sale of the Registrable Securities) and any fee charged by any depositary bank, transfer agent or share registrar. Each Holder participating in a registration pursuant to this Section 3.3 shall bear such Holder’s
proportionate share (based on the total number of shares of Registrable Securities sold in such registration other than for the account of the Company) of all discounts and commissions relating to the Registrable Securities sold by the Holders.
Notwithstanding the foregoing, the Company shall not be required to pay any expense of any registration proceeding begun pursuant to this Section 3.3 if the registration request is subsequently withdrawn at the request of the Holders of at
least a majority of the Registrable Securities to be registered, unless the Holders of at least a majority of the Registrable Securities then outstanding agree that such registration constitutes the use by the Holders of one (1) demand
registration pursuant to this Section 3.3 (in which case such registration shall also constitute the use by all Holders of Registrable Securities of one (l) such demand registration); provided, however, that if at the time of such
withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of the Company not known to the Holders at the time of their request for such registration and have withdrawn their request for registration
with reasonable promptness after learning of such material adverse change, or if the registration proceeding is terminated for any reason not specifically covered by this Section 3.3(e), then the Company shall be required to pay all of such
expenses and such registration shall not constitute the use of a demand registration pursuant to this Section 3.3. 

  
 8 

 3.4 Piggyback Registrations. The Company shall notify all Holders of Registrable
Securities in writing at least twenty (20) Business Days prior to filing of any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including registration statements relating
to secondary offerings of securities of the Company, but excluding registration statements relating to any registration under Sections 3.3 or 3.5 hereof or to any employee benefit plan or a corporate reorganization) and will afford each such Holder
an opportunity to include in such registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by
such Holder shall within ten (10) Business Days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder
wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to
include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

(a) Underwriting. If a registration statement under which the Company gives notice under this Section 3.4 is for an underwritten
offering, then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this Section 3.4 shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such
underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected by the Company for such underwriting. Notwithstanding any other provision of this Agreement, if the managing
underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the underwriting, and the number of
shares that may be included in the registration and the underwriting shall be allocated, first to the Company, and second, to each of the Holders requesting inclusion of their Registrable Securities in such registration statement on a
pro rata basis based on the total number of Registrable Securities then held by each such Holder; provided, however, that, other than the Company’s Qualified Public Offering, the right of the underwriter(s) to exclude Shares
(including Registrable Securities) from the registration and underwriting as described above shall be restricted so that: (i) the number of Registrable Securities included in any such registration is not reduced below twenty-five percent
(25%) of the aggregate number of Registrable Securities for which inclusion has been requested, even if this will cause the Company to reduce the number of Shares it wishes to offer; and (ii) all shares that are not Registrable Securities
and are held by any other Person, including any Person who is an employee, officer or Director of the Company or any Subsidiary of the Company shall first be excluded from such registration and underwriting before any Registrable Securities are so
excluded. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by delivering a written notice to the Company and the underwriter(s) at least ten (10) Business Days prior to the effective
date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a partnership, the Holder and the partners and retired partners
of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons, and for any Holder that is a corporation, the Holder and all corporations that are Affiliates
of such Holder, shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and
individuals included in such “Holder,” as defined in this sentence. 

  
 9 

 (b) Expenses. The Company shall pay all expenses (excluding only underwriting and
brokers’ discounts and commissions relating to shares sold by the Holders) incurred in connection with a registration pursuant to this Section 3.4, including all U.S. federal, “blue sky” and all foreign registration, filing and
qualification fees, printers’ and accounting fees, the fees and out-of-pocket expenses (including disbursements) of outside counsels for the Holders (subject to a cap to be agreed with the Company prior to the completion of the sale of the
Registrable Securities) and any fee charged by any depositary bank, transfer agent or share registrar. For the avoidance of doubt, the Company shall pay all expenses incurred in connection with a registration pursuant to this Section 3.4
notwithstanding the cancellation or delay of the registration proceeding for any reason. 
 (c) Not Demand Registration. Registration
pursuant to this Section 3.4 shall not be deemed to be a demand registration as described in Section 3.3 hereof. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of
Registrable Securities under this Section 3.4. 
 3.5 Form S-3 or Form F-3 Registration. After its Qualified Public Offering,
the Company shall use its commercially reasonable efforts to qualify for registration on Form S-3 or Form F-3 or any comparable or successor form promptly and to maintain such qualification thereafter. If the Company is qualified to use Form S-3 or
Form F-3, any Holder or Holders of at least ten percent (10%) of the Registrable Securities then outstanding shall have a right to request in writing that the Company effect a registration on either Form S-3 or Form F-3 and any related
qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, and upon receipt of each such request, the Company shall perform the tasks set out in paragraphs (a) and (b) below:

 (a) promptly give written notice of the proposed registration and the Holder’s or Holders’ request therefor, and any related
qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) as soon as practicable, effect such registration and
all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within twenty (20) Business Days after the date on which the Company provides the
notice contemplated by Section 3.5(a) hereof; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 3.5: 

(i) if Form S-3 or Form F-3 becomes unavailable for such offering by the Holders; 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to
sell Registrable Securities and such other securities (if any) at an aggregate price of less than $50,000,000 to the public; or 
 (iii) if
the Company has, within the six (6) month period preceding the date of such request, already effected a registration under the Securities Act other than a registration from which the Registrable Securities of Holders have been excluded (with
respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Sections 3.3(b) and 3.4(a) hereof. 

  
 10 

 (c) Expenses. The Company shall pay all expenses (excluding only underwriting or
brokers’ discounts and commissions relating to shares sold by the Holders) incurred in connection with each registration requested pursuant to this Section 3.5, including all U.S. federal, “blue sky” and all foreign registration,
filing and qualification fees, printers’ and accounting fees, the fees and out-of-pocket expenses (including disbursements) of outside counsels for the Holders (subject to a cap to be agreed with the Company prior to the completion of the sale
of the Registrable Securities) and any fee charged by any depositary bank, transfer agent or share registrar. For the avoidance of doubt, the Company shall pay all expenses incurred in connection with a registration pursuant to this Section 3.5
notwithstanding the cancellation or delay of the registration proceeding for any reason. 
 (d) Maximum Frequency. Except as
otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 3.5. 

(e) Deferral. Notwithstanding the foregoing, if the Company shall furnish to Holders requesting the filing of a registration statement
pursuant to this Section 3.5, a certificate signed by the president or chief executive officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such
Form S-3 or Form F-3 registration statement to be filed, then the Company shall have the right to defer such filing for a period of not more than one hundred and twenty (120) days after receipt of the request of the initiating Holders;
provided, however, that the Company may not utilize this right more than once in any twelve (12) month period; provided further, that during such one hundred and twenty (120) day period, the Company shall not file any
registration statement pertaining to the public offering of any securities of the Company. 
 (f) Not Demand Registration. Form S-3
or Form F-3 registrations shall not be deemed to be demand registrations as described in Section 3.3 hereof. 
 (g)
Underwriting. If the requested registration under this Section 3.5 is for an underwritten offering, the provisions of Section 3.3(b) hereof shall apply. 

3.6 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement, the
Company shall, as soon as practicable: 
 (a) Registration Statement. Prepare and file with the SEC a registration statement with
respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and keep any such registration statement effective for a period of up to ninety (90) days; provided,
however, that (i) such ninety (90) day period shall be extended for a period of time equal to the period any Holder refrains from selling any securities included in such registration at the request of the underwriter(s), and
(ii) in the case of any registration of Registrable Securities on Form S-3 or Form F-3 which are intended to be offered on a continuous or delayed basis, such ninety (90) day period shall be extended, if necessary, to keep the registration
statement effective until all such Registrable Securities are sold; 

  
 11 

 (b) Amendments and Supplements. Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by such registration statement; 
 (c) Prospectuses. Furnish to the Holders such number of copies of a prospectus, including
a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such
registration; 
 (d) Blue Sky. Use its commercially reasonable efforts to register and qualify the securities covered by such
registration statement under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any such states or jurisdictions; 
 (e) Deposit
Agreement. If the registration relates to an offering of depositary shares or other securities representing Ordinary Shares deposited pursuant to a deposit agreement or similar facility, cause the depositary under such agreement or facility to
accept for deposit under such agreement or facility all Registrable Securities requested by each Holder to be included in such registration in accordance with this Section 3; 

(f) Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement; 

(g) Notification. Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; and 

(h) Opinions and Comfort Letter. Furnish, at the request of any Holder requesting registration of Registrable Securities, on the date
that such Registrable Securities are delivered to the underwriter(s) for sale, if such Registrable Securities are being sold through underwriters, or, if such Registrable Securities are not being sold through underwriters, on the date that the
registration statement with respect to such Registrable Securities becomes effective, (i) opinions, each dated as of such date, of the counsels representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering and reasonably satisfactory to Holders representing at least a majority of the Registrable Securities requested to be registered, addressed to the underwriters, if any, and to the
Holders requesting registration of Registrable Securities, and (ii) a “comfort letter” dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to Holders representing at least a majority of the Registrable Securities requested to be registered, addressed to the
underwriters, if any, and to the Holders requesting registration of Registrable Securities. 

  
 12 

 (i) Provide a transfer agent and registrar for all Registrable Securities registered pursuant to
such registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 

(j) Cause all such Registrable Securities registered pursuant to such registration statement to be listed on each securities exchange on which
similar securities issued by the Company are then listed. 
 3.7 Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Sections 3.3, 3.4 or 3.5 hereof that the Holders shall furnish to the Company information regarding such Holders, the Registrable Securities held by them and the intended method of
disposition of such Registrable Securities as shall reasonably be required to timely effect the registration of their Registrable Securities. 

3.8 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 3.3, 3.4 or 3.5
hereof: 
 (a) By the Company. To the extent permitted by law, the Company shall indemnify and hold harmless each Holder, its
Affiliates, officers, directors, any underwriter (as determined in the Securities Act) for such Holder and each person, if any, who Controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act against any losses,
claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other applicable law, insofar as such losses, claims, damages, or liabilities or actions in respect thereof arise out
of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 
 (i) any
untrue statement or alleged untrue statement of a material fact contained or incorporated by reference in any registration statement, including any preliminary prospectus, final prospectus or free-writing prospectus contained therein or any
amendments or supplements thereto; 
 (ii) any omission or alleged omission to state therein a material fact required to be stated therein,
or necessary to make the statements therein not misleading; or 
 (iii) any violation or alleged violation of the Securities Act, the
Exchange Act, any federal or state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any United States federal or state securities law in connection with the offering covered by such registration
statement; and 
 the Company shall reimburse each such Holder and its Affiliates, officers, directors, underwriters or controlling person
for any legal or other expenses reasonably incurred by them, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity contained in this Section 3.8(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed, nor shall
the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reasonable reliance upon and in conformity with written information
furnished expressly for use in connection with such registration by such Holder, underwriter or controlling person of such Holder. 

  
 13 

 (b) By Selling Holders. To the extent permitted by law, each selling Holder, on a several
and not joint basis, will indemnify and hold harmless the Company, each of its Directors, each of its officers who have signed the registration statement, each person, if any, who Controls the Company or any underwriter, against any losses, claims,
damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person or underwriter may become subject under the Securities Act, the Exchange Act or other applicable law, insofar as such losses, claims,
damages or liabilities or actions in respect thereto arise out of or are based upon any Violation (to the extent arising out of sub-sections (i) or (ii) of the definition thereof), in each case to the extent (and only to the extent) that
such Violation occurs in the Company’s reasonable reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any reasonable and
documented legal or other expenses reasonably incurred by the Company or any such Director, officer, controlling person or underwriter in connection with investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the indemnity contained in this Section 3.8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which
consent shall not be unreasonably withheld; and provided further that the total amounts payable in indemnity by a Holder under this Section 3.8(b) in respect of any Violation shall not exceed the net proceeds (after giving effect to
underwriting discounts and commissions) received by such Holder in the registered offering out of which such Violation arises. 
 (c)
Notice. Promptly after receipt by an indemnified party under this Section 3.8 of notice of the commencement of any action, including any governmental action, such indemnified party will, if a claim in respect thereof is to be made
against any indemnifying party under this Section 3.8, deliver to the indemnifying party a written notice of the commencement thereof (a “Claim Notice”) and the indemnifying party shall have the right to participate in, and, to
the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party
shall have the right to retain its own counsel, with the fees and out-of-pocket expenses to be paid by the indemnifying party: (i) during the period from the delivery of a Claim Notice until retention of counsel by the indemnifying party; and
(ii) if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver a written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the indemnified party under this
Section 3.8 to the extent the indemnifying party is prejudiced as a result thereof, but the omission to deliver a written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise
than under this Section 3.8. 

  
 14 

 (d) Contribution. In order to provide for just and equitable contribution to joint
liability under the Securities Act in any case in which either (i) any Holder exercising rights under this Agreement, or any controlling person of any such Holder, makes a claim for indemnification pursuant to this Section 3.8 but it is
judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case
notwithstanding the fact that this Section 3.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such selling Holder or any such controlling person in circumstances
for which indemnification is provided under this Section 3.8; then, and in each such case, the Company and such Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from
others) in such proportion so that such Holder is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered by and sold under the registration statement bears to the public
offering price of all securities offered by and sold under such registration statement, and the Company and other selling Holders are responsible for the remaining portion; provided, however, that, in any such case: (A) no such
Holder will be required to contribute any amount in excess of the net proceeds received by such Holder pursuant to such registration statement; and (B) no person or entity guilty of fraudulent misrepresentation as defined in Section 11(f)
of the Securities Act will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

(e) Survival. The obligations of the Company and Holders under this Section 3.8 shall survive for six (6) years after the
completion of any offering of Registrable Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. 

3.9 Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which
may permit the sale of the Registrable Securities to the public without registration, the Company agrees to: 
 (a) make and keep public
information available, as those terms are understood and defined in Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an
offering of its securities to the general public; 
 (b) file with the SEC, in a timely manner, all reports and other documents required of
the Company under the Securities Act or the Exchange Act, at all times after the effective date of the first registration under the Securities Act filed by the Company; or 

(c) so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request, (i) a written statement by the
Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements), (ii) a copy of the most recent annual,
interim, quarterly or other report of the Company and, (iii) such other reports and documents as a Holder may reasonably request availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration.

 3.10 Termination of the Company’s Obligations. Notwithstanding the foregoing, the Company shall have no obligations pursuant
to Sections 3.3, 3.4 or 3.5 hereof with respect to any Registrable Securities proposed to be sold by a Holder in a registered public offering (i) three (3) years after the completion of a Qualified Public Offering, or (ii), if, in the
opinion of counsel to the Company, all such Registrable Securities proposed to be sold by a Holder (and any Affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144) may then be sold without restrictions pursuant to
Rule 144 promulgated under the Securities Act. 

  
 15 

 3.11 No Registration Rights to Third Parties. Without the prior written consent of the
Holders of at least a majority of the Registrable Securities then outstanding, the Company covenants and agrees that it shall not grant, or cause or permit to be created, for the benefit of any person or entity any registration rights of any kind,
whether similar to the demand, “piggyback” or Form S-3 or Form F-3 registration rights described in this Section 3, or otherwise, relating to any shares or other securities of the Company, other than rights that are subordinate to the
rights of the Holders hereunder. 
 3.12 “Market Stand-Off” Agreement. Each Holder hereby agrees that, if and to the extent
requested by the lead underwriter of securities of the Company in connection with a registration relating to a specific proposed public offering (other than a registration on Form S-8 or Form F-8 or a related or successor form relating solely to an
employee benefit plan or a registration on Form S-4 or Form F-4 or a related or successor form relating solely to a transaction under SEC Rule 145), such Holder will, subject to the following conditions, enter into a lock-up or standoff agreement in
customary form (subject to the following conditions) under which such Holder agrees not to sell or otherwise transfer or dispose of any Registrable Securities or other Shares of the Company owned by such Holder as of the date of such registration
for up to one hundred eighty (180) days following the effective date of the related registration statement. The obligations of each Holder under this Section 3.12 are subject to the following conditions: (i) the lockup or standoff
agreement applies only to the first registration statement of the Company which covers securities to be sold on its behalf to the public in an underwritten offering but not to Registrable Securities actually sold pursuant to such registration
statement; (ii) such Holder is satisfied that all directors, officers, and holders of one percent (1%) or more of any class of securities of the Company are bound by substantially identical restrictions; (iii) the lockup or standoff
agreement provides that if any securities of the Company are to be excluded or released in whole or part from such restrictions, the underwriter shall so notify each Holder within three (3) days and each Holder shall be excluded or released, in
proportionate amounts to the extent of the exclusion or release with respect to any other holder of the Company’s securities, including any director, officer, or holder of one percent (1%) or more of any class of securities of the Company
subject to such restrictions; and (iv) the lockup or standoff agreement by its terms permits transfers of Registrable Securities by any Holder to any Affiliate of such Holder during the restricted period, provided that such Affiliate
executes a lock-up or standoff agreement substantively identical to that signed by the transferring Holder. The lock-up or standoff agreement shall expire no later than ninety (90) days after execution by the Holder if no underwritten public
offering has occurred by the date of such execution. The Company may impose a stop-transfer restriction with respect to Registrable Securities that are subject to any such lockup or standoff agreement, but shall remove such restriction immediately
upon the expiration or termination of such lockup or standoff agreement. 

  
 16 

	4	ISSUANCE OF NEW SECURITIES 

 4.1 With Respect to Issuance of New Securities: 

(a) The Company shall not sell or issue any Shares, or other securities convertible into or exchangeable for Shares, or options, warrants or
rights carrying any rights to purchase Shares, or any debt securities (the “Offered Securities”) unless the Company first submits written notice (the “Pre-emptive Rights Notice”) to the holders of Preference Shares,
Tencent Ordinary Shares, General Atlantic Ordinary Shares, Super Class Ordinary Shares, Kuok Ordinary Shares, OTPP Ordinary Shares and Keytone Ordinary Shares (collectively, the “Preferred Holders”) identifying the terms of the
proposed sale (including price, number or aggregate principal amount of securities and all other material terms), and offers to each Preferred Holder the opportunity to purchase its Pro Rata Allotment (as hereinafter defined) of the Offered
Securities, on terms and conditions, including price, not less favorable than those on which the Company proposes to sell such Offered Securities to a third party or parties. 

(b) (i) Upon receipt of the Pre-emptive Rights Notice, each Preferred Holder may elect to subscribe for, at the price and upon the terms
specified in the Pre-emptive Rights Notice, up to a portion of the Offered Securities which equals such Preferred Holder’s Pro-Rata Allotment of securities. The election will be exercisable by written notice (the “Exercise
Notice”) given to the Company by the twentieth (20th) day after delivery of the Pre-emptive Rights Notice: 
 (ii) Failure of
any Preferred Holder to provide an Exercise Notice within the twenty (20) day period set forth under Section 4.1(b)(i) shall be deemed to constitute a notification to the Company of such Preferred Holder’s decision not to exercise the
pre-emptive right to purchase any Offered Securities under Section 4.1(b)(i). 
 (iii) If (A) any Preferred Holder fails to
exercise the pre-emptive right to purchase its full Pro-Rata Allotment of the Offered Securities, (B) OTPP exercises the pre-emptive right to purchase its full Pro-Rata Allotment of the Offered Securities and (C) immediately prior to the
proposed issuance of the Offered Securities, OTPP holds no more than ten percent (10%) of the Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis), the Company shall deliver a written notice thereof to OTPP
(the “OTPP Over-allotment Notice”) and OTPP shall have an additional right to purchase all or a portion of such remaining Offered Securities not purchased by the other Preferred Holder(s) on the same terms and conditions as
specified in the Pre-Emptive Rights Notice (other than as to the date of expiry of such offer) by delivering a written notice (the “OTPP Over-allotment Exercise Notice”) to the Company within ten (10) days following the receipt
of the OTPP Over-allotment Notice. 
 (iv) Failure of OTPP to provide an OTPP Over-allotment Exercise Notice within the ten (10) day
period set forth under Section 4.1(b)(iii) shall be deemed to constitute a notification to the Company of OTPP’s decision not to exercise the over-allotment right under Section 4.1(b)(iii) to purchase any Offered Securities not
purchased by the other Preferred Holder(s). 
 (c) If any Offered Securities pursuant to Sections 4.1(a) and 4.1(b) above are not purchased
pursuant to such offer(s), the remaining Offered Securities may be sold by the Company to other third parties, but only on the terms and conditions not more favorable than those set forth in the Pre-emptive Rights Notice or the OTPP Over-allotment
Notice (as the case may be), at any time within one hundred and twenty (120) days following the expiration of the twenty (20) day period set forth under Sections 4.1(b)(i) and 4.1(b)(ii) or within one hundred and twenty
(120) days following the expiration of the ten (10) day period set forth under Sections 4.1(b)(iii) and 4.1(b)(iv), whichever is later. 

  
 17 

 (d) For purposes of this Section 4 each Preferred Holder’s Pro-Rata Allotment of
securities shall be based on the ratio of (i) the number of Ordinary Shares (including Preference Shares on an as-converted basis, assuming full conversion and exercise of all options and other outstanding convertible and exercisable
securities) held by such Preferred Holder, to (ii) the total number of Ordinary Shares (including Preference Shares on an as-converted basis, assuming full conversion and exercise of all options and other outstanding convertible and exercisable
securities) then outstanding immediately prior to the issuance of Offered Securities giving rise to the pre-emptive rights. 
 (e)
Notwithstanding the foregoing, the right to purchase shall be inapplicable with respect to any issuance or transfer (from treasury) or any proposed issuance or transfer (from treasury) by the Company of (i) Ordinary Shares or other awards to
acquire Ordinary Shares under the Employee Option Plan and any other employee incentive plan of the Company and/or outside of the Employee Option Plan, as approved in accordance with this Agreement and the Articles of Association, (ii) Ordinary
Shares upon conversion of the Preference Shares or the Seed Preferred Shares, (iii) securities as a result of any share split, share dividend, reclassification or reorganization of the Company’s share capital, or (iv) any Ordinary
Shares issued by the Company in exchange for the assets or shares of another Person in connection with the acquisition of such Person by the Company, whether by merger, purchase of all or substantially all of the assets of such Person, or otherwise,
which acquisition has been approved in accordance with this Agreement and the Articles of Association. 
  

	5	RESTRICTIONS ON TRANSFERS AND RIGHTS OF FIRST REFUSAL AND CO-SALE. 

 5.1 With Respect
to Shares Held by the Existing Shareholders, Tencent, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo and Seatown: 
 (a)
Restriction on Transfers. None of the Existing Shareholders, Tencent, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo and Seatown shall Transfer any Shares, and the Directors shall not register the Transfer of any Shares, except
in connection with, and strictly in compliance with the conditions of, any of the following: 
 (i) Transfers effected pursuant to
Sections 5.1(b) and 5.1(c) hereof, in each case made strictly in accordance with the procedures set forth therein, except that no Key Shareholder or any of its Permitted Transferees may make any Transfer of any Shares held by any such Key
Shareholder or its Permitted Transferees pursuant to Section 5.1(b) or 5.1(c) hereof at any time prior to May 5, 2018 without the prior written consent of each of Tencent Limited, General Atlantic, Ponorogo, Seatown and Super Class unless
at any time prior to May 5, 2018, such Transfers (A) are made for personal liquidity planning purposes, (B) are made to any Person other than those listed under the Schedule of Prohibited Transferees hereto, and (C) in the
aggregate do not exceed ten percent (10%) of the Shares held by such Key Shareholder as of May 5, 2014 (for the avoidance of doubt, Sections 5.1(b) and 5.1(c) shall not apply to such Transfers); 

  
 18 

 (ii) Transfers effected pursuant to Sections 5.1(b) and 5.1(c) hereof, in each case made
strictly in accordance with the procedures set forth therein, except that no Key Shareholder or any of its Permitted Transferees may make any Transfer of any Shares held by any such Key Shareholder or its Permitted Transferees pursuant to
Section 5.1(b) or 5.1(c) hereof at any time prior to the fourth (4th) year anniversary of February 11, 2015 without the prior written consent of OTPP unless at any time prior to the fourth (4th) year anniversary of
February 11, 2015, such Transfers in the aggregate do not exceed fifteen percent (15%) of the Shares held by such Key Shareholder as of immediately following the Closing (as such term is defined in the OTPP Share Subscription Agreement)
(for the avoidance of doubt, Sections 5.1(b) and 5.1(c) shall not apply to such Transfers); provided that the foregoing transfer restrictions contained in this Section 5.1(a)(ii) shall terminate upon the earliest to occur of
(A) OTPP ceasing to hold at least fifty percent (50%) of the total number of Shares acquired pursuant to the OTPP Share Subscription Agreement and the OTPP Share Purchase Agreements, (B) in the event of an initial public offering of
the Group or Deemed Liquidation which in either case values the Group at no less than $6.75 billion, the closing of such initial public offering or Deemed Liquidation; or (C) in the event of an initial public offering of the Group which values
the Group at less than $6.75 billion, the volume weighted average price of the Shares at the close of trading in any three consecutive months after the date of expiration of the six-month period following consummation of such initial public offering
values the Group at no less than $6.75 billion. 
 (iii) Transfers by any Existing Shareholder in connection with any bona fide
pledge made pursuant to a bona fide loan transaction that creates a mere security interest, provided that the pledgee shall have executed an Adherence Agreement in the event that and to the extent that such pledgee ever acquires
ownership of such shares; 
 (iv) Transfers between any Existing Shareholder and his/her/its Affiliates and Transfers by any Existing
Shareholder to his or her spouse or children or to a trust, partnership or similar entity made for estate or tax planning purposes, of which he or she is the settlor and a trustee (or in the case of a partnership or other entity, of which he or she
maintains voting control) for the benefit of his or her spouse or children, provided that the transferee shall have executed an Adherence Agreement; 

(v) Transfers upon the death of such Existing Shareholder to his or her heirs, executors or administrators or to a trust under his or her
will or Transfers between any Existing Shareholder and his or her guardian or conservator, provided that the transferee shall have executed an Adherence Agreement; 

(vi) Transfers by any Existing Shareholder in connection with any bona fide gift effected for tax planning purposes, provided
that the pledgee, transferee or donee or other recipient shall have executed an Adherence Agreement; 
 (vii) Transfer by any Existing
Shareholder, Tencent, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo or Seatown to the public pursuant to an effective registration statement; 

(viii) any repurchase by the Company at no more than cost from any Existing Shareholder in accordance with the Employee Option Plan; 

(ix) Transfers by Tencent to its Affiliate or Affiliate of Tencent Holdings Limited, provided that the transferee shall have executed
an Adherence Agreement; 
 (x) Transfers by General Atlantic to its Affiliate, provided that the transferee shall have executed an
Adherence Agreement; 
 (xi) Transfers by Super Class or Kuok to its Affiliate and within the Super Class Group, provided that the
transferee shall have executed an Adherence Agreement; 

  
 19 

 (xii) Transfers by OTPP to its Affiliate, provided that the transferee shall have
executed an Adherence Agreement; 
 (xiii) Transfers by Keytone to its Affiliate, provided that the transferee shall have executed
an Adherence Agreement; 
 (xiv) Transfers by Ponorogo to its Affiliate, provided that the transferee shall have executed an
Adherence Agreement; and 
 (xv) Transfers by Seatown to its Affiliate, provided that the transferee shall have executed an
Adherence Agreement. 
 Any permitted pledgee, transferee or donee or other recipient described in the preceding clause (iii), (iv), (v),
(ix), (x), (xi), (xii), (xiii), (xiv) or (xv) shall be referred to herein as a Permitted Transferee. Notwithstanding anything to the contrary in this Agreement or any failure to execute an Adherence Agreement as contemplated hereby,
Permitted Transferees shall take any Shares so transferred subject to all provisions of this Agreement and the Articles of Association as if such Shares were still held by the transferor, whether or not they so agree with the transferor and/or the
Company. If at any time after the completion of a Transfer, the Permitted Transferee for any reason ceases to be a Permitted Transferee, he/she/it shall Transfer the Shares previously acquired back to the transferor or another Permitted Transferee.
Without limitation of the foregoing, in connection with any otherwise permitted Transfer of Shares that are restricted Shares and are subject to any share restriction agreement, any transferee of any such Shares shall agree in writing to be bound by
the terms of any such share restriction or similar agreement, including, without limitation, any repurchase or similar right contained therein. 

(b) Rights of First Refusal. In the event that any Existing Shareholder (a “Transferring Shareholder”) receives a bona
fide offer to purchase all or any portion of the Shares held by such Person (the “Proposed Transaction”) from a third party (the “Proposed Transferee”), (i) the Company and (ii) the Key Shareholders (other
than a Key Shareholder that is the Transferring Shareholder) and holders of Preference Shares, Tencent Ordinary Shares, General Atlantic Ordinary Shares, Super Class Ordinary Shares, Kuok Ordinary Shares, OTPP Ordinary Shares and Keytone Ordinary
Shares (collectively, the “Rights Holders”) shall have a right of first refusal (the “Right of First Refusal”) with respect to such Transfer. For so long as the Company and the Rights Holders have the Right of First
Refusal in respect of a Transfer, such Transferring Shareholder shall Transfer such Shares pursuant to and in accordance with the following provisions of this Section 5.1(b): 

(i) Offer Notice. Such Transferring Shareholder shall deliver written notice (the “Offer Notice”) of its desire to
consummate the Proposed Transaction to the Company and the Rights Holders. The Offer Notice shall specify (A) the number of Shares held by the Transferring Shareholder that are subject to the Proposed Transaction (the “Offered
Shares”), (B) the identity of the Proposed Transferee, (C) the consideration per share to be paid for the Offered Shares and (D) all other material terms and conditions of the Proposed Transaction. The Transferring
Shareholder’s Offer Notice shall constitute an irrevocable offer to sell all such shares to the Company and the Rights Holders on the basis described below at a purchase price equal to the price contained in, and on the same terms as set forth
in, the Offer Notice. 

  
 20 

 (ii) Option of Company. The Company shall have an option for a period of twenty
(20) days following receipt of the Offer Notice (the “Company Option Period”) to elect to repurchase all or a portion of the Offered Shares, at the same price and subject to the same terms and conditions as described in the
Offer Notice, exercisable by written notice to the Transferring Shareholder (with a copy to the Rights Holders). Any Offered Shares so repurchased by the Company shall be cancelled or held in treasury, and shall (to the extent held in treasury)
remain subject to Section 4.1 above. 
 (iii) Option of Rights Holders. If the Company does not elect within the Company Option
Period to purchase all of the Offered Shares pursuant to Section 5.1(b)(ii) above then, in respect of the remaining unpurchased Offered Shares (the “Remaining Offered Shares”), the Company shall deliver to each Rights Holder
written notice (with a copy to the Transferring Shareholder) (the “Company Notice”) thereof within ten (10) days after the expiration of the Company Option Period, and each such Rights Holder, other than the Transferring
Shareholder, shall have the Right of First Refusal to accept the offer to purchase the Remaining Offered Shares for the consideration per share and on the terms and conditions specified in the Offer Notice and as further described below: 

(A) Each Rights Holder shall have the right to exercise his, her or its Right of First Refusal for a period of ten
(10) days following receipt of the Company Notice (the “Rights Holder Option Period”) to purchase its respective Pro Rata Share of the Remaining Offered Shares covered by the Proposed Transaction. 

(B) If any Rights Holder fails to exercise its right to purchase its full Pro Rata Share of the Remaining Offered Shares, the
Company shall deliver written notice thereof (the “Second Notice”), within five (5) days after the expiration of the Rights Holder Option Period, to each Rights Holder that elected to purchase its entire Pro Rata Share of the
Remaining Offered Shares (an “Exercising Rights Holder”) and to the Transferring Shareholder. The Exercising Rights Holder shall have a right of re-allotment, and may exercise an additional right to purchase its Pro Rata Share of
such unpurchased Remaining Offered Shares by notifying the Transferring Shareholder and the Company in writing within ten (10) days after receipt of the Second Notice. 

(C) For the purposes of this Section 5.1(b)(iii), a Rights Holder’s “Pro Rata Share” of the
Remaining Offered Shares shall be equal to (i) the total number of Remaining Offered Shares, multiplied by (ii) a fraction, the numerator of which shall be the aggregate number of Ordinary Shares held by such Rights Holder on the
date of the Company Notice or the Second Notice (as the case may be) (including all Preference Shares and/or Seed Preferred Shares held by such Rights Holder on an as-converted to Ordinary Share basis) and the denominator of which shall be
the total number of Ordinary Shares held by all Rights Holders on such date (including all Preference Shares and/or Seed Preferred Shares held by such Rights Holder on an as-converted to Ordinary Share basis). 

(D) The closing for any purchase of Shares pursuant to this Section 5.1(b)(iii) shall take place no later than
twenty-five (25) days after the delivery of the Company Notice. Any written election to purchase shall constitute a valid, legally binding and enforceable agreement for the sale and purchase of the Remaining Offered Shares. 

  
 21 

 (c) Co-Sale Option. In the event that a Transferring Shareholder (a “Co-Sale
Transferor”) proposes to Transfer all or any portion of the Offered Shares in a Proposed Transaction, and the rights under Section 5.1(b) above are not exercised with respect to all of the Offered Shares proposed to be sold, such
Transferring Shareholder may Transfer such remaining unpurchased Offered Shares (the “Co-Sale Shares”) only pursuant to and in accordance with the following provisions of this Section 5.1(c): 

(i) Each holder of Preference Shares, Tencent Ordinary Shares, General Atlantic Ordinary Shares, Super Class Ordinary Shares, Kuok Ordinary
Shares, OTPP Ordinary Shares or Keytone Ordinary Shares, who has not exercised its Right of First Refusal under Section 5.1(b)(iii) above (each a “Co-Sale Participant”) shall have the right to participate in the Proposed
Transaction on the terms and conditions herein stated (the “Co-Sale Option”), which right shall be exercisable upon written notice (the “Acceptance Notice”) to the Co-Sale Transferor within ten (10) days after
the Co-Sale Transferor notifies the Co-Sale Participants in writing (A) that the Co-Sale Participant has not elected to exercise the Right of First Refusal with respect to any Offered Shares and (B) of the maximum number of shares each
Co-Sale Participant may sell pursuant to Section 5.1(c)(ii). The Co-Sale Transferor shall issue such notice prior to any transfer of Co-Sale Shares, and it shall be open for acceptance for no less than ten (10) days. The Acceptance Notice
shall indicate the maximum number of shares the Co-Sale Participant wishes to sell on the terms and conditions stated in the Offer Notice. 

(ii) Each Co-Sale Participant shall have the right to sell a portion of its shares pursuant to the Proposed Transaction which is equal to or
less than the product obtained by multiplying (A) the total number of the Co-Sale Shares by (B) a fraction, the numerator of which is the total number of Ordinary Shares held by such Co-Sale Participant on the date of the Acceptance
Notice (including all Preference Shares held by such Co-Sale Participant on an as-converted to Ordinary Share basis) and the denominator of which is the total number of Ordinary Shares then held by the Co-Sale Transferor and by all the
Co-Sale Participants entitled to exercise the co-sale right on the date of the Acceptance Notice (including all Preference Shares held by such Co-Sale Participant on an as-converted to Ordinary Share basis). 

(iii) Each Co-Sale Participant may effect its participation in any Proposed Transaction hereunder by delivery to the Proposed Transferee, or
to the Co-Sale Transferor for delivery to the Proposed Transferee, of one or more duly executed instruments of transfer or certificates representing the shares it elects to sell therein, provided that no such Co-Sale Participant shall be
required to make any representations or warranties or provide any indemnities in connection therewith other than with respect to the Shares being transferred. At the time of consummation of the Proposed Transaction, the Proposed Transferee shall
remit directly to each such Co-Sale Participant that portion of the sale proceeds to which such Co-Sale Participant is entitled by reason of its participation therein (less any adjustments due to the conversion of any convertible securities or the
exercise of any exercisable securities). 

  
 22 

 (iv) Promptly after such sale, the Co-Sale Transferor shall notify each participating Co-Sale
Participant of the consummation thereof and shall furnish such evidence of the completion and time of completion of such sale and of the terms thereof as may reasonably be requested by any such Co-Sale Participant. In the event that the Proposed
Transaction is not consummated within the period required by Section 5.1(c)(iii) hereof or the Proposed Transferee fails timely to remit to the Co-Sale Participant its portion of the sale proceeds, the Proposed Transaction shall be deemed to
lapse, and any Transfers of Shares pursuant to such Proposed Transaction shall be deemed to be in violation of the provisions of this Agreement unless the Transferring Shareholder once again complies with the provisions of Section 5.1(b), as
applicable, and Section 5.1(c) hereof with respect to such Proposed Transaction. 
 (d) No Transfer of a share may be made pursuant to
this Section 5.1 unless (i) the transferee has signed an Adherence Agreement, and (ii) the Transfer complies with the other provisions of this Agreement and the Articles of Association. 

5.2 Drag-along. 

(a) Subject to Section 5.2(b), if at any time prior to the closing of a Qualified Public Offering, holders of (i) at least
two-thirds (2/3) of the outstanding Preference Shares, and (ii) at least two-thirds (2/3) of the outstanding Voting Ordinary Shares and Seed Preferred Shares (voting together as a separate class and on an as-converted basis), each of
(i) and (ii) voting as a separate class (together, the “Approving Shareholders”), vote in favor of, otherwise consent in writing to, and/or otherwise agree in writing to a Deemed Liquidation, then the Company shall
promptly notify each of the remaining holders of Shares (the “Remaining Shareholders”) in writing of such vote, consent and/or agreement, whereupon each Remaining Shareholder shall, in accordance with instructions received from the
Company, vote all of its Shares in favor of, consent in writing to, and/or otherwise sell or transfer all of its Shares in such proposed sale or transfer on the same terms and conditions as were agreed to by the Approving Shareholders.  

(b) Notwithstanding the foregoing Section 5.2(a), upon a proposed Deemed Liquidation under Section 5.2(a), OTPP’s prior written
consent shall be required for the Key Shareholders to sell or transfer their Shares pursuant to Section 5.2(a) above except where: 

(i) OTPP no longer holds at least fifty percent (50%) of the OTPP Ordinary Shares; 

(ii) The proposed Deemed Liquidation values the Group at not less than $6.75 billion; 

(iii) The proposed Deemed Liquidation values the Group at an amount that provides a Deemed Liquidation IRR (as defined below) of not less
than twenty two and a half percent (22.5%); or 
 (iv) In the event none of the foregoing clauses (i), (ii) and (iii) applies,
the Company agrees to redeem the OTPP Ordinary Shares then held by OTPP at price per Share that is equal to the lesser of (x) that which provides OTPP with Deemed Liquidation IRR of twenty two and a half percent (22.5%) and (y) such
price as if the proposed Deemed Liquidation values the Group at $6.75 billion. 

  
 23 

 As used above, “Deemed Liquidation IRR” means the internal rate of
return (on the basis of a 360-day year consisting of twelve (12) months of thirty (30) days each and, in the case of an incomplete month, the actual number of days elapsed) on the Purchase Price (as such term is defined in the OTPP Share
Subscription Agreement) for the period commencing on the Closing (as such term is defined in the OTPP Share Subscription Agreement) and ending on the applicable determination date of the Group’s valuation for the proposed Deemed Liquidation.

 5.3 Prohibition on Transfers to Restricted Parties. 

Notwithstanding any other provision of this Agreement, no Party may Transfer any shares to a Restricted Party and the Company shall not and
shall procure that the Directors shall not effect (or otherwise recognise or register) a Transfer in violation of the foregoing prohibition. 
  

	6	ASSIGNMENT AND AMENDMENT. 

 6.1 Assignments. The rights of Tencent,
General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo and Seatown under Sections 3 through 5 are assignable (together with the related obligations) to the transferee in a Transfer of the Shares of the Company held by Tencent, General
Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo or Seatown (as the case may be) in accordance with this Agreement but only to the extent of such Transfer and, in the case of Sections 4 and 5, only to an affiliated investment fund;
provided, however, that the Company is given a written notice at the time of such assignment stating the name and address of the assignee and identifying the securities of the Company as to which the rights in question are being
assigned; and provided further, that any such assignee shall receive such assigned rights, subject to all the terms and conditions of this Agreement, including the provisions of this Section 6, and agree to abide by this Agreement by
executing an Adherence Agreement substantially in the form attached hereto as Exhibit A (“Adherence Agreement”). 

6.2 Amendments and Waivers. Any provision in this Agreement may be amended and the observance thereof may be waived only by the written
consent of (i) the Company; (ii) Tencent Limited; (iii) General Atlantic; (iv) Super Class; (v) Kuok; (vi) OTPP; (vii) Keytone; (viii) Ponorogo; (ix) Seatown and (x) Mr. Li Xiaodong, so long as
Mr. Li Xiaodong and/or his Affiliates continues to hold, directly or indirectly, at least fifteen percent (15%) of the voting power of the outstanding share capital of the Company. Failure to insist upon strict compliance with any of the
terms, covenants, or conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy hereunder at any one or
more times be deemed a waiver or relinquishment of such right, power or remedy at any other time or times. Any amendment or waiver effected in accordance with this Section 6.2 shall be binding upon all the Parties hereto. 

 

	7	PROTECTIVE PROVISIONS. 

 7.1 Series A Preference Reserved Matters. The Parties
agree as between themselves that notwithstanding anything contained herein to the contrary, as long as fifty percent (50%) of the Series A Preference Shares purchased pursuant to the Tencent 2010 Share Purchase Agreement are outstanding, no
action or decision (whether by amendment of the Articles of Association or otherwise, and whether in a single transaction or a series of related transactions) that approves or effects any of the following matters shall be taken (whether by the
Directors, the Company, any Group Company or any of the officers or managers of any Group Company or any other person in relation to the Group) without the approval of the holders of at least two-thirds of the Series A Preference Shares then
outstanding: 

  
 24 

 (a) amendment or change of the rights, preferences or privileges of, or the restrictions provided
for the benefit of, the Series A Preference Shares (whether absolutely or relative to the Ordinary Shares, the Series B Preference Shares or the Seed Preferred Shares); 

(b) alteration of the authorized number of Series A Preference Shares or any other class of shares of the Company; 

(c) authorization or creation (by reclassification or otherwise) of any new class or series of shares having rights, preferences or privileges
senior to or on parity with the Series A Preference Shares; 
 (d) sale or issuance of any Ordinary Shares, Series A Preference Shares or
other equity or debt security or instrument or warrant, option or other right to purchase or convert or exchange into any Ordinary Shares, Series A Preference Shares or other equity or debt security or instrument (with the exception of (i) any
Shares issued upon conversion of the Preference Shares or Seed Preferred Shares or (ii) Ordinary Shares or options for the purchase thereof pursuant to the Employee Option Plan); 

(e) amendment or waiver of any provision of the Articles of Association of the Company to the extent it adversely alters the rights,
preferences or privileges of the Series A Preference Shares; 
 (f) authorization or obligation of the Company to declare or pay any
dividend or distribution (including share dividends or bonus share issues) on the Series A Preference Shares; 
 (g) sale, disposal, spin
off, transfer or lease of the whole or a substantial part of the business, goodwill or assets of any Group Company; 
 (h) passing of any
resolution approving the liquidation, dissolution or winding up or the initiation of bankruptcy proceedings against any Group Company or application for the appointment of a receiver, judicial manager, administrator or like officer for any Group
Company, or approving a Deemed Liquidation; 
 (i) increasing the number of shares subject to the Employee Option Plan or any other employee
incentive plan of any Group Company; 
 (j) licensing or otherwise transferring any of the Group’s material patents, copyrights,
trademarks or other intellectual property other than in the ordinary course of its business; 
 (k) redeeming, repurchasing or otherwise
acquiring, directly or indirectly, through Subsidiaries or otherwise, its securities, other than repurchases from employees, consultants or officers upon termination of their respective engagement (unless such redemption or repurchase is approved by
the Board, including the Tencent Director) and/or pursuant to the Employee Option Plan; 
 (l) removal or replacement of the Tencent
Director; 

  
 25 

 (m) entry into any strategic alliance or partnership with any third party entity or Person or the
acquisition of any material assets of or equity interest in any third party entity or Person in any Financial Year for an aggregate consideration in excess of ten percent (10%) of the Group’s income as reflected in the annual budget for
such year approved by the Board; 
 (n) effecting of a recapitalization, reclassification, split-off or spin-off of any Group Company; or

 (o) undertaking of any merger, acquisition, consolidation or reorganization in respect of any Group Company in any Financial Year for an
aggregate consideration in excess of ten percent (10%) of the Group’s income as reflected in the annual budget for such year approved by the Board. 

7.2 Ordinary Shares Reserved Matters. The Parties agree as between themselves that notwithstanding anything contained herein to the
contrary, no action or decision (whether by amendment of the Articles of Association or otherwise, and whether in a single transaction or a series of related transactions) that approves or effects any of the following matters shall be taken (whether
by the Directors, the Company, any Group Company or any of the officers or managers of any Group Company or any other person in relation to the Group) without the approval of (x) Mr. Li Xiaodong so long as Mr. Li Xiaodong and/or his
Affiliates continues to hold, directly or indirectly, at least fifteen percent (15%) of the voting power of the outstanding share capital of the Company, or (y) in all other cases, at least a majority of the Voting Ordinary Shares then
outstanding: 
 (a) amendment or change of the rights, preferences or privileges of, or the restrictions provided for the benefit of the
Ordinary Shares; or 
 (b) passing of any resolution approving the liquidation, dissolution or winding up or the initiation of bankruptcy
proceedings against any Group Company or application for the appointment of a receiver, judicial manager, administrator or like officer for any Group Company, or approving a Deemed Liquidation, in each case within seven (7) years following the
Closing Date. 
  

	8	BOARD AND MANAGEMENT MATTERS. 

 8.1 Designation Right. The Board shall comprise
of three (3) Directors. Of the three (3) Directors: 
 (a) Holders of at least a majority of the Series A Preference Shares shall
be entitled to appoint one (1) Director and to the extent Tencent Limited holds at least fifty percent (50%) of the Series A Preference Shares purchased pursuant to the Tencent 2010 Share Purchase Agreement, Tencent Limited shall be
entitled to nominate and appoint such one (1) Director (the “Tencent Director”); and 
 (b) Holders of at least
a majority of the Voting Ordinary Shares shall be entitled to appoint two (2) Directors and Mr. Li Xiaodong shall be entitled to appoint such two (2) Directors (each an “Ordinary Director”) so long as Mr. Li
Xiaodong and/or his Affiliates continue to hold at least ten percent (10%) of the Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis). 

  
 26 

 Any vacancy on the Board occurring because of the death, resignation or removal of the Tencent
Director shall be filled by an individual designated for election by Tencent Limited. In addition, Tencent Limited may, in its sole discretion, designate for removal from the Board any incumbent Tencent Director who occupies a Board seat. Any
vacancy on the Board occurring because of the death, resignation or removal of any Ordinary Director shall be filled by an individual designated for election by Mr. Li Xiaodong (so long as Mr. Li Xiaodong and/or his Affiliates continue to
hold at least ten percent (10%) of the Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis) at the time of such designation) or otherwise holders of at least a majority of the Voting Ordinary Shares. In
addition, Mr. Li Xiaodong (so long as Mr. Li Xiaodong and/or his Affiliates continue to hold at least ten percent (10%) of the Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis) at the time of the
following designation for removal of any incumbent Ordinary Director) or otherwise holders of at least a majority of the Voting Ordinary Shares may, in his or their sole discretion, designate for removal from the Board any incumbent Ordinary
Director who occupies a Board seat. Each of the Parties hereto shall vote at any regular or special meeting of shareholders such number of Shares as may be necessary, or in lieu of any such meeting, shall give such Party’s written consent with
respect to such number of Shares as may be necessary, to elect or remove any individual designated for election or removal by Tencent Limited, Mr Li Xiaodong or the holder(s) of a majority of the Voting Ordinary Shares (as the case may be)
pursuant to this Section 8.1. 
 8.2 Tencent Board Observer. Tencent Limited, in the event that no Tencent Director is then
serving on the Board, so long as Tencent continues to hold at least three percent (3%) of the Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis), shall have the right to appoint one (1) observer (the
“Tencent Observer”) to the Board (and each committee thereof) to attend Board or committee meetings of the Company in a non-voting observer capacity. The Company shall provide the Tencent Observer copies of all notices and materials
at the same time and in the same manner as the same are provided to the Directors. 
 8.3 Quorum. The quorum for transacting business
at any Board meeting shall be two (2) Directors (including the Tencent Director) when the relevant business is transacted. A Director shall be regarded as present for the purpose of a quorum if the Director: 

(a) is present in person (including, without limitation, by means of a conference telephone or any other equipment which allows all
participants in the meeting to hear and be heard by each other simultaneously when the relevant business is transacted); or 
 (b) is
represented by an alternate Director appointed in accordance with the Articles of Association. 
 If a quorum is not present, the Board
meeting shall be automatically adjourned for two (2) calendar days and shall be held at the same time and place (and notice to that effect shall be given to all Directors through telephone calls or facsimile), and a quorum shall be formed when
any two (2) of the Directors (including the Tencent Director) are present in the manner set out in this Section 8.3. If at the adjourned meeting, the number of Directors required to be present under this Section 8.3 for such meeting
to proceed is not present within one half hour from the time appointed for the meeting solely because of the absence of the Tencent Director, then the presence of the Tencent Director shall not be required at such adjourned meeting solely for
purpose of determining if a quorum has been established. 

  
 27 

 8.4 Board Reserved Matters. Matters considered at any meeting of the Board shall be
decided by a majority of votes of the Directors present at a meeting at which there is a quorum, provided always that no action or decision relating to any of the following matters is taken (whether by the Directors, the Company, any Group
Company or any of the officers or managers of any Group Company or any other person in relation to the Group, and whether in a single transaction or a series of related transactions) without the affirmative majority approval of the Directors (which
for the matters set out in paragraphs (a), (b), (c), (d), (e), (f), (j), (k) (l) and (m) shall include the Tencent Director, insofar as at least fifty percent (50%) of the Series A Preference Shares purchased pursuant to the
Tencent 2010 Share Purchase Agreement remain outstanding and held by Tencent Limited): 
 (a) sale, mortgage, pledge, lease, transfer,
license or otherwise disposal of any of the assets (including intellectual property) of the Group which is (i) outside the ordinary course of business or (ii) in excess of $10,000,000 in aggregate over any twelve (12) month period;

 (b) approval or amendment of any quarterly or annual budget, business plan or operating plan (including any capital expenditure budget,
operating budget or financing plan) of the Group; 
 (c) engagement in any business materially different from that described in the current
business plan, change the name of the any Group Company or cease any business undertaking of any Group Company; 
 (d) incurring of any
indebtedness or assume any financial obligation or issue, assume, guarantee or create any liability for borrowed money in excess of $10,000,000 in aggregate at any time outstanding unless such liability is incurred pursuant to the then current
business plan; 
 (e) making of any expenditure or other purchase of tangible or intangible assets in excess of $10,000,000 in aggregate
over any twelve (12) month period unless such expenditure is made pursuant to the then current business plan; 
 (f) entry into any
material agreement or contract with any party or group of related parties which is outside the ordinary course of business and under which the Group’s aggregate commitments, pledges or obligations to such party or group of related parties are
unlimited or potentially exceed $10,000,000 in the aggregate over any twelve (12) month period; 
 (g) changing materially the
accounting methods or policies or appoint or change the Auditors of the Group; 
 (h) selection of the listing exchange or the underwriters
for a Qualified Public Offering; 
 (i) approval of the valuation and terms and conditions for the Qualified Public Offering; 

(j) disposal or dilution of the Company’s interest, directly or indirectly, in any of its Subsidiaries or Affiliates; 

  
 28 

 (k) entry into any related party transaction or series of related party transactions involving
any Group Company with an aggregate transaction amount exceeding $10,000,000 in any twelve (12) month period; 
 (l) adoption or
amendment of any Employee Option Plan (and any grant thereunder); or 
 (m) appointment, removal and determination of the remuneration of
the President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Technical Officer or General Manager of any Group Company. 

In case of an equality of votes, the Chairman of the Board shall not have a second or casting vote. 

8.5 Waiver. The Company acknowledges that Tencent, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo and Seatown will likely
have, from time to time, information that may be of interest to the Company or its Subsidiaries (“Information”) regarding a wide variety of matters including (a) Tencent’s, General Atlantic’s, Super Class’s,
Kuok’s, OTPP’s, Keytone’s, Ponorogo’s or Seatown’s technologies, plans and services, and plans and strategies relating thereto, (b) current and future investments Tencent, General Atlantic, Super Class, Kuok, OTPP,
Keytone, Ponorogo or Seatown has made, may make, may consider or may become aware of with respect to other companies and other technologies, products and services, including technologies, products and services that may be competitive with those of
the Company or any of its Subsidiaries, and (c) developments with respect to the technologies, products and services, and plans and strategies relating thereto, of other companies, including companies that may be competitive with the Company or
any of its Subsidiaries. The Company recognizes that a portion of such Information may be of interest to the Company or any of its Subsidiaries. Such Information may or may not be known by Tencent Director, Tencent Observer, General Atlantic, Super
Class, Kuok, OTPP, Keytone, Ponorogo or Seatown. The Company, as a material part of the consideration for this Agreement, agrees that none of the Tencent Director, the Tencent Observer, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo
and Seatown shall have any duty to (x) disclose any Information to the Company or any of its Subsidiaries, or (y) permit the Company or any of its Subsidiaries to participate in any projects or investments based on any Information, or
otherwise to take advantage of any opportunity that may be of interest to the Company or any of its Subsidiaries if it were aware of such Information, and hereby waives, to the extent permitted by law, any claim based on the corporate opportunity
doctrine or otherwise that could limit Tencent’s, General Atlantic’s, Super Class’s, Kuok’s, OTPP’s, Keytone’s, Ponorogo’s or Seatown’s ability to pursue opportunities based on such Information or that would
require Tencent, the Tencent Director, the Tencent Observer, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo or Seatown to disclose any such Information to the Company or any of its Subsidiaries or offer any opportunity relating
thereto to the Company or any of its Subsidiaries; provided that none of Tencent, the Tencent Director and the Tencent Observer shall exploit or pursue any opportunity based on the Information which is being, or is reasonably likely to be,
considered, exploited or pursued by the Company or any of its Subsidiaries, except that Tencent may only use such Information for bona-fide valid business purposes, other than to compete with the Company or any of its Subsidiaries. 

  
 29 

 8.6 Assignment and Termination. Notwithstanding anything contained herein to the contrary,
the rights of Tencent, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo and Seatown set forth in this Section 8 are fully assignable to an Affiliate of Tencent, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo or
Seatown, respectively, or to any person who holds or is acquiring any Shares from Tencent, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo or Seatown, respectively, in compliance with the terms and conditions hereof; provided,
however, that the Company is given a written notice at the time of such assignment stating the name and address of the assignee and identifying the securities of the Company as to which the rights in question are being assigned; provided
further, that the assignee executes and delivers an Adherence Agreement. 
 8.7 Director Expenses. The Company shall reimburse
the Tencent Director and Tencent Observer for all reasonable out-of-pocket expenses incurred in connection with Board duties and meetings. 
  

	9	CONFIDENTIALITY AND NON-DISCLOSURE. 

 9.1 Disclosure of Terms. Each Party hereto
acknowledges that the terms and conditions of this Agreement and all exhibits, restatements and amendments hereto and thereto, including their existence, and any information acquired pursuant to Section 2 hereof (collectively, the
“Terms”) shall be considered confidential information and shall not be disclosed by it to any third party except in accordance with the provisions set forth below. 

9.2 Permitted Disclosures. The confidentiality obligations set out in this Section 9 do not apply to: 

(a) information which was in the public domain or otherwise known to the relevant Party before it was furnished to it by another Party or,
after it was furnished to that Party, entered the public domain otherwise than as a result of (i) a breach by that Party of this Section 9, or (ii) a breach of a confidentiality obligation by the discloser, where the breach was known
to that Party; 
 (b) information the disclosure of which is necessary in order to comply with any applicable law, the order of any court,
the requirements of a stock exchange or to obtain tax or other clearances or consents from any relevant authority; or 
 (c) any information
disclosed by: (i) any Party (or in the case of Super Class and Kuok, by Super Class or Kuok or by any member of the Super Class Group) to its respective bankers, financial advisers, consultants and legal or other advisers for the purpose of
this Agreement; (ii) in the case of Tencent, General Atlantic, Super Class, Kuok, OTPP, Keytone, Ponorogo and Seatown, in connection with their periodic reporting obligations to their respective investors (as applicable); provided that
in each case the relevant party shall procure that the recipients have entered into customary confidentiality agreements prior to receiving such information; and (iii) OTPP in its annual public reports pertaining only to the name and general
description of the Company and the aggregate amount of investment made in the Company, and if the Company and OTPP have agreed the text of any press release in relation to OTPP’s investment in the Company, the disclosure in the annual public
reports shall be consistent with such press release. 

  
 30 

 9.3 Legally Compelled Disclosure. In the event that any Party is requested, required or
becomes legally compelled (including without limitation pursuant to securities laws and regulations or the requirements of a stock exchange) to disclose the existence of this Agreement or any Terms pursuant to Section 9.2(b) above (except for
disclosure or filing that is legally required to be made as part of the registration statement related to a Qualified Public Offering), such Party (the “Disclosing Party”) shall if and to the extent that it can lawfully do so
provide the other Parties (the “Non-Disclosing Parties”) with prompt written notice of that fact so that the appropriate Party may seek (with the cooperation and reasonable efforts of the other Parties) a protective order,
confidential treatment or other appropriate remedy. In such event, the Disclosing Party shall furnish only that portion of the information that is so requested, required or compelled and shall exercise reasonable efforts to obtain reliable assurance
that confidential treatment will be accorded such information to the extent reasonably requested by any Non-Disclosing Party. 
  

	10	ADDITIONAL COVENANTS. 

 10.1 Options. Any Shares issued or issuable upon exercise
or vesting of options or other awards granted (i) under the Employee Option Plan, (ii) under any other employee share incentive plan of the Company, and/or (iii) outside the Employee Option Plan or any other employee share incentive
plan of the Company, shall be Voting Ordinary Shares or Non-Voting Ordinary Shares, and the maximum number of such Shares shall be approved in accordance with this Agreement and the Articles of Association. 

10.2 Restrictions on Transfer by General Atlantic. At any time prior to the sixth (6th) year anniversary of May 5, 2014, so
long as (i) the Company has not consummated an initial public offering or (ii) Ordinary Shares held by Tencent (calculated on an as-converted basis) are less than a majority of the outstanding Ordinary Shares of the Company (calculated on
an as-converted and fully-diluted basis), General Atlantic shall not Transfer any Shares to Tencent unless Tencent undertakes a merger, acquisition, consolidation or reorganization of the Company as approved by Mr. Li Xiaodong and/or his
Affiliates pursuant to Section 7.2. 
 10.3 Restrictions on Transfer by Super Class. At any time prior to the sixth
(6th) year anniversary of May 5, 2014, so long as (i) the Company has not consummated an initial public offering or (ii) Ordinary Shares held by Tencent (calculated on an as-converted basis) are less than a majority of the
outstanding Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis), Super Class shall not Transfer any Shares to Tencent unless Tencent undertakes a merger, acquisition, consolidation or reorganization of the Company
as approved by Mr. Li Xiaodong and/or his Affiliates pursuant to Section 7.2. 
 10.4 Restrictions on Transfer by Kuok. At
any time prior to the sixth (6th) year anniversary of February 11, 2015, so long as (i) the Company has not consummated an initial public offering or (ii) Ordinary Shares held by Tencent (calculated on an as-converted basis) are
less than a majority of the outstanding Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis), Kuok shall not Transfer any Shares to Tencent unless Tencent undertakes a merger, acquisition, consolidation or
reorganization of the Company as approved by Mr. Li Xiaodong and/or his Affiliates pursuant to Section 7.2. 
 10.5
Restrictions on Transfer by OTPP. At any time prior to the sixth (6th) year anniversary of February 11, 2015, so long as (i) the Company has not consummated an initial public offering or (ii) Ordinary Shares held by
Tencent (calculated on an as-converted basis) are less than a majority of the Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis), OTPP shall not Transfer any Shares to Tencent unless Tencent undertakes a merger,
acquisition, consolidation or reorganization of the Company as approved by Mr. Li Xiaodong and/or his Affiliates pursuant to Section 7.2. 

  
 31 

 10.6 Restrictions on Transfer by Keytone. At any time prior to the sixth (6th) year
anniversary of February 11, 2015, so long as (i) the Company has not consummated an initial public offering or (ii) Ordinary Shares held by Tencent (calculated on an as-converted basis) are less than a majority of the Ordinary Shares
of the Company (calculated on an as-converted and fully-diluted basis), Keytone shall not Transfer any Shares to Tencent unless Tencent undertakes a merger, acquisition, consolidation or reorganization of the Company as approved by Mr. Li
Xiaodong and/or his Affiliates pursuant to Section 7.2. 
 10.7 Restrictions on Transfer by Ponorogo. At any time prior to the
sixth (6th) year anniversary of February 11, 2015, so long as (i) the Company has not consummated an initial public offering or (ii) Ordinary Shares held by Tencent (calculated on an as-converted basis) are less than a majority
of the Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis), Ponorogo shall not Transfer any Shares to Tencent unless Tencent undertakes a merger, acquisition, consolidation or reorganization of the Company as
approved by Mr. Li Xiaodong and/or his Affiliates pursuant to Section 7.2. 
 10.8 Restrictions on Transfer by Seatown. At
any time prior to the sixth (6th) year anniversary of February 11, 2015, so long as (i) the Company has not consummated an initial public offering or (ii) Ordinary Shares held by Tencent (calculated on an as-converted basis) are
less than a majority of the Ordinary Shares of the Company (calculated on an as-converted and fully-diluted basis), Seatown shall not Transfer any Shares to Tencent unless Tencent undertakes a merger, acquisition, consolidation or reorganization of
the Company as approved by Mr. Li Xiaodong and/or his Affiliates pursuant to Section 7.2. 
 10.9 Assistance to Sale. The
Parties hereby acknowledge and agree that in the event that (i) the Company does not complete the Qualified Public Offering; or (ii) a Deemed Liquidation does not occur in accordance with Section 5.2, on or prior to the fifth
(5th) anniversary hereof, each of General Atlantic, Super Class, Kuok, OTPP, Ponorogo, Seatown and Keytone will have the right to require the Company to assist it, to the extent permitted by law and subject to Section 10.2 to
Section 10.8 (as applicable), in a sale of all its securities in the Company, including, without limitation, by disclosing Company information to potential bidders, making its management team, counsel and other advisors available to potential
bidders (including participation in management meetings) and otherwise assisting such Party and its advisors in connection with such sale, provided, however, that the Company will not be obligated to provide any information that it
reasonably considers to be a trade secret or similar confidential information, and provided, further, that the Company may require the potential bidders to execute a confidentiality and nondisclosure agreement prior to any disclosure. 

10.10 Board Notices and Materials. The Company shall provide General Atlantic, OTPP, Keytone, Ponorogo and Seatown copies of all
notices and materials (including reports delivered pursuant to Section 10.11) at the same time and in the same manner as the same are provided to the Directors, so long as such Party continues to be entitled to Information Sharing Rights
pursuant to Section 2.1. 
 10.11 Reports. The Company shall procure that the Board receives regular reports in a manner
consistent with the Company’s internal guidelines from the Group’s business teams as to the compliance of the Group’s business divisions with all applicable laws and regulations. 

  
 32 

 10.12 Anti-Bribery Policy. The Company shall maintain and enforce its amended anti-bribery
and corruption policy and no material amendment shall be made to such policy unless unanimously approved by the members of the Board. 
  

	11	MISCELLANEOUS. 

 11.1 Governing Law. This Agreement shall be governed by, and
construed and enforced in accordance with, the internal laws of the State of New York without reference to its conflict of laws principles. 

11.2 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, permitted assigns, heirs, executors and administrators of the Parties hereto. This Agreement and the rights and obligations of each Party hereunder shall not be assigned without the written consent of each of the other
Parties except as expressly provided herein. 
 11.3 Third Parties. Nothing in this Agreement, express or implied, is intended to
confer upon any Person, other than the Parties hereto and their permitted successors and assigns, any rights or remedies under or by reason of this Agreement. 

11.4 Entire Agreement. This Agreement and the schedules and exhibits hereto, which are hereby expressly incorporated herein by this
reference, constitute the entire understanding and agreement between the Parties with regard to the subjects hereof and thereof. 
 11.5
Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given: (a) when hand
delivered to a Party; (b) when sent by facsimile at the number set forth below, upon a successful transmission report being generated by the sender’s machine; or (c) three (3) Business Days after deposit with an internationally
reputable delivery service provider, postage prepaid, provided that the sending Party receives a confirmation of delivery from the delivery service provider. 
  

			
	To the Company:	  	 Sea Limited
 1 Fusionopolis Place, #17-10,
Galaxis, Singapore 138522
 Fax: +65 62708700
 Name of person:
Li Xiaodong

		
	To the Existing Shareholders:	  	See Schedule of Existing Shareholders
		
	To Tencent:	  	 Tencent Limited
 c/o Tencent Holdings
Limited
 Level 29, Three Pacific Place
 1 Queen’s Road
East
 Wanchai, Hong Kong
 Attention: Compliance and
Transactions Department
 Email: legalnotice@tencent.com

  
 33 

			
		  	 with a copy to:
  

Tencent Building, Keji Zhongyi Avenue,
 Hi-tech Park, Nanshan
District,
 Shenzhen 518057, PRC
 Attention: Mergers and
Acquisitions Department
 Email: PD_Support@tencent.com

		
	To General Atlantic:	  	 General Atlantic Singapore Fund Pte. Ltd.
 Asia
Square Tower 1, 8 Marina View, #41-04, Singapore 018960
 Fax: +1(917) 206-1971

Attention: Mr. Alexander Ong

		
	with a copy to:	  	 c/o General Atlantic Service Company, LLC
 Park
Avenue Plaza
 55 East 52nd Street, 32nd Floor

New York, NY 10055
 USA

Fax: +1 917 206-1944
 Attention: General Counsel

		
	To Super Class:	  	 c/o 31/F Kerry Centre, 638 King’s Road

Quarry Bay
 Hong Kong

Fax: +852 2845-9000
 Attention: The Directors

		
	To Kuok:	  	 c/o 31/F., Kerry Centre, 683 King’s Road, Quarry Bay, Hong Kong

Fax: +852 2845 9000
 Attention: The Directors

Email address: legalnotices@kuokgroup.com

		
	To OTPP:	  	 Classroom Investments Inc.
 5650 Yonge
Street
 Toronto, Ontario
 M2M 4H5

Canada
 Attention: Ms Theresa Tam / Mr Fady Abdel-Nour

Email address: Theresa_Tam@otpp.com / Fady_Abdel-Nour@otpp.com

With a copy to: Legal Department at law_investments@otpp.com

		
	To Keytone:	  	 Keytone Ventures, L.P.
 PO Box 309 Ugland
House
 Grand Cayman
 KY1-1104

Cayman Islands
  

c/o Keytone Capital Advisors, Ltd.
 1908 China Resources
Building
 No. 8 Jianguomenbei Avenue
 Beijing 100005

People’s Republic of China
 Attention: Eric Tao

Email Address: Erictao@keytonevc.com

  
 34 

			
		  	 Keytone Ventures II, L.P.
 PO Box 309 Ugland
House
 Grand Cayman
 KY1-1104

Cayman Islands
  

c/o Keytone Capital Advisors, Ltd.
 1908 China Resources
Building
 No. 8 Jianguomenbei Avenue
 Beijing 100005

People’s Republic of China
 Attention: Eric Tao

Email Address: Erictao@keytonevc.com

		
	To Ponorogo:	  	 Ponorogo Investments Limited
 Level 33, Tower 2,
Petronas Twin Towers,
 Kuala Lumpur City Centre,
 50088, Kuala
Lumpur, Malaysia
 Attention: Nik Rizal Kamil/ Adi Saufi Mohamad Daud

Email address: nikrizal.kamil@khazanah.com.my/ adisaufi.daud@khazanah.com.my

		
	To Seatown:	  	 SeaTown Lionfish Pte. Ltd.
 60B Orchard Road
#06-18 Tower 2
 The Atrium@Orchard, Singapore 238891

Attention: General Counsel
 Email address:
tony.chang@seatownholdings.com/ patrick.pang@seatownholdings.com

 A Party may change or supplement the addresses given above, or designate additional addresses, for purposes of
this Section 11.5 by giving the other Parties written notice of the new address in the manner set forth above. 
 11.6 Legend.

 (a) Each certificate representing Shares issued by the Company whose holder is a Party to this Agreement shall be endorsed with the
following legend: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”) OR OTHER APPLICABLE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT (OR OTHER APPLICABLE SECURITIES LAWS), OR (B) AN EXEMPTION FROM, OR A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT (OR OTHER APPLICABLE SECURITIES LAWS). 

  
 35 

 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO, AND
IN CERTAIN CASES PROHIBITED BY, THE TERMS AND CONDITIONS OF A CERTAIN FIFTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT BY AND AMONG THE SHAREHOLDER, THE COMPANY AND CERTAIN OTHER HOLDERS OF SHARES OF THE COMPANY. COPIES OF SUCH AGREEMENT
MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 
 (b) Tencent, General Atlantic, Super Class, Kuok, OTPP, Keytone,
Ponorogo, Seatown and the Existing Shareholders agree that the Company may instruct its transfer agent to impose transfer restrictions on the Shares represented by certificates bearing the legend referred to in Section 11.6(a) hereof to enforce
the provisions of this Agreement, and the Company agrees to promptly do so. The second paragraph of the legend set out in Section 11.6(a) hereof shall be removed upon termination of the restriction on transfer detailed in Section 5 of this
Agreement at the request of the Holder and the Company shall issue a certificate without such legend. In addition, the first paragraph of the legend set out in Section 11.6(a) hereof shall be removed at the request of the Holder, to the extent
allowed by law, and the Company shall issue a certificate without such legend if (i) such Shares are registered under the Securities Act or may be sold under Rule 144 promulgated under the Securities Act, or (ii) such Holder provides
the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a public sale or transfer of such Shares may be made without registration under the Securities Act. In each case the Holders requesting the removal of the
legend shall bear all costs and expenses associated with the removal of the legend pursuant to this Section 11.6(b). 
 11.7 Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Party upon any breach or default of any other Party hereto under this Agreement, shall impair any such right, power or remedy of the aggrieved Party nor
shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring; nor shall any waiver of any other breach or default theretofore or thereafter occurring. Any
waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and
shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, or by law or otherwise afforded to the Parties shall be cumulative and not alternative. 

11.8 Interpretation; Titles and Subtitles. This Agreement shall be construed according to its fair language. The rule of construction
to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement. 
 11.9 Counterparts; Facsimile. This Agreement may be executed in any number of
counterparts, each of which is an original and shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. A facsimile, portable document file (PDF) or other reproduction
of this letter may be executed by one or more parties and delivered by such party by facsimile, electronic mail or any similar electronic transmission pursuant to which the signature of or on behalf of such party can be seen. Such execution and
delivery shall be considered valid, binding and effective for all purposes. 

  
 36 

 11.10 Severability. Should any provision of this Agreement be determined to be illegal or
unenforceable, such determination shall not affect the remaining provisions of this Agreement. 
 11.11 Adjustment for Share Splits,
etc. Whenever in this Agreement there is a reference to a specific number or percentage of the Shares, then, upon the occurrence of any subdivision, combination or share dividend of the Shares, the specific number of shares so referenced in this
Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of shares by such subdivision, combination or share dividend. 

11.12 Aggregation of Shares. All Shares held or acquired by Persons who are Affiliates shall be aggregated together for the purpose of
determining the availability of any rights under this Agreement. All Shares held or acquired by the Super Class Group shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

11.13 Dispute Resolution. 

(a) Arbitration. Each of the Parties hereto irrevocably (i) agrees that any dispute or controversy arising out of, relating
to, or concerning any interpretation, construction, performance or breach of this Agreement not otherwise resolvable through negotiation, shall be settled by arbitration to be held in Singapore at the Singapore International Arbitration Centre in
accordance with the Arbitration Rules of the Singapore International Arbitration Centre in effect as of the date hereof (the “Arbitration Rules”), (ii) waives, to the fullest extent it may effectively do so, any objection which
it may now or hereafter have to the laying of venue of any such arbitration, and (iii) submits to the non-exclusive jurisdiction of Singapore in any such arbitration. There shall be three (3) arbitrators, selected in accordance with the
Arbitration Rules, and the arbitration shall be conducted in English. 
 (b) Arbitration Award. The decision of the arbitrator
shall be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The parties to the arbitration shall each pay an equal share of the costs and
expenses of such arbitration, and each party shall separately pay for its respective counsel fees and expenses; provided, however, that the prevailing party in any such arbitration shall be entitled to recover from the non-prevailing
party its reasonable costs and attorney fees. 
 11.14 Termination. This Agreement shall automatically terminate immediately upon the
closing of a Qualified Public Offering or a Deemed Liquidation as duly approved by the Company and its shareholders in accordance with the Articles of Association, except for Sections 3, 5.1(a)(ii) (subject to the terms contained therein), 9 and 11
hereof. If any Party breaches this Agreement before the termination of this Agreement, it shall not be released from its obligations arising from such breach on termination. 

  
 37 

 11.15 Amendment and Restatement. This Agreement amends and restates the Prior Agreement in
its entirety in accordance with the terms hereof. 
 11.16 Conflict; Amendment to Article of Association. In the event of any
inconsistency between the terms of this Agreement and the terms of the Articles of Association, the terms of the Agreement will prevail to the extent of such inconsistency and the Parties shall take all necessary actions to implement any amendments
to the Articles of Association to cure such inconsistency, subject to applicable law. 
 [Signature Pages Follows] 

  
 38 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	SEA LIMITED
		
	By:	 	/s/ Li Xiaodong
	Name:	 	Li Xiaodong
	Title:	 	Chairman

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	 GENERAL ATLANTIC SINGAPORE

FUND PTE. LTD.

		
	By:	 	/s/ Ong Yu Huat
	Name:	 	Ong Yu Huat
	Title:	 	Authorised Signer

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	TENCENT LIMITED
		
	By:	 	/s/ Ma Huateng
	Name:	 	Ma Huateng
	Title:	 	Director
	
	TENCENT GROWTHFUND LIMITED
		
	By:	 	/s/ Ma Huateng
	Name:	 	Ma Huateng
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	PONOROGO INVESTMENTS LIMITED
		
	By:	 	/s/ Tan Sri Dato Azman HJ. Mokhtar
	Name:	 	Tan Sri Dato Azman HJ. Mokhtar
	Title:	 	Managing Director
		 	Khazanah Nasional Berhad

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	SEATOWN LIONFISH PTE. LTD.
		
	By:	 	/s/ Patrick Pang
	Name:	 	Patrick Pang
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	SUPER CLASS VENTURES LIMITED
	
	For and on behalf of
	SUPER CLASS VENTURES LIMITED
		
	By:	 	/s/ Keren Chen
	Name:	 	Keren Chen
	Title:	 	Director
	
	PAXTON VENTURES LIMITED
	
	For and on behalf of
	PAXTON VENTURES LIMITED
		
	By:	 	/s/ Keren Chen
	Name:	 	Keren Chen
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	CLASSROOM INVESTMENTS INC.
		
	By:	 	/s/ Jungho Cho
	Name:	 	Jungho Cho
	Title:	 	Authorized Signatory

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

					
	KEYTONE VENTURES, L.P., a Cayman Islands exempted limited partnership
		
	By:	 	Keytone Capital Partners, L.P.,
		 	a Cayman Islands exempted limited partnership
	Its:	 	General Partner
			
		 	By:	 	Keytone Investment Group, Ltd.,
		 		 	a Cayman Islands exempted company
		
	By:	 	/s/ Joe Zhou
	Name:	 	Joe Zhou
	Title:	 	Director
	
	KEYTONE VENTURES II, L.P., a Cayman Islands exempted limited partnership
		
	By:	 	Keytone Capital Partners II, L.P.,
		 	a Cayman Islands exempted limited partnership
			
		 	Its:	 	General Partner
		 	By:	 	Keytone Investment Group II, Ltd.,
		 		 	a Cayman Islands exempted company
		
	By:	 	/s/ Joe Zhou
	Name:	 	Joe Zhou
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	HPRY HOLDINGS LIMITED
		
	By:	 	/s/ Kuok Khoon Hong
	Name:	 	Kuok Khoon Hong
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	TA ACTIVITY SINGAPORE PRIVATE LTD
		
	By:	 	/s/ Toivo Annus
	Name:	 	Toivo Annus
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	PANDA LIGHT LIMITED
		
	By:	 	/s/ Bryan Pallop Gaw
	Name:	 	Bryan Pallop Gaw
	Title:	 	Director
	
	PINE THRIVE LIMITED
		
	By:	 	/s/ Bryan Pallop Gaw
	Name:	 	Bryan Pallop Gaw
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	LI XIAODONG
	
	 /s/ Li Xiaodong

	
	BLUE DOLPHINS VENTURE INC
		
	By:	 	/s/ Li Xiaodong
	Name:	 	Li Xiaodong
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

	
	YE GANG
	
	/s/ Ye Gang
	
	MAI THANH BINH
	
	/s/ Mai Thanh Binh
	
	CHEN JINGYE
	
	/s/ Chen Jingye

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

	
	HENG CHEN SENG
	
	/s/ Heng Chen Seng

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

	
	PANDU PATRIA SJAHRIR
	
	/s/ Pandu Patria Sjahrir

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	MISTLETOE, INC.
		
	By:	 	/s/ Atsushi Taira
	Name:	 	Atsushi Taira
	Title:	 	Representative Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	LOOKING GLASS VENTURES PTE. LTD.
		
	By:	 	/s/ Sammy Sumargo
	Name:	 	Sammy Sumargo
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	WISDOM CHOICE GLOBAL LIMITED
		
	By:	 	/s/ Shuhong Ye
	Name:	 	Shuhong Ye
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	SENTO INVESTMENT LTD.
		
	By:	 	/s/ Tao Zhang
	Name:	 	Tao Zhang
	Title:	 	Director

  
 SIGNATURE PAGE TO THE
INVESTORS’ RIGHTS AGREEMENT 

 Schedule A 

Definitions 
 “Acceptance
Notice” has the meaning ascribed to it in Section 5.1(c)(i) of this Agreement. 
 “Adherence Agreement” has the
meaning ascribed to it in Section 6.1 of this Agreement. 
 “Affiliate” means in respect of a Person, any other Person that,
directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person. 

“Agreement” has the meaning as set forth in the Preamble. 

“Approving Shareholders” has the meaning ascribed to it in Section 5.2(a) of this Agreement. 

“Arbitration Rules” has the meaning ascribed to it in Section 11.13(a) of this Agreement. 

“Articles of Association” means the seventh amended and restated memorandum and articles of association of the Company. 

“Auditors” means the persons for the time being performing the duties of auditors of the Company. 

“Board” means the Board of Directors of the Company. 

“Business Day” means a day (other than Saturdays, Sundays or statutory holidays) on which banks generally are open to the public for business
in New York, the Canadian province of Ontario, Singapore, Malaysia, Hong Kong and the People’s Republic of China. 
 “Claim
Notice” has the meaning ascribed to it in Section 3.8(c) of this Agreement. 
 “Closing Date” means the Closing Date
as defined in the Seatown Share Subscription Agreement. 
 “Company” has the meaning as set forth in the Preamble. 

“Company Notice” has the meaning ascribed to it in Section 5.1(b)(iii) of this Agreement. 

“Company Option Period” has the meaning ascribed to it in Section 5.1(b)(ii) of this Agreement. 

“Control” with respect to any Person means having the ability to direct the management and affairs of such Person, whether through the
ownership of voting securities or by contract, and such ability shall be deemed to exist when any Person holds a majority of the outstanding voting securities, or the economic rights and benefits, of such Person. 

“Co-Sale Option” has the meaning ascribed to it in Section 5.1(c)(i) of this Agreement. 

“Co-Sale Participant” has the meaning ascribed to it in Section 5.1(c)(i) of this Agreement. 

“Co-Sale Shares” has the meaning ascribed to it in Section 5.1(c) of this Agreement. 

 “Co-Sale Transferor” has the meaning ascribed to it in Section 5.1(c) of this Agreement.

 “Deemed Liquidation” means (i) any merger or consolidation, scheme of arrangement or other similar transaction (including,
without limitation, an acquisition of the Company by way of a share acquisition), of the Company or any of its Subsidiaries with or into another entity outside the Group, where such merger or consolidation, scheme of arrangement or other similar
transaction (including, without limitation, an acquisition of the Company by way of a share acquisition) results in a change of Control of the Company, (ii) the sale, license or lease of all or substantially all of the Company’s and/or its
Subsidiary’s assets in one transaction or a series of related transactions, or (iii) the sale (or exclusive license) of all or substantially all of the Company’s intellectual property. 

“Deemed Liquidation IRR” has the meaning ascribed to it in Section 5.2(b) of this Agreement. 

“Directors” means the directors for the time being of the Company. 

“Disclosing Party” has the meaning ascribed to it in Section 9.3 of this Agreement. 

“Employee Option Plan” means the Share Incentive Plan established by the Company on September 30, 2009, as amended. 

“Exchange Act” means the U.S. Securities and Exchange Act of 1934, as amended. 

“Exercise Notice” as the meaning ascribed to it in Section 4.1(b)(i) of this Agreement. 

“Exercising Rights Holder” has the meaning ascribed to it in Section 5.1(b)(iii) of this Agreement. 

“Existing Shareholder” has the meaning as set forth in the Preamble. 

“Financial Year” means a financial period of the Company commencing on January 1 and ending on December 31. 

“Form F-3” has the meaning ascribed to it in Section 3.2(a) of this Agreement. 

“Form S-3” has the meaning ascribed to it in Section 3.2(a) of this Agreement. 

“GEM” means Growth Enterprise Market of the SEHK. 

“General Atlantic” has the meaning as set forth in the Preamble. 

“General Atlantic Ordinary Shares” means the Ordinary Shares purchased by General Atlantic pursuant to the General Atlantic Share Purchase
Agreement. 
 “General Atlantic Share Purchase Agreement” means that certain Share Subscription Agreement, dated as of
April 15, 2014, by and among the Company, General Atlantic and other parties named therein. 
 “Group” means the Company and
its Subsidiaries and any other Person (except individuals) Controlled by the Company. 

 “Group Company” means any member of the Group. 

“Holder” has the meaning ascribed to it in Section 3.2(b) of this Agreement. 

“IFRS” means the international financial reporting standards promulgated by the International Accounting Standards Board from time to time,
which include International Accounting Standards and their interpretations. 
 “Information” has the meaning ascribed to it in
Section 8.5 of this Agreement. 
 “Information Sharing Rights” has the meaning ascribed to it in Section 2.1 of this
Agreement. 
 “Initiating Holders” has the meaning ascribed to it in Section 3.3(b) of this Agreement. 

“Keytone” has the meaning as set forth in the Preamble. 

“Keytone Ordinary Shares” means the Ordinary Shares purchased by Keytone pursuant to the Keytone Share Purchase Agreement. 

“Keytone Share Purchase Agreement” means that certain Share Purchase Agreement dated as of February 5, 2015, by and among the Company,
Keytone and certain other parties thereto. 
 “Key Shareholder” means any of Li Xiaodong, Ye Gang, Mai Thanh Binh and David Chen
Jingye.  
 “Kuok” has the meaning as set forth in the Preamble. 

“Kuok Ordinary Shares” means the Ordinary Shares purchased by Kuok pursuant to the Kuok Share Purchase Agreement. 

“Kuok Share Purchase Agreement” means that certain Share Purchase Agreement dated as of February 5, 2015, by and among the Company, Kuok
and certain other parties thereto. 
 “month” means calendar month. 

“Non-Disclosing Parties” has the meaning ascribed to it in Section 9.3 of this Agreement. 

“Non-Voting Ordinary Share” means an Ordinary Share designated as a Non-Voting Ordinary Share on allotment and issue having the rights
attaching to it as set out in the Articles of Association. 
 “Offer Notice” has the meaning ascribed to it in
Section 5.1(b)(i) of this Agreement. 
 “Offered Securities” has the meaning ascribed to it in Section 4.1(a) of this
Agreement. 
 “Offered Shares” has the meaning ascribed to it in Section 5.1(b)(i) of this Agreement. 

“Ordinary Director” has the meaning as set forth in Section 8.1(b) of this Agreement. 

“Ordinary Shares” means ordinary shares with a par value of $0.0005 each in the share capital of the Company. 

 “OTPP” has the meaning as set forth in the Preamble. 

“OTPP Ordinary Shares” means the Ordinary Shares purchased by OTPP pursuant to the OTPP Share Subscription Agreement and OTPP Share Purchase
Agreements. 
 “OTPP Over-allotment Exercise Notice” has the meaning as set forth in Section 4.1(b)(iii). 

“OTPP Over-allotment Notice” has the meaning ascribed to it in Section 4.1(b)(iii) of this Agreement. 

“OTPP Share Purchase Agreements” means those certain Share Purchase Agreements dated as of February 5, 2015, by and between OTPP and
certain shareholders of the Company. 
 “OTPP Share Subscription Agreement” means that certain Share Subscription Agreement dated as
of February 5, 2015, by and among the Company, OTPP and certain other parties thereto. 
 “Party” mean a party to this
Agreement. 
 “Permitted Transferee” has the meaning ascribed to it in Section 5.1(a) of this Agreement. 

“Person” means any corporation, company, partnership, limited liability company, other business organization or entity and any individual.

 “Ponorogo” has the meaning as set forth in the Preamble. 

“Ponorogo Share Subscription Agreement” means that certain Share Subscription Agreement dated as of March 23, 2016, by and among the
Company, Ponorogo and certain other parties thereto. 
 “Preference Shares” means the Series A Preference Shares and the Series B
Preference Shares. 
 “Preferred Holders” has the meaning ascribed to it in Section 4.1(a) of this Agreement. 

“Pre-emptive Rights Notice” has the meaning ascribed to it in Section 4.1(a) of this Agreement. 

“Prior Agreement” has the meaning as set forth in the Recitals. 

“Proposed Transaction” has the meaning ascribed to it in Section 5.1(b) of this Agreement. 

“Proposed Transferee” has the meaning ascribed to it in Section 5.1(b) of this Agreement. 

“Pro-Rata Allotment” has the meaning ascribed to it in Section 4.1(d) of this Agreement. 

“Pro Rata Share” has the meaning ascribed to it in Section 5.1(b)(iii)(C) of this Agreement. 

“Qualified Public Offering” means the closing of the Company’s first public offering underwritten on a firm commitment basis of the
Company’s Ordinary Shares (and the listing of such Ordinary Shares) on a reputable international stock exchange (including without limitation the New York Stock Exchange, the main board of the Hong Kong Stock Exchange, NASDAQ Global Market, and
the Singapore Exchange SGX) or any other stock exchange approved by the Board (including the affirmative vote by the Tencent Director) at a public offering price of at least three (3) times the purchase price of the Series A Preference Shares
with gross offering proceeds being no less than $40 million. 

 “Registrable Securities” has the meaning ascribed to it in Section 3.2(d) of this
Agreement. 
 “Registrable Securities then outstanding” has the meaning ascribed to it in Section 3.2(e) of this Agreement.

 “Remaining Offered Shares” has the meaning ascribed to it in Section 5.1(b)(iii) of this Agreement. 

“Remaining Shareholders” has the meaning ascribed to it in Section 5.2(a) of this Agreement. 

“Request Notice” has the meaning ascribed to it in Section 3.3(a) of this Agreement.  

“Request Securities” has the meaning ascribed to it in Section 3.3(a) of this Agreement.  

“Restricted Party” means a person (including any individual, entity or government) that is: (i) listed on, or owned or controlled by a
person listed on, or acting on behalf of a person listed on, any Sanctions List; (ii) located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or organised under
the laws of a country that is the target of country-wide Sanctions Regulations or territory that is the target of territory-wide Sanctions Regulations; or (iii) otherwise a target of Sanctions Regulations (“target of Sanctions”
signifying a person with whom a US person or other national of a Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or other activities).  

“Rights Holders” has the meaning ascribed to it in Section 5.1(b) of this Agreement. 

“Rights Holder Option Period” has the meaning ascribed to it in Section 5.1(b)(iii)(A) of this Agreement. 

“Right of First Refusal” has the meaning ascribed to it in Section 5.1(b) of this Agreement. 

“Sanctions List” means the “Specially Designated Nationals and Blocked Persons” list maintained by OFAC, the Consolidated List of
Financial Sanctions Targets and the Investment Ban List maintained by Her Majesty’s Treasury (“HMT”), or any similar list maintained by, or public announcement of Sanctions Regulations designation made by, any of the Sanctions
Authorities. 
 “Sanctions Regulations” means the economic sanctions laws, regulations, embargoes or restrictive measures
administered, enacted or enforced by (i) the United States government; (ii) the United Nations; (iii) the European Union (iv) the United Kingdom; or (v) the respective governmental institutions and agencies of any of the
foregoing, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury (“OFAC”), the United States Department of State, and HMT (together, the “Sanctions Authorities”).

 “Schedule of Existing Shareholders” means the schedule of Existing Shareholders and their
addresses for notices dated the date hereof delivered by the Company to the other Parties simultaneously with the signing of this Agreement. 

“Schedule of Prohibited Transferees” means the schedule of certain prohibited transferees dated the date hereof delivered by the
Company to the other Parties simultaneously with the signing of this Agreement. 
 “Seatown” has the meaning as set forth in the
Preamble of this Agreement. 
 “Seatown Share Subscription Agreement” means that certain Share Subscription Agreement dated as of
August 18, 2016, by and among the Company, Seatown and certain other parties thereto. 
 “Series A Preference Shares” means the
Series A Preference Shares of par value $0.0005 each in the share capital of the Company. 
 “Series B Preference Shares” means the
Series B Preference Shares of par value $0.0005 each in the share capital of the Company. 
 “SEC” means the U.S. Securities and Exchange
Commission. 
 “Second Notice” has the meaning ascribed to it in Section 5.1(b)(iii)(B) of this Agreement. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“SEHK” means the Hong Kong Stock Exchange. 

“Seed Preferred Shares” means the Seed Preferred Shares of par value $0.0005 each in the share capital of the Company. 

“Share” means an Ordinary Share, a Seed Preferred Share or a Preference Share, as the context may be, and includes a fraction of a share.

 “Super Class” has the meaning as set forth in the Preamble. 

“Super Class Group” means collectively: 
  

	(a)	Kuok Group as defined in the Super Class Share Purchase Agreement; 

  

	(b)	Mr. Bryan Pallop Gaw; and 

  

	(c)	HPRY Holdings Limited and its Affiliates. 

 “Super Class Ordinary Shares” means the Ordinary
Shares purchased by Super Class pursuant to the Super Class Share Purchase Agreement. 
 “Super Class Share Purchase Agreement”
means that certain Share Purchase Agreement dated as of April 15, 2014, by and among Super Class and other parties named therein. 

 “Subsidiary” means with respect to any subject entity (the “subject entity”),
(i) any company, partnership or other Person (x) more than fifty percent (50%) of whose shares or other interests entitled to vote in the election of directors or (y) more than a fifty percent (50%) interest in the profits or
capital of such entity are owned or controlled directly or indirectly by the subject entity or through one or more Subsidiaries of the subject entity, (ii) an y entity whose assets, or portions thereof, are consolidated with the net earnings of
the subject entity and are recorded on the books of the subject entity for financial reporting purposes in accordance with IFRS, or (iii) any entity with respect to which the subject entity has the power to otherwise direct the business and
policies of that entity directly or indirectly through another Subsidiary. 
 “Tencent” has the meaning as set forth in the Preamble.

 “Tencent Director” has the meaning ascribed to it in Section 8.1(a) of this Agreement. 

“Tencent Limited” has the meaning as set forth in the Preamble. 

“Tencent Observer” has the meaning ascribed to it in Section 8.2 of this Agreement.  

“Tencent Ordinary Shares” means the Ordinary Shares purchased by Tencent Limited pursuant to the Tencent Share Purchase Agreements. 

“Tencent Share Purchase Agreements” means the Tencent 2010 Share Purchase Agreement, the Tencent 2014 Share Purchase Agreement and the
Tencent 2015 Share Purchase Agreement. 
 “Tencent 2010 Share Purchase Agreement” means that certain Share Purchase Agreement, dated as of
March 15, 2010, by and among the Company, Mr. Li Xiaodong, Tencent Limited and other parties named therein. 
 “Tencent 2014 Share
Purchase Agreement” means that certain Share Subscription Agreement, dated as of April 15, 2014, by and among the Company, Tencent Limited and other parties named therein. 

“Tencent 2015 Share Purchase Agreement” means that certain Share Subscription Agreement, dated as of February 5, 2015, by and among the
Company, Tencent Limited and certain other parties thereto. 
 “Tencent 2016 Share Purchase Agreement” means that certain Share
Subscription Agreement dated as of March 23, 2016, by and among the Company, Tencent Limited and certain other parties thereto. 

“Terms” has the meaning ascribed to it in Section 9.1 of this Agreement. 

“Transfer” means any direct or indirect transfer, donation, sale, assignment, pledge, hypothecation, grant of a security interest in or other
disposal or attempted disposal of all or any portion of a security or of any rights.  
 “Transferring Shareholder” has the meaning
ascribed to it in Section 5.1(b) of this Agreement. 
 “U.S.” means the United States of America. 

“Violation” has the meaning ascribed to it in Section 3.8(a) of this Agreement. 

 “Voting Ordinary Share” means an Ordinary Share designated as a Voting Ordinary Share on
allotment and issue having the rights attaching to it as set out in the Articles of Association. 
 “written” and “in
writing” include all modes of representing or reproducing words in visible form. 
 “$”or “Dollar” means
the United States dollar, the lawful currency of the U.S. 

 EXHIBIT A 

Adherence Agreement 

This Adherence Agreement (“Adherence Agreement”) is executed by the undersigned (the “Transferee”)
pursuant to the terms of that certain Fifth Amended and Restated Investors’ Rights Agreement dated as of April 8, 2017 (the “Agreement”) by and among Sea Limited, a company limited by shares incorporated in the Cayman
Islands (the “Company”), certain of the Company’s shareholders and certain other parties as named thereto, and in consideration of the shares purchased by the Transferee and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged. Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adherence Agreement, the Transferee agrees as
follows: 
 1. Acknowledgment. Transferee acknowledges that Transferee is acquiring [number] [Preference/Ordinary] shares of
the Company (the “Shares”) from [name of transferor] (the “Transferor”), subject to the terms and conditions of the Agreement. 

2. Agreement. Immediately upon transfer of the Shares, Transferee (i) agrees that the Transferee and the Shares acquired by
Transferee shall be bound by and subject to the terms of the Agreement applicable to the Transferor, and (ii) hereby adopts the Agreement with the same force and effect as if Transferee were originally a party thereunder; provided that, for the
avoidance of doubt, any rights under the Agreement may only be assigned to the extent expressly permitted under Sections 6.1 or 8.6 of the Agreement. 

3. Notice. Any notice required or permitted by the Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Governing Law. This Adherence Agreement shall be governed by, and construed and enforced in
accordance with, the internal laws of the State of New York without reference to its conflict of laws principles. 
 EXECUTED AND DATED this
                     day
of                                     . 

 

			
	TRANSFEREE:
		
	By:	 	 

 
			
		
	Name:	 	 

 
			
		
	Title:	 	 

 
			
		
	Address:	 	 

 
			
		
	Fax:	 	 

 Accepted and Agreed:EX-10.6

 Exhibit 10.6 

THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM. 
 GARENA INTERACTIVE HOLDING LIMITED 

CONVERTIBLE PROMISSORY NOTE 
 US$230,000,000 

January 31, 2017 
 FOR VALUE RECEIVED,
GARENA INTERACTIVE HOLDING LIMITED, a Cayman Islands company limited by shares with its registered address at the offices of P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Company”), promises to pay to HH
RSV-XVI Holdings Limited, a Cayman Islands company with its registered office at 89 Nexus Way, Camana Bay, PO Box 31106, Grand Cayman KY-1205, Cayman Islands, or its successor or permitted assigns (“Investor”), in lawful money of
the United States of America the principal sum of Two Hundred and Thirty Million U.S. Dollars (US$230,000,000) (the “Principal Amount”), together with interest from the date of this Convertible Promissory Note (this
“Note”) as set forth below. 
 The following is a statement of the rights of Investor and the conditions to which this Note is subject, and
to which Investor, by the acceptance of this Note, agrees: 
  

	1.	Payments.  

 (a) Interest. Subject to Section 3, for the period commencing on the date of
this Note and until the Interest Payment Date, interest shall accrue on the outstanding unconverted and unpaid Principal Amount at 5% per annum and shall be compounded annually. “Interest Payment Date” means the first to occur
of (i) the Maturity Date or, if the Investor elects to effect a 45-Day Extension pursuant to Section 1(d)(ii), the third anniversary of the date hereof (the “Third Anniversary”), (ii) the last day of the Lockup Period
related to a Qualified IPO, (iii) the date of any conversion of this Note in full pursuant to the terms hereof, and (iv) the date of any other repayment or redemption of this Note in full in accordance with the terms hereof. 

Interest with respect to any partial year shall be computed on the basis of a 360-day year comprised of 30-day months (or in the case of a partial month, the
actual number of days elapsed therein). 
 (b) Payment Schedule. Subject to the rights of Investor in Section 3, unless otherwise converted,
redeemed or repaid pursuant to the terms of this Note, the full outstanding and unpaid Principal Amount shall be repaid in full by the Company on the Maturity Date. Any accrued and unpaid interest on the Note is due and payable by the Company in
cash on the Interest Payment Date, except that in case the Investor elects to effect a 2-Year Extension, the Company shall pay (i) all of the accrued and unpaid interest on this Note up to the Third Anniversary in cash on the Third Anniversary,
and (ii) all accrued and unpaid interest for the period after the Third Anniversary on the applicable Interest Payment Date. 

	(c)	Prepayment. 

  

	 	(i)	If no initial public offering of the Voting Ordinary Shares or American depositary shares or other similar securities representing Voting Ordinary Shares (“ADSs”) (such initial public offering, the
“IPO”) has occurred, on the (x) 18-month anniversary of the date hereof or (y) if the Investor elects to effect a 2-Year Extension pursuant to Section 1(d)(i), the 18-month anniversary of the Third Anniversary ((x) or
(y), the “Optional Prepayment Date”), the Company may at its option, by delivery of a written notice (a “Optional Prepayment Notice”) to Investor no more than fifteen (15) Business Days, and no less than five
(5) Business Days, prior to the Optional Prepayment Date, repay in cash the then outstanding unconverted and unpaid Principal Amount on the Optional Prepayment Date in whole only in an amount that equals the outstanding Principal Amount
multiplied by 1.31, plus interest accrued and unpaid on this Note up to the Optional Prepayment Date pursuant to Sections 1(a) and 1(b) (the “Optional Prepayment”). 

 

	 	(ii)	The Investor may require the Company to repay the Note in connection with a Change of Control pursuant to Section 5. 

  

	 	(iii)	Except as set forth under Sections 1(c)(i) and 1(c)(ii) above, the Company may fully or partly prepay this Note only with the prior written consent of Investor, with such prepayment allocated to apply first to the then
unpaid and accrued interest, and the remaining amount, if any, applied to the then outstanding and unpaid Principal Amount. 

 (d)
Extensions. If no IPO Closing Date has occurred on or prior to the Third Anniversary, the Investor may at its option, in lieu of a full repayment on the Third Anniversary pursuant to Section 1(b) or a full conversion on the Third
Anniversary pursuant to Section 4(a)(iii), by delivery of a written notice to the Company no less than five (5) Business Days prior to the Third Anniversary, elect to extend the term of this Note with respect to all but not less than all
of the then-outstanding Principal Amount to either (i) the fifth (5th) anniversary of the date hereof (a “2-Year Extension”), or (ii) if an IPO Commencement Date has occurred prior to the Third Anniversary, to the
45th day following the Third Anniversary (a “45-Day Extension”); provided that, for the avoidance of doubt, subject to Section 3, in the event the Investor elects to effect a 45-Day Extension, no interest shall accrue on any
part of the Note following the Third Anniversary. For the avoidance of doubt, the Investor shall not have any other right to extend the term of this Note, change the Maturity Date or reinvest the Principal Amount (or any portion thereof) other than
to effect a 2-Year Extension or a 45-Day Extension pursuant to this Section 1(d). 
 (e) Whenever any amount expressed to be due by the terms of this
Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a Business Day, and interest shall accrue during such extension. Investor shall notify the Company in writing no less than five
(5) Business Days prior to any scheduled or agreed payment under this Note of the details of the account of Investor to which such payment shall be made, though the failure to provide such information on a timely basis will not relieve the
Company’s obligation to make such payment under this Note (to the extent such obligation remains outstanding) promptly upon receipt of such information. 

  
 2 

	2.	Events of Default. The occurrence of any of the following shall constitute an “Event of Default” under this Note: 

(a) Failure to Pay. The Company shall fail to pay to the Investor when due any Principal Amount or any interest payment or other cash payment required
under Section 4(c)(vi) of this Note, and such failure shall not have been cured within three (3)days after the due date; or 
 (b) Breaches of
Covenants. The Company shall fail to observe or perform in any material respect any of the covenants, obligations, conditions or agreements contained in Sections 4, 5, 8(a), 8(c), 8(d) and 8(e) of this Note and such failure shall continue for
thirty (30) days after the Company’s receipt of written notice from the Investor of such failure; or 
 (c) Voluntary Bankruptcy or Insolvency
Proceedings. The Company, or any of its Significant Subsidiaries, or any group of subsidiaries of the Company that together would constitute a Significant Subsidiary, shall (i) apply for or consent to the appointment of a receiver, trustee,
liquidator or custodian of itself or of all or substantially all of its property, (ii) admit in writing its inability to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its creditors, (iv) be
dissolved or liquidated, or (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in
effect, or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other bankruptcy proceeding commenced against it, in the case of each of (i) through (v), other than
in connection with a solvent dissolution, liquidation, reorganization or similar corporate proceedings; or 
 (d) Involuntary Bankruptcy or Insolvency
Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or any of its Significant Subsidiaries or any group of subsidiaries that together would constitute a Significant Subsidiary or of all or
substantially all of the Company’s property, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company, any of its Significant Subsidiaries or any group of subsidiaries that
together would constitute a Significant Subsidiary or its or their debts under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be stayed,
dismissed or discharged within sixty (60) days of commencement; or 
 (e) Cross Default. Any default by the Company or any Significant
Subsidiary with respect to any mortgage, agreement or other instrument under which there is outstanding, or by which there is secured or evidenced, any indebtedness for borrowed money incurred or guaranteed by the Company and/or any such Significant
Subsidiary in excess of US$50 million (or the foreign currency equivalent thereof) in the aggregate, whether such indebtedness now exists or shall hereafter be created, (A) resulting in such indebtedness becoming or being declared due and
payable before its maturity or (B) constituting a failure to pay such indebtedness when due and payable, whether at its stated maturity, upon required repurchase, upon acceleration or otherwise, in each case in accordance with such mortgage,
agreement or instrument; or 

  
 3 

 (f) Adverse Judgment. A final judgment for the payment of US$50 million (or the foreign currency
equivalent thereof) or more (excluding any amounts covered by insurance) is rendered against the Company or any Significant Subsidiary, which judgment is not paid, bonded or otherwise discharged or stayed within sixty (60) days after the
earlier of (i) the date on which the right to appeal thereof has expired if no such appeal has commenced and (ii) the date on which all rights to appeal have been extinguished. 

 

	3.	Rights of Investor upon an Event of Default. 

 (a) Upon the occurrence of any Event of Default (other
than an Event of Default described in Sections 2(c) or 2(d)) and at any time thereafter during the continuance of such Event of Default, Investor may, by written notice to the Company, declare all outstanding and unconverted and unpaid Principal
Amount and accrued and unpaid interest payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein
to the contrary notwithstanding. Upon the occurrence of any Event of Default described in Sections 2(c) or 2(d), immediately and without notice, all outstanding and unconverted and unpaid Principal Amount and accrued and unpaid interest payable
by the Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary
notwithstanding. 
 (b) In the case of an Event of Default under Section 2(a), during the period when such Event of Default is continuing and not
cured, in lieu of (and not in addition to) the interest rate described in Section 1(a), interest shall accrue at 20% per annum on any such undisputed Principal Amount or interest (or portion thereof) that remains overdue. 

(c) Upon the occurrence and during the continuance of any Event of Default, Investor may also exercise any other right, power or remedy granted to it by law,
either by suit in equity or by action at law, or both. 
  

	4.	Conversion. 

 (a) Optional Conversion. The Principal Amount (but not any accrued and unpaid
interest) may be converted into fully paid and non-assessable Voting Ordinary Shares (“Conversion Shares”), at the then-effective Conversion Price, at Investor’s option: 

 

	 	(i)	in whole or in part (provided that in each partial conversion a minimum of US$115,000,000 in Principal Amount of this Note is so converted), on any day (the “Post-IPO Conversion Date”) following the
date of closing of the IPO (such date of closing, the “IPO Closing Date”) and up to the Maturity Date; 

  

	 	(ii)	provided that no IPO has occurred, in whole or in part (provided that in each partial conversion a minimum of US$115,000,000 in Principal Amount of this Note is so converted), on the date of closing of the first Change
of Control (the “CoC Closing Date”) to occur following the date hereof and prior to the Maturity Date; and 

  

	 	(iii)	provided that no IPO has occurred, in whole but not in part, on the Maturity Date. 

  

	(b)	Conversion Price. The “Conversion Price” shall be equal to: 

  
 4 

	 	(i)	In case of any conversion prior to the IPO Closing Date pursuant to Section 4(a)(ii) or Section 4(a)(iii), a price per Conversion Share of US$148.07, as may be adjusted after the date hereof and prior to the
IPO Closing Date in accordance with Exhibit B; or 

  

	 	(ii)	In case of any conversion after the IPO Closing Date pursuant to Section 4(a)(i), a price per Conversion Share equal to: 

P/(1+20%)T 

Where, 
 P = per share price
of the Company’s Voting Ordinary Shares offered to the public in the IPO (or the price per Voting Ordinary Share derived proportionately from the price per ADS offered to the public in the IPO), and 

T = (x) if the Post-IPO Conversion Date is on or prior to the Third Anniversary, the number of years between the date hereof and IPO
Pricing Date, or (y) if the Post-IPO Conversion Date is after the Third Anniversary, the number of years between the Third Anniversary and the IPO Pricing Date; provided that if the Investor has effected a 45-Day Extension, T shall be equal to
three (3). Any partial year is calculated on the basis of a 360-day year and the actual number of days elapsed, 
 as may be adjusted after
the closing of the IPO and up to the Maturity Date in accordance with Sections 1 and 2 of Exhibit B. 
  

	(c)	Conversion Procedure. 

  

	 	(i)	The Company will notify Investor in writing (a “CoC Notice”) at least thirty-five (35) Business Days before the closing of a proposed Change of Control (if possible, or otherwise as soon as
reasonably possible). Upon delivery of the CoC Notice by the Company, to exercise its conversion rights under Section 4(a)(ii) in connection with the Change of Control, Investor shall give written notice to the Company of the irrevocable
election, subject to the closing of the proposed Change of Control related to such CoC Notice, to convert all or a portion of the Note pursuant to Section 4(a)(ii), substantially in the form attached as Exhibit A hereto (a
“Conversion Notice”) within five (5) Business Days of the Company’s delivery of a CoC Notice and contingent upon such closing completing without material deviation from the terms provided in the CoC Notice (such conversion
in connection with a Change of Control, a “CoC Conversion”). In order to be effective under this Note, a CoC Notice must contain the material terms of the proposed Change of Control, including, without limitation: (1) the
material structure of the Change of Control and (2) the proposed closing date of the Change of Control. 

  

	 	(ii)	To exercise its right to effect a conversion under Section 4(a)(i) or Section 4(a)(iii) above, Investor shall give a Conversion Notice to the Company of the irrevocable election to convert the Note pursuant to
Section 4(a)(i) or Section 4(a)(iii) at least five (5) Business Days before the Post-IPO Conversion Date or the Maturity Date, as applicable. 

  
 5 

	 	(iii)	In connection with any conversion pursuant to Section 4(a), as soon as reasonably practicable following the delivery by Investor of a Conversion Notice, Investor shall surrender to the Company this Note (or a
notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable to the Company whereby Investor agrees to indemnify the Company from any loss incurred by it in connection with such loss or destruction of
this Note). 

  

	 	(iv)	Promptly following such surrender of the Note and delivery of the Conversion Notice to the Company, (A) the Company shall update its register of members to record the number of Conversion Shares to which Investor
shall be entitled upon such conversion, issued as fully paid to Investor and deliver to Investor a certified true copy of such updated register of members, (B) the Company shall issue and deliver to Investor a certificate or certificates for
the Conversion Shares, and a check payable to Investor for any cash amounts payable as described in Section 4(c)(vi), (C) execute and deliver to the Investor a new note (consistent in all respects with this Note other than with respect to
principal amount) in the aggregate principal amount equal to any remaining unconverted and unpaid portion of the Principal Amount, and (D) prior to the IPO and provided that the Investor Rights Agreement has not been terminated in accordance
with its terms prior to the issuance of the Conversion Shares, the Company shall use its reasonable best efforts to cause the other parties to the relevant Transaction Documents to, amend the Transaction Documents to the extent necessary to reflect
Investor’s holding of the Conversion Shares such that Investor and Conversion Shares held by Investor shall have the same rights, subject to the same thresholds and conditions (which rights, for the avoidance of doubt, shall not include any
veto or consent rights or board representation rights) and be subject to the same restrictions (including, without limitation, any transfer restrictions) and obligations as (x) those applicable to General Atlantic (as defined in the Transaction
Documents) and (y) those applicable to Ordinary Shares of the Company held by General Atlantic under the Transaction Documents, and any applicable securities laws. The Investor shall upon request execute and deliver documents or instruments as
may be reasonably requested by the Company joining Investor to the Investor Rights Agreement amended and restated in accordance with the preceding sentence. 

  

	 	(v)	Any CoC Conversion shall be deemed to have been made immediately before the closing of the Change of Control. Any other conversion of this Note pursuant to Section 4(a) shall be deemed to have been made on the
Post-IPO Conversion Date or Maturity Date, as applicable, and on and after such date the Persons entitled to receive the Conversion Shares shall be treated for all purposes as the record holder of such shares. 

 

	 	(vi)	No fractional shares or securities shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor upon the conversion of this Note, the Company shall pay to Investor an
amount equal to the product obtained by multiplying the applicable Conversion Price in such conversion, by the fraction of a share or such other security not issued pursuant to the previous sentence. 

  
 6 

 (d) Reservation of Shares Issuable Upon Conversion. The Company shall at all times reserve and keep
available out of its authorized but unissued Ordinary Shares solely for the purpose of effecting the conversion of this Note such number of Ordinary Shares as shall from time to time be sufficient to effect the conversion of the Note; and if at any
time the number of authorized but unissued Ordinary Shares shall not be sufficient to effect the conversion of the entire outstanding Principal Amount of this Note, without limitation of such other remedies as shall be available to the holder of
this Note, Company will use its reasonable best efforts to take such corporate action as may, in the opinion of counsel, be necessary to increase its authorized but unissued Ordinary Shares to such number of shares as shall be sufficient for such
purposes. 
 (e) Whenever the Conversion Price is adjusted as herein provided, the Company shall promptly prepare a notice of such adjustment of the
Conversion Price setting forth the adjusted Conversion Price, the manner of calculation of such adjusted Conversion Price and the date on which such adjustment becomes effective, and shall promptly send such notice to the Investor. 

5. Change of Control. Upon the deliver by the Company of a CoC Notice, in connection with the related Change of Control, with respect to the then
outstanding unconverted and unpaid Principal Amount of the Note, the Investor may elect to: 
 (a) by delivery of a Conversion Notice pursuant to
Section 4(c), convert such outstanding unconverted and unpaid Principal Amount in whole or in part pursuant to Section 4(a)(i) or Section 4(a)(ii) immediately prior to and conditioned on the closing of the Change of Control; 

(b) by delivery of a written notice to the Company no more than five (5) Business Days following the delivery of the CoC Notice, require the Company to
repay in cash the entire remaining outstanding unconverted and unpaid Principal Amount (which shall not include, for the avoidance of doubt, any portion of the Principal Amount converted pursuant to Section 5(a) above) in full on the date of
closing of such Change of Control in an amount that equals such remaining outstanding Principal Amount (in the case of each of (a) and (b) above, for the avoidance of doubt, the Company shall also repay, subject to the closing of the
Change of Control, the accrued and unpaid interest on the Note, without duplication, in cash on the date of closing of the Change of Control pursuant to Sections 1(a) and 1(b)); or 

(c) continue to hold this Note (or any remaining portion hereof) under the same terms hereunder after the closing of such Change of Control. 

6. Discharge of Obligations. Upon the earlier of (i) the full conversion of this Note and the Company’s delivery of the required
consideration in respect thereof pursuant to Section 4 and (ii) the full repayment of the outstanding and unpaid Principal Amount and any then-accrued and unpaid interest under this Note in accordance with the terms of this Note, the
Company shall be forever released from all its obligations and liabilities under this Note and this Note shall be deemed of no further force or effect, without any further action of any party, whether or not the original of this Note has been
delivered to the Company for cancellation. 
 7. “Market Stand-Off” Agreement. Investor hereby agrees that, if and to the extent requested
by the lead underwriter(s) in connection with the IPO, Investor will enter into a lock-up or stand-off agreement under which Investor agrees not to sell or otherwise transfer or dispose of the Note and the Conversion Shares up to one hundred and
eighty (180) days immediately following the IPO Closing Date (the “Lockup Period”). The Investor’s obligations under this Section 7 are subject to the conditions set forth in Section 3.12 of the Investor Rights
Agreement, as applicable, mutatis mutandis. 

  
 7 

	8.	Protective Provisions. 

 (a) Indebtedness. Investor’s consent will be required for the
Company to (i) incur any additional borrowing or issue any additional debt securities ranking pari passu with this Note in excess of US$400,000,000 in the aggregate in one or a series of related transactions, and (ii) incur any
borrowing or issue any debt securities ranking senior to this Note, including any secured borrowing or debt securities. 
 (b) Information. The
Company will deliver to Investor the documents and information set out in Sections 2.1(a) to 2.1(e) and Section 10.10 of the Investor Rights Agreement, and the Investor shall be entitled to the same information rights set out in the lead-in
paragraph of Section 2.1 of the Investor Rights Agreement, subject to the same terms, conditions, restrictions and exceptions as set out in the Investor Rights Agreement and generally applicable to General Atlantic, in each case applied
mutatis mutandis. 
 (c) Stay, Extension and Usury Laws. The Company covenants (to the extent it may lawfully do so) that it shall not at any
time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest
on this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Note; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Investor, but will suffer and permit the execution of every such power as though no
such law had been enacted. 
 (d) Corporate Existence; Assumption of Obligations by Successor Company. In connection with any Reorganization or upon
Investor’s election under Section 5(c) relating to a Change of Control, the Company shall (i) do or cause to be done all things reasonably necessary to preserve and keep in full force and effect its corporate existence, or
(ii) make adequate provisions such that the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall expressly assume, by a duly executed amendment delivered to the Investor and reasonably
satisfactory in form to the Investor, all of the obligations of the Company under this Note, and upon such assumption, such Successor Company shall succeed to and, except in the case of a lease of all or substantially all of the Company’s
properties and assets, shall be substituted for the Company, with the same effect as if it had been named herein as the party of the first part. Such Successor Company thereupon may cause the Note to be signed and reissued in its own name, with such
changes in phraseology and form (but not in substance) as may be appropriate. The Note as so re-issued shall in all respects have the same benefit as though it had been issued at the date of the execution hereof. In the event of any such
Reorganization or election relating to a Change of Control to which the foregoing clause (ii) is applicable, upon compliance with the foregoing clause (ii) the Person named as the “Company” in the first paragraph of this Note (or
any successor that shall thereafter have become such in the manner prescribed in this Section) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as
obligor and maker of this Note and from its obligations under this Note. 

  
 8 

 (e) Preemptive Rights. The Company shall not sell or issue any Offered Securities unless the Company first
submits written notice to the Investor identifying the terms of the proposed issuance or sale simultaneously with and identical to the notice submitted to each Preferred Holder pursuant to Section 4.1(a) of the Investor Rights Agreement. If the
Preferred Holders, collectively, fail to exercise the pre-emptive right to purchase 100% of their Pro Rata Allotments pursuant to Sections 4.1(a) and 4.1(b) of the Investor Rights Agreement (any portion of the Preferred Holders’ Pro Rata
Allotments not so purchased, the “Remaining Pre-emptive Portion”), the Company shall deliver a further written notice (the “Investor Over-allotment Notice”) to the Investor within five (5) days following
(1) the expiration of the twenty (20) day period set forth under Sections 4.1(b)(i) and 4.1(b)(ii) of the Investor Rights Agreement or (2) the expiration of the ten (10) day period set forth under Sections 4.1(b)(iii) and
4.1(b)(iv), setting out the number of Offered Securities constituting the Remaining Pre-emptive Portion, and the Investor shall have the right to purchase all or a portion of such Remaining Pre-emptive Portion on the same terms and conditions as
specified in the Pre-Emptive Rights Notice (other than as to the date of expiry of such offer) by delivering a written notice (the “Investor Over-allotment Exercise Notice”) to the Company within ten (10) days of the delivery
of the Investor Over-allotment Notice. Failure of the Investor to provide an Investor Over-allotment Exercise Notice within such ten (10) day period shall be deemed to constitute a notification to the Company of the Investor’s decision not
to exercise the overallotment right under this Section 8(e) to purchase any portion of the Remaining Pre-emptive Portion. If any Offered Securities are not purchased pursuant to Sections 4.1(a) and 4.1(b) of the Investor Rights Agreement and
this Section 8(e), the remaining Offered Securities may be sold by the Company to other third parties, but only on terms and conditions not more favorable than those set forth in the Pre-emptive Rights Notice, at any time within one hundred and
twenty (120) days following (x) the expiration of the twenty (20) day period set forth under Sections 4.1(b)(i) and 4.1(b)(ii) of the Investor Rights Agreement, or (y) the expiration of the ten (10) day period set forth
under Sections 4.1(b)(iii) and 4.1(b)(iv) of the Investor Rights Agreement, or (z) the expiration of the ten (10) day period set forth in the preceding sentence of this Section 8(e), whichever is the latest. 

Except as specifically and otherwise set out under this Section 8(e), the Investor’s rights and the Company’s obligations under this
Section 8(e) shall be subject to applicable law and the same terms, conditions, restrictions and exceptions contained in the Transaction Documents and applicable to the Preferred Holders’ right and the Company’s obligations under
Section 4 of the Investor Rights Agreement, mutatis mutandis. Capitalized terms used in this Section 8(e) but not defined herein have the meanings given to them in the Investor Rights Agreement. 

(f) Notice to Investor Prior to Certain Actions. In case of: (x) any action by the Company that would require an adjustment to the Conversion
Price pursuant to the terms hereof; (y) a Change of Control or Reorganization; or (z) voluntary or involuntary dissolution, liquidation or winding up of the Company, then, in each case (unless notice of such event is otherwise required
pursuant to another provision of this Note) and to the extent applicable, the Company shall send to the Investor, a notice stating the date on which a record is to be taken for the purpose of such action by the Company or, if a record is not to be
taken, the date as of which the holders of Ordinary Shares or ADSs of record are to be determined for the purposes of such action by the Company no later than the earlier of (1) the date notice of such date is required to be provided under
applicable law or applicable rules of any stock exchange the Ordinary Shares or ADSs are listed on at such time and (2) such date is publicly announced by the Company. In addition, the Company shall notify the Investor of any IPO Commencement
Date within two (2) Business Days of such date. 

  
 9 

 (g) Tax Matters. The Company has not made, nor will it without the prior writer consent of Investor make,
any election to be treated as other than a corporation for all U.S. federal and applicable state and local income tax purposes. The Company shall use commercially reasonable efforts to avoid classification as a “passive foreign investment
company” (a “PFIC”) as defined in Section 1297 of the U.S. Internal Revenue of Code of 1986, as amended (the “Code”) for the current and any future taxable year. Within ninety (90) days from the end
of each taxable year of the Company beginning with the tax year in which this Note is issued, including, for the avoidance of doubt, taxable years prior to, including and after any conversion pursuant to Section 4 hereof, the Company shall
determine, in consultation with a reputable accounting or law firm, whether it was a PFIC in such taxable year. If it is determined that the Company was a PFIC in such taxable year (or if a governmental authority informs the Company that it has so
determined), the Company shall, within ninety (90) days from the end of such taxable year, inform Investor of such determination and shall provide or cause to be provided such information as Investor may reasonably request to enable Investor
(or its direct or indirect owners) to elect to treat the Company as a “qualified electing fund” (within the meaning of Section 1295 of the Code), and shall provide to Investor a complete and accurate “PFIC Annual Information
Statement” for the Company as described in Section 1.1295-1(g)(1) of the U.S. Treasury Regulations. 
 (h) Use of Name. Subject to
Section 11(c) hereof, without the prior written consent of the Investor, the Company shall not use, publish, reproduce, or refer to the name of the Investor, its Affiliates and/or controlling persons, or the name “Hillhouse,” “

,” “Gaoling,” “Lei Zhang” or any similar name, trademark or logo in any discussion, documents or materials, including without limitation for marketing or other purposes, other than in discussions
with the Investor, its Affiliates and its and their respective advisors and representatives in connection with this Note. 
 (i) Termination.
The provisions of Sections 8(a), 8(b), 8(e) and 8(g) shall terminate and be of no further force and effect upon the closing of an IPO. 
  

	9.	Representations and Warranties. 

 (I) Representations and Warranties of the Company. 

The Company hereby represents and warrants to the Investor as of the date hereof as follows: 

(a) Organization and Qualification. The Company is a company duly organized and validly existing under the laws of the Cayman Islands. The Company has
the requisite corporate power to carry on its business as now conducted. 
 (b) Capitalization. The Company has provided to Investor the
fully-diluted capitalization of the Company containing a list of all outstanding shareholders of the Company as of the date hereof and immediately following the issuance of this Note (the “Capitalization Tables”). Except as set
forth in the Capitalization Tables, in the Option Plan or in the Transaction Documents, there are no outstanding preemptive rights, options, warrants, notes, conversion privileges or rights (including but not limited to rights of first refusal or
similar rights), orally or in writing, to purchase or acquire any securities from the Company including, without limitation, any ordinary or preferred shares, or any securities convertible into or exchangeable or exercisable for ordinary or
preferred shares. 

  
 10 

 (c) Authorization. All corporate action on the part of the Company, its directors and its shareholders
necessary for the authorization of this Note and the delivery and performance of all obligations of the Company hereunder, including the reservation of the Ordinary Shares issuable upon conversion of the Notes has been taken or will be taken prior
to the issuance of such Conversion Shares. This Note constitutes a valid and binding obligation of the Company enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws
affecting creditors’ rights generally, general equitable principles and federal and state securities laws. The Conversion Shares, when issued in compliance with the provisions hereof will be validly issued, fully paid and non-assessable and
free of any liens or encumbrances. 
 (d) Governmental Consents. All material consents, approvals, orders, or authorizations of, or registrations,
qualifications, designations, declarations, or filings with, any governmental authority, required on the part of the Company in connection with the issuance of this Note and the Conversion Shares or the consummation of any other transaction
contemplated hereby have been obtained or will be effective at such time as required by applicable law. 
 (e) Compliance with Other Instruments.
Other than authorizations, approvals, consents and waivers that have been obtained prior to the date hereof, the issuance of this Note and the Conversion Shares will not (i) result in any violation of or be in conflict with, or constitute, with
or without the passage of time and giving of notice, a default under, any provision, instrument, judgment, decree, order or writ binding on the Company, (ii) result in the creation of any lien, charge or encumbrance upon any assets of the
Company, or (iii) result in the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval required by the Company, its business or operations or any of its assets or properties, in
the case of each of (i) through (iii), except as would not materially and adversely affect the rights of the Investor or the Company’s ability to perform its obligations hereunder. The issuance of this Note and the subsequent issuance of
the Conversion Shares (if any) are not and will not be subject to any preemptive rights or rights of first refusal that have not been properly waived or complied with. 

(f) Financial Statements. The Company has delivered to the Investor the audited consolidated balance sheet of the Company and its subsidiaries as of
December 31, 2015, and statements of income and cash flows for the year then ended (the “Audited Financials”), and unaudited balance sheet as of September 30, 2016 and statements of income and cash flows for the nine-month
period then ended (the “Unaudited Financials” and, together with the Audited Financials, the “Financial Statements”). The Audited Financials were prepared in conformity with IFRS consistently applied, are consistent
in all material respects with the books and records of the Company and fairly present in all material respects (except as may be indicated in the notes thereto) the financial position of the Company and its subsidiaries as of the dates thereof and
the results of operations and cash flows of the Company and its subsidiaries for the periods shown therein. The Unaudited Financials were prepared in all material respects in conformity with IFRS consistently applied, having regard to the purpose
for which they were created, are consistent in all material respects with the books and records of the Company, and fairly present in all material respects (except as may be indicated in the notes thereto) the financial position of the Company and
its subsidiaries as of the dates thereof and the results of operations and cash flows of the Company and its subsidiaries for the periods shown therein (subject to the absence of footnotes and normal year-end adjustments in the case of the unaudited
statements). None of the Company and its subsidiaries have any material liabilities of any kind whatsoever, whether accrued, contingent, absolute, known, unknown, determined, determinable or otherwise, that are required to be set forth in the
Financial Statements pursuant to IFRS, and there is no existing condition, situation or set of circumstances which could reasonably be expected to result in such a liability, other than liabilities provided for in the Financial Statements, or
otherwise incurred in the ordinary course since September 30, 2016. 

  
 11 

 (g) Compliance with Law. Each of the Company and its subsidiaries have conducted its business in
accordance with applicable laws and regulations in all material respects, including (a) the U.S. Foreign Corrupt Practices Act of 1977, any rules or regulations under this law, or any other applicable anti-corruption or anti-kickback law or
regulation and (b) the economic sanctions administered by the U.S. Office of Foreign Assets Control. 
 (II) Representations and Warranties of the
Investor. 
 The Investor hereby represents and warrants to the Company as of the date hereof as follows: 

(a) Organization and Qualification. The Investor is a company duly organized and validly existing under the laws of the Cayman Islands. The Investor
has the requisite corporate power to carry on its business as now conducted. 
 (b) Authorization. All corporate action on the part of the Investor,
its directors and its shareholders necessary for the authorization of this Note and the delivery and performance of all obligations of the Investor hereunder has been taken. This Note constitutes a valid and binding obligation of the Investor
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws affecting creditors’ rights generally and general equitable principles. 

(c) Governmental Consents. All material consents, approvals, orders, or authorizations of, or registrations, qualifications, designations,
declarations, or filings with, any governmental authority, required on the part of the Investor in connection with the issuance, execution and performance of this Note or the consummation of any other transaction contemplated hereby have been
obtained or will be effective at such time as required by applicable law. 
 (d) Compliance with Other Instruments. The Investors’ execution and
delivery of this Note and the performance by the Investors of its obligations hereunder will not (i) result in any violation of or be in conflict with, or constitute, with or without the passage of time and giving of notice, a default under,
any provision, instrument, judgment, decree, order or writ binding on the Investor or its Affiliates, (ii) result in the creation of any lien, charge or encumbrance upon any assets of the Investor or its Affiliates, or (iii) result in the
suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval required by the Investor, its Affiliates and their business or operations or any of their assets or properties, in the case of
each of (i) through (iii), except as would not materially and adversely affect the rights of the Company or the Investor’s ability to perform its obligations hereunder. 

  
 12 

 (e) Investigation; Economic Risk. The Investor is able to fend for itself in the transactions contemplated
by this Note and has the ability to bear the economic risks of its investment in this Note, the Conversion Shares and the Reference Property. 
 (f)
Purchase for Own Account. The Investor is, or will be, acquiring this Note, the Conversion Shares and the Reference Property for its own account, not as a nominee or agent, and not with a view to or in connection with the sale or distribution
of any part thereof. By executing this Note, the Investor further represents that it does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person or any third person, with
respect to any such securities, assets or property. 
 (g) Investment Experience. The Investor has experience in evaluating and investing in
transactions of securities in companies and has such knowledge and experience in financial and business matters. 
  

	10.	Definitions. As used in this Note, the following capitalized terms have the following meanings: 

“Affiliate” shall mean, in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such Person. In relation to the Investor, the term “Affiliate” shall include all investment funds, vehicles or accounts managed or advised by Hillhouse Capital Management, Ltd.
(“Hillhouse Capital”) or any of its Affiliates pursuant to investment management or advisory agreements, but shall not include any portfolio company (as such term is commonly understood) of any of the foregoing or any Person that
competes (or whose Affiliates compete) with any member of the Group in any line of business or any geographic area. 
 “Business Day” shall
mean a day (other than Saturdays, Sundays or statutory holidays) on which banks generally are open to the public for business in Hong Kong, Singapore and the United States of America. 

“Control” shall mean, with respect to any Person, having the ability to direct the management and affairs of such Person, whether through the
ownership of voting securities or by contract, and such ability shall also be deemed to exist when any Person or “group” (as that term is used in Sections 13(d) and 14(d) of the United States Securities Exchange Act of 1934, as amended)
attains a level of ownership of more than 50% of the voting securities on a fully-diluted and as-converted basis, or the economic rights and benefits, of such Person; and “Controlled” shall be construed accordingly. 

“Change of Control” shall mean (i) any merger or consolidation, scheme of arrangement or other similar transaction (including, without
limitation, an acquisition of the Company by way of a share acquisition), of the Company or any of its subsidiaries with or into another entity outside the Group, where such merger or consolidation, scheme of arrangement or other similar transaction
(including, without limitation, an acquisition of the Company by way of a share acquisition), results in a change of Control of the Company, (ii) the sale, license or lease of all or substantially all of the Company’s and its
subsidiaries’ assets in one transaction or a series of related transactions, or (iii) the sale (or exclusive license) of all or substantially all of the Company’s intellectual property, provided that, for purposes of this Note, any
internal restructuring of the Group, the IPO and any restructuring in connection with the IPO (each an “Internal Restructuring”) shall not be deemed a Change of Control. 

  
 13 

 “Group” shall mean, collectively, the Company, its subsidiaries and any other Person (excluding
any natural person) Controlled by the Company. 
 “IFRS” means the international financial reporting standards promulgated by the
International Accounting Standards Board from time to time, which include International Accounting Standards and their interpretations. 
 “IPO
Commencement Date” shall mean the date on which the Company first files publicly any preliminary registration statement, prospectus or other similar document with any applicable securities regulator or stock exchange in connection with an
IPO. 
 “IPO Pricing Date” shall mean, with respect to an IPO, the date on which the public offering price in such IPO is determined by the
Company and the underwriters prior to the closing of such IPO. 
 “Maturity Date” shall mean the Third Anniversary; provided that
(a) if the Investor elects to effect a 2-Year Extension pursuant to Section 1(d)(i), the “Maturity Date” shall be the fifth anniversary of the date hereof, or (b) if the Investor elects to effect a 45-Day Extension pursuant
to Section 1(d)(ii), the “Maturity Date” shall be the 45th day following the Third Anniversary. 
 “Option Plan” shall mean
the share incentive plan established by the Company on September 30, 2009, as amended. 
 “Ordinary Shares” shall mean the ordinary
shares in the share capital of the Company, with a par value of US$0.005 each, with the rights and privileges as set forth in the Articles. 

“Person” shall mean any corporation, company, partnership, firm, limited liability company, other business organization, entity, government,
state or agency of state or any joint venture, association, works council or employee representative body (whether or not having separate legal personality) and any individual. 

“Qualified IPO” means an IPO which generates gross offering proceeds to the Company of at least US$250,000,000. 

“Significant Subsidiary” shall mean any subsidiary of the Company that meets the definition of “significant subsidiary” in Article
1, Rule 1-02 of Regulation S-X under the United States Securities Exchange Act of 1934, as amended, as in effect on the date of this Note. 

“Transaction Documents” shall mean, collectively, (i) the Fourth Amended and Restated Investors’ Rights Agreement, dated
August 19, 2016, by and among the Company, Investor and other parties named therein, as may be amended or restated from time to time (the “Investor Rights Agreement”), and (ii) the Sixth Amended and Restated Memorandum and
Articles of Association of the Company, which became effective as of August 19, 2016, each as may be amended or restated from time to time (the “Articles”). 

“Voting Ordinary Shares” shall mean the voting Ordinary Shares of the Company carrying one vote per share as set forth in the Articles. 

  
 14 

	11.	Miscellaneous. 

 (a) Successors and Assigns. Subject to the restrictions on transfer described in this
Section 11(a), the rights and obligations of the Company and Investor shall be binding upon and benefit the successors, permitted assigns, heirs, administrators and permitted transferees of the parties. Neither this Note nor any of the rights,
interests or obligations hereunder may be assigned or transferred, by operation of law or otherwise, in whole or in part, by the Company or Investor without the prior written consent of the other party; provided that, (i) the Investor or any of
its direct or indirect permitted transferees under this Section 11(a)(i) may assign its rights and interests (together with the related obligations) in connection with a transfer of this Note in whole or in part to an Affiliate of the Investor
managed or advised by Hillhouse Capital pursuant to investment management or advisory agreements (provided that there shall be no more than four (4) transfers pursuant to this Section 11(a)(i) in the aggregate) (each, a “Permitted
Transfer”); provided, however, that (A) the Company is given a written notice at the time of each Permitted Transfer stating the name and address of the transferee and identifying the amount of the Note being transferred; and
(B) any such transferee shall receive such rights and interests, subject to all the terms and conditions of this Note, including the provisions of this Section 11, and agree to abide by this Note by executing a joinder agreement
substantially in the form of Exhibit C hereto, and (ii) for purposes of this Note, a Change of Control shall not be deemed to be an assignment or transfer and shall not be subject to this Section 11(a), and following such Change of
Control, the rights and obligations of the Company shall be binding upon and benefit the successor of the Company or such other surviving or resulting entity of such Change of Control. Any permitted transferee of Investor shall be subject to all the
terms and conditions of this Note and such transferee shall agree to abide by the terms of this Note by executing a joinder agreement substantially in the form of Exhibit C hereto. At any time that the Investor elects to transfer less than
all of this Note in accordance with this Section 11, upon written notice to the Company, the Company will (x) issue a new note (consistent in all respects with this Note other than with respect to principal amount) to the transferee in the
aggregate principal amount equal to such portion of this Note that the Investor requests to be transferred to the transferee and (y) will issue a new note (consistent in all respects with this Note other than with respect to principal amount)
to the Investor in the aggregate principal amount equal to such portion of the Note not transferred to the transferee. 
 (b) Waiver and Amendment. This
Note and the other documents delivered pursuant hereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. Any provision of this Note may be amended and the observance of any
term may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and Investor. No delay or omission on the part of either party hereto in exercising any right
hereunder shall operate as a waiver of such right or of any other right. A waiver on any one occasion shall not be construed as a bar to or waiver of any such right and/or remedy in any future occasion. 

 

	(c)	Confidentiality. 

 (i) Disclosure of Terms. Each party hereto acknowledges that the
terms and conditions of this Note, the Transaction Documents, and all exhibits, schedules, restatements and amendments hereto and thereto, including their existence and any negotiations in connection with them, shall be considered confidential
information and shall not be disclosed by it to any third party except in accordance with the provisions set forth below. 

  
 15 

 (ii) Permitted Disclosures. The confidentiality obligations set out in this Section 11(c) do not
apply to: 
  

	 	(A)	information which was in the public domain or otherwise known to the relevant party before it was furnished to it by the other party or, after it was furnished to that party, entered the public domain otherwise than as
a result of (i) a breach by that party of this Section 11(c), or (ii) a breach of a confidentiality obligation by that party, where the breach was known to that party; 

 

	 	(B)	disclosure which is necessary in order to comply with any applicable law, the order of any competent court or authority, the requirements of a stock exchange, parliamentary body, governmental agency or to obtain tax or
other clearances or consents from any relevant authority or in connection with responding to any request from any tax authority; or 

  

	 	(C)	disclosure by either party hereto to its Affiliates, and its and their employees, financial advisers, consultants, auditors, insurers and legal or other advisers and to their respective existing and potential investors.

  

	 	(iii)	Announcements. 

 (A) No party shall make or authorize the making of any announcement
concerning the existence or subject matter of this Note unless the other party shall have given their prior consent to such announcement (such consent not to be unreasonably withheld or delayed). 

 

	 	(B)	Section 11(c)(iii)(A) shall not apply to: 

 (1) any information which is required to be
announced pursuant to any applicable laws or any requirement of any competent governmental or statutory authority or rules or regulations of any relevant regulatory, administrative or supervisory body (including without limitation, any relevant
stock exchange or securities council); or 
 (2) any information which is required to be announced pursuant to any legal process issued by
any court or tribunal of competent jurisdiction. 
 (d) Governing Law. This Note shall be governed by, and construed and enforced in accordance with, the
laws of the State of New York without reference to its conflict of law principles. 
  

	(e)	Dispute Resolution. 

 (i) Arbitration. Any dispute arising out of or in connection with
this Note, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration Centre for
the time being in force, which rules are deemed to be incorporated by reference in this Section 11(e). There shall be three (3) arbitrators in the arbitration tribunal (the “Tribunal”). Investor and the Company shall each
appoint one (1) arbitrator and the third (3rd) arbitrator, who shall act as presiding arbitrator of the Tribunal, shall be chosen by the two (2) arbitrators appointed by or on behalf of the parties. If he is not chosen by the two
(2) arbitrators within thirty (30) days of the date of appointment of the later of the two (2) party-appointed arbitrators to be appointed, he shall be appointed by the President of the Court of Arbitration of the Singapore
International Arbitration Centre. The language of the arbitration shall be English. 

  
 16 

 (ii) Arbitration Award. An award of the Tribunal shall be final and binding on the parties
to the arbitration. Judgment may be entered on an award in any court having jurisdiction. The parties to the arbitration shall each pay an equal share of the costs and expenses of such arbitration, and each party shall separately pay for its
respective attorney fees and expenses. 
 (f) Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications
made pursuant to this Note shall be in writing and shall be conclusively deemed to have been duly given: (a) when hand delivered to a party; (b) when sent by facsimile at the number set forth below, upon a successful transmission report
being generated by the sender’s machine; (c) when sent by email at the time the email is sent (provided that a copy of the notice is sent by another method referred to in this Section 11(f) within one (1) Business Day of sending
the email) or (d) three (3) Business Days after deposit with an internationally reputable delivery service provider, postage prepaid, provided that the sending party receives a confirmation of delivery from the delivery service provider.

  

			
	 To the Company:
	  	 Garena Interactive Holding Limited
 1
Fusionopolis Place, #17-10, Galaxis,
 Singapore 138522
 Fax:
+65 6270 8700
 Attention: Mr. Li Xiaodong / Ms. Yanjun Wang

Email address: lif@garena.com / wangy@garena.com

		
	 To Investor:
	  	 89 Nexus Way, Camana Bay, PO Box 31106,

Grand Cayman KY-1205, Cayman Islands
 Attention: Adam Hornung
(General Counsel)
 Facsimile No.: +852 2179-1978
 Email:
AHornung@hillhousecap.com
  
 with copies (which will not constitute notice)

to each of the following:
  

1. Suite 1608
 One Exchange Square

8 Connaught Place
 Central, Hong Kong

Attention: Adam Hornung (General Counsel)
 Facsimile No.: +852
2179-1978
 Email: AHornung@hillhousecap.com

  
 17 

			
		  	 2. Goodwin Procter LLP
 28/F One Exchange
Square
 8 Connaught Place
 Central, Hong Kong

Attention: Yash Rana
 Facsimile No.: +852 2801-5515

Email: YRana@goodwinlaw.com

 A party may change or supplement the addresses and numbers given above, or designate additional addresses and numbers, for
purposes of this Section 11(f) by giving the other parties written notice of the new address or number (as relevant) in the manner set forth above. 

(g) Payment. Unless converted pursuant to the terms hereof, payment shall be made in lawful tender of the United States. 

(h) Expenses. All costs and expenses incurred in connection with this Note shall be paid by the party incurring such cost or expense. 

(i) Counterparts. This Note may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and
delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Note. 

(Signature Page Follows) 

  
 18 

 Each party has caused this Note to be issued as of the date first written above. 

 

			
	THE COMPANY
	
	 GARENA INTERACTIVE HOLDING LIMITED

a Cayman Islands company

			
		
	By:	 	/s/ Li Xiaodong
	Name: Li Xiaodong
	Title: Chairman

  

  
 SIGNATURE PAGE TO
CONVERTIBLE PROMISSORY NOTE 

 Each party has caused this Note to be issued as of the date first written above. 

 

			
	INVESTOR:
	
	 HH RSV-XVI HOLDINGS LIMITED

a Cayman Islands company

		
	By:	 	/s/ Colm O’Connell
	Name: Colm O’Connell
	Title: Director

  
 SIGNATURE PAGE TO
CONVERTIBLE PROMISSORY NOTE 

 EXHIBIT A 

CONVERSION NOTICE 
 Garena Interactive Holding
Limited (the “Company”) 
 1 Fusionopolis Place #17-10, Galaxis 

Singapore 138522
 Attention: General Counsel 

[Date] 
 Dear Sirs, 

We refer to the Convertible Promissory Note dated January 31, 2017 issued by the Company (the “Note”) to us. Capitalized terms used but
not defined in this Conversion Notice shall have the meanings specified in the Note. 
 We hereby give you the Conversion Notice pursuant to Section 4
of the Note with the conversion particulars set out below: 
  

	(a)	the outstanding and unpaid Principal Amount of the Note to be converted: US$[●]; 

  

	(b)	effective date of conversion: [●] 

  

	(c)	Conversion Price: US$[●] per share; and 

 (d) the name and address of Investor in whose name the
Conversion Shares are to be delivered and registered in the Company’s register of members: 
 Name: [●] 

Address: [●] 
 Please acknowledge receipt of this
Conversion Notice by signing and returning the enclosed duplicate copy and deliver the following items pursuant to the Note at your earliest convenience: 

i) a certified true copy of the register of members of the Company as of the date immediately after the conversion reflecting Investor’s ownership of the
Conversion Shares; 
 ii) Transaction Documents amended as mentioned in Section 4(c)(iv); 

iii) duly issued share certificates representing the Conversion Shares; and 

iv) a check payable to Investor for any cash amounts payable pursuant to Section 4(c)(vi) of the Note in respect of any fraction of Conversion Shares, if
any. 

 Please kindly deliver the above items to: 

[●] 
 Attention: [●] 

Address: [●] 
 Tel: [●] 

Email: [●] 
 Yours faithfully, 

 

	
	   

	On behalf of [●]
	Name: [●]
	Title: [●]

 EXHIBIT B 

ADJUSTMENTS 
  

	1.	In case the Company, at any time or from time to time, shall subdivide its outstanding Ordinary Shares into a greater number of shares (by any share split, share dividend or otherwise), the Conversion Price in effect
immediately prior to such subdivision shall be proportionately reduced and, conversely, in case the Company, at any time or from time to time, shall combine its outstanding Ordinary Shares into a smaller number of shares (by any reverse share split
or otherwise), the Conversion Price in effect immediately prior to such combination shall be proportionately increased. In the case of any such subdivision, no further adjustment shall be made pursuant to Section 2 below by reason thereof.

  

	2.	If, the Company, at any time or from time to time, shall effect any capital reorganization, reclassification, recapitalization or statutory exchange of the shares of the Company in such a way that holders of Ordinary
Shares shall be entitled to receive shares, securities or assets in exchange for Ordinary Shares (in each case other than an Internal Restructuring) (a “Reorganization”), then, lawful and adequate provisions shall be made whereby
the Investor shall thereupon have the right to receive, upon the basis and upon the terms and conditions specified herein and in lieu of the Voting Ordinary Shares immediately theretofore receivable upon the full conversion of any unpaid and
unconverted Principal Amount then remaining outstanding, such shares, securities or assets as may be issued or payable in exchange for a number of outstanding Voting Ordinary Shares equal to the number of Voting Ordinary Shares immediately
theretofore receivable for such full conversion of such unpaid and unconverted Principal Amount remaining outstanding had such Reorganization not taken place. 

  

	3.	Prior to the IPO, except as provided in Section 4 below and except in the case of an event described in Sections 1 or 2 above, if the Company shall issue or sell, or is, in accordance with this Section 3,
deemed to have issued or sold, any new Ordinary Share for a consideration per share less than the Conversion Price in effect immediately prior to such issuance or sale (the “Pre-Adjustment Conversion Price”), then, upon such
issuance or sale (or deemed issuance or sale), the Conversion Price shall be determined as follows: 

 NCP = OCP * (OS +
(NP/OCP))/(OS + NS) 
 WHERE: 

NCP = the new Conversion Price, 

OCP = the Pre-Adjustment Conversion Price, 

OS = the total outstanding Ordinary Shares immediately before the issuance or sale of the new Ordinary Shares plus the total Ordinary
Shares issuable upon conversion of all the outstanding Preference Shares and Seed Preferred Shares and exercise of outstanding Options and Convertible Securities, 

 NP = the total consideration received for the issuance or sale of the new Ordinary Shares, and

 NS = the number of new Ordinary Shares issued or sold. 

For purposes of this Section 3, the following shall also be applicable: 
  

	(i)	Issuance of Rights or Options 

 If the Company at any time or from time to time, shall
in any manner grant (whether directly or by assumption in a merger or otherwise) any warrants or other rights to subscribe for or to purchase, or any options for the purchase of, Ordinary Shares or any shares or security convertible into or
exchangeable for Ordinary Shares (such warrants, rights or options being called “Options” and such convertible or exchangeable shares or securities being called “Convertible Securities”), in each case for
consideration per share (determined as provided in this paragraph and in Section 3(v) below) less than the Conversion Price then in effect, whether or not such Options or the right to convert or exchange any such Convertible Securities are
immediately exercisable, then the total maximum number of Ordinary Shares issuable upon the exercise of such Options, or upon conversion or exchange of the total maximum amount of such Convertible Securities issuable upon exercise of such Options,
shall be deemed to have been issued as of the date of granting of such Options, at a price per share equal to the amount determined by dividing (A) the total amount, if any, received or receivable by the Company as consideration for the
granting of such Options, plus the minimum aggregate amount of additional consideration payable to the Company upon the exercise of all such Options, plus, in the case of such Options which relate to Convertible Securities, the minimum aggregate
amount of additional consideration, if any, payable upon the issuance or sale of such Convertible Securities and upon the conversion or exchange thereof, by (B) the total maximum number of Ordinary Shares deemed to have been so issued. Except
as otherwise provided in Section 3(iii) below, no adjustment of the Conversion Price shall be made upon the actual issuance of such Ordinary Shares or of such Convertible Securities upon exercise of such Options or upon the actual issuance of
such Ordinary Shares upon conversion or exchange of such Convertible Securities. 
  

	(ii)	Issuance of Convertible Securities 

 If the Company at any time or from time to time,
shall in any manner issue or sell any Convertible Securities for consideration per share (determined as provided in this paragraph and in Section 3(v) below) less than the Conversion Price then in effect, whether or not the rights to exchange
or convert any such Convertible Securities are immediately exercisable, then the total maximum number of Ordinary Shares issuable upon conversion or exchange of all such Convertible Securities shall be deemed to have been issued as of the date of
the issuance or sale of such Convertible Securities, at a price per share equal to the amount determined by dividing (A) the total amount, if any, received or receivable by the Company as consideration for the issuance or sale of such
Convertible Securities, plus the minimum aggregate amount of additional consideration, if any, payable to the Company upon the conversion or exchange thereof, by (B) the total maximum number of Ordinary Shares deemed to have been so issued;
provided, that (1) except as otherwise provided in Section 3(iii) below, no adjustment of the Conversion Price shall be made upon the actual issuance of such Ordinary Shares upon conversion or exchange of such Convertible Securities
and (2) if any such issuance or sale of such Convertible Securities is made upon exercise of any Options to purchase any such Convertible Securities, no further adjustment of the Conversion Price shall be made by reason of such issuance or
sale. 

	(iii)	Change in Option Price or Conversion Rate 

 If, at any time or from time to time, there
shall occur a change in (A) the maximum number of Ordinary Shares issuable in connection with any Option referred to in Section 3(i) above or any Convertible Securities referred to in Section 3(i) or Section 3(ii) above,
(B) the purchase price provided for in any Option referred to in Section 3(i) above, (C) the additional consideration, if any, payable upon the conversion or exchange of any Convertible Securities referred to in Section 3(i) or
Section 3(ii) above or (D) the rate at which Convertible Securities referred to in Section 3(i) or Section 3(ii) above are convertible into or exchangeable for Ordinary Shares (in each case, other than in connection with an event
described in Section 4 below), then the Conversion Price in effect at the time of such event shall be readjusted to the relevant Conversion Price that would have been in effect at such time had such Options or Convertible Securities that are
still outstanding provided for such changed maximum number of shares, purchase price, additional consideration or conversion rate, as the case may be, at the time initially granted, issued or sold, but only if as a result of such adjustment the
Conversion Price then in effect is thereby reduced; and on the termination of any such Option or any such right to convert or exchange such Convertible Securities, the Conversion Price then in effect hereunder shall be increased to the Conversion
Price that would have been in effect at the time of such termination had such Option or Convertible Securities, to the extent outstanding immediately prior to such termination (i.e., to the extent that fewer than the number of Ordinary Shares deemed
to have been issued in connection with such Option or Convertible Securities were actually issued), never been issued or sold or been issued or sold at such higher price, as the case may be. 

 

	(iv)	Share Dividends 

 If the Company, at any time or from time to time, shall declare or
make, or fix a record date for the determination of holders of Ordinary Shares entitled to receive, a dividend or make any other distribution upon any shares of the Company payable in Ordinary Shares, Options or Convertible Securities, any Ordinary
Shares, Options or Convertible Securities, as the case may be, issuable in payment of such dividend or distribution shall be deemed to have been issued or sold without consideration, the Conversion Price will be adjusted pursuant to this
Section 3; provided, that no adjustment shall be made to the conversion price as a result of such dividend or distribution if the holders of the Note are entitled to, and do, receive such dividend or distribution in accordance with
Article 12 of the Articles; and, provided, further, that if any adjustment is made to the Conversion Price as a result of the declaration of a dividend and such dividend is not effected, the Conversion Price shall be appropriately
readjusted to the Conversion Price that would have been in effect had such dividend not been declared. 

	(v)	Consideration for Shares 

 If the Company, at any time or from time to time, shall issue
or sell, or is deemed to have issued or sold, any Ordinary Shares for cash, the consideration received therefor shall be deemed to be the amount received or to be received by the Company therefor (determined with respect to deemed issuances and
sales in connection with Options and Convertible Securities in accordance with clause (A) of Section 3(i) or Section 3(ii) above, as appropriate) as determined in good faith by the board of directors of the Company. In case any
Ordinary Shares shall be issued or sold, or deemed issued or sold, for a consideration other than cash, the amount of the consideration other than cash received by the Company (the “Board”) shall be deemed to be the fair value of
such consideration received or to be received by the Company (determined with respect to deemed issuances and sales in connection with Options and Convertible Securities in accordance with clause (A) of Section 3(i) or Section 3(ii)
above, as appropriate) as determined in good faith by the Board and the holders of a majority of the Series A Preference Shares then outstanding. In case any Options shall be issued in connection with the issuance and sale of other securities of the
Company, together comprising one integral transaction in which no specific consideration is allocated to such Options by the parties thereto, such Options shall be deemed to have been issued for such consideration as determined in good faith by the
Board and the holders of a majority of the Series A Preference Shares then outstanding. 
  

	(vi)	Record Date 

 If the Company, at any time or from time to time, shall take a record of
the holders of its Ordinary Shares for the purpose of entitling them (A) to receive a dividend or other distribution payable in Ordinary Shares, Options or Convertible Securities or (B) to subscribe for or purchase Ordinary Shares, Options
or Convertible Securities, then such record date shall be deemed to be the date of the issuance or sale of the Ordinary Shares deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the
granting of such right of subscription or purchase, as the case may be. 
  

	(vii)	Treasury Shares 

 The number of Ordinary Shares outstanding at any given time shall not
include shares owned or held by or for the account of the Company; provided, that the disposition of any such shares shall be considered an issuance or sale of Ordinary Shares for the purpose of this Section 3. 

 

	(viii)	Other Issuances or Sales 

 In calculating any adjustment to the Conversion Price
pursuant to this Section 3: any Options or Convertible Securities that provide, as of the effective date of such adjustment, for the issuance upon exercise, conversion or exchange thereof of an indeterminable number of Ordinary Shares shall
(together with the Ordinary Shares issuable upon exercise, conversion or exchange thereof) be disregarded; provided, that at such time as the number of Ordinary Shares issuable upon exercise, conversion or exchange of such Options or
Convertible Securities becomes determinable, the Conversion Price shall be adjusted as provided in Section 3(iii) above. 

	4.	Certain Issues or Transfer Excepted 

 Anything in this Note to the contrary notwithstanding,
the Company shall not be required to make any adjustment of the Conversion Price in the case of the issuance or transfer of (i) Ordinary Shares upon conversion of this Note, the Preference Shares or the Seed Preferred Shares; (ii) Ordinary
Shares or other awards to acquire Ordinary Shares under the Employee Option Plan and any other employee incentive plan of the Company and/or outside of the Employee Option Plan as approved in accordance with the Investor Rights Agreement and the
Articles, or (iii) any Ordinary Shares issued by the Company in exchange for the assets or shares of another Person in connection with the acquisition of such Person by the Company, whether by merger, purchase of all or substantially all of the
assets of such Person, or otherwise, which acquisition has been approved in accordance with the Articles and the Investor Rights Agreement. 

Capitalized terms used in this Exhibit B but not defined herein have the meanings given to them in the Investor Rights Agreement. 

 EXHIBIT C 

JOINDER AGREEMENT 
 This Joinder
Agreement (“Joinder Agreement”) is executed by the undersigned (the “Transferee”) pursuant to the terms of that certain Convertible Promissory Note dated as of January 31, 2017 (as may be amended, restated or
otherwise modified form time to time, the “Note”) by and between Garena Interactive Holding Limited, a company limited by shares incorporated in the Cayman Islands (the “Company”) and HH RSV-XVI Holdings Limited, a Cayman
Islands company (“Investor”), and in consideration of the Note [purchased]/[acquired] by the Transferee and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. Capitalized terms used
but not defined herein shall have the respective meanings ascribed to such terms in the Note. By the execution of this Joinder Agreement, the Transferee agrees as follows: 

1. Acknowledgment. Transferee acknowledges that Transferee is acquiring [[●] in Principal Amount of] the Note and the
rights, interests and obligations thereunder from [name of transferor] (the “Transferor”), subject to the terms and conditions of the Note (the “Transfer”). 

2. Agreement. Immediately upon the Transfer, Transferee (i) agrees that the Transferee shall be bound by and subject to the
terms of the Note applicable to the Transferor, and (ii) hereby adopts the Note and shall have all of the rights and obligations of the “Investor” thereunder with the same force and effect as if Transferee were originally a party
thereunder in the capacity of the Investor and agrees to duly and punctually perform and discharge all liabilities and obligations whatsoever from time to time to be performed or discharged by Transferee under or by virtue of the Note in all
respects as if named as a party therein. The Transferee hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Note. 

3. Notice. Any notice required or permitted by the Note shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 4. Joinder Agreement to be Construed in Conjunction with Agreement. This Joinder
Agreement shall hereafter be read and construed in conjunction and as one document with the Note and references in the Note to “the Note” or “this Note”, and references in all other instruments and documents executed thereunder
or pursuant to the Note, shall for all purposes refer to the Note incorporating and as supplemented by this Joinder Agreement. Except to the extent that it is expressly amended by this Joinder Agreement, the Note and all other documents or
instruments executed pursuant to, or in connection with, the Note shall remain in full force and effect. 
 5. Governing Law.
This Joinder Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York without reference to its conflict of laws principles. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written
below. 
 Date:                 ,
         
  

			
	[NAME OF JOINING PARTY]
		
	By:	 	 
		 	Name:
		 	Title:
	
	Address for Notices:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]