Document:

Form of Deposit Agreement

 Exhibit 4.3 
  

 DEPOSIT AGREEMENT 
 by and among 
 MELCO PBL ENTERTAINMENT (MACAU) LIMITED as Issuer 
 AND 
 DEUTSCHE BANK TRUST COMPANY AMERICAS

 as Depositary, 
 AND

 THE HOLDERS AND BENEFICIAL OWNERS 
 OF AMERICAN DEPOSITARY SHARES EVIDENCED BY 
 AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER 
 Dated as of [DATE], 2006 

 

 
 5 Old Broad Street 
 London EC2N 1DW 

 DEPOSIT AGREEMENT 
 DEPOSIT AGREEMENT, dated as of [DATE], 2006, by and among (i) Melco PBL Entertainment (Macau) Limited, a company incorporated under the laws of the Cayman Islands, and its successors (the
“Company”), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary, and any successor depositary hereunder (the “Depositary”),
and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined). 
 W I T N E S S E T H  T H A T: 
 WHEREAS, the Company desires to
establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation of American Depositary Shares representing the Shares so deposited; and 
 WHEREAS, the Depositary is willing to act as the Depositary for such ADR facility upon the terms set forth in this Deposit Agreement; and

 WHEREAS, the American Depositary Receipts evidencing the American Depositary Shares issued pursuant to the terms of this Deposit
Agreement are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; and 
 WHEREAS, the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement are accepted for trading on the National
Association of Securities Dealers Automated Quotation; and 
 WHEREAS, the Board of Directors of the Company (or an authorized
committee thereof) has duly approved the establishment of an ADR facility upon the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the Company and the
transactions contemplated herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I. 
 DEFINITIONS 
 All capitalized terms used, but not otherwise defined, herein
shall have the meanings set forth below, unless otherwise clearly indicated: 
 SECTION 1.1 “Affiliate” shall have the
meaning assigned to such term by the Commission under Regulation C promulgated under the Securities Act. 
 SECTION 1.2
“Agent” shall mean such entity or entities as the Depositary may appoint under Section 7.8, including the Custodian or any successor or addition thereto. 

 SECTION 1.3 “American Depositary Share(s)” and “ADS(s)” American Depositary
Share(s) shall mean the securities representing the rights and interests in the Deposited Securities granted to the Holders and Beneficial Owners pursuant to the terms and conditions of this Deposit Agreement and evidenced by the American Depositary
Receipts issued hereunder. Each American Depositary Share shall represent the right to receive three Shares, until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 or a change in Deposited Securities referred to
in Section 4.9 with respect to which additional American Depositary Receipts are not executed and delivered, and thereafter each American Depositary Share shall represent the Shares or Deposited Securities specified in such Sections. 
 SECTION 1.4 “ADS Record Date” shall have the meaning given to such term in Section 4.7. 
 SECTION 1.5 “Beneficial Owner” shall mean as to any ADS, any person or entity having a beneficial interest in any ADSs. A Beneficial
Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder solely through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest.

 SECTION 1.6 “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on
which banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive order to close and (b) a day on which the market(s) in which Receipts are traded are closed. 
 SECTION 1.7 “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in
the United States. 
 SECTION 1.8 “Company” shall mean Melco PBL Entertainment (Macau) Limited, a company incorporated and
existing under the laws of the Cayman Islands, and its successors. 
 SECTION 1.9 “Corporate Trust Office” when used with
respect to the Depositary, shall mean the corporate trust office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is located at 60 Wall Street,
New York, New York 10005, U.S.A. 
 SECTION 1.10 “Custodian” shall mean, as of the date hereof, Deutsche Bank AG, Hong Kong
Branch, having its principal office at 52/F Cheung Kong Centre, 2 Queen’s Road, Central, Hong Kong, as the custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed by the
Depositary pursuant to the terms of Section 5.5 as a successor or an additional custodian or custodians hereunder, as the context shall require. The term “Custodian” shall mean all custodians, collectively. 
 SECTION 1.11 “Deliver” and “Delivery” shall mean, when used in respect of American Depositary Shares, Receipts, Deposited
Securities and Shares, the physical delivery of the certificate representing such security, or the electronic delivery of such security by means of book-entry transfer, as appropriate, including, without limitation, through DRS/Profile. With respect
to DRS/Profile ADRs, the terms “execute”, “issue”, “register”, “surrender”, “transfer” or “cancel” refer to applicable entries or movements to or
within DRS/Profile. 
 SECTION 1.12 “Deposit Agreement” shall mean this Deposit Agreement and all exhibits hereto, as the
same may from time to time be amended and supplemented in accordance with the terms hereof. 
  

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 SECTION 1.13 “Depositary” shall mean Deutsche Bank Trust Company Americas, an indirect
wholly owned subsidiary of Deutsche Bank A.G., in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder. 
 SECTION 1.14 “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash
received or deemed to be received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in the case of cash, to the provisions of Section 4.6. The collateral delivered in connection with Pre-Release Transactions
described in Section 2.10 hereof shall not constitute Deposited Securities. 
 SECTION 1.15 “Dollars” and “$”
shall refer to the lawful currency of the United States. 
 SECTION 1.16 “DRS/Profile” shall mean the system for the
uncertificated registration of ownership of securities pursuant to which ownership of ADSs is maintained on the books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for the automated
transfer of ownership between the books of DTC and the Depositary. Ownership of ADSs held in DRS/Profile are evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. 
 SECTION 1.17 “DTC” shall mean The Depository Trust and Clearing Corporation, the central book-entry clearinghouse and settlement system
for securities traded in the United States, and any successor thereto. 
 SECTION 1.18 “Exchange Act” shall mean the U.S.
Securities Exchange Act of 1934, as from time to time amended. 
 SECTION 1.19 “Foreign Currency” shall mean any currency
other than Dollars. 
 SECTION 1.20 “Foreign Registrar” shall mean the entity, if any, that carries out the duties of
registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares[, which shall initially be Butterfield Fund Services (Cayman) Limited]. 
 SECTION 1.21 “Holder” shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the Registrar, if
any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act on behalf of those Beneficial Owners of the ADRs registered in such Holder’s name. 
 SECTION 1.22 “Indemnified Person” and “Indemnifying Person” shall have the meaning set forth in Section 5.8. hereof.

 SECTION 1.23 “Pre-Release” shall have the meaning set forth in Section 2.10 hereof. 
 SECTION 1.24 “Receipt(s)”; “American Depositary Receipt(s)”; and “ADR(s)” shall mean the certificate(s) or
DRS/Profile statements issued by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such Receipts may be amended from time to time in accordance with the provisions of this Deposit
Agreement. References to Receipts shall include physical certificated Receipts as well as ADSs issued through DRS/Profile, unless the context otherwise requires. 
  

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 SECTION 1.25 “Registrar” shall mean the Depositary or any bank or trust company having
an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register ownership of Receipts and transfer of Receipts as herein provided, shall include any co-registrar appointed by the Depositary for
such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary. 
 SECTION 1.26
“Restricted ADRs”; “Restricted ADSs”; and “Restricted Shares” shall have the respective meanings set forth in Section 2.11. 
 SECTION 1.27 “Restricted Securities” shall mean Shares, or American Depositary Shares representing such Shares, which (i) have been
acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and subject to resale limitations under the Securities Act or the rules issued thereunder, or
(ii) are held by an officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii) are subject to other restrictions on sale or deposit under the laws of the United States, the Cayman Islands, or
under a shareholders’ agreement, shareholders’ lock-up agreement or the Company’s Memorandum and Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such Shares are being sold to
persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale registration statement or (y) exempt from the registration requirements of the Securities Act (as hereinafter defined), and the Shares are
not, when held by such person, Restricted Securities. 
 SECTION 1.28 “Securities Act” shall mean the United States
Securities Act of 1933, as from time to time amended. 
 SECTION 1.29 “Shares” shall mean ordinary shares in registered form
of the Company, par value U.S. 0.01 each, heretofore validly issued and outstanding and fully paid or hereafter validly issued and outstanding and fully paid. References to Shares shall include evidence of rights to receive Shares, whether or not
stated in the particular instance; provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase price has not been paid or Shares as to which pre-emptive rights have
theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any change in par value, split-up, consolidation, reclassification, conversion or any other event described in Section 4.9, in
respect of the Shares of the Company, the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities resulting from such change in par value, split-up, consolidation, exchange, conversion,
reclassification or event. 
 SECTION 1.30 “United States” or “U.S.” shall mean the United States of America.

 ARTICLE II. 
 APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; 
 DEPOSIT OF SHARES; EXECUTION 
 AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 
 SECTION 2.1 Appointment of Depositary. The Company hereby appoints the Depositary as exclusive depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in accordance with
the terms set forth in this Deposit Agreement. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms of this Deposit Agreement, shall be deemed for all purposes to
(a) be a party to and bound by the terms of this Deposit Agreement and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in this Deposit
Agreement, to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement (the taking of
such actions to be the conclusive determinant of the necessity and appropriateness thereof). 
  

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 SECTION 2.2 Form and Transferability of Receipts. 
 (a) Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any number of American Depositary Shares. No definitive Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary. The Depositary shall maintain books on which each Receipt so executed and
delivered, in the case of definitive Receipts, and each Receipt issued through the DRS/Profile, in either case as hereinafter provided and the transfer of each such Receipt shall be registered. Receipts in certificated form bearing the manual or
facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior to the execution and
delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 
 Notwithstanding anything
in this Deposit Agreement or in the form of Receipt to the contrary, the Depositary may, in its discretion, issue ADRs (including Restricted ADRs) in physical certificated form and Holders of ADRs (other than any Holders of Restricted ADRs who shall
be required to hold ADRs in physical certificated form) shall only be entitled to receive definitive Receipts, except and to the extent the Depositary has made physical certificated ADRs available at the expense of the Company (i) in its sole
discretion or (ii) (a) during a continuous period lasting at least 14 days during which DTC ceases to operate as a book-entry clearing house and settlement system (other than by reason of holidays, statutory or otherwise) or (b) DTC
announces an intention permanently to cease and subsequently ceases business as a book-entry clearing house and settlement system and no alternative book-entry clearing house and settlement system satisfactory to the Depositary is available within
45 days. Holders and Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement and of the form of Receipt, regardless of whether their Receipts are certificated or issued through book-entry registration. 
 (b) Legends. The ADRs may be endorsed with, or have incorporated in the text thereof, such legends or recitals not inconsistent with the
provisions of the Deposit Agreement as may be (i) necessary to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) required to comply with any applicable laws or regulations, or with the rules and
regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special limitations or restrictions to which any particular
ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise, or (iv) required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed, for all purposes, to have
notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by
such Beneficial Owners. 
  

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 (c) Subject to the limitations contained herein and in the form of Receipt, title to a Receipt (and to
the ADSs evidenced thereby), when properly endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable
instrument under the laws of the State of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose of determining the person entitled to
distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit
Agreement to any holder of a Receipt, unless such holder is the Holder thereof. 
 SECTION 2.3 Deposits (a) Subject to the terms and
conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (included Restricted Securities provided that any such Restricted Securities shall be held fully segregated from Shares otherwise deposited
hereunder) may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7 hereof) at any time beginning on the 181st day after the date of the prospectus contained in the registration statement on Form F-1 under which the ADSs are first sold,
whether or not the transfer books of the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian. No deposits shall be accepted under this Deposit Agreement prior to such date. Every deposit of Shares shall
be accompanied by the following: (A)(i) in the case of Shares issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares issued in bearer form, such Shares
or the certificates representing such Shares and (iii) in the case of Shares delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be
so transferred, (B) such certifications and payments (including, without limitation, the Depositary’s fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way
of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, (C) if the Depositary so requires, a written order directing the Depositary to execute and deliver to, or upon the
written order of, the person or persons stated in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence satisfactory to the Depositary (which may include an opinion of
counsel reasonably satisfactory to the Depositary provided at the cost of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have been granted by, and there has been compliance with
the rules and regulations of, any applicable governmental agency in the Cayman Islands, and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for
the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu
thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling
the Custodian to exercise voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee. No Share shall be accepted for deposit unless
accompanied by confirmation or such additional evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person depositing such
Shares under the laws and regulations of the Cayman Islands and any necessary approval has been granted by any governmental body in the Cayman Islands, if any, which is then performing the function of the regulator of currency exchange. The
Depositary may issue Receipts against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in
respect of the Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities
Act, unless a registration statement is in effect as to such Shares or other Deposited Securities, or any Shares or other Deposited Securities the deposit of which would violate any provisions of the Memorandum and Articles of Association of the
Company. The Depositary shall use commercially reasonable efforts to comply with reasonable written instructions of the Company that the Depositary shall not accept for deposit hereunder any Shares specifically identified in such instructions at
such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the securities laws in the United States. 
  

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 (b) As soon as practicable after receipt of any permitted deposit hereunder and compliance with the
provisions of this Deposit Agreement, the Custodian shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign Registrar for transfer and registration of
the Shares (as soon as transfer and registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the
Depositary or by a Custodian for the account and to the order of the Depositary or a nominee, in each case for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine. 

(c) In the event any Shares are deposited which entitle the holders thereof to receive a per-share distribution or other entitlement in an amount
different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation, making the necessary notations on Receipts) to give effect to the issuance of such ADSs and to
ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals that of the Shares represented by ADSs prior to the original such deposit. The
Company agrees to give timely written notice to the Depositary if any Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall assist the Depositary with the establishment of procedures
enabling the identification of such non-fungible Shares upon Delivery to the Custodian. 
 SECTION 2.4 Execution and Delivery of
Receipts. After the deposit of any Shares pursuant to Section 2.3, the Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are deliverable in respect
thereof and the number of American Depositary Shares to be evidenced thereby. Such notification shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex,
SWIFT, facsimile or electronic transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement (including, without limitation, the payment of the fees, expenses, taxes and other charges owing
hereunder), shall issue the ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice delivered to the Depositary and shall execute and deliver a Receipt registered in the name or names requested by
such person or persons evidencing in the aggregate the number of American Depositary Shares to which such person or persons are entitled. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in this Deposit Agreement.

  

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 SECTION 2.5 Transfer of Receipts; Combination and Split-up of Receipts. 
 (a) Transfer. The Depositary, or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar, subject to
the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney,
properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of DRS/Profile Receipts receipt by the Depositary of, proper instruments of transfer (including signature guarantees in accordance with standard industry
practice) and duly stamped as may be required by the laws of the State of New York and of the United States and any other applicable law. Subject to the terms and conditions of this Deposit Agreement, including payment of the applicable fees and
charges of the Depositary set forth in Section 5.9 and Article (9) of the Form of Receipt attached hereto as Exhibit A, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled
thereto evidencing the same aggregate number of American Depositary Shares as those evidenced by the Receipts surrendered. 
 (b)
Combination and Split Up. The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts and upon
payment to the Depositary of the applicable fees and charges set forth in Section 5.9 and Article (9) of the Form of Receipt attached hereto as Exhibit A, execute and deliver a new Receipt or Receipts for any authorized number of American
Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
 (c) Co-Transfer Agents. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying
out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such Receipts and will be entitled to protection and indemnity, in each case to the
same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary. Each co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall give notice in writing to the
Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement. 
 (d) At the request of a
Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt issued through DRS/Profile, or vice versa, execute and deliver a certificated Receipt or DRS/Profile statement, as the case may be, for any
authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated Receipt or DRS/Profile statement, as the case may be, substituted. 
 SECTION 2.6 Surrender of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of
American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of
Receipts (as set forth in Section 5.9 and Article (9) of the Form of Receipt attached hereto as Exhibit A) and (ii) all applicable taxes and governmental charges payable in connection with such surrender and withdrawal, and subject to
the terms and conditions of this Deposit Agreement, the Company’s Memorandum and Articles of Association, Section 7.10 hereof and any other provisions of or governing the Deposited Securities and other applicable laws, the Holder of such
American Depositary Shares shall be entitled to Delivery, to him or upon his order, of the Deposited Securities at the time represented by the American Depositary Shares so surrendered. American Depositary Shares may be surrendered for the purpose
of withdrawing Deposited Securities by delivery of a Receipt evidencing such American Depositary Shares (if held in certificated form) or by book-entry delivery of such American Depositary Shares to the Depositary. 
  

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 A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in
blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being
withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through
a book-entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, and to the other terms and conditions of this Deposit Agreement, to the Company’s Memorandum and Articles of Association, to the provisions of or
governing the Deposited Securities and to applicable laws, now or hereafter in effect) to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented
by such American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited Securities as may be legally required, as the case may be, to or for the account of such person. 
 The Depositary may, in its discretion, refuse to accept for surrender a number of American Depositary Shares representing a number other than a whole
number of Shares. In the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be
Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining
fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and
(b) taxes withheld) to the person surrendering the Receipt. 
 At the request, risk and expense of any Holder so surrendering a Receipt,
and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper
documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary, and for further delivery to such Holder. Such direction shall be given by
letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary, the Depositary may make delivery to such person or persons entitled thereto at the Corporate Trust Office of the
Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the
Depositary. 
 SECTION 2.7 Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.

 (a) Additional Requirements. As a condition precedent to the execution and delivery, registration, registration of transfer,
split-up, combination or surrender of any Receipt, the delivery of any distribution thereon or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the
Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and
payment of any applicable fees and charges of the Depositary as provided in Section 5.9 and Article (9) of the Form of Receipt attached hereto as Exhibit A, (ii) the production of proof satisfactory to it as to the identity and
genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of Receipts or American Depositary Shares or
to the withdrawal or delivery of Deposited Securities and (B) such reasonable regulations as the Depositary may establish consistent with the provisions of this Deposit Agreement and applicable law. 
  

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 (b) Additional Limitations. The issuance of ADSs against deposits of Shares generally or against
deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfers of
Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time
because of any requirement of law, any government or governmental body or commission or any securities exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing, the
Deposited Securities, or any meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.10 hereof. 
 SECTION 2.8 Lost Receipts, etc. To the extent the Depositary has issued Receipts in physical certificated form, in case any Receipt shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has
been acquired by a bona fide purchaser, subject to Section 5.9 hereof, the Depositary shall execute and deliver a new Receipt (which, in the discretion of the Depositary may be issued through DRS/Profile unless specifically requested otherwise)
in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for a
destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and
(ii) a sufficient indemnity bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary. 
 SECTION 2.9 Cancellation and Destruction of Surrendered Receipts; Maintenance of Records. All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy
Receipts so cancelled in accordance with its customary practices. Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose. 
 SECTION 2.10 Pre-Release. Subject to the further terms and provisions of this Section 2.10, the Depositary, its Affiliates and their agents,
on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary may (i) issue ADSs prior to the receipt of Shares (each such transaction a
“Pre-Release Transaction”) as provided below and (ii) deliver Shares upon the receipt and cancellation of ADSs that were issued in a Pre-Release Transaction, but for which Shares may not yet have been received. The Depositary may
receive ADSs in lieu of Shares under (i) above and receive shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the “Applicant”)
to whom ADSs or Shares are to be delivered (1) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction,
(2) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian,
(3) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (4) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times
fully collateralized with cash, United States government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice (save for a prescribed
termination event in which case any such Pre-Release Transaction may be immediately terminable by the Depositary) and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate, including (i) due to
a decrease in the aggregate number of ADSs outstanding that causes existing Pre-Release Transactions to temporarily exceed the limit stated above or (ii) where otherwise required by market conditions. The Depositary will normally limit the
number of ADSs involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding pursuant to any Pre-Release Transaction), provided, however, that
the Depositary reserves the right to disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs involved in Pre-Release Transactions with any one person on a case by case
basis as it deems appropriate. 
  

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 The Depositary may retain for its own account any compensation received by it in conjunction with the
foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 
 SECTION 2.11 Restricted ADSs. The Depositary shall, at the request and expense of the Company, establish procedures enabling the deposit hereunder of Shares that are Restricted Securities in order to enable the
holder of such Shares to hold its ownership interests in such restricted Shares in the form of ADSs issued under the terms hereof (such Shares, “Restricted Shares”). Restricted ADSs shall only be issued in physical
form, registered in the name of the Holder of Restricted ADSs. Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures permitting the
deposit of such Restricted Shares and the issuance of ADSs representing such deposited Restricted Shares (such ADSs, the “Restricted ADSs,” and the ADRs evidencing such Restricted ADSs, the “Restricted
ADRs”). The Company shall assist the Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and reasonably satisfactory to the Depositary to insure that the establishment of
such procedures does not violate the provisions of the Securities Act or any other applicable laws. The depositors of such Restricted Shares and the holders of the Restricted ADSs may be required prior to the deposit of such
Restricted Shares, the transfer of the Restricted ADRs and the Restricted ADSs evidenced thereby or the withdrawal of the Restricted Shares represented by Restricted ADSs to provide such written certifications or agreements as
the Depositary or the Company may require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the Restricted ADRs, which legends shall (i) be in a form reasonably satisfactory to the Depositary
and (ii) contain the specific circumstances under which the Restricted ADRs and the Restricted ADSs represented thereby may be transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the deposit of
Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited shall be held separate and distinct from the other Deposited Securities held hereunder. The Restricted Shares
and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system, including, without limitation, DTC, and shall not in any
way be fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADRs and the Restricted ADSs evidenced thereby shall be transferable only by the Holder thereof upon delivery to the
Depositary of (i) all documentation otherwise contemplated by this Deposit Agreement and (ii) an opinion of counsel reasonably satisfactory to the Depositary setting forth, inter alia, the conditions upon which the
Restricted ADR presented is, and the Restricted ADSs evidenced thereby are, transferable by the Holder thereof under applicable securities laws and the transfer restrictions contained in the legend set forth on the Restricted
ADR presented for transfer. Except as set forth in this Section 2.11 and except as required by applicable law, the Restricted ADRs and the Restricted ADSs evidenced thereby shall be treated as ADRs and ADSs issued and
outstanding under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the terms of this Deposit
Agreement (other than this Section 2.11) and (b) the terms of (i) this Section 2.11 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.11 and of the Restricted ADR shall be controlling
and shall govern the rights and obligations of the parties to this Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs. 
  

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 If any of the Restricted ADRs, the Restricted ADSs and the Restricted Shares are no longer Restricted
Securities, the Depositary, upon receipt of (x) an opinion of counsel reasonably satisfactory to the Depositary setting forth, inter alia, that such Restricted ADRs, Restricted ADSs and Restricted Shares are not as of such time Restricted
Securities, and (y) instructions from the Company to remove the restrictions applicable to such Restricted ADRs, Restricted ADSs and the Restricted Shares, shall (i) eliminate the distinctions and separations between such Restricted Shares
held on deposit under this Section 2.11 and the other Shares held on deposit under the terms of the Deposit Agreement that are not Restricted Shares, (ii) treat such newly unrestricted ADRs and ADSs on the same terms as, and fully fungible
with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement that are not Restricted ADRs or Restricted ADSs, (iii) take all actions necessary to remove any distinctions, limitations and restrictions previously
existing under this Section 2.11 between such Restricted ADRs and Restricted ADSs, respectively, on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other hand, including, without
limitation, by making the newly unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in the applicable book-entry settlement systems. 
 ARTICLE III. 
 CERTAIN OBLIGATIONS OF HOLDERS 
 AND BENEFICIAL OWNERS OF RECEIPTS 
 SECTION 3.1 Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the
Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance
with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information; to execute such certifications and to make such representations and warranties, and to provide such
other information and documentation as the Depositary may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations hereunder. The Depositary and the Registrar, as
applicable, may withhold the execution or delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of
Section 7.10 hereof, the delivery of any Deposited Securities, until such proof or other information is filed or such certifications are executed, or such representations and warranties are made, or such other documentation or information
provided, in each case to the Depositary’s and the Company’s satisfaction. The Depositary shall from time to time on the written request advise the Company of the availability of any such proofs, certificates or other information and
shall, at the Company’s sole expense, provide or otherwise make available copies thereof to the Company upon written request thereof by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide
any information requested by the Company or the Depositary pursuant to this paragraph. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or
(ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners. 
  

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 SECTION 3.2 Liability for Taxes and Other Charges. If any present or future tax or other
governmental charge shall become payable by the Depositary or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental charge shall be payable by the Holders and Beneficial
Owners to the Depositary and such Holders and Beneficial Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for
the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with the Holder and the
Beneficial Owner remaining fully liable for any deficiency. In addition to any other remedies available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver ADRs, register
the transfer, split-up or combination of ADRs and (subject to Section 7.10) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to
indemnify the Depositary, the Company, the Custodian, and each of their respective agents, officers, directors, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and
penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners of Receipts under this Section 3.2 shall survive any transfer of Receipts, any surrender of
Receipts and withdrawal of Deposited Securities, or the termination of this Deposit Agreement. 
 SECTION 3.3 Representations and
Warranties on Deposit of Shares. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid,
non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do,
(iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted
Securities (except as contemplated by Section 2.11), (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the Company or other
party. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect thereof and the transfer of such American Depositary Shares. If any such
representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 

SECTION 3.4 Compliance with Information Requests. Notwithstanding any other provision of this Deposit Agreement, the Memorandum and Articles of
Association of the Company and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or the Depositary may request pursuant to law (including, without limitation, relevant Cayman Islands law, any
applicable law of the United States, the Memorandum and Articles of Association of the Company, any resolutions of the Company’s Board of Directors adopted pursuant to such Memorandum and Articles of Association, the requirements of any markets
or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or Receipts may be transferred, and (b) be bound by and subject to applicable provisions of
the laws of the Cayman Islands, the Memorandum and Articles of Association of the Company and the requirements of any markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant to any requirements of any
electronic book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial Owner held Shares directly, in each case irrespective of whether or not they are Holders or Beneficial Owners
at the time such request is made. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company’s expense, any such request from the Company to the Holders and to forward to the Company any
such responses to such requests received by the Depositary. 
  

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 ARTICLE IV. 
 THE DEPOSITED SECURITIES 
 SECTION 4.1 Cash Distributions. Whenever the Depositary receives
confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or other entitlements under the terms hereof, the Depositary
will, if at the time of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable basis into Dollars transferable to the United States,
promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.6) and will distribute promptly the amount thus received (net of (a) the applicable fees and charges
of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders of record as of the ADS Record Date in proportion to the number of American Depositary Shares held by such Holders respectively as of the ADS Record Date. The
Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Holders entitled
thereto. Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds three or four decimal places (the number of decimal places used by the Depositary to report
distribution rates). The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the
Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount
distributed to Holders on the American Depositary Shares representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental
authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request
to enable the Company or its agent to file necessary reports with governmental agencies, such reports necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts. 
 SECTION 4.2 Distribution in Shares. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares,
the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or any of their nominees. Upon receipt of confirmation of such deposit from the Custodian, the
Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 and shall, subject to Section 5.9 hereof, either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of American
Depositary Shares held as of the ADS Record Date, additional American Depositary Shares, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of this Deposit Agreement
(including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional American Depositary Shares are not so distributed, each American Depositary Share
issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the
applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of delivering fractional American Depositary Shares, the Depositary shall sell the number of Shares represented by the aggregate of such fractions
and distribute the proceeds upon the terms described in Section 4.1. The Depositary may withhold any such distribution of Receipts if it has not received satisfactory assurances from the Company (including an opinion of counsel to the Company
furnished at the expense of the Company) that such distribution does not require registration under the Securities Act or is exempt from registration under the provisions of the Securities Act. To the extent such distribution may be withheld, the
Depositary may dispose of all or a portion of such distribution in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any
such sale (after deduction of applicable (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1. 
  

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 SECTION 4.3 Elective Distributions in Cash or Shares. Whenever the Company intends to distribute a
dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such elective
distribution to be made available to Holders of ADSs. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the
Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution available to Holders
only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary
shall have received satisfactory documentation within the terms of Section 5.7. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis of the same determination
as is made in the local market in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs representing such additional Shares upon the terms described in
Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7) and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash
or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Subject to Section 5.9 hereof, if a Holder elects to receive the proposed dividend (x) in cash, the dividend shall be
distributed upon the terms described in Section 4.1, or (y) in ADSs, the dividend shall be distributed upon the terms described in Section 4.2. Nothing herein shall obligate the Depositary to make available to Holders a method to
receive the elective dividend in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the
holders of Shares. 
  

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 SECTION 4.4 Distribution of Rights to Purchase Shares. 
 (a) Distribution to ADS Holders. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for
additional Shares, the Company shall give notice thereof to the Depositary at least 45 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon receipt of a notice indicating
that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Depositary shall determine, whether it is lawful and reasonably practicable to make such rights
available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory
documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions set forth above are not satisfied, the
Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse. In the event all conditions set forth above are
satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.7) and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders to
exercise the rights (upon payment of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes and other governmental charges). Nothing herein shall obligate the Depositary to make available to the Holders
a method to exercise such rights to subscribe for Shares (rather than ADSs). 
 (b) Sale of Rights. If (i) the Company does not
timely request the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 or
determines it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and
reasonably practicable to sell such rights, in a riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to
determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the
terms set forth in Section 4.1. 
 (c) Lapse of Rights. If the Depositary is unable to make any rights available to Holders upon
the terms described in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow such rights to lapse. 
 The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to
Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in
connection with the rights distribution. 
 Notwithstanding anything to the contrary in this Section 4.4, if registration (under the
Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights,
the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes at its expense the Depositary
with opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and sale of
such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be
required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the
Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a
portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 
  

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 There can be no assurance that Holders generally, or any Holder in particular, will be given the
opportunity to exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other
securities to be acquired upon the exercise of such rights. 
 SECTION 4.5 Distributions Other Than Cash, Shares or Rights to Purchase
Shares.  
 (a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or
rights to purchase additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon
receipt of a notice indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and practicable. The Depositary shall not make such distribution
unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary
shall have determined that such distribution is reasonably practicable. 
 (b) Upon receipt of satisfactory documentation and the request of
the Company to distribute property to Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary may distribute the property so received to the Holders of record as of the ADS Record Date, in proportion
to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses
incurred by, the Depositary, and (ii) net of any taxes and other governmental charges withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or
private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. 
 (c) If (i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such distribution to Holders,
(ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7, or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or feasible, the Depositary
shall endeavor to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the net proceeds, if any, of such sale received by the Depositary (net of
applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary is unable to sell such property, the Depositary may
dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no rights thereto or arising therefrom. 
  

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 SECTION 4.6 Conversion of Foreign Currency. Whenever the Depositary or the Custodian shall receive
Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign Currency can at such time be converted on a practicable basis (by
sale or in any other manner that it may determine in accordance with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or
in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any fees, expenses, taxes or other governmental charges incurred in the process of such conversion) in accordance with the terms
of the applicable sections of this Deposit Agreement. If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such
warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on
account of exchange restrictions, the date of delivery of any Receipt or otherwise. 
 Holders understand that in converting Foreign
Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may
be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. 
 If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary may file such
application for approval or license, if any, as it may deem necessary, practicable and at nominal cost and expense. Nothing herein shall obligate the Depositary to file or cause to be filed, or to seek effectiveness of any such application or
license. 
 If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and
distribution of proceeds of such conversion received by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is
denied, or not obtainable at a reasonable cost, within a reasonable period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either (i) distribute the foreign currency (or an
appropriate document evidencing the right to receive such foreign currency) received by the Depositary to the Holders entitled to receive such foreign currency, or (ii) hold such foreign currency uninvested and without liability for interest
thereon for the respective accounts of the Holders entitled to receive the same. 
 SECTION 4.7 Fixing of Record Date. Whenever
necessary in connection with any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or
whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the
“ADS Record Date”), as close as practicable to the record date fixed by the Company with respect to the Shares, for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise
of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each
American Depositary Share. Subject to applicable law and the provisions of Sections 4.1 through 4.6 and to the other terms and conditions of this Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record
Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 
  

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 SECTION 4.8 Voting of Deposited Securities. Subject to the next sentence, as soon as practicable
after receipt of notice of any meeting at which the holders of Shares are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS Record Date in respect of
such meeting or solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the
Depositary at least 21 Business Days prior to the date of such vote or meeting) and at the Company’s expense unless otherwise agreed in writing by the Company and the Depositary and provided no U.S. legal prohibitions exist, mail by regular,
ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute to Holders as of the ADS Record Date: (a) such notice of meeting or
solicitation of consent or proxy; (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the Company’s Memorandum and Articles of Association and the provisions of
or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Shares or other Deposited
Securities represented by such Holder’s American Depositary Shares; and (c) a brief statement as to the manner in which such instructions may be given. Voting instructions may be given only in respect of a number of American Depositary
Shares representing an integral number of Shares or other Deposited Securities. Upon the timely receipt of written instructions of a Holder of American Depositary Shares on the ADS Record Date of voting instructions in the manner specified by the
Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company’s Memorandum and Articles of Association and the provisions of or governing the
Deposited Securities, to vote or cause the Custodian to vote the Shares and/or other Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions.

 Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary
nor the Custodian shall vote, or attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Shares or other Deposited Securities represented by ADSs except pursuant to and in accordance
with such written instructions from Holders. 
 Notwithstanding the above, save for applicable provisions of Cayman Islands law, and in
accordance with the terms of Section 5.3, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of any such vote.

 SECTION 4.9 Changes Affecting Deposited Securities. Upon any change in par value, split-up, cancellation, consolidation or any
other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the
Depositary or the Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement, and the
Receipts shall, subject to the provisions of this Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company’s
approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and receipt of an opinion of counsel to the Company furnished at the Company’s expense satisfactory to the Depositary that such distributions
are not in violation of any applicable laws or regulations, execute and deliver additional Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case,
as well as in the event of newly deposited Shares, with necessary modifications to the form of Receipt contained in Exhibit A hereto, specifically describing such new Deposited Securities and/or corporate change. The Company agrees to,
jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of Receipts. Notwithstanding the foregoing, in the event that any security so received may not be lawfully
distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of the Company’s counsel furnished at the Company’s expense satisfactory to the
Depositary that such action is not in violation of any applicable laws or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales
(net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions
among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1. The Depositary shall not be responsible for (i) any failure to determine
that it may be lawful or feasible to make such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the
purchaser of such securities. 
  

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 SECTION 4.10 Available Information. The Company is subject to the periodic reporting requirements
of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 under the Securities Act) and accordingly files certain information with the Commission. These reports and documents can be inspected and copied at the public
reference facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A. 
 SECTION 4.11
Reports. The Depositary shall make available during normal business hour on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the
Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company.
The Company agrees to provide to the Depositary, at the Company’s expense unless otherwise agreed in writing by the Company and the Depositary, all documents that it provides to the Custodian. The Depositary shall, at the expense of the Company
unless otherwise agreed in writing by the Company and the Depositary, in accordance with Section 5.6, also mail by regular, ordinary mail delivery or by electronic transmission (if agreed by the Company and the Depositary) and unless otherwise
agreed in writing by the Company and the Depositary, to Holders copies of such reports when furnished by the Company pursuant to Section 5.6. 
 SECTION 4.12 List of Holders. Promptly upon written request by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in whose
names Receipts are registered on the books of the Depositary. 
  

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 SECTION 4.13 Taxation; Withholding. The Depositary will, and will instruct the Custodian to,
forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian
or the Company and its agents may, but shall not be obligated to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or
laws for the Holders and Beneficial Owners. Holders and Beneficial Owners of American Depositary Shares may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as
applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the
Custodian’s obligations under applicable law. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and hold each of them
harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. 
 The Company shall remit to the appropriate governmental authority or agency any amounts required to be withheld by the Company and owing to such
governmental authority or agency. Upon any such withholding, the Company shall remit to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the
applicable governmental authority) therefor, in each case, in a form satisfactory to the Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders: (i) any taxes withheld by it; (ii) any taxes withheld by the
Custodian, subject to information being provided to the Depositary by the Custodian; and (iii) any taxes withheld by the Company, subject to information being provided to the Depositary by the Company. The Depositary and the Custodian shall not
be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary.
Neither the Depositary, the Custodian nor the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or Beneficial Owner’s income
tax liability. 
 In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may by public or private sale dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes or charges and the Depositary shall distribute the net proceeds of any such sale
after deduction of such taxes or charges to the Holders entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 
 The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur any liability for any tax consequences that
may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary Shares. 
  

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 SECTION 4.14 Redemption. If the Company intends to exercise any right of redemption in respect of
any of the Deposited Securities in accordance with the Company’s Memorandum and Articles of Association, the Company shall give notice thereof to the Depositary as soon as practicable prior to the intended date of redemption which notice shall
set forth the particulars of the proposed redemption. Upon receipt of (i) such notice and (ii) satisfactory documentation given by the Company to the Depositary, the Depositary shall mail to each Holder subject to the redemption a notice
setting forth the intended exercise by the Company of the redemption rights and any other particulars set forth in the Company’s notice to the Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited
Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price as set forth in the Company’s Memorandum and Articles of Association. Upon receipt of confirmation from the Custodian that
the redemption has taken place and that funds representing the redemption price have been received, the Holders of ADSs representing the Deposited Securities subject to redemption shall return their ADSs to the Depositary and the Depositary shall
convert, transfer, and distribute the proceeds (net of applicable (i) fees and charges of, and the expenses incurred by, the Depositary and (ii) taxes), retire ADSs and cancel ADRs upon delivery of such ADSs by Holders thereof. The
redemption price per ADS shall be the per share amount received by the Depositary upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.6 hereof and the applicable fees and charges of, and
expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed. 
 ARTICLE V. 
 THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 
 SECTION 5.1 Maintenance of Office and Transfer Books by the Registrar. Until termination of this Deposit Agreement in accordance with its terms,
the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the execution and delivery, registration, registration of
transfers, combination and split-up of Receipts, the surrender of Receipts and the delivery and withdrawal of Deposited Securities in accordance with the provisions of this Deposit Agreement. 
 The Depositary or the Registrar as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times
shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts
in the interest of a business or object other than the business of the Company or other than a matter related to this Deposit Agreement or the Receipts. 
 The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time or from time to time, when deemed necessary or advisable by it in connection with the performance
of its duties hereunder, or at the written request of the Company. 
 If any Receipts or the American Depositary Shares evidenced thereby are
listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations and
split-ups, and to countersign such Receipts in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary. 
  

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 If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more securities
exchanges, markets or automated quotation systems, (i) the Depositary shall be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with the requirements of such securities
exchange(s), market(s) or automated quotation system(s) applicable to it, notwithstanding any other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall provide the Depositary such
information and assistance as may be reasonably necessary for the Depositary to comply with such requirements, to the extent that the Company may lawfully do so. 
 SECTION 5.2 Exoneration. Neither the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of this Deposit Agreement or shall incur any
liability (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of this Deposit
Agreement, by reason of any provision of any present or future law or regulation of the United States or any state thereof, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or
on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Company’s Memorandum and Articles of Association or any provision of or governing any Deposited Securities, or by
reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer
failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the Company’s Memorandum and Articles of Association or provisions of or governing Deposited Securities,
(iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for
deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to
benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Holders of American Depositary Shares or (v) for
any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit Agreement or otherwise. 
 The
Depositary, its controlling persons, its agents, the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine
and to have been signed or presented by the proper party or parties. 
 No disclaimer of liability under the Securities Act is intended by
any provision of this Deposit Agreement. 
 SECTION 5.3 Standard of Care. The Company and the Depositary and their respective agents
assume no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that the Company and
the Depositary and their respective agents agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without gross negligence or willful misconduct. 
 Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, or agents, shall be under
any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to
it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the
Custodian being solely to the Depositary). 
  

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 The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote
any of the Deposited Securities, or for the manner in which any vote is cast or the effects of any vote. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably
practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited
Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse
upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company, or for any action or non action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person
representing Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice or information. The Depositary and its agents shall not be liable for any acts or omissions made by a successor
depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such
potential liability arises the Depositary performed its obligations without gross negligence or willful misconduct while it acted as Depositary. 
 SECTION 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. Subject to any other agreements otherwise agreed in writing between the Company and the Depositary from time to time relating to the
resignation and removal of the Depositary, the Depositary may at any time resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after
delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be entitled to take the actions contemplated in Section 6.2 hereof), or (ii) upon the appointment by
the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in
writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. 
 The Company
shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in this paragraph. In the
event that notice of the appointment of a successor depositary is not provided by the Company in accordance with the preceding sentence, the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof. 
 Subject to any other agreements otherwise agreed in writing between the Company and the Depositary from time to time relating to the resignation and
removal of the Depositary, the Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the
Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any
amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal.

  

 24 

 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its
best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its
predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the
rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to
such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment
to such Holders. 
 Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary
without the execution or filing of any document or any further act. 
 SECTION 5.5 The Custodian. The Custodian or its successors in
acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is
discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning
or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the
Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any
Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. After any such change, the Depositary shall give notice thereof in writing to all Holders. 

Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue
to be the Custodian of the Deposited Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian,
execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary. 
 SECTION 5.6 Notices and Reports. On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of
holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or the
offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the form given or to be given to holders of Shares or other Deposited
Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Company’s Memorandum and Articles of Association that may be relevant or pertain to
such notice of meeting or be the subject of a vote thereat. 
  

 25 

 The Company will also transmit to the Depositary (a) English language versions of the other notices,
reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) English language versions of the Company’s annual and other reports prepared in accordance with the
applicable requirements of the Commission. The Depositary shall arrange, at the request of the Company and at the Company’s expense, unless otherwise agreed in writing by the Company and the Depositary, for the mailing of copies thereof to all
Holders, or by any other means as agreed between the Company and the Depositary (at the Company’s expense, unless otherwise agreed in writing by the Company and the Depositary) or make such notices, reports and other communications available
for inspection by all Holders, provided, that, the Depositary shall have received evidence sufficiently satisfactory to it, including in the form of an opinion of local and/or U.S. counsel or counsel of other applicable jurisdiction, furnished at
the expense of the Company, as the Depositary reasonably requests, that the distribution of such notices, reports and any such other communications to Holders from time to time is valid and does not or will not infringe any local, U.S. or other
applicable jurisdiction regulatory restrictions or requirements if so distributed and made available to Holders. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the
Depositary from time to time, in order for the Depositary to effect such mailings. The Company has delivered to the Depositary and the Custodian a copy of the Company’s Memorandum and Articles of Association along with the provisions of or
governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company, in connection with the Shares, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and
the Custodian a copy of such amendment thereto or change therein. The Depositary may rely upon such copy for all purposes of this Deposit Agreement. 
 The Depositary will make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders of the Receipts evidencing the American
Depositary Shares representing such Shares governed by such provisions at the Depositary’s Corporate Trust Office, at the office of the Custodian and at any other designated transfer office. 
 SECTION 5.7 Issuance of Additional Shares, ADSs etc. The Company agrees that in the event it or any of its Affiliates proposes (i) an
issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of
rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation
of consents or proxies, relating to any reclassification of securities, merger or consolidation or transfer of assets or (viii) any reclassification, recapitalization, reorganization, merger, consolidation or sale of assets which affects the
Deposited Securities, it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or
any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the states of the United States). In support of the foregoing, at the request of the Depositary, the
Company will furnish to the Depositary, at its own expense, (a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary) stating whether or not application of such transaction to Holders and Beneficial Owners
(1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and (b) an opinion of Cayman Islands counsel (reasonably satisfactory to the
Depositary) stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the Cayman Islands and (2) all requisite regulatory consents and approvals have been obtained in the
Cayman Islands. If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement
has been declared effective and that such distribution is in accordance with all applicable laws or regulations. If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the
Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures,
in each case as contemplated in this Deposit Agreement, to prevent such transaction from violating the registration requirements of the Securities Act. 
  

 26 

 The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any
time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue
additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such transaction are exempt from
registration under the Securities Act or have been registered under the Securities Act (and such registration statement has been declared effective). 
 Notwithstanding anything else contained in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration statement in respect of any proposed transaction.

 SECTION 5.8 Indemnification. The Company agrees to indemnify the Depositary, any Custodian and each of their respective directors,
officers, employees, agents and Affiliates against, and hold each of them harmless from, any direct losses, liabilities, taxes, costs, demands and any charges or expenses of any kind whatsoever (including, but not limited to, reasonable
attorney’s fees and expenses and, in each case, fees and expenses of counsel, in each case, irrevocable value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively referred to as “Losses”)
which the Depositary or any agent thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may arise (a) out of or in connection
with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any offering documents in respect
thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in connection with this Deposit Agreement, the
Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents and Affiliates, except to the extent any
such Losses are due to the negligence or bad faith of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates. Notwithstanding the above, in no event shall the Depositary or any of its directors,
officers, employees, agents and/or Affiliates be liable for any indirect, special, punitive or consequential damages to the Company, Holders, Beneficial Owners or any other person. The indemnities contained in this paragraph shall not extend to any
loss that arises out of information (or omissions from such information) relating to the Indemnified Persons, furnished in writing to the Company by such Indemnified Person expressly for use in any registration statement, prospectus or proxy
statement under the Securities Act. The Depositary agrees to indemnify the Company and any of its respective directors, officers, employees, agents and Affiliates against and hold each of them harmless from any direct Losses which may arise out of
acts performed or omitted to be performed by the Depositary due to the negligence or bad faith of the Depositary or any of their respective directors, officers or employees, agents and/or Affiliates. 
  

 27 

 Any person seeking indemnification hereunder (an “Indemnified Person”) shall notify the
person from whom it is seeking indemnification (the “Indemnifying Person”) of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware of such commencement (provided that the failure
to make such notification shall not affect such Indemnified Person’s rights to indemnification except to the extent the Indemnifying Person is materially prejudiced by such failure) and shall consult in good faith with the Indemnifying Person
as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any action or claim that may give rise
to an indemnity hereunder without the consent of the Indemnifying Person, which consent shall not be unreasonably withheld. 
 The
obligations set forth in this Section shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto. 
 SECTION 5.9 Fees and Charges of Depositary. The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be
required to pay to the Depositary the Depositary’s fees and related charges identified as payable by them respectively as provided for under Article (9) of the Form of Receipt attached hereto as Exhibit A. All fees and charges so payable
may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1. The
Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request. 
 The Depositary and the Company may
reach separate agreement in relation to the payment of any additional remuneration to the Depositary in respect of any exceptional duties which the Depositary finds necessary or desirable and agreed by both parties in the performance of its
obligations hereunder and in respect of the actual costs and expenses of the Depositary in respect of any notices required to be given to the Holders in accordance with Article (21). 
 In connection with any payment by the Company to the Depositary: 
  

	 	(i)	all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be paid or be procured to be paid by the Company (and any such amounts which are paid by
the Depositary shall be reimbursed to the Depositary by the Company upon demand therefor); 

  

	 	(ii)	such payment shall be subject to all necessary applicable exchange control and other consents and approvals having been obtained. The Company undertakes to use its reasonable
endeavours to obtain all necessary approvals that are required to be obtained by it in this connection; and 

  

	 	(iii)	the Depositary may request, in its sole but reasonable discretion after reasonable consultation with the Company, an opinion of counsel regarding U.S. law, the laws of the Cayman
Islands or of any other relevant jurisdiction, to be furnished at the expense of the Company, if at any time it deems it necessary to seek such an opinion of counsel regarding the validity of any action to be taken or instructed to be taken under
this Agreement. 

  

 28 

 The Company agrees to promptly pay to the Depositary such other fees, charges and expenses and to
reimburse the Depositary for such properly documented out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from time to time be changed by
agreement between the Company and the Depositary. The Depositary shall present its statement for such expenses and fees or charges to the Company upon request but in any event not more than once every three months. 
 All payments by the Company to the Depositary under this Clause 5.9 shall be paid without set-off or counterclaim, and free and clear of and without
deduction or withholding for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of whatever nature, imposed by the Cayman Islands or by any department, agency or other political subdivision or
taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto. 
 The right of the Depositary
to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 hereof, such right
shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal. 
 SECTION 5.10
Restricted Securities Owners/Ownership Restrictions. From time to time or upon the reasonable request of the Depositary, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons
or entities who beneficially own Restricted Securities and the Company shall update that list on a regular basis. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. The
Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder (except under the circumstances contemplated
in Section 2.11) and, to the extent practicable, shall require each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder (except under the circumstances contemplated in Section 2.11).
The Company shall, in accordance with Article (25) of the Form of Receipt attached hereto as Exhibit A, inform Owners and Beneficial Owners and the Depositary of any other limitations on ownership of Shares that the Owners and Beneficial Owners
may be subject to by reason of the number of American Depositary Shares held under the Articles of Association of the Company or applicable Cayman Islands law, as such restrictions may be in force from time to time. 
 ARTICLE VI. 
 AMENDMENT AND
TERMINATION 
 SECTION 6.1 Amendment/Supplement. Subject to the terms and conditions of this Section 6.1 and applicable law,
the Receipts outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by written agreement
between the Company and the Depositary in any respect which they may deem necessary or desirable and not materially prejudicial to the Holders without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or
increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial
existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. The parties
hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under the Securities Act or
(b) the American Depositary Shares or the Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially
prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or Shares, to
consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended and supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive
therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require
amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations.
Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules
or regulations. 
  

 29 

 SECTION 6.2 Termination. The Depositary shall, at any time at the written direction of the
Company, terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination, provided that, the Depositary shall be
reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to
time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the
Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4, the Depositary may terminate this Deposit Agreement
by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, the Holder will, upon surrender of
such Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Section 2.6 and subject to the conditions and restrictions therein set forth, and upon
payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination of
this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform
any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and
shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights
or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in
accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). At any time after the expiration of one year from the date of termination of this Deposit Agreement, the Depositary
may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the
pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement with respect to the Receipts and the
Shares, Deposited Securities and American Depositary Shares, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any
expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). Upon the termination of this Deposit Agreement, the Company shall be
discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary hereunder. 
  

 30 

 ARTICLE VII. 
 MISCELLANEOUS 
 SECTION 7.1 Counterparts. This Deposit Agreement may be executed in any number
of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary and shall be open to inspection
by any Holder during business hours. 
 SECTION 7.2 No Third-Party Beneficiaries. This Deposit Agreement is for the exclusive benefit
of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically set forth in this Deposit Agreement. Nothing in this Deposit
Agreement shall be deemed to give rise to a partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the Depositary and its
Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or
Beneficial Owners may have interests and (iii) nothing contained in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, or
(b) obligate the Depositary or any of its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships. 
 SECTION 7.3 Severability. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
 SECTION 7.4 Holders and Beneficial Owners as Parties; Binding Effect. The Holders and Beneficial Owners from time to time of American Depositary
Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any Receipt by acceptance hereof or any beneficial interest therein. 
  

 31 

 SECTION 7.5 Notices. Any and all notices to be given to the Company shall be deemed to have been
duly given if personally delivered or sent by mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter, addressed to Melco PBL Entertainment (Macau) Limited, Penthouse, 38th Floor, The Centrium, 60 Wyndham Street, Central, Hong Kong, Attention: General Counsel, or to any other address which the
Company may specify in writing to the Depositary. 
 Any and all notices to be given to the Depositary shall be deemed to have been duly
given if personally delivered or sent by mail, air courier or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between
the Company and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, USA, Attention: ADR Department, telephone: +1 212 250-9100, facsimile:+ 1 212 797 0327 or to any other
address which the Depositary may specify in writing to the Company. 
 Any and all notices to be given to any Holder shall be deemed to have
been duly given if personally delivered or sent by mail or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between
the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the transfer books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written request that notices
intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement. 
 Delivery of a notice sent by mail, air courier or cable, telex, facsimile or electronic transmission shall be deemed to be effective at the time when a
duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air courier service. The
Depositary or the Company may, however, act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding that such cable, telex, facsimile or electronic transmission shall not
subsequently be confirmed by letter as aforesaid, as the case may be. 
 SECTION 7.6 Governing Law and Jurisdiction. This Deposit
Agreement and the Receipts shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of
law thereof. Except as set forth in the following paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have non-exclusive jurisdiction to hear and determine any suit,
action or proceeding and to settle any dispute between them that may arise out of or in connection with this Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The Company hereby
irrevocably designates, appoints and empowers CT Corporation System (the “Process Agent”), now at 111 Eighth Avenue, New York, New York 10011, United States of America, as its authorized agent to receive and accept for and on its
behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court
as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Process Agent shall cease to be available to act as such, the Company agrees to designate a new agent in The City of New York on the
terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action
or proceeding against the Company, by service by mail of a copy thereof upon the Process Agent (whether or not the appointment of such Process Agent shall for any reason prove to be ineffective or such Process Agent shall fail to accept or
acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5 hereof. The Company agrees that the failure of the Process Agent to give any notice of
such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. 
  

 32 

 Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in the event
that a Holder or Beneficial Owner brings a suit, action or proceeding against (a) the Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement or (c) against both the Company and the Depositary, in any
state or federal court of the United States, and the Depositary or the Company have any claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then the Company and the
Depositary may pursue such claim against each other in the state or federal court in the United States in which such suit, action, or proceeding is pending, and for such purposes, the Company and the Depositary irrevocably submit to the
non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Process Agent in the manner set forth in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it
as described in this paragraph. 
 The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in
any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 The Company
and the Depositary agree that, notwithstanding the foregoing, with regard to any claim or dispute or difference of whatever nature between the parties hereto arising directly or indirectly from the relationship created by this Deposit Agreement, the
Depositary, in its sole discretion, shall be entitled to refer such dispute or difference for final settlement by arbitration (“Arbitration”) in accordance with the applicable rules of the American Arbitration Association (the
“Rules”) then in force, by a sole arbitrator appointed in accordance with the Rules. The seat and place of any reference to Arbitration shall be New York, New York State. The procedural law of any Arbitration shall be New York law
and the language to be used in the Arbitration shall be English. The fees of the arbitrator and other costs incurred by the parties in connection with such Arbitration shall be paid by the party that is unsuccessful in such Arbitration. 

The provisions of this Section 7.6 shall survive any termination of this Deposit Agreement, in whole or in part. 
 SECTION 7.7 Assignment. Subject to the provisions of Section 5.4 hereof, this Deposit Agreement may not be assigned by either the Company or
the Depositary. 
 SECTION 7.8 Agents. The Depositary shall be entitled, in its sole but reasonable discretion, to appoint one or more
agents (the “Agents”) of which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying out its obligations under this Agreement. 
  

 33 

 SECTION 7.9 Exclusivity. The Company agrees not to appoint any other depositary for the issuance
or administration of depositary receipts evidencing any class of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder. 
 SECTION 7.10 Compliance with U.S. Securities Laws. Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or
the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 
 SECTION 7.11 Titles. All references in this Deposit Agreement to exhibits, articles, sections, subsections, and other subdivisions refer to the
exhibits, articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words “this Deposit Agreement”, “herein”, “hereof”,
“hereby”, “hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular
subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context
otherwise requires. Titles to sections of this Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in this Deposit Agreement. 
  

 34 

 IN WITNESS WHEREOF, MELCO PBL ENTERTAINMENT (MACAU) LIMITED and DEUTSCHE BANK TRUST COMPANY AMERICAS have
duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts issued in accordance with
the terms hereof. 
  

			
	MELCO PBL ENTERTAINMENT (MACAU) LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A 
  

			
	 Number
	  	CUSIP        

  

					
		  	 American Depositary Shares (Each
 American Depositary Share
 representing three Fully Paid Ordinary
Shares)

 [FORM OF FACE OF RECEIPT] 
 AMERICAN DEPOSITARY RECEIPT 
 for 
 AMERICAN DEPOSITARY SHARES 
 representing

 DEPOSITED ORDINARY SHARES 
 of

 MELCO PBL ENTERTAINMENT (MACAU) LIMITED 
 (Incorporated under the laws of the Cayman Islands) 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary
(herein called the “Depositary”), hereby certifies that
                                is the owner of
                             American Depositary Shares (hereinafter “ADS”),
representing deposited common shares, each of par value of U.S. 0.01 including evidence of rights to receive such ordinary shares (the “Shares”) of Melco PBL Entertainment (Macau) Limited, a company incorporated under the laws of
the Cayman Islands (the “Company”). As of the date of the Deposit Agreement (hereinafter referred to), each ADS represents three Shares deposited under the Deposit Agreement with the Custodian which at the date of execution of the
Deposit Agreement is Deutsche Bank AG, Hong Kong Branch (the “Custodian”). The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement. The
Depositary’s Corporate Trust Office is located at 60 Wall Street, New York, New York 10005, U.S.A. 
 (1) The Deposit Agreement.
This American Depositary Receipt is one of an issue of American Depositary Receipts (“Receipts”), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [DATE], 2006 (as amended
from time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a
party thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the Shares
deposited thereunder and any and all other securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities, property and cash are herein called “Deposited
Securities”). Copies of the Deposit Agreement are on file at the Corporate Trust Office of the Depositary and the Custodian. 
  

 A-1 

 Each owner and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in
accordance with the terms and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its
attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take
such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and
appropriateness thereof. 
 The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit
Agreement and the Company’s Memorandum and Articles of Association (as in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. All
capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the Deposited Securities. The
Depositary has made arrangements for the acceptance of the American Depositary Shares into DTC. Each Beneficial Owner of American Depositary Shares held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be
entitled to any rights attributable to such American Depositary Shares. The Receipt evidencing the American Depositary Shares held through DTC will be registered in the name of a nominee of DTC. So long as the American Depositary Shares are held
through DTC or unless otherwise required by law, ownership of beneficial interests in the Receipt registered in the name of DTC (or its nominee) will be shown on, and transfers of such ownership will be effected only through, records maintained by
(i) DTC (or its nominee), or (ii) DTC Participants (or their nominees). 
 (2) Surrender of Receipts and Withdrawal of Deposited
Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the charges of the
Depositary for the making of withdrawals and cancellation of Receipts (as set forth in Section 5.9 of the Deposit Agreement and Article (9) hereto) and (ii) all fees, taxes and governmental charges payable in connection with such
surrender and withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Company’s Memorandum Articles of Association, Section 7.10 of the Deposit Agreement, Article (23) of this Receipt and the provisions of
or governing the Deposited Securities and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to delivery, to him or upon his order, of the Deposited Securities represented by the ADS so surrendered.
Subject to the last sentence of this paragraph, such Deposited Securities may be delivered in certificated form or by electronic delivery. ADS may be surrendered for the purpose of withdrawing Deposited Securities by delivery of a Receipt evidencing
such ADS (if held in registered form) or by book-entry delivery of such ADS to the Depositary. 
 A Receipt surrendered for such purposes
shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order
directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without
unreasonable delay) at the designated office of the Custodian (subject to the terms and conditions of the Deposit Agreement, to the Company’s Memorandum and Articles of Association, and to the provisions of or governing the Deposited Securities
and applicable laws, now or hereafter in effect), to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such ADSs, together with any
certificate or other proper documents of or relating to title for the Deposited Securities or evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. The Depositary may make delivery to
such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions or rights,
which may at the time be held by the Depositary. 
  

 A-2 

 The Depositary may, in its discretion, refuse to accept for surrender a number of American Depositary
Shares representing a number of Shares other than a whole number of Shares. In the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate
whole number of Shares to be delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares
representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses incurred
by, the Depositary and (b) taxes withheld) to the person surrendering the Receipt. At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to
forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such
Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary, and for further delivery to such Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or
facsimile transmission. 
 (3) Transfers, Split-Ups and Combinations of Receipts. Subject to the terms and conditions of the Deposit
Agreement, the Registrar shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed or accompanied
by proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York and of the United States of America, of the Cayman Islands and
of any other applicable jurisdiction. Subject to the terms and conditions of the Deposit Agreement, including payment of the applicable fees and expenses incurred by, and charges of, the Depositary, the Depositary shall execute and deliver a new
Receipt(s) (and if necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced by the Receipts
surrendered. Upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and conditions of the
Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as the Receipt or Receipts surrendered. 
 (4) Pre-Conditions to Registration, Transfer, Etc. As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax
or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the
Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matters and (iii) compliance with (A) any laws or
governmental regulations relating to the execution and delivery of Receipts and ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations of the Depositary or the Company consistent with the Deposit Agreement and
applicable law. 
  

 A-3 

 The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be
suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfer of Receipts generally may be suspended,
during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any
government or governmental body or commission or any securities exchange upon which the Receipts or Share are listed, or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities or any meeting of
shareholders of the Company or for any other reason, subject in all cases to Article (23) hereof. Notwithstanding any provision of the Deposit Agreement or this Receipt to the contrary, the Holders of Receipts are entitled to surrender
outstanding ADSs to withdraw the Deposited Securities at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a
shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the
Deposited Securities, and (iv) other circumstances specifically contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time). Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such
Shares. 
 (5) Compliance With Information Requests. Notwithstanding any other provision of the Deposit Agreement or this Receipt,
each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Cayman Islands, the rules and requirements of National Association of Securities Dealers and any other stock
exchange on which the Shares are, or will be registered, traded or listed, the Company’s Memorandum and Articles of Association, which are made to provide information as to the capacity in which such Holder or Beneficial Owner owns ADSs
and regarding the identity of any other person interested in such ADSs and the nature of such interest and various other matters whether or not they are Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use
reasonable efforts to forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary. 
 (6) Liability of Holder for Taxes, Duties and Other Charges. If any tax or other governmental charge shall become payable by the Depositary or the Custodian with respect to any Receipt or any Deposited
Securities or ADSs, such tax, or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of
Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or
charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver Receipts, register the transfer, split-up or
combination of ADRs and (subject to Article (23) hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary,
the Company, the Custodian and each of their respective agents, officers, directors, employees and Affiliates for, and hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon) arising
from any tax benefit obtained for such Holder and/or Beneficial Owner. 
  

 A-4 

 Holders understand that in converting Foreign Currency, amounts received on conversion are calculated at
a rate which may exceed the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of
conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. 
 (7)
Representations and Warranties of Depositors. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly
issued, fully paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares, have been validly waived or exercised, (iii) the person making such deposit is duly
authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the American Depositary Shares issuable upon such deposit will not
be, Restricted Securities (except as contemplated by Section 2.11), (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the
Company or other party. Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance, cancellation and transfer of ADSs. If any such representations or warranties are false in any way, the Company and
Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 
 (8) Filing Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to
time to provide to the Depositary such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities,
compliance with applicable laws and the terms of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information as the Depositary deem necessary or proper or as the Company may reasonably require by written
request to the Depositary consistent with its obligations under the Deposit Agreement. Subject to Article (23) hereof and the terms of the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the delivery or
registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed, or such
certifications are executed, or such representations and warranties made, or such information and documentation are provided. 
 (9)
Charges of Depositary. The Depositary shall charge the following fees for the services performed under the terms of the Deposit Agreement, unless otherwise agreed in writing by the Company and the Depositary; provided, however, that no fees
shall be payable upon distrbution of cash dividends so long as the charging of such fee is prohibited by the exchange, if any, upon with the ADSs are listed: 
  

 A-5 

 (i) to any person to whom ADSs are issued or to any person to whom a distribution is made
in respect of ADS distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a fee not in excess of U.S. $ 5.00 per 100 ADSs (or
fraction thereof) so issued under the terms of the Deposit Agreement to be determined by the Depositary; 
 (ii) to any person
surrendering ADSs for cancellation and withdrawal of Deposited Securities including, inter alia, cash distributions made pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $ 5.00 per 100 ADSs (or fraction thereof) so
surrendered; 
 (iii) to any Holder of ADSs, a fee not in excess of U.S. $ 2.00 per 100 ADS held for the distribution of
cash proceeds, including cash dividends or sale of rights and other entitlements, not made pursuant to a cancellation or withdrawal; 
 (iv) to any holder of ADSs, a fee not in excess of U.S. $ 5.00 per 100 ADSs (or portion thereof) issued upon the exercise of rights; 
 (v) for the operation and maintenance costs in administering the ADSs an annual fee of U.S.$0.02 or less per ADS; and 
 (vi) in connection with inspections of the relevant share register maintained by the local registrar, if applicable undertaken by the Depositary, the Custodian or their respective agents: an annual fee of U.S.$0.01 or
less per ADS (such fee to be assessed against Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by billing such Holders for such fee or by deducting such fee from
one or more cash dividends or other cash distributions). 
 In addition, Holders, Beneficial Owners, persons delivering Shares for deposit
and persons surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required to pay the following charges: 
 (i) taxes (including applicable interest and penalties) and other governmental charges; 
 (ii) such registration
fees as may from time to time be in effect for the registration of Shares or other Deposited Securities with the Foreign Registrar and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the
Depositary or any nominees upon the making of deposits and withdrawals, respectively; 
 (iii) such cable, telex, facsimile
and electronic transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs; 
 (iv) the expenses and charges incurred by the Depositary in the conversion of foreign currency; 
 (v) such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other
regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; 
  

 A-6 

 (vi) the fees and expenses incurred by the Depositary in connection with the delivery of
Deposited Securities, including any fees of a central depository for securities in the local market, where applicable; and 
 (vii) any additional fees, charges, costs or expenses that may be incurred by the Depositary from time to time. 
 Any other charges
and expenses of the Depositary under the Deposit Agreement will be paid by the Company upon agreement between the Depositary and the Company. All fees and charges may, at any time and from time to time, be changed by agreement between the Depositary
and Company but, in the case of fees and charges payable by Holders or Beneficial Owners, only in the manner contemplated by Article (21) of this Receipt. 
 (10) Title to Receipts. It is a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to each ADS evidenced
hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security under the laws of the State of New York. Notwithstanding any
notice to the contrary, the Depositary may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt is registered on the books of the Depositary) as the absolute owner hereof for all purposes. The Depositary shall
have no obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt registered on the books of the Depositary or, in the
case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s representative is the Holder registered on the books of the Depositary. 
 (11) Validity of Receipt. This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose, unless this Receipt has been (i) dated, (ii) signed
by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized signatory of the
Registrar and (iv) registered in the books maintained by the Depositary or the Registrar, as applicable, for the issuance and transfer of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory of the Depositary or the
Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the
execution and delivery of such Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts. 
 (12)
Available Information; Reports; Inspection of Transfer Books. The Company is subject to the periodic reporting requirements of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 under the Securities Act) and
accordingly files certain information with the Commission. These reports and documents can be inspected and copied at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A.
The Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company
which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company.

  

 A-7 

 The Depositary or the Registrar, as applicable, shall keep books for the registration of Receipts and
transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the Registrar’s knowledge, for the
purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement or the Receipts. 
  

 A-8 

 The Depositary or the Registrar, as applicable, may close the transfer books with respect to the
Receipts, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Article
(23) hereof. 
  

					
	Dated:	 	 DEUTSCHE BANK TRUST
 COMPANY
AMERICAS, as Depositary

			
		 	By:	 	  

			
		 	By:	 	  

 The address of the Corporate Trust Office of the Depositary is 60 Wall Street, New York, New York
10005, U.S.A. 
  

 A-9 

 [FORM OF REVERSE OF RECEIPT] 
 SUMMARY OF CERTAIN ADDITIONAL PROVISIONS 
 OF THE DEPOSIT AGREEMENT 
 (13) Dividends and Distributions in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash
dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any
amounts received in a foreign currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted
such dividend, distribution or proceeds into Dollars and will distribute promptly the amount thus received (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes withheld) to the Holders of record as of the ADS
Record Date in proportion to the number of ADS representing such Deposited Securities held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing
to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Holders entitled thereto. If the Company, the Custodian or the Depositary is required to withhold and does withhold
from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall
be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Any foreign currency received by the Depositary shall be converted upon the terms and conditions
set forth in the Deposit Agreement. 
 If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of,
Shares, the Company shall or cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt of confirmation of such deposit, the Depositary shall,
subject to and in accordance with the Deposit Agreement, establish the ADS Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which
represent in aggregate the number of Shares received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges of, and expenses incurred by, the Depositary,
and taxes), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interest in the additional Shares
distributed upon the Deposited Securities represented thereby (net of the applicable fees and charges of, and the expenses incurred by, the Depositary, and taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares
represented by the aggregate of such fractions and distribute the proceeds upon the terms set forth in the Deposit Agreement. 
 In the event
that (x) the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, (y) if the Company, in the fulfillment of its
obligations under the Deposit Agreement, has either (a) furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration
statement has been declared effective), or (b) fails to timely deliver the documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor)
in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of taxes and fees and charges of, and
expenses incurred by, the Depositary) to Holders entitled thereto upon the terms of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement.

  

 A-10 

 Upon timely receipt of a notice indicating that the Company wishes an elective distribution to be made
available to Holders upon the terms described in the Deposit Agreement, the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation, any legal opinions of counsel the Depositary may
request under the Deposit Agreement) determine whether such distribution is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to
Article (14) hereof and establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed as
in the case of a distribution in cash. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If
such elective distribution is not lawful or reasonably practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on
the basis of the same determination as is made in the Cayman Islands, in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon the terms
described in the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that the Holder hereof will
be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. 
 Upon receipt by the
Depositary of a notice indicating that the Company wishes rights to subscribe for additional Shares to be made available to Holders of ADSs, the Depositary shall determine whether it is lawful and reasonably practicable to make such rights available
to the Holders. The Depositary shall make such rights available to any Holders only if the Company shall have timely requested that such rights be made available to Holders, the Depositary shall have received the documentation required by the
Deposit Agreement, and the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all
conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders to exercise the rights
(upon payment of the applicable fees and charges of, and expenses incurred by, the Depositary and taxes). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise such rights to
subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to Holders, (ii) the Depositary
fails to receive the documentation required by the Deposit Agreement or determines it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about
to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity or otherwise, at such place and upon such terms (including public and private sale) as it may deem proper.
The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes) upon the terms hereof and in the Deposit Agreement. If the Depositary is
unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine
that it may be lawful or feasible to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any
materials forwarded to the Holders on behalf of the Company in connection with the rights distribution. 
  

 A-11 

 Notwithstanding anything herein to the contrary, if registration (under the Securities Act or any other
applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not
distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes to the Depositary opinion(s) of counsel for the Company
in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactorily to the Depositary, to the effect that the offering and sale of such securities to Holders and
Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does
withhold from any distribution of property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any
distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 
 There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and
conditions as the holders of Shares or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.

 Upon receipt of a notice regarding property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of
ADSs, the Depositary shall determine, upon consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have timely
requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is lawful and
reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in
such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld.
The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including
applicable interest and penalties) or other governmental charges applicable to the distribution. 
 If the conditions above are not
satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the proceeds of such sale received by the Depositary (net of
(a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of
such property in any way it deems reasonably practicable under the circumstances. 
  

 A-12 

 (14) Fixing of Record Date. Whenever necessary in connection with any distribution (whether in
cash, shares, rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of or solicitation of
holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (“ADS Record Date”), as close as practicable to the record date fixed by the Company
with respect to the Shares, for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, or to give or withhold such consent, or to receive such
notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. Subject to applicable law and the terms and conditions of this Receipt and the Deposit
Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distributions, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

 (15) Voting of Deposited Securities. As soon as practicable after receipt of notice of any meeting at which the holders of Shares
are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of such consent or proxy. The Depositary
shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least 21 Business Days prior to the date of such vote
or meeting), at the Company’s expense unless otherwise agreed in writing by the Company and the Depositary and provided no U.S. legal prohibitions exist, mail by ordinary, regular mail delivery or by electronic transmission (if agreed by the
Company and the Depositary), unless otherwise agreed in writing by the Company and the Depositary, to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxies; (b) a statement that the Holders as
of the ADS Record Date will be entitled, subject to (i) any applicable law, the provisions of the Deposit Agreement, the Company’s Memorandum and Articles of Association and the provisions of or governing Deposited Securities (which
provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Shares or other Deposited Securities represented by such Holder’s American
Depositary Shares; and (c) a brief statement as to the manner in which such instructions may be given. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Shares or other
Deposited Securities. Upon the timely receipt of written instructions of a Holder of American Depositary Shares on the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as
practicable and permitted under applicable law, the provisions of the Deposit Agreement, the Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote
the Shares and/or other Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions. 
 Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the
Custodian shall vote, or attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Shares or other Deposited Securities represented by ADSs except pursuant to and in accordance with such
written instructions from Holders. 
  

 A-13 

 Notwithstanding the above, save for applicable provisions of the law of the Cayman Islands, and in
accordance with the terms of Section 5.3 of the Deposit Agreement, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which such vote is cast or the
effect of any such vote. 
 (16) Changes Affecting Deposited Securities. Upon any change in par value, split-up, cancellation,
consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it otherwise is a party, any securities which shall be
received by the Depositary or a Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under the Deposit
Agreement, and the Receipts shall, subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company’s
approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement, execute and deliver additional Receipts as in the case of a stock
dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to this form of Receipt specifically
describing such new Deposited Securities and/or corporate change. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval,
and shall if the Company requests, subject to receipt of satisfactory legal documentation contemplated in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and
may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and taxes) for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the
extent practicable as in the case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available
to Holders in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities. 
 (17) Redemption. If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities in accordance with the
Company’s Memorandum and Articles of Association, the Company shall give notice thereof to the Depositary as soon as practicable prior to the intended date of redemption which notice shall set forth the particulars of the proposed redemption.
Upon receipt of (i) such notice and (ii) satisfactory documentation given by the Company to the Depositary, the Depositary shall mail to each Holder subject to the redemption a notice setting forth the intended exercise by the Company of
the redemption rights and any other particulars set forth in the Company’s notice to the Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited Securities in respect of which redemption rights are being
exercised against payment of the applicable redemption price as set forth in the Company’s Memorandum and Articles of Association. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds representing
the redemption price have been received, the Holders of ADSs representing the Deposited Securities subject to redemption shall return their ADSs to the Depositary and the Depositary shall convert, transfer, and distribute the proceeds (net of
applicable (i) fees and charges of, and the expenses incurred by, the Depositary and (ii) taxes), retire ADSs and cancel ADRs upon delivery of such ADSs by Holders thereof. The redemption price per ADS shall be the per share amount
received by the Depositary upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.6 hereof and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied
by the number of Deposited Securities represented by each ADS redeemed. 
  

 A-14 

 (18) Exoneration. Neither the Depositary, the Custodian or the Company shall be obligated to do or
perform any act which is inconsistent with the provisions of the Deposit Agreement or shall incur any liability (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or
forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present
or future law or regulation of the United States, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or by reason of any provision, present or future of the
Company’s Memorandum and Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control, (including, without limitation, nationalization,
expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit
Agreement or in the Company’s Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling
persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in
good faith to be competent to give such advice or information, (iv) for any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities
but is not, under the terms of the Deposit Agreement, made available to Holders of ADS or (v) for any consequential or punitive damages for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons, its agents,
any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the
proper party or parties. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement. 
 (19)
Standard of Care. The Company and the Depositary and their respective agents assume no obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except
in accordance with Section 5.8 of the Deposit Agreement, provided, that the Company and the Depositary and their respective agents agree to perform their respective obligations specifically set forth in the Deposit Agreement without gross
negligence or willful misconduct. The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote,
provided that any such action or omission is in good faith and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or
reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the
Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights
to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. In no event shall the Depositary or any of its Agents be liable for any indirect, special, punitive or consequential damage.

  

 A-15 

 (20) Resignation and Removal of the Depositary; Appointment of Successor Depositary. The
Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company, or (ii) upon the appointment of a successor depositary and its acceptance of such appointment as provided in
the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time
shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary
of written notice of resignation as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by written notice of such removal which notice shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary, or (ii) upon the appointment of a successor depositary and its acceptance
of such appointment as provided in the Deposit Agreement save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company
and the Depositary from time to time shall be paid to the Depositary prior to such removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary
which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment
hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due it and on
the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly assign,
transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders
thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of
the Depositary without the execution or filing of any document or any further act. 
 (21) Amendment/Supplement. Subject to the terms
and conditions of this Article (21), and applicable law, this Receipt and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any
respect which they may deem necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with
foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however,
become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. The parties hereto agree that any amendments or supplements which (i) are
reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do
not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement
so becomes effective shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended or supplemented thereby. In no event shall any amendment or supplement
impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental
body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any
time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other
period of time as required for compliance with such laws, or rules or regulations. 
  

 A-16 

 (22) Termination. The Depositary shall, at any time at the written direction of the Company,
terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination provided that, the Depositary shall be reimbursed for
any amounts, fees, costs or expenses owed to it in accordance with the terms of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such
termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written
notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit Agreement by
mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, the Holder will, upon surrender of such
Holder’s Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement and subject to the conditions
and restrictions therein set forth, and upon payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain
outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and
shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided in
the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement, together with any dividends or other distributions received with respect thereto and the net
proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses
for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges or assessments). At any time after the expiration of one year from the date of termination of the
Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without
liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement with respect
to the Receipts and the Shares, Deposited Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any
expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges or assessments). Upon the termination of the Deposit Agreement, the Company shall be
discharged from all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. 
  

 A-17 

 (23) Compliance with U.S. Securities Laws; Regulatory Compliance. Notwithstanding any provisions
in this Receipt or the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Section I.A.(1) of the General Instructions to the
Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 
 (24) Certain Rights of the Depositary;
Limitations. Subject to the further terms and provisions of this Article (24), the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its affiliates and in ADSs. In
its capacity as Depositary, the Depositary may (i) issue ADSs prior to the receipt of Shares (each such transaction a “Pre-Release Transaction”) as provided below and (ii) deliver Shares upon the receipt and cancellation of ADSs
that were issued in a Pre-Release Transaction, but for which Shares may not yet have been received. The Depositary may receive ADSs in lieu of Shares under (i) above and receive shares in lieu of ADSs under (ii) above. Each such
Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered (1) represents that at the time of the Pre-Release Transaction the
Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs
in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (4) agrees to any
additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, United States government securities or such other collateral as the Depositary deems appropriate,
(c) terminable by the Depositary on not more than five (5) business days’ notice (save for a prescribed termination event in which case any such Pre-Release Transaction may be immediately terminable by the Depositary) and
(d) subject to such further indemnities and credit regulations as the Depositary deems appropriate, including (i) due to a decrease in the aggregate number of ADSs outstanding that causes existing Pre-Release Transactions to temporarily
exceed the limit stated above or (ii) where otherwise required by market conditions. The Depositary will normally limit the number of ADSs involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs
outstanding (without giving effect to ADSs outstanding pursuant to any Pre-Release Transaction), provided, however, that the Depositary reserves the right to disregard such limit from time to time as it deems appropriate. The
Depositary may also set limits with respect to the number of ADSs involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. 
 The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to
(b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 
 (25) Ownership
Restrictions. Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Memorandum and Articles of Association of the Company or applicable Cayman Islands law as if they held the number of Shares their
American Depositary Shares represent. The Company shall inform the Owners, Beneficial Owners and the Depositary of any such ownership restrictions in place from time to time. 
  

 A-18 

 (ASSIGNMENT AND TRANSFER SIGNATURE LINES) 
 FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
                                 whose taxpayer identification number is
                                     and whose address
including postal zip code is                                 , the within Receipt
and all rights thereunder, hereby irrevocably constituting and appointing                             
attorney-in-fact to transfer said Receipt on the books of the Depositary with full power of substitution in the premises. 
  

					
	Dated:	 	Name:	 	  

		 	By:	 	
		 	Title:	 	
		
		 	NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or
enlargement or any change whatsoever.
		
		 	If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and
proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.

  

	
	SIGNATURE GUARANTEED
	
	  

  

 A-19 

 TABLE OF CONTENTS 
  

 

							
	 	 	 	  	 	  	Page
	ARTICLE I. DEFINITIONS	  	1
				
		 	SECTION 1.1	  	“Affiliate”	  	1
		 	SECTION 1.2	  	“Agent”	  	1
		 	SECTION 1.3	  	“American Depositary Share(s)” and “ADS(s)”	  	2
		 	SECTION 1.4	  	“ADS Record Date”	  	2
		 	SECTION 1.5	  	“Beneficial Owner”	  	2
		 	SECTION 1.6	  	“Business Day”	  	2
		 	SECTION 1.7	  	“Commission”	  	2
		 	SECTION 1.8	  	“Company”	  	2
		 	SECTION 1.9	  	“Corporate Trust Office”	  	2
		 	SECTION 1.10	  	“Custodian”	  	2
		 	SECTION 1.11	  	“Deliver” and “Delivery”	  	2
		 	SECTION 1.12	  	“Deposit Agreement”	  	2
		 	SECTION 1.13	  	“Depositary”	  	3
		 	SECTION 1.14	  	“Deposited Securities”	  	3
		 	SECTION 1.15	  	“Dollars” and “$”	  	3
		 	SECTION 1.16	  	“DRS/Profile”	  	3
		 	SECTION 1.17	  	“DTC”	  	3
		 	SECTION 1.18	  	“Exchange Act”	  	3
		 	SECTION 1.19	  	“Foreign Currency”	  	3
		 	SECTION 1.20	  	“Foreign Registrar”	  	3
		 	SECTION 1.21	  	“Holder”	  	3
		 	SECTION 1.22	  	“Indemnified Person” and “Indemnifying Person”	  	3
		 	SECTION 1.23	  	“Pre-Release”	  	3
		 	SECTION 1.24	  	“Receipt(s)”; “American Depositary Receipt(s)”; and “ADR(s)”	  	3
		 	SECTION 1.25	  	“Registrar”	  	4
		 	SECTION 1.26	  	“Restricted ADRs”; “Restricted ADSs”; and “Restricted Shares”	  	4
		 	SECTION 1.27	  	“Restricted Securities”	  	4
		 	SECTION 1.28	  	“Securities Act”	  	4
		 	SECTION 1.29	  	“Shares”	  	4
		 	SECTION 1.30	  	“United States” or “U.S.”	  	4
		
	ARTICLE II. APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	  	4
				
		 	SECTION 2.1	  	Appointment of Depositary.	  	4
		 	SECTION 2.2	  	Form and Transferability of Receipts.	  	5
		 	SECTION 2.3	  	Deposits	  	6

  

 (i) 

							
	 	 	 	  	 	  	Page
		 	SECTION 2.4	  	Execution and Delivery of Receipts	  	7
		 	SECTION 2.5	  	Transfer of Receipts; Combination and Split-up of Receipts.	  	8
		 	SECTION 2.6	  	Surrender of Receipts and Withdrawal of Deposited Securities.	  	8
		 	SECTION 2.7	  	Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.	  	9
		 	SECTION 2.8	  	Lost Receipts, etc.	  	10
		 	SECTION 2.9	  	Cancellation and Destruction of Surrendered Receipts; Maintenance of Records.	  	10
		 	SECTION 2.10	  	Pre-Release	  	10
		 	SECTION 2.11	  	Restricted ADSs	  	11
		
	 ARTICLE III. CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS
	  	12
				
		 	SECTION 3.1	  	Proofs, Certificates and Other Information	  	12
		 	SECTION 3.2	  	Liability for Taxes and Other Charges.	  	13
		 	SECTION 3.3	  	Representations and Warranties on Deposit of Shares.	  	13
		 	SECTION 3.4	  	Compliance with Information Requests.	  	13
		
	 ARTICLE IV. THE DEPOSITED SECURITIES
	  	14
				
		 	SECTION 4.1	  	Cash Distributions.	  	14
		 	SECTION 4.2	  	Distribution in Shares.	  	14
		 	SECTION 4.3	  	Elective Distributions in Cash or Shares.	  	15
		 	SECTION 4.4	  	Distribution of Rights to Purchase Shares.	  	16
		 	SECTION 4.5	  	Distributions Other Than Cash, Shares or Rights to Purchase Shares.	  	17
		 	SECTION 4.6	  	Conversion of Foreign Currency.	  	18
		 	SECTION 4.7	  	Fixing of Record Date.	  	18
		 	SECTION 4.8	  	Voting of Deposited Securities.	  	19
		 	SECTION 4.9	  	Changes Affecting Deposited Securities.	  	19
		 	SECTION 4.10	  	Available Information.	  	20
		 	SECTION 4.11	  	Reports.	  	20
		 	SECTION 4.12	  	List of Holders.	  	20
		 	SECTION 4.13	  	Taxation; Withholding.	  	21
		 	SECTION 4.14	  	Redemption.	  	22
		
	 ARTICLE V. THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY
	  	22
				
		 	SECTION 5.1	  	Maintenance of Office and Transfer Books by the Registrar.	  	22
		 	SECTION 5.2	  	Exoneration.	  	23

  

 (ii) 

							
	  	 	  	  	 	  	Page
		 	 SECTION 5.3
	  	Standard of Care.	  	23
		 	 SECTION 5.4
	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary.	  	24
		 	 SECTION 5.5
	  	The Custodian.	  	25
		 	 SECTION 5.6
	  	Notices and Reports.	  	25
		 	 SECTION 5.7
	  	Issuance of Additional Shares, ADSs etc.	  	26
		 	 SECTION 5.8
	  	Indemnification.	  	27
		 	 SECTION 5.9
	  	Fees and Charges of Depositary.	  	28
		 	 SECTION 5.10
	  	Restricted Securities Owners/Ownership Restrictions.	  	29
		
	 ARTICLE VI. AMENDMENT AND TERMINATION
	  	29
				
		 	 SECTION 6.1
	  	Amendment/Supplement	  	29
		 	 SECTION 6.2
	  	Termination.	  	30
		
	 ARTICLE VII. MISCELLANEOUS
	  	31
				
		 	 SECTION 7.1
	  	Counterparts.	  	31
		 	 SECTION 7.2
	  	No Third-Party Beneficiaries.	  	31
		 	 SECTION 7.3
	  	Severability	  	31
		 	 SECTION 7.4
	  	Holders and Beneficial Owners as Parties; Binding Effect	  	31
		 	 SECTION 7.5
	  	Notices	  	32
		 	 SECTION 7.6
	  	Governing Law and Jurisdiction	  	32
		 	 SECTION 7.7
	  	Assignment	  	33
		 	 SECTION 7.8
	  	Agents	  	33
		 	 SECTION 7.9
	  	Exclusivity	  	34
		 	 SECTION 7.10
	  	Compliance with U.S. Securities Laws	  	34
		 	 SECTION 7.11
	  	Titles	  	34
		
	EXHIBIT A Form of Receipt	  	A-1

  

 (iii)Restated and Amended Shareholders' Deed Relating to the Registrant

 Exhibit 4.8 
 Execution Copy 
 pre-IPO (Macau) 
 RESTATED AND AMENDED 
 SHAREHOLDERS’ DEED 
 RELATING TO 
 MELCO PBL ENTERTAINMENT

 (MACAU) LIMITED 
 MELCO LEISURE AND ENTERTAINMENT GROUP LIMITED 
 MELCO INTERNATIONAL DEVELOPMENT LIMITED 
 PBL ASIA INVESTMENTS LIMITED 
 PUBLISHING AND BROADCASTING LIMITED 
 MELCO PBL ENTERTAINMENT (MACAU) LIMITED 

 CONTENTS 
  

					
	1.	  	THE DICTIONARY	  	4
			
	2.	  	THE COMPANY	  	4
			
	3.	  	BOARD OF DIRECTORS	  	6
			
	4.	  	GENERAL MEETINGS	  	9
			
	5.	  	DECISION MAKING	  	10
			
	6.	  	BUDGET AND BUSINESS PLAN	  	19
			
	7.	  	WORKING CAPITAL	  	20
			
	8.	  	SHAREHOLDER OBLIGATIONS	  	21
			
	9.	  	MANAGEMENT OF THE COMPANY	  	22
			
	10.	  	PROVISION OF INFORMATION	  	24
			
	11.	  	CONFIDENTIALITY	  	25
			
	12.	  	DISPOSAL OF SHARES	  	26
			
	13.	  	EVENTS OF DEFAULT	  	33
			
	14.	  	EXCLUSIVITY	  	37
			
	15.	  	JOINT VENTURES IN THE TERRITORY	  	39
			
	16.	  	MELCO GUARANTEE, INDEMNITY AND UNDERTAKING	  	39
			
	17.	  	PBL GUARANTEE, INDEMNITY AND UNDERTAKING	  	41
			
	18.	  	NOTICE FROM A REGULATORY AUTHORITY	  	44
			
	19.	  	DISPUTE RESOLUTION	  	46
			
	20.	  	RELATIONSHIP BETWEEN PARTIES	  	47
			
	21.	  	POWERS OF ATTORNEY	  	47
			
	22.	  	WARRANTIES	  	48
			
	23.	  	TAX, COSTS AND EXPENSES	  	48
			
	24.	  	GENERAL	  	49
		
	ATTACHMENT A DICTIONARY	  	1
		
	ATTACHMENT B CORPORATE STRUCTURE DIAGRAM	  	15
		
	ATTACHMENT C PRINCIPLES FOR DETERMINATION OF FAIR MARKET VALUE	  	17
		
	ATTACHMENT D DEED POLL	  	18

 Execution Copy 
 pre-IPO (Macau) 
 DATE: December 1, 2006 
 PARTIES 
  

	1.	MELCO LEISURE AND ENTERTAINMENT GROUP LIMITED an international business company incorporated under the laws of the British Virgin Islands of Akara Building, 24 De Castro
Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands (MelcoSub) 

  

	2.	MELCO INTERNATIONAL DEVELOPMENT LIMITED a company incorporated under the laws of Hong Kong of 38th Floor, The Centrium, 60 Wyndham Street, Central, Hong Kong (Melco) 

  

	3.	PBL ASIA INVESTMENTS LIMITED an exempted company incorporated under the laws of the Cayman Islands of Walker House, Mary Street, P O Box 908GT, George Town, Grand Cayman,
Cayman Islands (PBLSub) 

  

	4.	PUBLISHING AND BROADCASTING LIMITED (ACN 009 071 167) a company incorporated under the laws of Western Australia of Level 2, 54 Park Street, Sydney NSW 2000 (PBL)

  

	5.	MELCO PBL ENTERTAINMENT (MACAU) LIMITED an exempted company incorporated under the laws of the Cayman Islands of Walker House, Mary Street, P O Box 908GT, George Town, Grand
Cayman, Cayman Islands (Company) 

 WHEREAS 
  

	(A)	The parties have great knowledge in the gaming industry in their respective markets. Melco is strong in the Greater China market, while PBL has its strength in other Asia Pacific
countries. 

  

	(B)	Melco, PBL, MelcoSub and PBLSub have formed a joint venture through the Company to develop gaming ventures in the Territory together (the Gaming Ventures), in furtherance of
which PBLSub invested in and became a 50% shareholder of the Company, pursuant to the Subscription Agreement. 

  

	(C)	Melco, PBL, MelcoSub and PBLSub and the Company entered into the original shareholders deed dated 8 March 2005. 

					
		  	2	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	(D)	Melco and PBL entered into a Memorandum of Agreement dated 5 March 2006 and a Supplemental Agreement dated 26 May 2006 in relation to the opportunity for PBL to acquire
through Melco PBL Gaming a grant of a subconcession of Wynn Resorts (Macau) Limited’s concession (with the approval of the Government of Macau S.A.R.) to operate casino games of chance and other casino games in Macau S.A.R. and for Melco or a
Melco Group Company to participate therein on the terms of the Memorandum of Agreement and the Supplemental Agreement. 

  

	(E)	The Memorandum of Agreement recorded the parties’ intention to vary the terms of the joint venture and the original shareholders deed in the light of the proposed subconcession
so that, among other matters, Melco and PBL will each own an effective interest of 50% in all Gaming Ventures in the Territory and shall negotiate and agree on the most efficient structure to give effect to this principle in the Group’s
businesses in Macau S.A.R., in the light of regulatory requirements. 

  

	(F)	On 8 September 2006, Melco PBL Gaming and Wynn Resorts (Macau) Limited entered into the Subconcession as approved by the Government of Macau S.A.R., pursuant to which Melco PBL
Gaming is entitled, subject to the laws of Macau S.A.R., to engage in the exploitation of casino games of chance and other casino games in Macau S.A.R. 

  

	(G)	The parties have agreed variations to the terms of the original shareholders deed to give effect to the Memorandum of Agreement and in the light of the entry into of the
Subconcession and to restate the original shareholders deed entered into on 8 March 2005 in the manner and on the terms of this Restated and Amended Deed (this Deed) with effect from 18 October 2006. 

  

	(H)	In the light of the entry into the Subconcession, the parties have made further capital contributions to the Company and agreed to effect a restructuring of the Group’s
businesses in Macau, in the light of regulatory requirements. 

  

	(I)	At the date hereof the Company has an authorised capital of US$50,000 divided into 2,500,000 Class A shares of US$0.01 each of which 200 Class A shares are issued, fully
paid and are legally and beneficially owned by MelcoSub and 2,500,000 Class B shares of US$0.01 each of which 200 Class B shares are issued, fully paid and are legally and beneficially owned by PBLSub. 

					
		  	3	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	(J)	Melco PBL Gaming is a company limited by shares incorporated in Macau, S.A.R. At the date hereof, Melco PBL Gaming has registered capital of one billion Patacas (MOP 1,000,000,000)
divided and represented by 2,800,000 class A shares of one hundred Patacas each, which class A shares of Melco PBL Gaming enjoy only nominal rights to distributions and on a return of capital and 7,200,000 class B shares of Melco PBL Gaming of one
hundred Patacas each enjoy unlimited rights to distributions and on a return of capital, all of which class A shares and class B shares are issued and fully paid. 1,800,000 class A shares of Melco PBL Gaming are registered in the name of PBL Asia
Limited and 1,000,000 class A shares of Melco PBL Gaming are registered in the name of the Managing Director. All 7,200,000 class B shares of Melco PBL Gaming are registered in the name of Melco PBL Investments Limited. 

  

	(K)	The parties have caused the Melco PBL Gaming shareholders and Melco PBL Gaming to enter into the Melco PBL Gaming Shareholders Agreement. 

  

	(L)	Pursuant to the restructuring of the Group, Melco PBL Gaming has acquired the Mocha Business and effectively all of the issued share capital of Great Wonders, Crown Macau Hotel and
Melco Hotels. 

  

	(M)	In consequence of the further capital contributions and restructurings, each of MelcoSub and PBLSub have a 50 per cent. interest in the Macau Gaming Business and all the Macau
Gaming Business is carried on by Melco PBL Gaming pursuant to the Subconcession. 

  

	(N)	In consideration of PBL and PBLSub agreeing to enter into this Deed with MelcoSub for the benefit of Melco, Melco has agreed to guarantee to PBLSub and PBL, the performance by
MelcoSub of its obligations under this Deed. 

  

	(O)	In consideration of Melco and MelcoSub agreeing to enter into this Deed with PBLSub for the benefit of PBL, PBL has agreed to guarantee to MelcoSub and Melco, the performance by
PBLSub of its obligations under this Deed. 

					
		  	4	  	Execution Copy
		  		  	pre-IPO (Macau)

  

 THE PARTIES AGREE 
  

	1.	THE DICTIONARY 

  

	1.1	Dictionary 

 The Dictionary in Attachment A: 
  

	(a)	defines some of the capitalised terms used in this Deed; and 

  

	(b)	sets out rules of interpretation which apply to this Deed. 

  

	2.	THE COMPANY 

  

	2.1	Nature of Business 

 The business of the Company is: 
  

	(a)	holding all of the issued share capital of Melco PBL Holdings Limited; 

  

	(b)	holding an indirect interest of 72 per cent of the registered capital of Melco PBL Gaming and effectively 100 per cent of economic interest in Melco PBL Gaming through
Melco PBL Investments Limited; 

  

	(c)	holding an indirect interest in the Mocha Business through Melco PBL Gaming; 

  

	(d)	holding an indirect interest in the Crown Macau Hotel/Casino Business through Melco PBL Gaming; 

  

	(e)	holding an indirect interest in Melco Hotels through Melco PBL Gaming; 

  

	(f)	holding interests in other Gaming Ventures in the Territory as agreed under this Deed; and 

  

	(g)	any other business determined by unanimous resolution of the Directors or agreed by the Shareholders from time to time. 

					
		  	5	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	2.2	Name of Company 

 The Company will be known as Melco PBL
Entertainment (Macau) Limited or by such other name as the Board may determine. 
  

	2.3	Scope of the Business 

 The Company will conduct its affairs solely
in accordance with this Deed and the Memorandum and Articles. The parties intend that the Company and its subsidiaries will become a premier gaming group in the Territory. 
  

	2.4	Term of Deed 

 This Deed will continue until terminated: 

 

	(a)	in accordance with this Deed; or 

  

	(b)	by written agreement among the parties; or 

  

	(c)	if any Shareholder holds all of the issued Shares in the Company. 

  

	2.5	[intentionally omitted] 

  

	2.6	Shareholding in the Company 

 As at the date of this Deed the
shareholdings in the Company and operating companies in the Group are as set out in the diagram in Attachment B. In particular: 
  

	(a)	the shareholding structure of the Company is as follows: 

  

					
	 Shareholder
	  	 Number of Shares
	  	Percentage Holding
	 MelcoSub
	  	200 class A shares	  	50%
	 PBLSub
	  	200 class B shares	  	50%

  

	(b)	the shareholding structure of Melco PBL Gaming is as follows: 

  

					
	 Shareholder
	  	 Number of Shares
	  	Percentage Holding
	 Managing Director
	  	1,000,000 A shares	  	10%
	 PBL Asia Limited
	  	1,800,000 A shares	  	18%
	 Melco PBL Investments
	  	7,200,000 B shares	  	72%

					
		  	6	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	(c)	the parties contemplate that, given the transfer of the Macau Gaming Business to Melco PBL Gaming and its subsidiaries, Melco PBL Entertainment and its subsidiaries may be
dissolved. 

  

	2.7	Exercise of Powers 

 Each Shareholder agrees to take all reasonable
steps which are within its power and are necessary to procure that: 
  

	(a)	its voting rights as a Shareholder in the Company; and 

  

	(b)	the voting rights of each Director nominated by it to the Board, 

 are
exercised in a manner to ensure that the Company acts in conformity with this Deed. In addition, each Shareholder must ensure that each Director it appoints complies with this Deed and does all things necessary or desirable to give effect to this
Deed. 
  

	3.	BOARD OF DIRECTORS 

  

	3.1	Number of Directors 

 The maximum number of Directors must be eight
unless the Shareholders unanimously agree otherwise. 
  

	3.2	Nominee Directors 

 Subject to clause 12.4(e), each of MelcoSub and
PBLSub may, in its absolute discretion, appoint and, subject to clause 3.3(a), remove and replace, up to four Directors each. 
  

	3.3	Removal of Directors 

  

	(a)	A Director shall be removed in the event that the Director is subject to an adverse finding by a Regulatory Authority unless all other Directors agree that such adverse finding and
that person continuing to serve as a Director of the Company is not likely to adversely affect the reputation or business of the Company. 

  

	(b)	Subject to clause 3.3(a), only MelcoSub may remove a MelcoSub Director. 

  

	(c)	Subject to clause 3.3(a), only PBLSub may remove a PBLSub Director. 

					
		  	7	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	3.4	Chairperson 

  

	(a)	The initial Chairperson was appointed by the MelcoSub Directors on 8 March 2005 to hold office for a period of 12 months. Thereafter, the right to appoint and remove the
Chairperson shall rotate between the PBLSub Directors and the MelcoSub Directors on a 12-month rotating basis. Any Chairperson once appointed, will hold office for a period of 12 months from the date of appointment or until his earlier resignation
or removal. 

  

	(b)	The Directors present at a meeting may elect by Simple Resolution one of themselves to act as chairperson of that meeting if the Chairperson (or his nominated alternate) is not
there or is unwilling to act as chairperson. 

  

	3.5	Notice 

 Notice to appoint or remove a person as a Director under
this clause 3 must be in writing and takes effect on delivery to the Company. The remaining Directors shall ensure that the Registrar of Companies in the Cayman Islands is notified of any change and that the Register of Directors kept at the
Company’s registered office is updated. 
  

	3.6	Alternate Directors 

  

	(a)	A Director appointed under this clause 3 may appoint an alternate director from time to time. 

  

	(b)	An alternate director may attend and vote in place of the appointer and on his behalf if the appointer does not attend a meeting of Directors and sign written resolutions in place
of the appointer. 

  

	(c)	An alternate director is entitled to a separate vote for each Director the alternate director represents in addition to any vote that alternate director may have as a Director.

  

	3.7	Quorum for board meeting 

  

	(a)	Subject to clause 3.7(c) and to clause 12.10(d), the quorum for a meeting of Directors is at least one MelcoSub Director (or his alternate) and one PBLSub Director (or his
alternate). 

					
		  	8	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	(b)	A Board meeting is adjourned to the same time and place on the same day the following week if a quorum is not present at that Board meeting unless otherwise determined by the Board.

  

	(c)	If a quorum is not present at the reconvened Board meeting, that meeting is adjourned to the same time and place on the next Business Day. The Directors present at the second
reconvened Board meeting make up a quorum save in the case of matters referred to in clause 5.3 resolutions in respect of which remain subject to clause 5.3. 

  

	3.8	Notice of meetings 

  

	(a)	The Board will meet at least four times during each Financial Year unless otherwise agreed. Each Director must receive at least ten Business Days notice of a Board meeting unless
all Directors agree otherwise. The parties note that it is intended that board meetings for the Group Companies will be held on or around the same dates. 

  

	(b)	The Board can only pass a resolution on a matter if notice of the general nature of the matter is included in the notice of meeting, unless all Directors agree otherwise, whether or
not all such Directors attend the meeting of the Board which considers the relevant resolution. 

  

	3.9	Meetings 

  

	(a)	Each Director may be accompanied at meetings by any observer or adviser to that Director or the Shareholder who has appointed that Director (or the Affiliates of such Shareholder)
provided that prior notice in writing is given to the Board and that observer or adviser has executed a confidentiality agreement in a form acceptable to the Board (such approval not to be unreasonably withheld). 

  

	(b)	Subject to a Director’s fiduciary and legal duties, a Director is entitled to pay attention to and have special regard for the interests of the Shareholder by or on behalf of
whom he was appointed in exercising his rights, powers and duties as a Director. 

  

	(c)	The contemporaneous linking together by telephone or other method of audio or audio visual communication of a number of the Directors sufficient to constitute a quorum constitutes a
meeting, provided that all Directors have been given due notice of the meeting and an opportunity to participate. A meeting by audio or audio visual communication is taken to be held at the place determined by the chairperson of the meeting provided
at least one of the Directors involved was at that place for the duration of the meeting. 

					
		  	9	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	(d)	Unless this Deed requires otherwise, a document, or several documents in identical terms, signed by or on behalf of all Directors will be as valid and as effective as a resolution
passed at a duly convened meeting of the Directors. A resolution in this form will be effective on the date on which the last Director (or alternate) signs it. For this purpose, MelcoSub and PBLSub may each nominate by notice to the other under this
clause 3.9(d) from time to time one Director (and/or his alternate) who may sign written resolutions and/or give consent to short notice on behalf of all other MelcoSub Directors or all other PBLSub Directors, as the case may be.

  

	(e)	All decisions of the Board which are within its powers and which are passed by the requisite majority at a duly convened meeting (or by an effective written resolution) will bind
the Company. The form of any resolution as recorded by the Chairperson and approved by the Board will be presumptive proof (subject to rebuttal) of the content of that resolution. 

  

	3.10	Information 

 Each Director may disclose any Confidential
Information to any Shareholder (or its Affiliates and its or their directors, financial and professional advisers) which has appointed that Director. 
  

	4.	GENERAL MEETINGS 

  

	(a)	Subject to clauses 4(d) and 4(e), no business may be transacted at any general meeting, except the election of a chairperson and the adjournment of the meeting, unless a quorum of
members is present when the meeting proceeds to business and remains present throughout the meeting. 

  

	(b)	Unless all Shareholders agree otherwise, each Shareholder must receive at least ten Business Days notice of a meeting. Unless all Shareholders agree otherwise, they cannot pass a
resolution unless notice of the subject of that resolution was included in the notice of meeting. 

					
		  	10	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	(c)	Subject to clause 4(e), the quorum for a general meeting is at least one duly authorised representative of MelcoSub and one duly authorised representative of PBLSub.

  

	(d)	If a quorum is not present at a general meeting, that meeting stands adjourned to the same day the following week at the same time and place. 

  

	(e)	If a quorum is not present at any reconvened general meeting, that meeting stands adjourned to the same time and place on the next Business Day. The duly authorised representatives
of Shareholders present at the second reconvened meeting make up a quorum save in the case of the matters referred to in clause 5.5 which shall remain subject to clause 5.5. A Shareholder may not pass a resolution at an adjourned general meeting
unless notice of the subject of that resolution was contained in the notice of the original general meeting. 

  

	(f)	Unless this Deed requires otherwise, a document, or several documents in identical terms, signed on behalf of both Shareholders will be as valid and as effective as a resolution
passed at a duly convened meeting of the Shareholders. A resolution in this form will be effective on the date on which the last Shareholder signs it. 

  

	5.	DECISION MAKING 

  

	5.1	Voting by directors 

 Subject to clauses 3.9(d), 5.6 and to clauses
5.1(a) and 5.1(b), each Director has only one vote. The Chairperson does not have a casting vote. At any meeting of Directors of the Company: 
  

	(a)	the MelcoSub Directors who are present (whether in person or by alternate) are collectively entitled to exercise and unless the contrary is shown shall be deemed to have exercised a
number of votes equal to the maximum number of Directors which may be appointed by MelcoSub for that relevant Group Company under this Deed, (whether or not MelcoSub has appointed such maximum number); and 

  

	(b)	the PBLSub Directors who are present (whether in person or by alternate) are collectively entitled to exercise and unless the contrary is shown shall be deemed to have exercised a
number of votes equal to the maximum number of Directors which may be appointed by PBLSub for that relevant Group Company under this Deed, (whether or not PBLSub has appointed such maximum number). 

					
		  	11	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	5.2	Directors’ resolutions 

 All resolutions at meetings of the
Directors may be decided by a Simple Resolution, except those decisions listed in clauses 5.3 and 5.4. 
  

	5.3	Decisions of Directors 

 A resolution of the board which concerns
any of the following matters is only valid if two thirds of the Directors (or their alternates) validly appointed and entitled to vote at the date of the Board meeting vote in favour of that resolution (whether or not attending the Board meeting).

 Constitution 
  

	(a)	memorandum and articles of association: the recommendation to the Shareholders to modify or repeal the memorandum and articles of a Group Company; 

 

	(b)	Directors: the appointment or removal of any director of a Group Company except as provided in clause 3; 

  

	(c)	committees: the creation of a committee of the Board or delegation of any powers of the Board; 

  

	(d)	Directors’ fees: the payment of any fees or other remuneration to a Director other than under any service agreement with the Company; 

 Major Strategic 
  

	(e)	Business Plan: the adoption of a Business Plan for the Company and/or for any Group Company (including the Investment Plan of Melco PBL Gaming) or the authorisation of any
change to, or deviation from, a Business Plan in any material respect; 

  

	(f)	Change in Business: any material change in the nature or scope of the business of the Company, the cessation of the business of any Group Company or the entry into any new
business by the Group other than Macau Gaming Business, except as approved in a Business Plan; 

					
		  	12	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	(g)	Merger or amalgamation: the terms of any merger or amalgamation of the Company with any other company whether or not in accordance with the Business Plan;

  

	(h)	Joint Venture: the entry into by the Company, or the amendment, release or termination of, any joint venture, partnership, agency or similar arrangement of any kind with any
person; 

  

	(i)	Disposals: the disposal of any assets of the Company or the shares in any Subsidiary of the Company in any Financial Year with a book value or market value of more than
US$1,000,000 (otherwise than in accordance with the Business Plan); 

  

	(j)	Listing: any application to a Stock Exchange for: 

  

	 	(i)	admission of the Company or a Group Company to the official list of a Stock Exchange; and 

  

	 	(ii)	official quotation of the shares in the Company or a Group Company on that Stock Exchange; 

 Major Financial 
  

	(k)	dividends: the adoption of or change to any dividend policy or the declaration or payment of any dividend by the Company other than in accordance with any adopted dividend
policy, except as approved in the Business Plan and/or Budget (with the parties acknowledging that it is the intention of the parties that any free cash flow of the Company should be distributed to the Shareholders); 

  

	(l)	distributions: the making by the Company of any capital distribution or capitalisation of any profits or the creation of, or transfer to, any reserve account;

  

	(m)	acquisitions of equity: the acquisition by the Company of any Securities from any third party for a consideration of more than US$1,000,000, except as approved in a Business
Plan and/or Budget; 

					
		  	13	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	(n)	expenditure: the incurring of capital or operating expenditure of more than US$1,000,000 by the Company in a Financial Year, except as approved in a Business Plan and/or
Budget; 

  

	(o)	material contracts: the entry into by the Company of any agreement or arrangements, which alone or together with any other associated agreement or arrangement:

  

	 	(i)	is for a duration of more than 3 years; 

  

	 	(ii)	involving the Company in a liability (actual or contingent) for an amount of more than US$1,000,000; or 

  

	 	(iii)	is outside the ordinary course of business, except as approved in the Business Plan and/or Budget. 

  

	(p)	auditor: the appointment or removal of the Auditor; 

  

	(q)	accounting policies: the establishment of or any change in a material respect to the accounting policies or practices or financial reporting system of any Group Company;

  

	(r)	financial year: the adoption or change of the Financial Year for the Company; 

  

	(s)	new issues: the issue or offer or agreement to issue any Securities of the Company; 

  

	(t)	class rights: any recommendation to Shareholders to change any rights attaching to any class of Securities of the Company; 

  

	(u)	capital reduction: any buy back, redemption or cancellation of any Securities of the Company, or reduction, split, consolidation or other reconstruction of the share capital
of the Company, to the extent that such action is under the control of the Directors and to the extent that such action requires Shareholder consent, any proposal to the Shareholders in relation to obtaining such consent; 

 

	(v)	superannuation: the establishment by the Company of a pension scheme for employees or a scheme covering superannuation generally, other than schemes prescribed by law;

					
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		  		  	pre-IPO (Macau)

  

	(w)	borrowing: the borrowing, raising or receiving of any financial accommodation (including to or from any Shareholder) by the Company, or the making of any material unscheduled
repayments of any financial accommodation, except to the extent approved in a Business Plan and/or Budget; 

  

	(x)	provision of financial accommodation: the provision by the Company of any financial accommodation to any person, other than in the ordinary course of the Gaming Ventures;

  

	(y)	place of business: the establishment by the Company of any new place of business; 

  

	(z)	security interest: the grant of a Security Interest over an asset of the Company otherwise than by operation of law; 

  

	(aa)	guarantees: the giving by the Company of a guarantee, indemnity or other assurance for a debt or obligation of another person or about the financial condition of that person,
or becoming liable under any of those things; 

  

	(bb)	related party transactions: Except as contemplated in this Deed: 

  

	 	(i)	the entry into by the Company of any agreement or arrangement with any Shareholder or with any Related Party or Affiliate of any Shareholder or the Company, whether that agreement
or arrangement is oral or in writing; or 

  

	 	(ii)	the amendment, release or termination of any agreement or arrangement with any Shareholder or with any Related Party or Affiliate of any Shareholder or the Company, whether that
agreement or arrangement is oral or in writing; 

  

	(cc)	litigation: the commencement, defence, compromise or settlement by the Company of any litigation, arbitration, remediation or a similar procedure involving a claim of more
than US$100,000 or the waiving or enforcement of any material rights of the Company in respect of such a claim; 

  

	(dd)	share option plan: the establishment, implementation, amendment or termination of any share option plan, or the allocation of Securities under any share option plan;

					
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	(ee)	real property: the purchase, Disposal, lease by the Company of, or any other dealing by the Company in, any real property or any interest therein involving real property with
a value or commitment of more than US$1,000,000; 

 Budget Process 
  

	(ff)	budget: the adoption of a Budget for the Company or the authorisation of any change to, or deviation from, a Budget in any material respect; and 

 Management 
  

	(gg)	senior management: the appointment, removal or the making of any material alteration to the terms of employment of the Chief Executive Officer or Chief Financial Officer of
the Company provided that such executive shall be removed in the event of an adverse finding against the executive by a Regulatory Authority unless otherwise unanimously agreed by the Board. 

  

	5.4	Amendment of financial limits 

 The Directors who are from time to
time appointed to the Board may amend a financial limit in clause 5.3 by resolution passed unanimously at a duly convened Board meeting. 
  

	5.5	Shareholders’ resolutions 

 Notwithstanding anything in this
Deed or the Memorandum and Articles, the prior approval of all Shareholders (whether at a general meeting or by written resolution) is needed to: 
  

	(a)	appoint a liquidator to the Company or propose a winding up of the Company; 

  

	(b)	amend or replace the Memorandum and Articles; 

  

	(c)	approve a scheme of arrangement to merge or amalgamate the Company with another Company; 

  

	(d)	change the name of the Company; 

  

	(e)	effect any capital reduction or buy back of Shares by the Company; or 

					
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	(f)	give effect to any matter set out in clause 5.3 where the approval of Shareholders (rather than Directors) is required by law to give effect to such matter.

  

	5.6	Conflict of Interest 

 For any matter before the Board which
requires the Board to determine whether the Company should enforce a right against a Shareholder (the Respondent), or any Affiliate or Related Party of the Respondent, in relation to, without limitation, a liability, loss, cost, charge or
expense paid, suffered or incurred by the Company from an act or omission of that person then: 
  

	(a)	the MelcoSub Directors and the PBLSub Directors will discuss the issue in good faith with a view to reaching an agreed solution; 

  

	(b)	if an agreed solution cannot be reached within a period of 60 days of the issue first being raised, then the matter will be referred to the respective chief executive officers of
Melco and PBL for consideration; 

  

	(c)	if the respective chief executive officers of Melco and PBL cannot resolve the issue within 60 days of it being referred to them then any Director may convene a Board meeting to
consider the issue and: 

  

	 	(i)	the quorum for that Board meeting shall be the presence of all Directors who were not appointed by the Respondent; and 

  

	 	(ii)	any resolution for dealing with that matter may be passed by the affirmative vote of all the Directors who were not appointed by the Respondent (who, having taken competent
independent legal advice on behalf of the Company, must act in the best interests of the Company and without regard to the interests of their appointing Shareholder) and any contrary vote by a Director appointed by the Respondent shall be
disregarded. 

  

	5.7	Related Party Dealings 

 Any arrangement or transaction between the
Company and Melco (or its Affiliates and/or Related Parties) or PBL (or its Affiliates and/or Related Parties) must be on commercial terms and on an arm’s length basis. 

					
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	5.8	Group Companies 

  

	(a)	Each Shareholder and the Company agrees, and must use all reasonable endeavours to ensure that (subject to clauses 5.8(b) and (c) below or as otherwise agreed by them in
writing): 

  

	 	(i)	the board and operation of each Group Company (other than the Company) complies with at least the rules set out in this clause 5; 

  

	 	(ii)	they or as applicable, their Affiliates’ Interests in and dealings with the Group Company under this joint venture are subject to the principles and procedures in this Deed
relating to Shareholders’ dealings with the Company and in the Shares (including, for the avoidance of doubt, provisions relating to disposals of the Shares under clause 12 (and clause 18) and transfers pursuant to clause 13); and

  

	 	(iii)	each Group Company adopts the constitution and corporate governance procedures to give effect to the procedures, principles and purposes of the joint venture established by this
Deed. Where appropriate, provisions of this clause 5 shall apply to each Group Company as if a reference to the Company, Board, Director, Chief Executive Officer, Chief Financial Officer, Shareholders and Shares were a reference to the relevant
Group Company, board, chief executive officer, chief financial officer, director, shareholders and shares of the relevant Group Company respectively. 

  

	(b)	The Board will determine the exercise by the Company of its rights and powers to effect appointments to the board and to change the board composition of each Group Company (other
than the Company) and to join in or oppose the appointment or proposed appointment by any third parties of directors to the board of a Group Company under the articles of association of the relevant Group Company or under a shareholders agreement
concerning a Group Company which is binding on the Company or the relevant Group Company (and, in the case of Melco PBL Gaming, in accordance with Melco PBL Gaming Shareholders Agreement). The Board will exercise its powers with regard to such
appointments with the intent that: 

  

	 	(i)	an equivalent number of nominee directors appointed by each Shareholder to the Company are appointed to the board of the relevant Group Company; and 

					
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	 	(ii)	subject to their fiduciary duties and any duty imposed by law, any nominee director on the board of a relevant Group Company (other than the Company) must vote as directed by a
resolution of the Board (if applicable). 

  

	(c)	Melco PBL Investments Limited and other members of Melco PBL Gaming have entered into the Melco PBL Gaming Shareholders Agreement under the laws of Macau S.A.R. in relation to the
affairs of Melco PBL Gaming which gives effect to the principles in this clause 5 in the light of the requirements of the relevant Regulatory Authority. Subject to the laws of Macau S.A.R., to applicable requirements of the relevant Regulatory
Authority and to the terms of the Subconcession, the board of Melco PBL Gaming shall comprise 9 directors and the Company shall cause Melco PBL Investments Limited to exercise its powers and rights in relation to Melco PBL Gaming so that 4 suitably
qualified persons nominated by each Shareholder be appointed as its representatives to the board of Melco PBL Gaming (subject to such persons obtaining necessary consents of the relevant Regulatory Authority) and the parties shall cooperate to cause
such nominated persons be appointed directors of Melco PBL Gaming and shall cause Melco PBL Investments Limited to exercise its powers as shareholder of Melco PBL Gaming accordingly. The Shareholders shall also agree, subject to Macau Government
approval, on the appointment of the Managing Director and such person shall also hold office as a director of Melco PBL Gaming. Clause 3.3(a) shall apply to persons appointed as directors of Melco PBL Gaming and a Shareholder’s right to have
its representative appointed a director shall also include the right to have the relevant person removed and replaced. In relation to all matters reserved to the board of Melco PBL Gaming under clauses 5.3 and 5.8 and/or the Melco PBL Gaming
Shareholders Agreement, the Shareholders shall consult with one another in advance of such matters and each Shareholder shall use all reasonable efforts to procure that their representative directors vote and act unanimously in relation thereto.
Decisions of the board of Melco PBL Gaming on such reserved matters shall require the affirmative approval of at least four directors of Melco PBL Gaming or their alternates in accordance with the Melco PBL Gaming Shareholders Agreement.

  

	5.9	Board deadlock 

 If the Directors cannot agree in respect of any
matter reserved for Board decision under this Deed or by law then if such deadlock continues for a period of 90 days without resolution, either Shareholder may, notwithstanding that the period referred to in clause 12.2 has not expired, exercise its
rights under clause 12 of this Deed subject always to the terms of that clause. 

					
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	5.10	Dividends and Distribution 

 Subject to adoption of a change to this
dividend policy pursuant to clause 5.3(k), and to any contrary provision in an approved Business Plan or Budget for any Financial Year, the Directors shall cause to be declared and the Shareholders agree to approve dividends or otherwise to cause a
distribution by the Company of not less than 75 per cent of the consolidated profits of the Company and its Group available for distribution in a Financial Year, to be made after 30 March and prior to 30 June, following such Financial
Year, save that no dividends shall be declared prior to 30 March 2007. 
  

	6.	BUDGET AND BUSINESS PLAN 

  

	6.1	Annual budget 

 The Company and each Shareholder must use reasonable
endeavours to ensure that, before the end of any Financial Year, the Directors adopt an annual Budget for the Company in accordance with clause 5.3 for the following Financial Year in a form, and the content of which is, approved by the Directors.
The Company and the Shareholders must ensure that the Company conducts its affairs in accordance with the Budget. The Budget will include the amounts and terms for any funding contribution to be made by Shareholders. 
  

	6.2	Business plan 

  

	(a)	The Company and each Shareholder must use reasonable endeavours to ensure that, before the end of each Financial Year, the Directors adopt in accordance with clause 5.3 a Business
Plan for the Company for the following Financial Year in a form, and the content of which is, approved by the Directors. 

  

	(b)	Each Business Plan must include information about the following matters but is not limited to those matters: 

  

	 	(i)	business strategy; 

  

	 	(ii)	personnel policy and hiring plans; 

  

	 	(iii)	funding strategy; 

  

	 	(iv)	financing requirements for working capital, investment and expansion; 

					
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	 	(v)	cash flow forecasts; 

  

	 	(vi)	dividends; 

  

	 	(vii)	profit targets; and 

  

	 	(viii)	a marketing plan. 

  

	7.	WORKING CAPITAL 

  

	7.1	Cash Contributions 

 The Shareholders will make cash contributions
to the Company in the amounts specified and on the basis provided for in the relevant Budget (as adopted from time to time in accordance with this Deed) and in the same proportion as their Proportionate Share up to the Maximum Capital Contribution
Amount in each Financial Year. Provided that the cash contribution is in accordance with a relevant Business Plan and/or Budget and there is not an Event of Default by the Shareholder proposing to make the Call either MelcoSub or PBLSub may call on
the Shareholders to make a cash contribution to enable the Company to meet expenditures to be incurred under the relevant Business Plan and/or Budget (each a Call). Each Call will be made by notice to the Shareholders, setting out the amount
to be paid by each Shareholder, calculated in accordance with its Proportionate Share. Other than as expressly provided in this clause 7.1, no party will have any obligation to provide funding to the Company. If a Shareholder fails to pay a Call
within 30 days of receiving a notice requesting the Call then unless there is an Event of Default outstanding by the Shareholder making the relevant Call, the Company will issue a second notice to that Shareholder demanding payment of the Call
(Overdue Call Notice). Unless otherwise determined by the Board under clause 5.3, any cash contributions provided by a Shareholder shall be treated as share premium attributable to the relevant Shareholder’s Shares but without thereby
conferring any preferred rights over other Shares, whether as to distribution of profits, return of capital or otherwise. 
  

	7.2	Bank Account 

 All amounts paid by the Shareholders (including
interest paid by a Shareholder on overdue Calls) which are not immediately required to be expended will be deposited and retained in a Company Bank Account. The Company must ensure that: 
  

	(a)	the Company Bank Account is operated in accordance with policies established from time to time by the Board; and 

					
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	(b)	funds in the Company Bank Account: 

  

	 	(i)	may only be withdrawn by the authorised signatories in accordance with the agreed rules in respect of operating the bank accounts as approved by a resolution of the Board;

  

	 	(ii)	are not commingled with funds belonging to any other person; and 

  

	 	(iii)	are used solely for the purposes of the Macau Gaming Business as determined by the Board or such other new business as determined by the Board in accordance with clause 5.3.

  

	7.3	Interest on Overdue Calls 

 If a Call is paid by a Shareholder after
the due date for such Call, the Shareholder will pay interest on the late payment to the Company. Interest will be calculated on a daily basis at the Reference Rate plus 3% per annum for the period from the due date of the Call until the date
of actual payment of the Call by the Shareholder and will be paid into a Company Bank Account. 
  

	7.4	Certificate of funding from Company 

 Immediately after the Company
has received funds from a Shareholder, the Company will issue such Shareholder a certificate (with a copy to the other Shareholder) stating the amount that the Shareholder has paid to the Company (i) in such additional funding (ii) in
aggregate. Unless a Shareholder objects by a notice of objection in writing to the Company and the other Shareholder within 10 Business Days of receipt of such certificate that such certificate (as it relates to such additional funding) is
inaccurate, such certificate shall be deemed to be agreed by each Shareholder and the Company. In the event that a Shareholder serves a notice of objection in relation to a certificate then such objection shall be treated as a Dispute. 

 

	8.	SHAREHOLDER OBLIGATIONS 

  

	8.1	General Obligations 

 Each Shareholder will: 
  

	(a)	act in good faith to the other Shareholder in any transaction relating to the Company; 

					
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	(b)	promptly pay into the Company Bank Account all money, cheques and negotiable instruments received by the Shareholder on account of the Company; 

  

	(c)	promptly advise the other Shareholder of any matter or material information concerning the Company which may come to the Shareholder’s notice; and 

  

	(d)	at all times give to the other Shareholder a full and proper account of any action the Shareholder proposes to take in respect of the Company which has not been authorised by the
Shareholders and at the reasonable request of the other Shareholder, furnish a full and accurate explanation of any action the Shareholder takes which affects the Company in any way. 

  

	(e)	in the light of their respective interests in the share capital of Melco PBL Gaming, use all reasonable efforts to ensure and maintain their suitability in accordance with
applicable laws and regulations of Macau S.A.R. and the terms of the Subconcession. 

  

	9.	MANAGEMENT OF THE COMPANY 

  

	9.1	Senior Management 

 The Board may by unanimous resolution appoint a
chief executive officer and chief financial officer to manage and generally administer the Company in accordance with the Business Plan and the Budget at the direction of the Board. 
  

	9.2	Delegated Authority of the Chief Executive Officer 

 The Chief
Executive Officer (if any) shall report to the Board and, if appointed, will have the delegated authorities resolved upon by the Board from time to time (which delegated authorities will be sufficient for the Chief Executive Officer to have
responsibility for the day to day conduct of the Company). 

					
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	9.3	Conduct of business 

 The Company must: 
  

	(a)	maintain property: keep its property in good working order and condition subject to fair wear and tear, and make any necessary repairs and replacements;

  

	(b)	comply with laws and agreements: comply with all laws and agreements binding on it; 

  

	(c)	government requirements: comply with the requirements of a Government Agency about the conduct of its business and its assets including, without limitation, its
indirect shareholding interest in Melco PBL Gaming; 

  

	(d)	corporate existence: maintain its corporate existence; 

  

	(e)	Budget and Business Plan: conduct its business in accordance with its current Budget and Business Plan and the Investment Plan; 

  

	(f)	insurance: keep insurance which the Shareholders may require or which would be prudently kept by any company which holds assets similar to the Group Companies and
carries on a business similar to the business of the Company including without limitation directors and officers liability insurance cover for at least US$10 million; and 

  

	(g)	conduct of business: ensure the conduct of the business of its Group Companies in accordance with the procedures, principles and purposes of the joint venture set out in this
Deed and cause the adoption by each Group Company of an appropriate constitution and corporate governance regime to give proper effect to this clause. 

  

	9.4	Maintenance of records 

 The Company must maintain books and records
which enable each of the Shareholders to prepare accounts which comply with the Accounting Standards. 

					
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	10.	PROVISION OF INFORMATION 

  

	10.1	Periodic reports 

 The Company must give each Director and each
Shareholder (or its Affiliates) access to all information about its business and operations including, but not limited to, the following reports in reasonable detail: 
  

	(a)	monthly financial statements and projections: as soon as practicable after the end of each month, but no later than 15 days after the end of each month:

  

	 	(i)	an unaudited profit and loss statement and monthly cash flow statement of each Group Company for the month and for the current Financial Year to date; 

  

	 	(ii)	an unaudited balance sheet of each Group Company as at the end of the month; and 

  

	 	(iii)	comparisons to Budget of each Group Company and details of any proposed revision of the original Budget; 

  

	(b)	balance sheet and profit and loss statement: within 60 days after the end of each Financial Year, an audited profit and loss statement and balance sheet for that Financial
Year for each Group Company; 

  

	(c)	cash flow statement: within 60 days after the end of each Financial Year, an audited cash flow statement for that Financial Year for each Group Company; and

  

	(d)	other information: subject to clause 10.4, information requested by a Director to enable the Company or a Shareholder to give to a Government Agency or Regulatory Authority
information required by that Government Agency or Regulatory Authority at the cost of the Shareholder. 

  

	10.2	Reports for the Stock Exchange 

 The Company must make available (at
the cost of the Company) to each Shareholder the information necessary to enable that Shareholder to comply with its obligations under the Listing Rules binding on it. 

					
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	10.3	Audit 

 The Company must ensure that the accounts of each Group
Company are audited annually by the auditor of the Group Company in accordance with the Accounting Standards. 
  

	10.4	Access to information 

 Subject to the provision of reasonable prior
notice, the Company must allow a Director or Shareholder or a duly authorised representative of a Shareholder to: 
  

	(a)	inspect property of each Group Company; 

  

	(b)	inspect and take copies of a document about the business of each Group Company, including its accounts; and 

  

	(c)	discuss the affairs, finances and accounts of each Group Company with the officers and auditor of the Group Company. 

  

	11.	CONFIDENTIALITY 

 A party may not disclose any Confidential
Information to any person, except: 
  

	(a)	as a media announcement in the form agreed between the parties; 

  

	(b)	to its officers, employees, professional advisers, auditors or consultants, to the extent that person requires the information for the purposes of performing their respective
functions; 

  

	(c)	to its shareholders subject to first obtaining written confidentiality undertakings from those shareholders in a form agreed by the Company and those parties who are at that time
entitled to appoint or remove a Director; 

  

	(d)	as required by an applicable law, regulatory authority (including gaming regulatory authorities), applicable Stock Exchange or the Listing Rules after first consulting with the
other parties about the form and content of the disclosure; or 

  

	(e)	if a party is required to do so in connection with legal proceedings relating to this Deed, or relating to any agreement to which that person is a party, provided that, except where
the legal proceedings are taken by one party against another party, each other party is first consulted, and is given a reasonable opportunity to assert any right and privilege, confidentiality, or any other right which may prevail, over that
party’s duty of disclosure, 

 and must use its best endeavours to ensure the Confidential Information (unless disclosed under clauses
11(a)-(e)) is kept confidential. 

					
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	12.	DISPOSAL OF SHARES 

  

	12.1	No Disposal of Shares 

  

	(a)	Except for a transfer to a Permitted Transferee in accordance with clauses 12.1(b) and (c) below or a transfer in accordance with the provisions of clause 13 or clause 18, each
Shareholder must: 

  

	 	(i)	not create any Security Interest or agree or offer to create any Security Interest, in its Shares; and 

  

	 	(ii)	not Dispose or agree to Dispose of any of its Shares, or do or omit to do any act if the act or omission would have the effect of Disposing of any of its Shares,

 except in the manner allowed by the further provisions of this clause 12. 
  

	(b)	Subject to clause 12.1(c), a Shareholder may transfer all of its Shares at any time to a Permitted Transferee and the provisions of clauses 12.2 to 12.6 shall not apply to such a
transfer. 

  

	(c)	It is a condition of a transfer to a Permitted Transferee (which condition shall be set out in the Deed Poll entered into by the Permitted Transferee pursuant to clause 12.8) that
if the Permitted Transferee ceases to be a Wholly-Owned Subsidiary of the transferring Shareholder, PBL or Melco (as the case may be) it must transfer the Shares the subject of the transfer under clause 12.1(b) and all other Shares of such Permitted
Transferee to the transferring Shareholder or another of the transferring Shareholder’s Permitted Transferees within 5 Business Days of the date of the Permitted Transferee ceasing to be a Wholly-Owned Subsidiary of the transferring
Shareholder, PBL or Melco with the intent that if a Permitted Transferee ceases to be a Permitted Transferee, it is required to transfer all of its Shares. The failure of the Permitted Transferee to comply fully with this clause 12.1(c) is an Event
of Default. 

					
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	(d)	The Company must note on each share certificate that the Shares may only be transferred in accordance with the Memorandum and Articles and this Deed. 

  

	12.2	Standstill Period 

 Except in the case of transfer in accordance
with the provisions of clauses 5.9, 12.1(b) and (c), 13 or 18, a Shareholder must not Dispose of any of their Shares during the period commencing on 8 March 2005 (the Original Execution Date) and ending on the date which is 5 years from
the Original Execution Date. 
  

	12.3	Notice of Sale 

 Subject to clause 12.2, a Shareholder who wants to
Dispose of any Shares (other than a transfer in accordance with clause 12.1(b) or (c) or clauses 13 or 18), must do so only by a transfer of all the legal and beneficial interest in such Shares and shall serve a Notice of Sale on the Other
Shareholder (which Notice of Sale, when served, is irrevocable, save with the consent of the Other Shareholder) specifying: 
  

	 	(i)	number: the number of Sale Shares; 

  

	 	(ii)	price: the sale price in cash per Sale Share in US dollars; 

  

	 	(iii)	terms: any other financial terms which deal with the payment of money in relation to the proposed transfer; and 

  

	 	(iv)	option: that the Other Shareholder has an option to buy from the Seller that number of Sale Shares, on the terms set out in the Notice of Sale, if that Other Shareholder
complies with clause 12.4. 

  

	12.4	Exercise of Other Shareholder’s option to buy Sale Shares 

  

	(a)	At any time within the Acceptance Period, the Other Shareholder may, by giving written notice to the Company and the Seller, exercise its option to buy from the Seller on the terms
set out in the Notice of Sale, that number of Sale Shares identified in that notice, which must be all of the Sale Shares, except where the Seller otherwise agrees in writing. 

  

	(b)	If the Accepting Shareholder serves notice on the Seller under clause 12.4(a): 

  

	 	(i)	the Seller must sell to the Accepting Shareholder the relevant Sale Shares free of any Security Interest; and 

					
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	 	(ii)	the Accepting Shareholder must buy the relevant Sale Shares, 

 on the terms set out in the Notice of Sale served under clause 12.3. 
  

	(c)	On service of a notice by the Accepting Shareholder under clause 12.4(a) the sale and purchase of the Sale Shares shall take place on the day which is 30 days after the date of
service of the Notice of Sale (or, if that day is not a Business Day, on or before the next Business Day) when: 

  

	 	(i)	the Accepting Shareholder must pay the aggregate purchase price for the relevant Sale Shares in Immediately Available Funds and do all other things necessary to complete the
purchase of the Sale Shares; and 

  

	 	(ii)	against payment of the aggregate purchase price the Seller must give the Accepting Shareholder an instrument of transfer of the relevant number of Sale Shares (free of any Security
Interests) signed by the Seller together with the share certificates for the Sale Shares (or a suitable indemnity in lieu of delivery of such share certificates). 

  

	(d)	Subject to clause 12.9, the Company shall register the instrument of transfer referred to in clause 12.4(c) above. 

  

	(e)	If the Sale Shares are all the Seller’s holding of Shares, then immediately on the transfer of the Sale Shares, the Seller must procure that any Directors it has appointed to
the Board of the Company (and to the board of any Group Companies) resign with immediate effect and without any claim on the Company or Group Company for loss of office. If the Sale Shares are not all the Seller’s holding of Shares, then the
parties shall negotiate in good faith such amendments to this Deed and to the Articles of Association as are, in the circumstances, fair and appropriate taking into account the Shareholders’ respective Shareholding Proportions following the
sale and on the principles that a selling (or purchasing) Shareholder should enjoy rights to appoint a Director or Directors to the Board commensurate to its Shareholding Proportion from time to time and that the Board shall have responsibility and
authority for the direction of the affairs of the Company subject to limitations reasonably necessary to protect the interests of all Shareholders in their respective Shareholding Proportions from time to time. 

					
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	(f)	The Seller appoints the Accepting Shareholder as its attorney in accordance with clause 21 on default by the Seller of performance of any of its obligations under this clause 12.4
and the Accepting Shareholder appoints the Seller as its attorney in accordance with clause 21 on default by it of performance of any of the Accepting Shareholder’s obligations under this clause 12.4, in each case with full power to execute,
complete and deliver in the name of the Seller or Accepting Shareholder, as the case may be, all things necessary to complete the sale and purchase of Shares including, without limitation, to execute and deliver an instrument of transfer for the
relevant Sale Shares and to receive and give good discharge for the aggregate purchase price for the relevant Sale Shares. 

  

	12.5	Sale Shares not purchased by Other Shareholder 

  

	(a)	If a notice of exercise of its option is not received from the Other Shareholder under clause 12.4(a) to purchase all the Sale Shares, then subject to clauses 12.5(b), 12.5(c),
12.5(e) and 12.6, the Seller may offer to sell (and actually sell) the Sale Shares to any third party buyer subject to clauses 12.7 and 12.8. 

  

	(b)	For the purpose of clause 12.5(a), the Seller may only sell to a third party buyer who, with its Affiliates, has a net tangible asset value at the relevant time of not less than
HK$500 million (five hundred million Hong Kong dollars) or, if the third party buyer is listed on a Stock Exchange, then a third party buyer with a market capitalisation of one billion Hong Kong dollars or more. 

  

	(c)	The Seller must not sell the Sale Shares for a lower price than that specified in the Notice of Sale or otherwise on more beneficial financial terms, than set out in the Notice of
Sale. 

  

	(d)	The Seller must give a copy of any agreement (if any) with the third party buyer relating to the Sale Shares to the Other Shareholder within 3 days of signing the agreement.

  

	(e)	If the Seller does not sell the Sale Shares to a third party buyer within 90 days of service of the Notice of Sale it may not sell those Sale Shares without first giving a further
Notice of Sale to the other Shareholder pursuant to clause 12.3 and complying again with the further provisions of this clause 12. 

					
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		  		  	pre-IPO (Macau)

  

	(f)	If the Accepting Shareholder defaults in paying for the relevant Sale Shares in accordance with clause 12.4(c) or is in other material default of its obligations under clause 12.4,
then without prejudice to any other rights of the Seller or claims of the Seller against the Accepting Shareholder (including the Seller’s right to treat such default as an Event of Default under clause 13.1) in connection with such default,
the Seller may offer to sell and actually sell the Sale Shares to any third party buyer but is not bound to do so to mitigate its loss. The provisions of clauses 12.5(b), (c), (d), (e) and clause 12.6 shall not apply to a sale pursuant to this
clause 12.5(f). 

  

	12.6	Tag Along 

  

	(a)	If either (i) the Other Shareholder elects not to exercise its option to purchase the Sales Shares under clause 12.4(a) or (ii) the Acceptance Period expires without the
Other Shareholder exercising its option to purchase the Sale Shares under clause 12.4(a), then the Other Shareholder may give a notice (a Tag Along Notice) to the Seller within the Tag Along Period that it wishes to sell to a third party
buyer of the Sale Shares the same proportion of its Shares as the number of Shares to be sold by the Seller bears to the total number of Shares held by the Seller. 

  

	(b)	If a Tag Along Notice is given, the Seller may only sell the Sale Shares to a third party buyer if the Seller procures that the proposed buyer purchases from the Other Shareholder
who has given a Tag Along Notice the same proportion of its Shares as the number of Sale Shares bears to the total number of Shares held by the Seller and the purchase of Shares from the Other Shareholder is on the same terms and conditions as the
third party buyer purchases any of the Sale Shares from the Seller and is on no less favourable terms as to price and other financial conditions as the terms of the relevant Notice of Sale. 

  

	(c)	For the avoidance of doubt, if the Other Shareholder gives a Tag Along Notice and a third party buyer does not purchase Shares of the Other Shareholder in accordance with clause
12.6(b) the Seller may not sell any of the Sale Shares to the proposed third party buyer. 

					
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		  		  	pre-IPO (Macau)

  

	12.7	Consents 

 If any consents are required from any third party or
Government Agency in connection with the transfer of Shares (not arising from the status or circumstances of the transferors), then each party to this Deed must use its best endeavours (which phrase will not require a party to expend money) to
ensure that such consents are obtained in a timely manner and any time periods for the purchase of Shares referred to in this clause 12 will be extended by such period as necessary to obtain such consents (not to exceed 30 days in any event). At the
expiry of such period if any required consent has not been obtained then, the transfer shall not be completed unless: 
  

	(a)	the Seller shall elect to complete the sale by a written notice delivered to the Company and transferee on or before the expiry of such period and shall deliver to each of the
Company and to the Other Shareholder (including an Accepting Shareholder) a full indemnity reasonably acceptable to the Company and the Other Shareholder for any claim, loss or liability which the Company and such Other Shareholder may suffer or
incur in relation to the failure to obtain a required consent for the transfer of Shares; or 

  

	(b)	the Accepting Shareholder shall elect to complete the purchase by a written notice delivered to the Company and Seller not later than the next Business Day following the expiry of
such period and shall deliver to each of the Company, the Seller and any Other Shareholder, a full indemnity reasonably acceptable to the Company and the Seller for any claim, loss or liability which the Company, the Seller or such Shareholder may
suffer or incur as a result of the failure to obtain a required consent for the transfer of Shares; 

 Provided in each case no transfer shall
be effected if such transfer of Shares would result in a breach of any law by the transferee or the Company, a breach of the Subconcession, or a transferee who is not suitable with regard to applicable laws and regulations of Macau S.A.R. and the
terms of the Subconcession to hold an interest in the share capital of Melco PBL Gaming or result in any adverse circumstance occurring under law affecting the Company. 
  

	12.8	New Shareholders to be bound 

 A Shareholder who transfers Shares
under this clause 12 must ensure that, prior to completion of any transfer, the proposed transferee executes a deed poll in the form set out in Attachment D agreeing to be bound by this Deed as if named as a party and a Shareholder. 
  

	12.9	Refusal to register a transfer 

  

	(a)	Subject to any applicable laws, the Company must not register the transfer of any Shares if this clause 12 or clauses 13 or 18 (as the case may be) has not been complied with and
any purported Disposal in breach of this clause 12 or clauses 13 or 18 is void. 

					
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		  		  	pre-IPO (Macau)

  

	(b)	The Company shall register the transfer of any Shares made in compliance with the applicable provisions of clause 12, clauses 13 or 18 as the case may be and there shall be no
requirement for the Board to approve such transfer. 

  

	12.10	Disposal of class A shares of Melco PBL Gaming 

  

	(a)	PBLSub agrees that it shall not Dispose of its direct interest in PBL Asia Limited or its indirect interest in the class A shares of Melco PBL Gaming (“Melco PBL Gaming
Restricted Interest”) unless such Disposal is effected by an instrument of transfer to the Company or its Group Company or a transfer which has the prior written agreement of the Company or a transfer contemplated under the Financing
Arrangements or a transfer pursuant to the further provisions of this clause 12.10, subject to the approval of the Macau Government. 

  

	(b)	In the event that PBLSub effects a transfer of Shares (pursuant to clauses 12, 13 or 18) then, subject to applicable regulatory requirements and approvals (including Macau
Government approval), PBLSub shall, if required to do so by the other Shareholder cause a sale of all of its Melco PBL Gaming Restricted Interest to the Company in the same manner as a Notice of Sale pursuant to clause 12.3 as if the sale of the
Melco PBL Gaming Restricted Interest was a sale of Shares except the offer shall specify the sale price for all the Melco PBL Gaming Restricted Interest as the nominal price of HK$10 (ten Hong Kong Dollars) only unless otherwise agreed in writing by
the Shareholders. 

  

	(c)	The provisions of clauses 12.4, 12.5 and clauses 12.7, 12.8 and 12.9 shall apply to such sale as nearly as may be as if the sale of Melco PBL Gaming Restricted Interest was a sale
of Shares and with such modification as necessary to give effect to the intent of this clause. As used in this clause 12.l0, the term “Disposal” shall have the meaning set out in Attachment A, modified so that references in such definition
to “Shares” shall be read as references to “class A shares of Melco PBL Gaming”. 

  

	(d)	A transferring Shareholder shall not vote on resolutions of the Company and the transferring Shareholder’s appointed Directors shall not vote nor shall they be required to be
counted in the quorum on any matter for a decision of the Board concerning the exercise of the Company of its rights under this clause 12.10. 

					
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		  		  	pre-IPO (Macau)

  

	13.	EVENTS OF DEFAULT 

  

	13.1	Events of Default 

 It is an Event of Default if: 
  

	(a)	Material breach: 

  

	 	(i)	a party (other than the Company) breaches a material obligation under this Deed; 

  

	 	(ii)	a Shareholder (other than the Company) gives written notice of the breach to the party in default and to the Company; and 

  

	 	(iii)	the party (other than the Company) in default does not remedy the breach within 30 days of the date of the notice; 

  

	(b)	Insolvency event: an Insolvency Event occurs in relation to a party (other than the Company); 

  

	(c)	Disposal of Shares: there is a Disposal of Shares by a Shareholder in breach of the Memorandum and Articles or this Deed; 

  

	(d)	Permitted Transferee: a Permitted Transferee fails to comply with its obligations under clause 12.1(c); 

  

	(e)	Failure to pay Call: a Shareholder fails to pay a Call within 5 days of receiving an Overdue Call Notice pursuant to clause 7.1; 

  

	(f)	Failure to maintain suitability: a Shareholder shall fail to maintain its suitability pursuant to the laws and regulations of Macau to own an interest in the share capital of
Melco PBL Gaming; or 

  

	(g)	Change in control: unless prior approval is obtained from each of the parties (other than the Company) in writing to the proposed change: 

  

	 	(i)	in respect of MelcoSub or any MelcoSub Transferee to which MelcoSub has transferred Shares in accordance with clause 12.1(b), MelcoSub or the MelcoSub Transferee ceases to be a
direct or indirect Wholly-Owned Subsidiary of Melco unless all the Shares are transferred to a Wholly-Owned Subsidiary of Melco in accordance with clause 12.1(c); or 

					
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		  		  	pre-IPO (Macau)

  

	 	(ii)	in respect of PBLSub or any PBLSub Transferee to which PBLSub has transferred Shares in accordance with clause 12.1(b), PBLSub or the PBLSub Transferee ceases to be a direct or
indirect Wholly-Owned Subsidiary of PBL unless all the Shares are transferred to a Wholly-Owned Subsidiary of PBL in accordance with clause 12.1(c). 

  

	13.2	Process on Event of Default 

  

	(a)	If an Event of Default occurs, the Non-Defaulting Shareholder may give the Defaulting Shareholder a notice (Default Notice) within 30 days of becoming aware of the Event of
Default, requiring the appointment of the Independent Expert to determine the Fair Market Value of the Company in accordance with this clause 13. 

  

	(b)	A Default Notice must be given to the Defaulting Shareholder and the Company. 

  

	(c)	Within 5 Business Days after the Non-Defaulting Shareholder serves a Default Notice on the Defaulting Shareholder, the Shareholders must appoint an Independent Expert to determine
the Fair Market Value of the Company (on the basis of the principles set out in Attachment C). 

  

	(d)	If the Shareholders cannot agree on the identity of the Independent Expert within the time period referred to in clause 13.2(c) above, either Shareholder may request the President
of the Institute of Certified Public Accountants in Hong Kong to appoint the Independent Expert. 

  

	(e)	The Independent Expert will issue a certificate to both Shareholders specifying the Fair Market Value of the Company as soon as reasonably practicable but in any event within 30
days of its appointment (the Determination Date). 

  

	(f)	The parties must promptly provide all information and assistance reasonably requested by the Independent Expert. 

  

	(g)	The Fair Market Value per Share shall be the total aggregate amount of the Independent Expert’s valuation of the Company divided by the total aggregate number of Shares.

					
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		  		  	pre-IPO (Macau)

  

	(h)	Any valuation by the Independent Expert is conclusive and binding on the Shareholders in the absence of manifest error. The Independent Expert is appointed as an expert, not as an
arbitrator. Each Shareholder shall be entitled to make representations to the Independent Expert as to the appropriate Fair Market Value of the Company. 

  

	(i)	The costs of the Independent Expert shall be borne by the Defaulting Shareholder. 

  

	(j)	The Defaulting Shareholder appoints the Non-Defaulting Shareholder as its attorney in accordance with clause 21 on default by it of performance of any of its obligations under this
clause 13. 

  

	13.3	Put/Call Option 

 The Defaulting Shareholder grants to the
Non-Defaulting Shareholder on the Determination Date: 
  

	(i)	a non-tradeable call option (the Call Option) exercisable for 120 days after the Determination Date to purchase all (and not some) of the Defaulting Shareholder’s Shares
at a purchase price equal to 90% of the Fair Market Value of those Shares as of the Determination Date; and 

  

	(ii)	a non-tradeable put option (the Put Option) exercisable for 120 days after the Determination Date to sell all (and not some) of the Non-Defaulting Shareholder’s Shares
to the Defaulting Shareholder at a purchase price equal to 110% of the Fair Market Value of those Shares, as of the Determination Date. 

  

	13.4	Transfer of Shares 

  

	(a)	Within 30 days of the exercise of the Call Option or the Put Option (as the case may be) the transferring Shareholder (the Transferor) must sell to the transferee Shareholder
or its nominee (the Transferee) all of its Shares and the Transferee must purchase those Shares at the price determined under clause 13.2. 

  

	(b)	The Transferor will warrant in favour of the Transferee, such warranty to be set out in the relevant share transfer forms transferring the Shares, that the Transferor transfers to
the Transferee clear and unencumbered legal title to and beneficial ownership of the Shares being transferred (the Transfer Securities), free of any Security Interests or third party rights. 

					
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		  		  	pre-IPO (Macau)

  

	(c)	The purchase price payable for the Transfer Securities is payable in Immediately Available Funds on the closing of the purchase and sale, which must take place on the day which is
15 Business Days after the date of exercise of the Call Option or the Put Option (as the case may be). 

  

	(d)	At the closing of the purchase and sale, the Transferor must deliver to the Transferee: 

  

	 	(i)	the share certificates (or an appropriate indemnity in lieu of delivery of such share certificates) and executed share transfer forms for the Transfer Securities;

  

	 	(ii)	a written resignation from each Director of the Company appointed by the Transferor as the Transferor’s nominees on the board of directors of any Group Companies; and

  

	 	(iii)	a duly executed notice appointing the Transferee as the Transferor’s proxy in respect of the Transfer Securities until such time as those Shares are registered in the name of
the Transferee. 

  

	13.5	Consents 

 If any consents are required from any third party or
Government Agency in connection with the transfer of Shares under this clause 13 (not arising from the status or circumstances of the transferor), then each party must use its best endeavours to ensure that such consents are obtained in a timely
manner and any time periods for the purchase of Shares referred to in this clause 13 will be extended by such period as necessary to obtain such consents (not to exceed 30 days in any event). At the expiry of such period if any required consent has
not been obtained then the transfer shall not be completed unless the Non-Defaulting Shareholder shall elect to complete the sale or, as the case may be, the purchase, by a written notice delivered to the Company and the Defaulting Shareholder not
later than the next Business Day following the expiry of such period and shall deliver to each of the Company and the Defaulting Shareholder, a full indemnity reasonably satisfactory to the Company and Defaulting Shareholder for any claim, loss or
liability which the Company and the Defaulting Shareholder may suffer or incur as a result of the failure to obtain a required consent for the transfer of Shares Provided that no transfer shall be effected if such transfer of Shares would result in
a breach of any law by the transferee or the Company, a breach of the Subconcession or a transferee who is not suitable with regard to applicable laws and regulations of Macau S.A.R. and the terms of the Subconcession, to hold an interest in the
share capital of Melco PBL Gaming or result in any material adverse circumstance occurring under law affecting the Company. 

					
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		  		  	pre-IPO (Macau)

  

	13.6	Other remedies 

 If a Shareholder does not give a Default Notice, it
(and/or its Affiliates) may bring a claim for equitable or legal remedies as it deems appropriate. If a Shareholder does give a Default Notice and proceeds to purchase the Defaulting Shareholder’s Shares or sell its Shares to the Defaulting
Shareholder then that will be its (and its Affiliates) sole remedy for the relevant Event of Default but without prejudice to such Shareholder’s rights in respect of any other Event of Default (unless taken into account in the determination of
Fair Market Value). 
  

	13.7	Deed no longer applies 

 Once a party and its Permitted Transferees
is no longer a Shareholder, that party (and its parent company guarantor) have no further rights or obligations under this Deed except under: 
  

	(a)	clause 11 (Confidentiality); 

  

	(b)	clause 23.2 (Costs and expenses); and 

  

	(c)	a right of action or claim of or against that party which arose while the party was a Shareholder (or guarantor (as the case may be)). 

 For the avoidance of doubt, the terms of this clause 13.7 apply to this Deed as a whole and not only to clause 13. 
  

	14.	EXCLUSIVITY 

  

	14.1	Exclusivity 

 Subject to clauses 14.2 and 15 and the Memorandum of
Agreement, each of Melco and PBL must not (and must ensure that their respective Affiliates and Major Shareholders do not), during the term of this Deed, other than through the Group, directly or indirectly carry on an Exclusive Business in the
Territory or acquire or hold an Interest in any Person who carries on an Exclusive Business in the Territory. 

					
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		  		  	pre-IPO (Macau)

  

	14.2	Exceptions to Exclusivity 

 Notwithstanding clause 14.1, PBL and
Melco and their respective Affiliates and Major Shareholders may, separate and apart from the Group: 
  

	(a)	acquire and hold (in aggregate) up to 5% of the Voting Securities in any public company (which is engaged or involved in an Exclusive Business in the Territory) the shares of which
are quoted on a Stock Exchange; and 

  

	(b)	engage in any activity which would otherwise contravene clause 14.1 if it obtains the prior written consent of the other parties. 

  

	14.3	Injunctive Relief Period 

 The parties acknowledge that damages will
not be an adequate remedy for any breach of clause 14.1 and as such, the Company, MelcoSub, Melco, PBLSub or PBL respectively are entitled to obtain an injunction against the breaching party to restrain and prevent such breach. 
  

	14.4	Cure Period 

  

	(a)	Notwithstanding clause 14.3, a breach of clause 14.1 shall not be treated as an Event of Default by Melco, or, as the case may be, PBL, for the purposes of clause 13 PROVIDED that
the relevant matter is: 

  

	 	(i)	the acquisition (by purchase, merger or otherwise), of an Interest in a Person who is or whose Affiliates are, engaged or involved in an Exclusive Business in the Territory;

  

	 	(ii)	that the Exclusive Business in the Territory is not the main undertaking of that Person and its Affiliates; and 

  

	 	(iii)	the dominant purpose of the acquisition is not that of acquiring an Interest in an Exclusive Business, and the party in potential breach cures the breach within the time provided in
clause 14.4(b). 

  

	(b)	On notification of a breach or on becoming aware of a breach of clause 14.1 which is within clause 14.4(a), PBL or, as the case may be, Melco (and, if applicable, their respective
Affiliates or Major Shareholders) who has acquired an Interest in a Person carrying on an Exclusive Business in the Territory shall take steps to cure the breach by ceasing to hold an Interest in any Person carrying on an Exclusive Business in the
Territory (whether by disposing of that Interest or that Person ceasing to carry on the Exclusive Business in the Territory) within 6 months of the date of notification or becoming aware of the breach. 

					
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		  		  	pre-IPO (Macau)

  

	(c)	A party shall not be entitled to make a demand under clause 16 or, as the case may be, clause 17, in respect of a breach of clause 14.1 which is within clause 14.4(a) or claim a
Dispute under clause 19 in respect of such matter unless PBL or Melco, as the case may be (and, if relevant, their respective Affiliates and/or Major Shareholders) shall fail to cure the breach of clause 14.1 in the manner and timeframe specified in
clause 14.4(b) above. 

  

	15.	JOINT VENTURES IN THE TERRITORY 

  

	15.1	Melco PBL Gaming 

 The parties agree that any Gaming Venture
established in Macau S.A.R. shall be carried on by or through Melco PBL Gaming pursuant to the terms of the Subconcession. 
  

	16.	MELCO GUARANTEE, INDEMNITY AND UNDERTAKING 

  

	16.1	Guarantee 

  

	(a)	Melco unconditionally and irrevocably guarantees to PBLSub the performance of MelcoSub’s obligations under this Deed. 

  

	(b)	If MelcoSub fails to perform or observe its obligations under this Deed in full and on time, Melco must immediately on demand from PBLSub perform such obligation (or procure the
performance or observance by MelcoSub of its obligations) so that the same benefit shall be received by or conferred on PBLSub as it would have received or enjoyed if such obligations had been duly performed or observed by MelcoSub under this Deed.

  

	16.2	Indemnity 

 Melco hereby indemnifies PBLSub against any claim, loss,
liability, cost or expense which PBLSub suffers or incurs in relation to the failure of Melco or MelcoSub to perform an obligation under this Deed or the failure of Melco to cause MelcoSub to perform an obligation under this Deed. 

					
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		  		  	pre-IPO (Macau)

  

	16.3	Extent of guarantee and indemnity 

 This clause 16 applies and the
obligations of Melco under clause 16 shall remain in full force and effect so long as Melco and MelcoSub have obligations to PBLSub or PBL and notwithstanding any act, omission, neglect or default of PBLSub or PBL or other person or any other event
or matter whatsoever and, without limitation on the foregoing, shall not be impaired, discharged or effected by: 
  

	(a)	the extent of MelcoSub’s other obligations under this Deed; 

  

	(b)	an amendment of this Deed in accordance with the terms hereof or waiver or departure from these terms; 

  

	(c)	an Insolvency Event affecting any person or the death of any person; 

  

	(d)	a change in the constitution, membership, or partnership of any person; 

  

	(e)	anything which would have discharged MelcoSub (wholly or partly) or which would have afforded MelcoSub any legal or equitable defence; 

  

	(f)	any release of or granting of time or any other indulgence to MelcoSub; or 

  

	(g)	the occurrence of any other thing which might otherwise release, discharge render void or unenforceable or otherwise affect the obligations commitments and undertaking of Melco
under this Deed. 

  

	16.4	Principal and independent obligation 

  

	(a)	The guarantee under this clause 16 is: 

  

	 	(i)	a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation; and 

  

	 	(ii)	independent of and not in substitution for or affected by any other Security Interest or guarantee or other document or agreement which PBLSub may hold concerning any obligation of
MelcoSub. 

  

	(b)	PBLSub may enforce this clause 16 against Melco: 

  

	 	(i)	without first having to resort to any other guarantee or Security Interest or other agreement; and 

  

	 	(ii)	whether or not it has first given notice, made a demand or taken steps against MelcoSub or any other person. 

					
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		  		  	pre-IPO (Macau)

  

	16.5	No competition 

  

	(a)	Subject to clause 16.5(b), Melco must not, either directly or indirectly, prove in, claim or receive the benefit of a distribution, dividend or payment from an Insolvency Event
affecting MelcoSub until the obligations of MelcoSub under this Deed to PBLSub and PBL have been fully performed or satisfied and the guarantee has been finally discharged. 

  

	(b)	If required by PBLSub, Melco must prove in a liquidation of MelcoSub or otherwise participate in another Insolvency Event of MelcoSub for amounts owed to Melco.

  

	(c)	Melco must hold in trust for PBLSub, amounts recovered by Melco from an Insolvency Event or under a Security Interest from MelcoSub to the extent of the unsatisfied liability of
Melco under this clause 16. 

  

	16.6	Continuing guarantee and indemnity 

 The guarantee under this clause
16 is a continuing obligation of Melco, despite a settlement of account or the occurrence of any other thing, and remains fully effective until: 
  

	(a)	the obligations of MelcoSub under this Deed have been performed; and 

  

	(b)	the guarantee in clause 16 has been finally discharged by PBLSub. 

  

	17.	PBL GUARANTEE, INDEMNITY AND UNDERTAKING 

  

	17.1	Guarantee 

  

	(a)	PBL unconditionally and irrevocably guarantees to MelcoSub the performance of PBLSub’s obligations under this Deed. 

					
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		  		  	pre-IPO (Macau)

  

	(b)	If PBLSub fails to perform or observe its obligations under this Deed in full and on time, PBL must immediately on demand from MelcoSub perform such obligation (or procure the
performance or observance by PBLSub of its obligations) so that the same benefit shall be received by or conferred on MelcoSub as it would have received or enjoyed if such obligations had been duly performed or observed by PBLSub under this Deed.

  

	17.2	Indemnity 

 PBL hereby indemnifies MelcoSub against any claim, loss,
liability, cost or expense which MelcoSub suffers or incurs in relation to the failure of PBL or PBLSub to perform an obligation under this Deed or the failure of PBL to cause PBLSub to perform an obligation under this Deed. 
  

	17.3	Extent of guarantee and indemnity 

 This clause 17 applies and the
obligations of PBL under clause 17 shall remain in full force and effect so long as PBL and PBLSub have obligations to Melco or MelcoSub and notwithstanding any act, omission, neglect or default of Melco or MelcoSub or other person or any other
event or matter whatsoever and, without limitation on the foregoing, shall not be impaired discharged or effected by: 
  

	(a)	the extent of PBLSub’s other obligations under this Deed; 

  

	(b)	an amendment of this Deed in accordance with the terms hereof or waiver or departure from those terms; 

  

	(c)	an Insolvency Event affecting any person or the death of any person; 

  

	(d)	a change in the constitution, membership, or partnership of any person; 

  

	(e)	anything which would have discharged PBLSub (wholly or partly) or which would have afforded PBLSub any legal or equitable defence; 

  

	(f)	any release of or granting of time or any other indulgence to PBLSub; or 

  

	(g)	the occurrence of any other thing which might otherwise release, discharge render void or unenforceable or otherwise affect the obligations commitments and undertaking of PBL under
this Deed. 

					
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		  		  	pre-IPO (Macau)

  

	17.4	Principal and independent obligation 

  

	(a)	The guarantee under this clause 17 is: 

  

	 	(i)	a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation; and 

  

	 	(ii)	independent of and not in substitution for or affected by any other Security Interest or guarantee or other document or deed which MelcoSub may hold concerning any obligation of
PBLSub. 

  

	(b)	MelcoSub may enforce this clause 17 against PBL: 

  

	 	(i)	without first having to resort to any other guarantee or Security Interest or other deed; and 

  

	 	(ii)	whether or not it has first given notice, made a demand or taken steps against PBLSub or any other person. 

  

	17.5	No competition 

  

	(a)	Subject to clause 17.5(b), PBL must not, either directly or indirectly, prove in, claim or receive the benefit of a distribution, dividend or payment from an Insolvency Event
affecting PBLSub until the obligations of PBLSub under this Deed to Melco and MelcoSub have been fully performed or satisfied and the guarantee has been finally discharged. 

  

	(b)	If required by MelcoSub, PBL must prove in a liquidation of PBLSub or otherwise participate in another Insolvency Event of PBLSub for amounts owed to PBL. 

 

	(c)	PBL must hold in trust for MelcoSub, amounts recovered by PBL from an Insolvency Event or under a Security Interest from PBLSub to the extent of the unsatisfied liability of PBL
under this clause 17. 

					
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		  		  	pre-IPO (Macau)

  

	17.6	Continuing guarantee and indemnity 

 The guarantee under this clause
17 is a continuing obligation of PBL, despite a settlement of account or the occurrence of any other thing, and remains fully effective until: 
  

	(a)	the obligations of PBLSub under this Deed have been performed; and 

  

	(b)	the guarantee in this clause 17 has been finally discharged by MelcoSub. 

  

	18.	NOTICE FROM A REGULATORY AUTHORITY 

  

	18.1	Notice to a PBL Group Company from a Regulatory Authority 

 In the
event that: 
  

	(a)	a Regulatory Authority directs PBL, PBLSub or any other PBL Group Company in writing to terminate any Definitive Document or otherwise end its relationship with:

  

	 	(i)	any Melco Group Company or Affiliates or Related Parties of a Melco Group Company; or 

  

	 	(ii)	any Group Company; or 

  

	 	(iii)	any person that has a (direct or indirect) contractual or other relationship (including, for the avoidance of doubt, any shareholding relationship or directorship) with any Melco
Group Company or Group Company; or 

  

	(b)	a Regulatory Authority makes any decision, which is communicated to PBL, PBLSub or any other PBL Group Company, which would have, or which (in the reasonable opinion of PBL) would
be likely to have, a material adverse effect on any of the rights or benefits of PBL, PBLSub or any other PBL Group Company either under any of the Definitive Documents or in respect of any other business carried on by PBL in respect of which the
Regulatory Authority has or purports to have authority, 

 (both, a PBL Regulatory Notice) 
 then, notwithstanding clause 12.2, PBLSub may serve a Notice of Sale on the Other Shareholder. The Notice of Sale shall be in respect of all but not some only of its
Shares unless the relevant Regulatory Authority requires a disposal of some only of its Shares to satisfy the Regulatory Authority or, as the case may be, to avoid a possible material adverse effect, directly or indirectly, from the PBL Regulatory
Notice. Where the Regulatory Authority requires the sale of some only of the Shares, PBLSub may, at its discretion, serve a Notice of Sale in respect of all of its Shares or some only of its Shares in accordance with the requirements of the
Regulatory Authority. Clause 12 shall apply to a Notice of Sale permitted under this clause 18.1 and the sale by PBLSub of its Shares in the Company, and clause 12.2, clause 12.5(b) and clause 12.6 shall not apply to such sale. 

					
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	18.2	Notice to a Melco Group Company from a Regulatory Authority 

 In the
event that: 
  

	(a)	a Regulatory Authority directs Melco, MelcoSub or any other Melco Group Company in writing to terminate any Definitive Document or otherwise end its relationship with:

  

	 	(i)	any PBL Group Company or Affiliates or Related Parties of a PBL Group Company; or 

  

	 	(ii)	any other Group Company; or 

  

	 	(iii)	any person that has a (direct or indirect) contractual or other relationship (including, for the avoidance of doubt, any shareholding relationship or directorship) with any PBL
Group Company or Group Company; or 

  

	(b)	a Regulatory Authority makes any decision, which is communicated to Melco, MelcoSub or any other Melco Group Company, which would have, or which (in the reasonable opinion of Melco)
would be likely to have, a material adverse effect on any of the rights or benefits of Melco, MelcoSub or any other Melco Group Company either under any of the Definitive Documents or in respect of any other business carried on by Melco in respect
of which the Regulatory Authority has or purports to have authority, 

 (both, a Melco Regulatory Notice) 
 then, notwithstanding clause 12.2, MelcoSub may serve a Notice of Sale on the Other Shareholder. The Notice of Sale shall be in respect of all but not some only of
MelcoSub’s Shares unless the relevant Regulatory Authority requires a disposal of some only of its Shares to satisfy the Regulatory Authority or, as the case may be, to avoid a possible material adverse effect, directly or indirectly, from the
Melco Regulatory Notice. Where the Regulatory Authority requires the sale of some only of the Shares, MelcoSub may, at its discretion, serve a Notice of Sale in respect of all of its Shares, or some only of its Shares in accordance with the
requirements of the Regulatory Authority. Clause 12 shall apply to a Notice of Sale permitted under this clause 18.2 and the sale by MelcoSub of its Shares in the Company except for clause 12.2 and clause 12.5(b) which shall not apply to such sale.

					
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	18.3	Appointment as Attorney 

 MelcoSub and PBLSub respectively
irrevocably appoint the other as its attorney in accordance with the provision of clause 21 on default by it of the performance of any of its obligations under this clause 18 and such appointment shall be deemed secured by a proprietary interest.

  

	18.4	Adverse Regulatory Finding 

 Each party agrees that to the extent
that any director or executive of such party or, as relevant, any director or executive of a Melco Group Company or of a PBL Group Company or a shareholder of such a party or such company, is subject to an adverse finding of a Regulatory Authority
then the relevant party will use their best endeavours to cause the removal of such director or executive from their position or, as the case may be, to cause the disposal by such shareholder of its interests in such party or company. 
  

	19.	DISPUTE RESOLUTION 

  

	(a)	A party must not commence court proceedings about any Dispute unless it first complies with this clause 19. 

  

	(b)	A party claiming that a Dispute has arisen must notify each other party giving details of the Dispute. 

  

	(c)	Each party to the Dispute must seek to resolve the Dispute within 5 Business Days of receiving notice of the Dispute or a longer period agreed by the parties to the Dispute.

					
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	(d)	If the parties do not resolve the Dispute under and within the time period referred to in clause 19(c), the chief executive officer of each Shareholder (or a person occupying a
similar senior position if such an office is not in existence at the time) must seek to resolve the Dispute for a period of up to 15 Business Days after the end of the period referred to in clause 19(c). 

  

	(e)	Nothing in this clause 19 will prejudice the right of a party to seek urgent injunctive or declaratory relief in respect of a Dispute. 

  

	20.	RELATIONSHIP BETWEEN PARTIES 

 This Deed does not create a
relationship of employment, agency or partnership between the parties. 
  

	21.	POWERS OF ATTORNEY 

 Each appointment of an attorney by a
Shareholder (the Appointer) under clauses 12.4(f), 13.2(j) or 18.3 is made on the following terms: 
  

	(a)	the Appointer irrevocably appoints the other Shareholder (the Donee) as its attorney to complete and execute (under hand or under seal) such instruments for and on its behalf
necessary to give effect to any of the transactions contemplated by clauses 12, 13 or 18 (as necessary), such appointment being given to secure a proprietary interest of the Donee; 

  

	(b)	the Appointer agrees to ratify and confirm whatever the Donee lawfully does, or causes to be done, under the appointment; 

  

	(c)	the Appointer agrees to indemnify the Donee against all claims, demands, costs, charges, expenses, outgoings, losses and liabilities arising in any way in connection with the lawful
exercise of all or any of the Donee’s powers and authorities under that appointment; and 

  

	(d)	the Appointer agrees to deliver to the Company on demand any power of attorney, instrument of transfer or other instruments as the Company may require for the purposes of any of the
transactions contemplated by clauses 12, 13 or 18. 

					
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	22.	WARRANTIES 

 Each party severally warrants to the other parties
that: 
  

	(a)	Authority: it has taken all necessary action to authorise the signing, delivery and performance of this Deed and the documents required under this Deed in accordance with
their respective terms; 

  

	(b)	Power to enter into this Deed: it has power to enter into this Deed and perform its obligations under it and can do so without the consent of any other person;

  

	(c)	No breach: the signing and delivery of this Deed and the performance by it of its obligations under it complies with: 

  

	 	(i)	each applicable law and authorisation; 

  

	 	(ii)	its constitution or constituent documents, as applicable; and 

  

	 	(iii)	each Security Interest binding on it; 

  

	(d)	binding: this Deed constitutes a legal, valid and binding obligation of it enforceable in accordance with its terms by appropriate legal remedy; and 

 

	(e)	no actions: there are no actions, claims, proceedings or investigations pending or to the best of its knowledge threatened against it or by it which may have a material
adverse effect on its ability to perform its obligations under this Deed. 

  

	23.	TAX, COSTS AND EXPENSES 

  

	23.1	Tax 

 The Company must pay any stamp duty which arises from the
execution of this Deed and each agreement or document entered into or signed under this Deed. 
  

	23.2	Costs and expenses 

 Each party must pay its own costs and expenses
of negotiating, preparing, signing, delivering, stamping and registering this Deed and any other agreement or document entered into or signed under this Deed. 

					
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	23.3	Costs of performance 

 A party must bear the costs and expenses of
performing its obligations under this Deed, unless otherwise provided in this Deed. 
  

	24.	GENERAL 

  

	24.1	Notices 

  

	(a)	Any notice or other communication given under this Deed including, but not limited to, a request, demand, consent or approval, to or by a party to this Deed:

  

	 	(i)	must be in legible writing and in English; 

  

	 	(ii)	must be addressed to the addressee at the address or facsimile number set out below or to any other address or facsimile number a party notifies the other under this clause 24:

  

	 	A.	if to Melco 

  

			
	Address:	  	38th Floor, The Centrium, 60 Wyndham Street, Hong
Kong
		
	Attention:	  	Managing Director
		
	Facsimile:	  	+852 3162 3579

 with a copy to the Company Secretary at the same address. 
  

	 	B.	if to MelcoSub 

  

			
	Address:	  	38th Floor, The Centrium, 60 Wyndham Street, Hong
Kong
		
	Attention:	  	Managing Director/Company Secretary
		
	Facsimile:	  	+852 3162 3579

 with a copy to Melco at the address set out for it in this clause. 

					
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	 	C.	if to the Company 

  

			
	Address:	  	Walker House, Mary Street, PO Box 908GT, George Town
		  	Grand Cayman
		
		  	CAYMAN ISLANDS
		
	Attention:	  	The Directors
		
	Facsimile:	  	+345 945 4757

 with a copy to each of Melco and PBL at the addresses set out for them in this clause. 

 

	 	D.	if to PBLSub: 

  

			
	Address:	  	Walker House, Mary Street, PO Box 908GT, George Town
		  	Grand Cayman
		  	CAYMAN ISLANDS
		
	Attention:	  	The Directors
		
	Facsimile:	  	+345 945 4757

 with a copy to PBL at the address set out for it in this clause. 
  

	 	E.	if to PBL: 

  

			
	Address:	  	Level 2, 54 Park Street, Sydney NSW 2000
		
	Attention:	  	Company Secretary
		
	Facsimile:	  	+61 2 9282 8828

  

	 	(iii)	must be signed by an authorised signatory or under the common seal of a sender which is a body corporate; and 

					
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	 	(iv)	is deemed to be received by the addressee in accordance with clause 24.1(b). 

  

	(b)	Without limiting any other means by which a party may be able to prove that a notice has been received by another party, a notice is deemed to be received. 

 

	 	(i)	if sent by hand, when delivered to the addressee; 

  

	 	(ii)	if by post, 5 Business Days from and including the date of postage; or 

  

	 	(iii)	if by facsimile transmission, on receipt by the sender of an acknowledgment or transmission report generated by the machine from which the facsimile was sent confirming that the
facsimile has been successfully transmitted, 

 but if the delivery or receipt is on a day which is not a Business Day or is
after 4.00pm (addressee’s time) it is regarded as received at 9.00 am on the following Business Day. 
  

	(c)	A facsimile transmission is regarded as legible unless the addressee telephones the sender within 2 hours after transmission is received or regarded as received under clause
24.1(b)(iii) and informs the sender that it is not legible. 

  

	(d)	In this clause a reference to an addressee includes a reference to an addressee’s Officers, agents or employees or a person reasonably believed by the sender to be an Officer,
agent or employee of the addressee. 

  

	24.2	Governing law  

 The laws of Hong Kong govern this Deed. 

 
  

	24.3	Jurisdiction 

 Each party irrevocably and unconditionally:

  

	(a)	submits to the exclusive jurisdiction of the courts of, or exercising jurisdiction in, Hong Kong; and 

  

	(b)	waives any: 

  

	 	(i)	claim or objection based on absence of jurisdiction or inconvenient forum in respect of the jurisdiction of the Hong Kong courts; and 

					
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	 	(ii)	immunity in relation to this Deed in any jurisdiction for any reason. 

 PBL and PBLSub hereby appoint Lovells of 23/F Cheung Kong Center, 2 Queen’s Road, Central, Hong Kong (Attn: Tim Fletcher, Partner Fax number +852 2219 0222) as their agent for service of process in Hong Kong. 
 The Company hereby appoints Melco as its agent for service of process in Hong Kong (at the address set out in clause 24.1). 
 MelcoSub hereby appoints Melco as its agent for service of process in Hong Kong (at the address set out in clause 24.1). 
  

	24.4	Invalidity 

  

	(a)	If a provision of this Deed, or a right or remedy of a party under this Deed is invalid or unenforceable in a particular jurisdiction: 

  

	 	(i)	it is to be read down or severed in that jurisdiction only to the extent of the invalidity or unenforceability; and 

  

	 	(ii)	the validity or enforceability of that provision in another jurisdiction or the remaining provisions in any jurisdiction shall not be affected. 

  

	(b)	This clause 24.4 is not limited by any other provision of this Deed in relation to severability, invalidity or unenforceability. 

  

	24.5	Amendments and Waivers 

  

	(a)	This Deed may be amended only by a written document signed by the parties provided that there is no obligation to seek a party’s agreement to an amendment when that party is no
longer a Shareholder. 

  

	(b)	A waiver of a provision of this Deed or a right or remedy arising under this Deed, including this clause 24.5, must be in writing and signed by the party granting the waiver.

					
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	(c)	A single or partial exercise of a right does not preclude a further exercise of that right or the exercise of another right. 

  

	(d)	Failure by a party to exercise a right or delay in exercising that right does not prevent its exercise or operate as a waiver. 

  

	(e)	A waiver is only effective in the specific instance and for the specific purpose for which it is given. 

  

	24.6	Cumulative rights 

 The rights and remedies of a party under this
Deed do not exclude any other right or remedy provided by law. 
  

	24.7	Payments 

 A payment which is required to be made under this Deed
must be in cash or by bank cheque or in other immediately available funds and in US dollars. 
  

	24.8	Further assurances 

 Each party must do all lawful things within its
power that are necessary to give full effect to this Deed and the transactions contemplated by this Deed. 
  

	24.9	Entire agreement 

 This Deed supersedes all previous agreements
about its subject matter and embodies the entire agreement between the parties, including, for the avoidance of doubt, the original shareholders deed dated 8 March 2005 between the parties which is cancelled and superseded by this Deed as at
the date hereof, the Memorandum of Agreement and the Supplemental Deed. 
  

	24.10	Third party rights 

 Only the parties to this Deed have or are
intended to have a right or remedy under this Deed or obtain a benefit under it. 
  

	24.11	Legal Advice 

 Each party acknowledges that it has received legal
advice about this Deed or has had the opportunity of receiving legal advice about this Deed. 

					
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	24.12	No Assignment 

 A party may not assign this Deed or otherwise
transfer the benefit of this Deed or a right or remedy under it, without the prior written consent of the other parties. 
  

	24.13	Conflict with Memorandum and Articles of Association 

  

	(a)	As between the Shareholders and parties other than the Company, this Deed prevails if there is any inconsistency between this Deed and the Memorandum and Articles.

  

	(b)	The Shareholders must take all necessary steps to amend a provision of the Memorandum and Articles which is inconsistent with this Deed if another party requests it to do so in
writing. 

  

	24.14	Counterparts 

 This Deed may be executed in any number of
counterparts, all of which constitute one deed. 
  

	24.15	Effective Date 

 This Deed shall be deemed to take effect on
18 October 2006. 

					
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	SIGNED AS A DEED	 		 	
	by MELCO LEISURE AND 	 		 	
	 ENTERTAINMENT GROUP LIMITED
 by:
	 		 	
			
	 /s/
	 		 	 /s/

	Signature of Director	 		 	Signature of Director/Secretary
			
	 Ho, Lawrence Yau Lung
	 		 	 Tsui Che Yin, Frank

	Name of Director (print)	 		 	Name of Director/Secretary (print)
			
	 SEALED with the Common Seal of
 MELCO
INTERNATIONAL
 DEVELOPMENT LIMITED and
 SIGNED
by:
	 		 	
			
		 		 	[Company Seal]
			
	 /s/
	 		 	 /s/

	Signature of Director	 		 	Signature of Director/Secretary
			
	 Ho, Lawrence Yau Lung
	 		 	 Tsui Che Yin, Frank

	Name of Director (print)	 		 	Name of Director/Secretary (print)

					
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	SIGNED AS A DEED	 		 	
	 by PBL ASIA INVESTMENTS
 LIMITED
by:
	 		 	
			
	 /s/
	 		 	 /s/

	Signature of Director	 		 	Signature of Director
			
	 Geoff Kleemann
	 		 	 Anthony Klok

	Name of Director (print)	 		 	Name of Director (print)
			
	SIGNED AS A DEED	 		 	
	 PUBLISHING AND BROADCASTING
 LIMITED
by:
	 		 	
			
	 /s/
	 		 	 /s/

	Signature of Director	 		 	Signature of Company Secretary
			
	 John Alexander
	 		 	 Guy Jalland

	Name of Director (print)	 		 	Name of Company Secretary (print)
			
	 SIGNED AS A DEED
 by MELCO PBL
ENTERTAINMENT
 (MACAU) LIMITED by:
	 		 	
			
	 /s/
	 		 	 /s/

	Signature of Attorney	 		 	Signature of Witness
			
	 Ho, Lawrence Yau Lung
	 		 	 Kwok Ching Kau

	Name of Attorney (print)	 		 	Name of Witness (print)

					
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 ATTACHMENT A 
 DICTIONARY 
 Part 1 – Definitions 
 In this Deed: 
 Acceptance Period means the period of 15 Business Days
after receipt of a Notice of Sale. 
 Accepting Shareholder means a Shareholder who has offered to acquire any Sale Shares under clause 12.4(a).

 Accounting Standards means generally accepted and consistently applied principles and practices in Hong Kong (or, in the case of a foreign company,
in the jurisdiction of the foreign company). 
 Affiliate means: 
  

	(a)	in respect of MelcoSub, Melco and any Person which is directly or indirectly Controlled by Melco; 

  

	(b)	in respect of PBLSub, PBL and any Person which is directly or indirectly Controlled by PBL; and 

  

	(c)	in respect of any other Person, any further Person which is directly or indirectly Controlled by such Person. 

 Appointer has the meaning set out in clause 21. 
 Auditor
means the auditor of the Company from time to time. 
 Board means the Board of Directors of the Company from time to time. 
 Budget means, in respect of the Group, the budget for carrying on the business of the Company and Group Companies during a Financial Year. 
 Business Day means a day on which banks are open for business in Hong Kong, excluding a Saturday, Sunday or public holiday. 
 Business Plan means, in respect of the Group, a detailed business plan for carrying on the business of the Company and Group Companies during a Financial Year.

					
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 Call has the meaning set out in clause 7.1. 
 Call Option has the meaning set out in clause 13.3. 
 Chairperson means the chairperson of the Board from time
to time appointed under clause 3.4. 
 Chief Executive Officer means the chief executive officer of the Company from time to time. 
 Chief Financial Officer means the chief financial officer of the Company from time to time. 
 Class A Shares means the Class A ordinary shares of US$0.01 each in the capital of the Company which have the specific rights set out in the Memorandum and Articles. 
 Class B Shares means the Class B ordinary shares of US$0.01 each in the capital of the Company which have the specific rights set out in the Memorandum and
Articles. 
 Company Bank Account means a bank account established and operated by the Company. 
 Confidential Information means any information arising out of or in relation to the provisions of this Deed, the Subscription Agreement or information about the
business of the Company or the Group, or about the Company or a Group Company or a party to this Deed in connection with this Deed, but excluding any information which is in the public domain otherwise than as a result of the wrongful disclosure by
any party. 
 Control (including the terms controlled by and under common control with) means, in relation to any Person, the ability of
any other Person or group of Persons, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether through the ownership of more than 50% of the outstanding Voting Securities of such Person, as
trustee or executor, by contract or credit arrangement or otherwise. 
 Cost means all monies (including, but not limited to all capital (loan plus
equity)) contributed by a Shareholder or its Affiliates or Major Shareholders to a Proposed Business from the date of commencement of its involvement or participation in such Proposed Business, as confirmed by independent audit. 
 CPH means Consolidated Press Holdings Limited of Level 3, 54 Park Street, Sydney, NSW 2000. 

					
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 Crown Macau Hotel means Melco PBL Hotel (Crown Macau) Limited. 
 Crown Macau Hotel/Casino Business means the business of building, owning and operating a five star hotel in Macau to be carried on by Great Wonders and Crown
Macau Hotel with a casino and an electronic gaming lounge to be named “Crown Macau” to be operated by Melco PBL Gaming. 
 Deed means, this
shareholders deed as restated and amended entered into between the parties as of
                                         2006.

 Default Notice has the meaning set out in clause 13.2. 
 Defaulting Shareholder means a Shareholder who is in default under clause 13.1 or, if the party in default is PBL, then PBLSub and if the party is default is Melco, then MelcoSub. 
 Definitive Document means: 
  

	(a)	this Deed; 

  

	(b)	the Subscription Agreement; and 

  

	(c)	any other agreement between a PBL Group Company and Melco or any of its Affiliates or any Group Company. 

 Determination Date has the meaning set out in clause 13.2(e). 
 Director means a director of the Company from
time to time. 
 Dispose means to sell, transfer, assign, declare oneself a trustee of or part with the benefit of or otherwise dispose of any Share
(or any beneficial or other interest in it or any part of it) including, without limitation, to enter into a transaction in relation to the Share (or any interest in the Share) which results in a person other than the registered holder of the Share:

  

	(a)	acquiring or having any equitable or beneficial interest in the Share, including, without limitation, an equitable interest arising under a declaration of trust, an agreement for
sale and purchase or an option agreement or an agreement creating a charge or other Security Interest over the Share; or 

					
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	(b)	acquiring or having any right to receive directly or indirectly any dividends or other distribution or proceeds of disposal payable in respect of the Share or any right to receive
an amount calculated by reference to any of them; or 

  

	(c)	acquiring or having any rights of pre-emption, first refusal or other direct or indirect control over the disposal of the Share; or 

  

	(d)	acquiring or having any rights of direct or indirect control over the exercise of any voting rights or rights to appoint Directors attaching to the Share; or

  

	(e)	otherwise acquiring or having legal or equitable rights against the registered holder of the Share (or against a person who directly or indirectly controls the affairs of the
registered holder of the Shares) which have the effect of placing the other person in substantially the same position as if the person had acquired a legal or equitable interest in the Share itself; 

 but excludes a transfer permitted by this Deed and excludes the creation of a Security Interest and “Disposal” shall be construed accordingly.

 Dispute means any dispute: 
  

	(a)	concerning the interpretation of this Deed or the performance, observance exercise or enjoyment of rights and benefits and obligations arising out of this Deed; or

  

	(b)	concerning any matter requiring unanimous affirmative approval of the Shareholders. 

 Dollars, US$ means the lawful currency of the United States of America. 
 Donee has the meaning set out in
clause 21. 
 Event of Default has the meaning set out in clause 13.1. 
 Exclusive Business means a business of owning, operating or managing: 
  

	(a)	a casino; or 

  

	(b)	a gaming slots business; or 

  

	(c)	a hotel with a casino. 

					
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 Fair Market Value means the value determined for the purposes of clause 13. 
 Financial Year means: 
  

	(a)	the period from 8 March 2005 to 31 December 2005 (the Initial Financial Year); and 

  

	(b)	the period consisting of each 12 month period during which the Company subsists following the Initial Financial Year. 

 Financing Arrangements means the documentation for the financing of the Gaming Venture “City of Dreams” and other Gaming Ventures of the Group.

 Gaming Ventures has the meaning set out in Recital B. 
 Government Agency means a government or governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity whether foreign, federal, state, territorial or local.

 Grantee has the meaning set out in clause 15.4(b). 
 Grantor has the meaning set out in clause 15.4(b). 
 Greater China region means The People’s Republic of China, Hong Kong
S.A.R., Macau S.A.R. and Taiwan. 
 Great Wonders means Great Wonders, Investments, Limited (a company incorporated in Macau) of Hotel Lisboa Old
Wing, Avenida de Lisboa, Macau. 
 Group means each of the Group Companies and any other company which is a Subsidiary of any of the Group Companies.

 Group Company means the Company and any Subsidiary of the Company from time to time. The Group Companies at the date of this Deed which are
operating companies are: 
  

	(a)	Melco PBL Holdings Limited; 

  

	(b)	Melco PBL International; 

  

	(c)	Melco PBL Entertainment; 

  

	(d)	Great Wonders; 

					
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	(e)	Mocha Cafe; 

  

	(f)	Melco Hotels; 

  

	(g)	Always Prosper Investments Limited; 

  

	(h)	Melco PBL (Macau Peninsula) Limited; 

  

	(i)	Melco PBL Investments Limited; 

  

	(j)	Melco PBL Hotel (Crown Macau) Limited; 

  

	(k)	Melco PBL Gaming; 

  

	(l)	Mocha Slot Management; 

  

	(m)	Mocha Slot Group; and 

  

	(n)	further companies incorporated from time to time as Subsidiaries of Melco PBL Entertainment (Macau) Limited at the direction of the Board for the purposes of the joint venture.

 Hong Kong S.A.R. means the Hong Kong Special Administrative Region of The People’s Republic of China. 
 Immediately Available Funds means cash, bank cheque of a bank licensed in Hong Kong or electronic transfer. 
 Independent Expert means an independent accounting firm of international standing. 
 Insolvency Event means, in respect of any company, that such company has been dissolved, is unable to meet its debts as they fall due, has become insolvent or gone into liquidation (unless such liquidation is
for the purposes of a solvent reconstruction or amalgamation), entered into administration, administrative receivership, receivership, a voluntary arrangement, a scheme of arrangement with creditors (other than a scheme of arrangement in respect of
any company that is able to meet its debts as and when they fall due and is not otherwise insolvent), any analogous or similar procedure in any jurisdiction other than Hong Kong or any form of procedure relating to insolvency or dissolution in any
jurisdiction, but does not include a voluntary restructure in circumstances where the relevant company is able to meet its debts as and when they fall due and is not otherwise insolvent. 

					
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 Interest means an interest including any equity interest or synthetic equity interest. 
 Investment Plan means the investment plan set out in the Annex to the Subconcession. 
 Listing Rules means the listing rules of a Stock Exchange. 
 Macau Gaming Business means the Mocha Business,
the Crown Macau Hotel / Casino Business and the business of Melco Hotels and such other gaming business carried on by the Group in Macau S.A.R.. 
 Macau
S.A.R. means the Macau Special Administrative Region of The People’s Republic of China. 
 Major Shareholders means: 
  

	(a)	in the case of PBL, James Packer, CPH and any Person James Packer and/or CPH Controls; and 

  

	(b)	in the case of Melco, Lawrence Yau Lung Ho and any Person he Controls. 

 Managing Director means the individual for the time being appointed with the approval of the Macau Government as managing director and holding, by way of qualification 10% of the issued shares of Melco PBL Gaming. 
 Maximum Capital Contribution Amount means the maximum amount required to be contributed by each Shareholder in any Financial Year as agreed in a Budget or
Business Plan (as amended in accordance with this Deed) (being the amount equal to their Proportionate Share of the cost required to fund the Business Plan or Budget for the relevant Financial Year). 
 Melco PBL Entertainment means Melco PBL Entertainment (Greater China) Limited a company incorporated in the Cayman Islands of Walker House, Mary Street, PO Box
908GT, George Town, Grand Cayman, Cayman Islands. 
 Melco Group Company means Melco and any entity Controlled by Melco. 
 Melco Hotels means Melco Hotels and Resorts (Macau) Limited (a company incorporated in Macau) of Avenida Xian Xing Hai, Edificio Zhu Kuan, 19° andar, I-J em
Macau. 

					
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		  		  	pre-IPO (Macau)

  

 Melco PBL Gaming, means “Melco PBL Gaming (Macau), Limited” in English, a company incorporated under the
laws of Macau to enter into the Subconcession as referred to in Recital D. 
 Melco PBL Gaming Restricted Interest means the registered interest of
PBL Asia Limited in 1,800,000 class A shares of Melco PBL Gaming. 
 Melco PBL Gaming Shareholders Agreement means the Shareholders Agreement dated as
of 22 November 2006 and entered into between the Managing Director, PBL Asia Limited, Melco PBL Investments Limited and Melco PBL Gaming in relation to the affairs of Melco PBL Gaming (as the same may be amended and supplemented from time to
time in accordance with the terms thereof). 
 Melco PBL International means Melco PBL International Limited a company incorporated under the laws of
the Cayman Islands of Walker House, Mary Street, PO Box 908GT, George Town, Grand Cayman, Cayman Islands. 
 Melco Regulatory Notice has the meaning
set out in clause 18.2. 
 MelcoSub Director means a Director appointed by MelcoSub in accordance with clause 3.2. 
 MelcoSub Transferee means a Wholly-Owned Subsidiary of MelcoSub or Melco. 
 Memorandum and Articles means the Memorandum and Articles of Association of the Company as approved by the Shareholders from time to time. 
 Memorandum of Agreement means the memorandum of agreement dated 5 March 2006 as amended or supplemented from time to time and made between PBL and Melco. 
 Mocha Business means the electronic gaming machine lounge business in Macau carried on under the name “Mocha Slot Lounge”. 
 Mocha Cafe means Mocha Cafe Limited (a company incorporated under the laws of Macau) of Avenida Xian Xing Hai, Edificio Zhu Kuan, 19° andar, I-J em Macau (a company wholly owned by Mocha Slot Group).

 Mocha Slot Group means Mocha Slot Group Limited (a company incorporated under the laws of the British Virgin Islands) of Akara Building, 24 De
Castro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands. 

					
		  	9	  	Execution Copy
		  		  	pre-IPO (Macau)

  

 Mocha Slot Management means Mocha Slot Management Limited a company incorporated under the laws of Macau of
Estrada da Vitoria, no 2 a 4, Hotel Royal, Macau S.A.R. (a wholly owned subsidiary of Mocha Slot Group). 
 Non-Defaulting Shareholder means a
Shareholder who has served a Default Notice. 
 Notice of Sale means a notice of sale of Shares given in accordance with, and complying with the
provisions of, clause 12. 
 Officer means, in relation to a body corporate, a director or secretary of that body corporate. 
 Original Execution Date has the meaning set out in clause 12.2. 
 Overdue Call Notice has the meaning set out in clause 7.1. 
 Other Shareholder means, in relation to a Notice of Sale, the
Shareholder other than the Shareholder which has issued that Notice of Sale. 
 PBL Group Company means PBL and any entity Controlled by PBL.

 PBL Regulatory Notice has the meaning set out in clause 18.1. 
 PBLSub Director means a Director appointed by PBLSub in accordance with clause 3.2. 
 PBLSub Transferee means a Wholly-Owned
Subsidiary of PBLSub or PBL. 
 Permitted Transferee means a MelcoSub Transferee or a PBLSub Transferee (as the case may be). 
 Person means any general partnership, limited partnership, corporation, limited liability company, joint venture, trust, business trust, governmental agency,
co-operative, association, individual or other entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such a person as the context may require. 
 Proportionate Share means, in relation to a Shareholder, at any time the proportion that the number of Shares held by that Shareholder at that time bears to the
total number of Shares in issue at that time. 
 Proposed Business has the meaning set out in clause 15.4. 
  

					
		  	10	  	Execution Copy
		  		  	pre-IPO (Macau)

  

 Put Option has the meaning set out in clause 13.3. 
 Reference Rate means the 90 day bank bill rate published by HSBC Bank plc. 
 Regulatory Authority means any
gaming regulatory authority, whether or not in the Territory. 
 Related Party means, in relation to any Person, any other Person who is a connected
person of that Person within the meaning of the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited and in the case of Melco and its Affiliates includes STDM and SJM and their respective Affiliates. 
 Respondent has the meaning set out in clause 5.6. 
 Sale
Shares means the Shares a Seller wants to Dispose of, as specified in a Notice of Sale. 
 Securities means shares, units, debentures, convertible
notes, options and other equity or debt securities. 
 Security Interest means a right, interest, power or arrangement in relation to an asset which
provides security for the payment or satisfaction of a debt, obligation or liability including under a bill of sale, mortgage, charge, lien, pledge, trust, encumbrance, power, deposit, hypothecation or arrangement for retention of title, and
includes an agreement to grant or create any of those things. 
 Seller means a Shareholder who serves a Notice of Sale. 
 Shares means the Class A Shares and the Class B Shares. 
 Shareholder means a holder from time to time of Shares. 
 Simple Resolution means a resolution of the Board or Shareholders passed by
the affirmative vote of that number of Directors or Shareholders (as the case may be) that together holds more than 50% of the total voting rights of all Directors or Shareholders (as the case may be) present and entitled to vote at the relevant
meeting. 
 SJM means Sociedade de Jogos de Macau, S.A., a company incorporated under the laws of Macau and a subsidiary of STDM. 
  

					
		  	11	  	Execution Copy
		  		  	pre-IPO (Macau)

  

 STDM means Sociedade de Turismoe Diversoes de Macau, S.A.R.L. a company incorporated under the laws of Macau of
Avenida de Lisboa, 2nd Floor, New Wing, Hotel Lisboa, Macau S.A.R. 
 Stock Exchange means the Australian Stock Exchange, the Hong Kong Stock Exchange, the NASDAQ National Market or any other public securities market in any country.

 Subconcession means the binding trilateral agreement entered into by and between the Macau S.A.R., Wynn Resorts (Macau) Limited (as concessionaire
for the operation of casino games of chance and other casino games in the Macau S.A.R., under the terms of the 24th June 2002 concession contract by and between the Macau S.A.R. and Wynn Resorts (Macau) Limited) and the Company, comprising a
set of instruments from which shall flow an integrated web of rights, duties and obligations by and for all and each of the Macau S.A.R., Wynn Resorts (Macau) Limited and the Company (the nominative administrative contract known as the subconcession
contract for the operation of casino games of chance and other casino games in the Macau S.A.R., executed by Wynn Resorts (Macau) Limited and the Company, to be the most significant instrument thereof), pursuant to the terms of which the Company is
to exploit casino games of chance and other casino games in the Macau S.A.R. as an autonomous subconcessionnaire in relation to Wynn Resorts (Macau) Limited. 
 Subscription Agreement means the subscription agreement among the Company, Melco, PBL and PBLSub, dated 23 December 2004. 
 Subsidiary has the same meaning as in the Section 2 of the Companies Ordinance (Chapter 32 of the laws of Hong Kong). 
 Tag Along
Notice has the meaning set out in clause 12.6(a). 
 Tag Along Period means the period of 15 Business Days after the expiry of the Acceptance
Period. 
 Territory means Macau S.A.R. 
 Transfer
Securities has the meaning set out in clause 13.4(b). 
 Transferee has the meaning set out in clause 13.4(a). 
 Transferor has the meaning set out in clause 13.4(a). 
 Voting
Securities means shares or other interests, the holders of which are generally entitled to vote for the election of the board of directors or other governing body of the corporation or other legal entity, or the holding of which (or the holding
of a specified number or percentage or which) gives rise to rights to appoint directors or shareholders of such a governing body. 

					
		  	12	  	Execution Copy
		  		  	pre-IPO (Macau)

  

 Wholly-Owned Subsidiary means, in respect of a body corporate, a body corporate: 
  

	(a)	in which at least 99.99% of the shares and Securities and all rights to subscribe for any shares or Securities are ultimately legally and beneficially owned directly or indirectly
by this first body corporate; and 

  

	(b)	which is Controlled by that first body corporate. 

					
		  	13	  	Execution Copy
		  		  	pre-IPO (Macau)

  

 Part 2 - Interpretation 
  

	(d)	In this Deed unless the context otherwise requires: 

  

	 	(i)	words importing the singular include the plural and vice versa; 

  

	 	(ii)	words which are gender neutral or gender specific include each gender; 

  

	 	(iii)	other parts of speech and grammatical forms of a word or phrase defined in this Deed have a corresponding meaning; 

  

	 	(iv)	an expression importing a natural person includes a company, partnership, joint venture, association, corporation or other body corporate and a Government Agency;

  

	 	(v)	a reference to a thing (including, but not limited to, a chose-in-action or other right) includes a part of that thing; 

  

	 	(vi)	a reference to a clause, party, schedule or attachment is a reference to a clause of this Deed, and a party, schedule or attachment to, this Deed and a reference to this Deed
includes a schedule and attachment to this Deed; 

  

	 	(vii)	a reference to a law includes a constitutional provision, treaty, decree, convention, statute, regulation, ordinance, by-law judgment, rule of common law or equity or a rule of an
applicable stock exchange and is a reference to that law as amended, consolidated or replaced; 

  

	 	(viii)	a reference to a document includes all amendments or supplements to that document, or replacements or novations of it; 

  

	 	(ix)	a reference to a party to a document includes that party’s successors and permitted assigns; 

  

	 	(x)	an agreement on the part of two or more persons binds them jointly and severally; 

  

	 	(xi)	a reference to include, includes, including and like terms is to be construed without limitation; and 

  

	 	(xii)	a reference to an agreement, other than this Deed, includes an undertaking, deed, agreement or legally enforceable arrangement or understanding, whether or not in writing.

					
		  	14	  	Execution Copy
		  		  	pre-IPO (Macau)

  

	 	(e)	Where the day on or by which something must be done is not a Business Day, that thing must be done on or by the next Business Day. 

  

	 	(f)	Headings are for convenience only and do not affect the interpretation of this Deed. 

  

	 	(g)	This Deed may not be construed adversely to a party just because that party prepared the Deed. 

  

	 	(h)	A term or expression starting with a capital letter which is defined in this Dictionary, has the meaning given to it in this Dictionary. 

					
		  	15	  	Execution Copy
		  		  	pre-IPO (Macau)

  

 ATTACHMENT B 
 CORPORATE STRUCTURE DIAGRAM 
 

 
  

	*	Non-operating companies 

					
		  	16	  	Execution Copy
		  		  	pre-IPO (Macau)

  

 ATTACHMENT C 
 PRINCIPLES FOR DETERMINATION OF FAIR MARKET VALUE 
 The Independent Expert must determine the Fair Market Value of
the Company (for the purposes of clause 13) as at the Determination Date on the following assumptions and bases: 
  

	(a)	if the Company is then carrying on business as a going concern, on the assumption that it is to continue to do so; 

  

	(b)	the Company is valued as a whole and on a stand alone basis (but including the value of any investments the Company holds in other entities) without reference to any indirect
benefits a transferring Shareholder may receive from the Company other than through its shareholding; 

  

	(c)	that the Shares are capable of being transferred without restriction and have no special rights attached to them and that any transaction in relation to shares is treated on an
arm’s length basis between a willing but not anxious seller and a willing but not anxious buyer; 

  

	(d)	in accordance with the Accounting Standards consistently applied; 

  

	(e)	if requested by the Non-Defaulting Shareholder, not taking into account the relevant Event of Default in relation to the Defaulting Shareholder; 

  

	(f)	without reference to any synergistic benefits which an acquirer might obtain from becoming the holder of all of the Shares; 

  

	(g)	with regard to the historical financial performance of the Company and the profit, strategic positioning, future prospects and undertaking of the business of the Company;

  

	(h)	disregarding any diminution in value of the Company as a result of any transfer of Shares; and 

  

	(i)	taking into account any other matter (not inconsistent with the above) which the Independent Expert considers is appropriate. 

					
		  	17	  	Execution Copy
		  		  	pre-IPO (Macau)

  

 ATTACHMENT D 
 DEED POLL 
 Form of Deed Poll under Clauses 12.1(c), 12.8 and 18 
 This Deed Poll is made on [DATE] by [Permitted Transferee] [third party buyer] in favour of each party to the Shareholders Deed among
[Insert parties] as amended (Deed). 
 [Permitted Transferee] [third party buyer] covenants as follows:

  

	1.	Scope 

 This Deed Poll relates to Clauses
12.1(c),12.8 or 18 (as relevant) of the Deed. Words which have a meaning in the Deed have the same meanings when used in this Deed Poll except where the contrary intention appears. 
  

	2.	Accession 

 [Permitted Transferee] [third
party buyer] acknowledges and agrees for the benefit of the parties to the Deed that, effective from the [date of transfer / purchase of shares / Sale Shares / Put Shares], it shall be bound by the Deed as if: 
  

	 	(i)	it was [Disposing Shareholder]; 

  

	 	(ii)	references to [Disposing Shareholder] include references to it; and. 

  

	 	(iii)	[in case of transfer to Permitted Transferee] If [Permitted Transferee] ceases to be a Wholly-Owned Subsidiary of [Disposing Shareholder],
it must transfer all its Shares to [Disposing Shareholder] or a Wholly-Owned Subsidiary of [Disposing Shareholder] in accordance with clause 12.1(c) of the Deed. 

 [NB: Consider partial sale] 
  

	3.	Deed Poll 

 This Deed Poll is executed as a Deed
Poll. Each party to the Deed has the benefit of, and is entitled to enforce this Deed Poll, in accordance with its terms. 
  

	4.	Governing Law 

  

	 	(a)	This Deed is governed by the laws of Hong Kong. 

  

	 	(b)	[Permitted Transferee] [third party buyer] irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of, or exercising jurisdiction in,
Hong Kong, for determining any dispute concerning this Deed Poll or the transactions contemplated by this Deed Poll. [Permitted Transferee] [third party buyer] waives any right it has to object to an action being brought in those
courts including, but not limited to, claiming that the action has been brought in an inconvenient forum or that those courts do not have jurisdiction. 

					
		  	18	  	Execution Copy
		  		  	pre-IPO (Macau)

  

 [Permitted Transferee] [third party buyer] irrevocably appoints [insert agent’s
name and address in Hong Kong] as its agent to receive service of process in any legal action or proceedings related to this agreement in the courts of Hong Kong. 
 EXECUTED and delivered as a Deed Poll in [insert place]. 
  

							
	Executed for and on behalf of [Permitted Transferee] [third party buyer] by:	 		  		  	
				
	  
	 		  	  
	  	
	Director Signature	 		  	Director/Secretary Signature	  	
				
	  
	 		  	  
	  	
	Print Name	 		  	Print Name

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