<SEC-DOCUMENT>0001193805-21-000616.txt : 20210507
<SEC-HEADER>0001193805-21-000616.hdr.sgml : 20210507
<ACCEPTANCE-DATETIME>20210507080058
ACCESSION NUMBER:		0001193805-21-000616
CONFORMED SUBMISSION TYPE:	F-6 POS
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210507
DATE AS OF CHANGE:		20210507
EFFECTIVENESS DATE:		20210507

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Huazhu Group Ltd
		CENTRAL INDEX KEY:			0001483994
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-225171
		FILM NUMBER:		21900324

	BUSINESS ADDRESS:	
		STREET 1:		NO. 699 WUZHONG ROAD
		STREET 2:		MINHANG DISTRICT
		CITY:			SHANGHAI 201103
		STATE:			F4
		ZIP:			-
		BUSINESS PHONE:		(86) 21 6195-2011

	MAIL ADDRESS:	
		STREET 1:		NO. 699 WUZHONG ROAD
		STREET 2:		MINHANG DISTRICT
		CITY:			SHANGHAI 201103
		STATE:			F4
		ZIP:			-

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	China Lodging Group, Ltd
		DATE OF NAME CHANGE:	20100212

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Citibank,N.A./ADR
		CENTRAL INDEX KEY:			0001472033
		IRS NUMBER:				521568099
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6 POS

	BUSINESS ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
		BUSINESS PHONE:		212-816-6647

	MAIL ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6 POS
<SEQUENCE>1
<FILENAME>e620368_f6pos-hgl.htm
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 50%"><B>As filed with the Securities and Exchange Commission on May 7, 2021</B></TD>
    <TD STYLE="text-align: right; width: 50%"><B>Registration No. 333&nbsp;-&nbsp;225171</B></TD></TR>
</TABLE>

<P STYLE="margin: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0.6pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 2.25in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">POST-EFFECTIVE AMENDMENT NO. 1 TO
FORM F-6</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNDER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE SECURITIES ACT OF 1933 FOR AMERICAN
DEPOSITARY SHARES EVIDENCED BY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY RECEIPTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Huazhu
Group Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of issuer of deposited securities
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of issuer&rsquo;s name into
English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cayman Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization
of issuer<B>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CITIBANK, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of depositary as specified in
its charter<B>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(877) 248 - 4237</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of depositary&rsquo;s principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">CT Corporation
System</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">111 Eighth Avenue, 13th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 604-1666</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copies to:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shuang Zhao, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cleary Gottlieb Steen &amp;
HamiltonLLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>c/o 37th Floor, Hysan Place</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>500 Hennessy Road, Causeway Bay,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hong
        Kong</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Herman H. Rasp&eacute;, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Patterson Belknap Webb &amp; Tyler LLP<BR>
        1133 Avenue of the Americas<BR>
        New York, New York 10036<BR>
        (212) 336-2301</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 57%; text-indent: 17.3pt">It is proposed
that this filing become effective under Rule 466:</TD>
    <TD STYLE="width: 4%; text-align: center">&#9744;</TD>
    <TD STYLE="width: 39%">immediately upon filing.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD>
    <TD><P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">on (Date) at (Time).</P>


</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt">If a separate registration statement has been filed
to register the deposited shares, check the following box: &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.45pt"><B>The Registrant hereby amends this Post-Effective
Amendment No. 1 to Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that this Post-Effective Amendment No. 1 to Registration Statement shall
thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, or until this Post-Effective Amendment
No. 1 to Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may
determine.</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">This Post-Effective Amendment No. 1 to
Registration Statement on Form F-6 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 instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cross Reference Sheet</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 1.</FONT></TD><TD>DESCRIPTION
OF SECURITIES TO BE REGISTERED</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item Number and Caption</U></B></P>

</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Location in Form of American</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Depositary Receipt (&ldquo;Receipt&rdquo;)<BR>
<U>Filed Herewith as Prospectus&#9;</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.</TD>
    <TD COLSPAN="2">Name of Depositary and address of its principal executive office</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> -&nbsp;&nbsp;Introductory Article.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.</TD>
    <TD COLSPAN="2">Title of Receipts and identity of deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U>&nbsp;&nbsp;- Top Center.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 19.65pt; font-size: 10pt; text-indent: -19.65pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Terms of Deposit:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The amount of deposited securities represented by one American Depositary Share (&ldquo;ADSs&rdquo;)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U>&nbsp;&nbsp;- Upper right corner.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The procedure for voting, if any, the deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Reverse of Receipt</U>&nbsp;&nbsp;- Paragraphs (16) and (17).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iii)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The collection and distribution of dividends</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Reverse of Receipt</U> - Paragraph (14).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iv)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The transmission of notices, reports and proxy soliciting material</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U>&nbsp;&nbsp;- Paragraph (13);<BR>
<U>Reverse of Receipt</U> - Paragraph (16).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(v)</TD>
    <TD STYLE="text-align: left; padding-left: 53.85pt; font-size: 10pt; text-indent: -53.85pt">The sale or exercise of rights</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt </U>&ndash; Paragraphs (14) and
(16).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 53.85pt; font-size: 10pt; text-indent: -53.85pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vi)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The deposit or sale of securities resulting from dividends, splits or plans of reorganization</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> - Paragraphs (3) and (6);</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (14) and (18).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vii)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Amendment, extension or termination of the deposit agreement</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Reverse of Receipt</U> - Paragraphs (22) and (23) (no provision for extensions).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(viii)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Rights of holders of Receipts to inspect the transfer books of the Depositary and the list of holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> - Paragraph (13).</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: bottom"><B><U>Item Number and Caption</U></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Location in Form of American</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Depositary Receipt (&ldquo;Receipt&rdquo;)</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><B><U>Filed Herewith as Prospectus</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">(ix)</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 44%">Restrictions upon the right to deposit or withdraw the underlying securities</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 42%"><U>Face of Receipt</U> &ndash; Paragraphs (2), (3), (4), (6), (7), (9) and (10).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(x)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Limitation upon the liability of the Depositary</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> - Paragraph (7);</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (19) and (20).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(xi)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Fees and charges which may be imposed directly&nbsp;&nbsp;or indirectly on holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> - Paragraph (10).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 53.85pt; font-size: 10pt; text-indent: -53.85pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Item 2.</B></TD>
    <TD STYLE="font-weight: bold; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>AVAILABLE
INFORMATION</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> - Paragraph (13).</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is subject to the periodic
reporting requirements of the United States Securities Exchange Act of 1934, as amended, and, accordingly, is required to file
or submit certain reports with, and submits certain reports to, the United States Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;).
These reports can be retrieved from the Commission&rsquo;s internet website (<U>www.sec.gov</U>), and can be inspected and copied
at the public reference facilities maintained by the Commission at 100 F Street, N.E., Washington D.C. 20549.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PROSPECTUS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">The Prospectus consists of the proposed form of American Depositary
Receipt included as Exhibit A to the Form of Amendment No. 1 to Deposit Agreement filed as Exhibit (a)(i) to this Post-Effective
Amendment No. 1 to Registration Statement on Form F-6 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 3.</FONT></TD><TD>EXHIBITS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(a)(i)&#9;Form of Amendment
No. 1 to Deposit Agreement, by and among Huazhu Group Limited, a company organized under the laws of the Cayman Islands and
previously known as &ldquo;China Lodging Group, Limited&rdquo; (the &ldquo;<U>Company</U>&rdquo;), Citibank, N.A., as
depositary (the &ldquo;<U>Depositary</U>&rdquo;), and all Holders and Beneficial Owners of American Depositary Shares issued
thereunder. &mdash; Filed herewith as Exhibit (a)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(a)(ii)&#9;Letter Agreement (Ratio Change), dated
as of April 20, 2018, by and between the Company and the Depositary.  &mdash; Previously filed with the Commission on May 24, 2018 (Reg. No. 333-225171) and incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(a)(iii)&#9;Deposit Agreement, dated as of March
25, 2010, by and among the Company, the Depositary, and all Holders and Beneficial Owners of American Depositary Shares issued
thereunder. &mdash; Previously filed with the Commission on May 24, 2018 (Reg. No. 333-225171) and incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(b)(i)&#9;Note Conversion Letter
Agreement, dated May 12, 2020, by and between the Company and the Depositary. &mdash; Filed herewith as Exhibit (b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(b)(ii)&#9;Restricted ADS
Letter Agreement, dated November 26, 2018, by and between the Company and the Depositary. &mdash; Filed herewith as Exhibit
(b)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(b)(iii)&#9;Note Conversion Letter
Agreement, dated November 3, 2017, by and between the Company and the Depositary.  &mdash; Previously filed with the Commission on May 24, 2018 (Reg. No. 333-225171) and incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(b)(iv)&#9;Registered ADS
Borrow Facility Letter Agreement, dated October 31, 2017, by and between the Company and the Depositary. &mdash; Previously filed with the Commission on May 24, 2018 (Reg. No. 333-225171) and incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(b)(v)&#9;Restricted ADS Letter
Agreement, dated as of August 23, 2010, by and between the Company and the Depositary.  &mdash; Previously filed with the Commission on May 24, 2018 (Reg. No. 333-225171) and incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
material contract relating to the deposited securities between the Depositary and the issuer of the deposited securities in effect
at any time within the last three years. &mdash; None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinion
of counsel for the Depositary as to the legality of the securities to be registered. &mdash; Previously filed with the Commission on May 24, 2018 (Reg. No. 333-225171) and incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate
under Rule 466. &mdash; None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powers
of Attorney for certain officers and directors and the authorized representative of the Company. &mdash; Set forth on the
signature pages hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 4.</FONT></TD><TD>UNDERTAKINGS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Depositary undertakes to make available at the principal office of the Depositary in the United States, for inspection
by holders of ADSs, any reports and communications received from the issuer of the deposited securities which are both (1) received
by the Depositary as the holder of the deposited securities, and (2) made generally available to the holders of the underlying
securities by the issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>If the amount of fees charged is not disclosed in the prospectus, the Depositary undertakes to prepare a separate document
stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly a copy of such
fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered holder of an ADS thirty
(30) days before any change in the fee schedule.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, Citibank, N.A., acting solely on behalf of the legal entity created by the Deposit Agreement as amended, by
and among Huazhu Group Limited, Citibank, N.A., as depositary, and all Holders and Beneficial Owners from time to time of American Depositary
Shares to be issued thereunder, certifies that it has reasonable grounds to believe that all the requirements for filing on Form F-6
are met and has duly caused this Post-Effective Amendment No. 1 to Registration Statement on Form F-6 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, State of New York, on the 7th day of May 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Legal entity created by the Deposit Agreement as amended,
under which the American Depositary Receipts evidencing American Depositary Shares registered hereunder are to be issued, each
American Depositary Share representing the right to receive one (1) ordinary share of Huazhu Group Limited.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CITIBANK, N.A., solely in its capacity as Depositary</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Keith Galfo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Keith Galfo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;Vice President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, Huazhu Group Limited certifies that it has reasonable grounds to believe that all the requirements for
filing on Form F-6 are met and has duly caused this Post-Effective Amendment No. 1 to Registration Statement on Form F-6 to be
signed on its behalf by the undersigned thereunto duly authorized, in <FONT STYLE="font-size: 10pt">Shanghai, China,
on May 7, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">HUAZHU GROUP LIMITED.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Qi Ji</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Qi Ji</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Executive Chairman of the Board of Directors, Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWERS OF ATTORNEY</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>KNOW ALL PERSONS BY THESE PRESENTS</B>,
that each person whose signature appears below constitutes and appoints each of Qi Ji to act as his/her true and lawful
attorney-in-fact and agent, with full power of substitution, for him/her and in his/her name, place and stead, in any and all such
capacities, to sign any and all amendments, including post-effective amendments, and supplements to this Registration Statement, and
to file the same, with all exhibits thereto and other documents in connection therewith, with the United States Securities and
Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as s/he might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his/her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Post-Effective Amendment No. 1 to Registration Statement on Form F-6 has been signed by the following
persons in the following capacities on May 7, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><U>Signature</U></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 25%; font-size: 10pt; text-align: center"><U>Title</U></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 25%; font-size: 10pt; text-align: center"><U>Date</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Qi Ji</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Qi Ji</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Chairman of the Board of Directors,
Chief Executive Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Executive Officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">May 7, 2021</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.75pt 0pt 0">/s/ John Jiong Wu</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">May 7, 2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">John Jiong Wu</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    </P><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Tong Tong Zhao</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tong Tong Zhao</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">May 7, 2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    </P><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Shangzhi Zhang</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shangzhi Zhang</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">May 7, 2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    </P><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Jian Shang</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jian Shang</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">May 7, 2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    </P><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ S&eacute;bastien Bazin</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">S&eacute;bastien Bazin / Gaurav Bhushan</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">May 7, 2021</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 33%"><U>Signature</U></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; width: 25%"><U>Title</U></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 25%"><U>Date</U></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    </P><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Theng Fong Hee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Theng Fong Hee</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">May 7, 2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    </P><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Lei Cao</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lei Cao</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">May 7, 2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    </P><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Min (Jenny) Zhang</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Min (Jenny) Zhang</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">May 7, 2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Teo Nee Chuan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Teo Nee Chuan</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Financial Officer and Principal
Accounting Officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">May 7, 2021</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B><U>SIGNATURES</U></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Pursuant to the requirements of the Securities Act of 1933, as amended, the duly authorized representative in the United States
of Huazhu Group Limited has signed this Post-Effective Amendment No. 1 to Registration Statement on Form F 6 in Newark, Delaware,
on May 7, 2021.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Authorized U.S. Representative</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Donald J. Puglisi</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Donald J. Puglisi</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Index to Exhibits</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%"><B><U>Exhibit</U></B></TD>
    <TD STYLE="width: 40%"><B><U>Document</U></B></TD>
    <TD STYLE="width: 29%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sequentially</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Numbered Page</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(a)(i)</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form of Amendment No. 1 to Deposit Agreement</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(b)(i)</TD>
    <TD>Note Conversion Letter Agreement (May 12, 2020)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(b)(ii)</TD>
    <TD>Registered ADS Letter Agreement (November 26, 2018)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(I)
<SEQUENCE>2
<FILENAME>e620368_ex99-ai.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit (a)(i)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; margin: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Huazhu Group Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CITIBANK, N.A.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As Depositary,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ALL HOLDERS AND BENEFICIAL OWNERS OF<BR>
AMERICAN DEPOSITARY SHARES<BR>
OUTSTANDING UNDER THE TERMS OF THE<BR>
DEPOSIT AGREEMENT, DATED AS OF MARCH 25, 2010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 1.75in"><DIV STYLE="border-top: Black 0.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amendment No. 1<BR>
to<BR>
Deposit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 1.75in"><DIV STYLE="border-top: Black 0.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of__________, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Table of Contents</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3">AMENDMENT NO. 1 TO DEPOSIT AGREEMENT</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3">ARTICLE I DEFINITIONS</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 15%">SECTION 1.01</TD>
    <TD STYLE="width: 75%">Definitions</TD>
    <TD STYLE="text-align: right; width: 5%">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>SECTION 1.02</TD>
    <TD>Effective Date</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3">ARTICLE II AMENDMENTS TO DEPOSIT AGREEMENT</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>SECTION 2.01</TD>
    <TD>Deposit Agreement</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>SECTION 2.02</TD>
    <TD>Amendments Binding on all Holders and Beneficial Owners</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>SECTION 2.03</TD>
    <TD>Change to Poll Voting at Any Meeting of Shareholders</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>SECTION 2.04</TD>
    <TD>Elimination of Pre-Release Transactions</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3">ARTICLE III AMENDMENTS TO THE FORM OF ADR</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>SECTION 3.01</TD>
    <TD>ADR Amendment</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3">ARTICLE IV REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>SECTION 4.01</TD>
    <TD>Representations and Warranties</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3">ARTICLE V MISCELLANEOUS</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>SECTION 5.01</TD>
    <TD>New ADRs</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>SECTION 5.02</TD>
    <TD>Notice of Amendment to Holders of ADSs</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>SECTION 5.03</TD>
    <TD>Indemnification</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>SECTION 5.04</TD>
    <TD>Ratification</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>SECTION 5.05</TD>
    <TD>Governing Law</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>SECTION 5.06</TD>
    <TD>Counterparts</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">EXHIBIT A</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">A-1</TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>AMENDMENT
NO. 1 TO DEPOSIT AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">AMENDMENT NO. 1 TO DEPOSIT AGREEMENT, dated
as of <B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>], </B>2021 (the &ldquo;<U>Amendment</U>&rdquo;), by and among Huazhu
Group Limited (formerly &ldquo;China Lodging Group, Limited&rdquo;), a company organized and existing under the laws of Cayman
Islands (the &ldquo;<U>Company</U>&rdquo;), Citibank, N.A., a national banking association organized under the laws of the United
States of America (the &ldquo;<U>Depositary</U>&rdquo;), and all Holders and Beneficial Owners from time to time of American Depositary
Shares issued under the Deposit Agreement, dated as of March 25, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITNESSETH THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Company and the Depositary entered
into that certain Deposit Agreement, dated as of March 25, 2010 (the &ldquo;<U>Original Deposit Agreement</U>&rdquo;), for the
creation of American Depositary Shares representing the Shares (as defined in the Deposit Agreement) so deposited and for the execution
and delivery of American Depositary Receipts (&ldquo;<U>ADRs</U>&rdquo;) in respect of the American Depositary Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Company has changed its method
of voting at any meeting of shareholders to poll voting and desires to (x) eliminate the Depositary&rsquo;s ability to conduct
Pre-Release Transactions (as defined in the Original Deposit Agreement) (y) amend the Original Deposit Agreement, the ADRs currently
outstanding and the form of ADR annexed as <U>Exhibit A</U> to the Original Deposit Agreement to reflect such change, and (z) to
give notice thereof to all Holders (as defined in the Original Deposit Agreement) of ADSs; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Depositary hereby agree to amend the Original
Deposit Agreement, the ADRs currently outstanding and the form of ADR annexed as <U>Exhibit A</U> to the Original Deposit Agreement
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
I</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><U>DEFINITIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.01<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Definitions</U>. Unless otherwise specified in this Amendment, all capitalized terms used, but not defined, herein
shall have the meanings given to such terms in the Original Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.02<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Effective Date</U>. The term &ldquo;<U>Effective Date</U>&rdquo; shall mean the date set forth above and as of
which this Amendment shall become effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><U>AMENDMENTS TO DEPOSIT AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.01<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Deposit Agreement</U>. All references in the Deposit Agreement to the terms &ldquo;<U>Deposit Agreement</U>&rdquo;
shall, as of the Effective Date, refer to the Original Deposit Agreement, dated as of March 25, 2010, as amended by this Amendment
and as further amended and supplemented after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.02<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amendments Binding on all Holders and Beneficial Owners</U>. From and after the Effective Date, the Original Deposit
Agreement, as amended by this Amendment, shall be binding on all Holders and Beneficial Owners of ADSs issued and outstanding as
of the Effective Date and on all Holders and Beneficial Owners of ADSs issued after the Effective Date. Notwithstanding anything
contained herein, in the Deposit Agreement or in any ADR, from and after the Effective Date any reference in the Deposit Agreement
to Holders and Beneficial Owners of Receipts, ADRs or American Depositary Receipts shall include, unless a reasonable interpretation
of the context otherwise mandates, Holders and Beneficial Owners of ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.03<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Change to Poll Voting at Any Meeting of Shareholders</U>. Section 4.10 of Deposit Agreement is hereby amended
by deleting the third paragraph as of the Effective Date and replacing such paragraph with the following in its stead:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&ldquo;The Depositary has been advised by the Company that
under the Articles of Association of the Company in effect as of the date of the Deposit Agreement (i) voting at any meeting of
shareholders is by a poll, (ii) at an in person shareholders meeting, the chairman of the meeting may in good faith, allow a resolution
which relates purely to a procedural or administrative matter (as defined in the Articles of Association) to be voted on by a show
of hands in which case every shareholder present in person (or being a corporation, is present by a duly authorized representative)
or by proxy shall have one vote, and (iii) shareholders may, subject to certain conditions defined in the Articles of Association,
demand a poll for the vote of procedural or administrative matters.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.04<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Elimination of Pre-Release Transactions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Section 1.15 of the Deposit Agreement is hereby amended by deleting the last sentence of such section as of the Effective
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Section 1.24 of the Deposit Agreement is hereby amended by deleting such section as of the Effective Date and replacing
such section with the following in its stead:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&ldquo;Section 1.24 <B><U>Reserved</U></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Section 1.25 of the Deposit Agreement is hereby amended by deleting such section as of the Effective Date and replacing
such section with the following in its stead:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&ldquo;Section 1.25 <B><U>Reserved</U></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Section 2.5 of the Deposit Agreement is hereby amended by deleting the last sentence of such section as of the Effective
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Section 2.14 of the Deposit Agreement is hereby amended by deleting the section as of the Effective Date and replacing
such section with the following in its stead:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&ldquo;Section 2.14 <B><U>Restricted ADSs</U></B>. 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 Securities in the form
of ADSs issued under the terms hereof (such Shares, &ldquo;<U>Restricted Shares</U>&rdquo;). 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 the right to receive, subject to the terms of the Deposit
Agreement and the applicable ADR (if issued as a Certificated ADS), such deposited Restricted Shares (such ADSs, the &ldquo;<U>Restricted
ADSs</U>,&rdquo; and the ADRs evidencing such Restricted ADSs, the &ldquo;<U>Restricted ADRs</U>&rdquo;). Notwithstanding anything
contained in this Section 2.14, the Depositary and the Company may, to the extent not prohibited by law, agree to issue the Restricted
ADSs in Uncertificated form (&ldquo;<U>Uncertificated Restricted ADSs</U>&rdquo;) upon such terms and conditions as the Company
and the Depositary may deem necessary and appropriate. The Company shall assist the Depositary in the establishment of such procedures
and agrees that it shall take all steps necessary and satisfactory to the Depositary to ensure 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 (if the Restricted ADSs are to be issued as Certificated ADSs), or
to be included in the statements issued from time to time to Holders of Uncertificated ADSs (if issued as Uncertificated Restricted
ADSs), which legends shall (i) be in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances
under which the Restricted ADSs, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs 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, to the extent required by law, be held separate and distinct
from the other Deposited Securities held hereunder. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement
system, including, without limitation, DTC (unless (x) otherwise agreed by the Company and the Depositary, (y) the inclusion of
Restricted ADSs is acceptable to the applicable clearing system, and (z) the terms of such inclusion are generally accepted by
the Commission for Restricted Securities of that type), and shall not in any way be fungible with the ADSs issued under the terms
hereof that are not Restricted ADSs. The Restricted ADSs, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs
shall be transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation otherwise contemplated
by the Deposit Agreement and (ii) an opinion of counsel satisfactory to the Depositary setting forth, <I>inter alia</I>, the conditions
upon which the Restricted ADSs presented, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs are transferable
by the Holder thereof under applicable securities laws and the transfer restrictions contained in the legend applicable to the
Restricted ADSs presented for transfer. Except as set forth in this Section 2.14 and except as required by applicable law, the
Restricted ADSs and the Restricted ADRs evidencing Restricted ADS shall be treated as ADSs and ADRs 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 the Deposit Agreement (other than this Section 2.14) and (b)
the terms of (i) this Section 2.14 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.14
and of the Restricted ADR shall be controlling and shall govern the rights and obligations of the parties to the Deposit Agreement
pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-indent: 0.5in">If the Restricted ADRs, the Restricted
ADSs and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt of (x) an opinion of counsel satisfactory
to the Depositary setting forth, <I>inter alia</I>, that the Restricted ADRs, the Restricted ADSs and the Restricted Shares are
not as of such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to the Restricted
ADRs, the Restricted ADSs and the Restricted Shares, shall (i)&nbsp;eliminate the distinctions and separations that may have been
established between the applicable Restricted Shares held on deposit under this Section 2.14 and the other Shares held on deposit
under the terms of the Deposit Agreement that are not Restricted Shares, (ii)&nbsp;treat the 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, and (iii)&nbsp;take all actions necessary to remove any distinctions, limitations
and restrictions previously existing under this Section 2.14 between the applicable 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 inclusion in the applicable book-entry settlement
systems.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Section 5.10 of the Deposit Agreement is hereby amended by deleting such section as of the Effective Date and replacing
such section with the following in its stead:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&ldquo;Section 5.10 <B><U>Reserved</U></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
III</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><U>AMENDMENTS TO THE FORM OF ADR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
3.01<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>ADR Amendment</U>.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The first sentence of paragraph (1) of the form of ADR attached as <U>Exhibit A</U> to the Deposit Agreement and
in each of the ADRs issued and outstanding under the terms of the Deposit Agreement is hereby amended as of the Effective Date
by deleting such sentence in its entirety and inserting the following in its stead:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&ldquo;This American Depositary Receipt is one of an issue (herein
called the &ldquo;<U>ADRs</U>&rdquo;), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement,
dated as of March 25, 2010, as amended by Amendment No. 1 to Deposit Agreement, dated as of [<FONT STYLE="font-family: Symbol">&middot;</FONT>]
(as so amended and as further amended and supplemented from time to time, the &ldquo;<U>Deposit Agreement</U>&rdquo;), by and among the
Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Article (17) of the form of ADR attached as <U>Exhibit A</U> to the Deposit Agreement and in each of the ADRs issued
and outstanding under the terms of the Deposit Agreement is hereby amended as of the Effective Date by deleting the third paragraph
and inserting the following in its stead:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&ldquo;The Depositary has been advised by the Company that
under the Articles of Association of the Company in effect as of the date of the Deposit Agreement (i) voting at any meeting of
shareholders is by a poll, (ii) at an in person shareholders meeting, the chairman of the meeting may in good faith, allow a resolution
which relates purely to a procedural or administrative matter (as defined in the Articles of Association) to be voted on by a show
of hands in which case every shareholder present in person (or being a corporation, is present by a duly authorized representative)
or by proxy shall have one vote, and (iii) shareholders may, subject to certain conditions defined in the Articles of Association,
demand a poll for the vote of procedural or administrative matters.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Article (25) of the form of ADR attached as <U>Exhibit A</U> to the Deposit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-indent: 0in">Agreement and in each of the ADRs
issued and outstanding under the terms of the Deposit Agreement is hereby amended as of the Effective Date by deleting such Article
in its entirety and inserting the following in its stead:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&ldquo;(25) <U>Certain Rights of the Depositary</U>. Subject to
the further terms and provisions of this Article (25), 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.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
IV</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><U>REPRESENTATIONS AND WARRANTIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.01<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Representations and Warranties</U>. The Company represents and warrants to, and agrees with, the Depositary and
the Holders and Beneficial Owners that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>This Amendment, when executed and delivered by the Company, and the Deposit Agreement and all other documentation
executed and delivered by the Company in connection therewith, will be and have been, respectively, duly and validly authorized,
executed and delivered by the Company, and constitute the legal, valid and binding obligations of the Company, enforceable against
the Company in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, moratorium and similar
laws of general applicability relating to or affecting creditors&rsquo; rights and to general equity principles; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In order to ensure the legality, validity, enforceability or admissibility into evidence of this Amendment or the
Deposit Agreement as amended hereby, and other document furnished hereunder or thereunder in the Cayman Islands, neither of such
agreements need to be filed or recorded with any court or other authority in the Cayman Islands, nor does any stamp or similar
tax need be paid in the Cayman Islands on or in respect of such agreements; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>All of the information provided to the Depositary by the Company in connection with this Amendment is true, accurate
and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
V</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><U>MISCELLANEOUS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.01<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>New ADRs</U>. From and after the Effective Date, the Depositary shall arrange to have new ADRs printed or amended
that reflect the changes to the form of ADR effected by this Amendment. All ADRs issued hereunder after the Effective Date, once
such new ADRs are available, whether upon the deposit of Shares or other Deposited Securities or upon the transfer, combination
or split up of existing ADRs, shall be substantially in the form of the specimen ADR attached as Exhibit A hereto. However, ADRs
issued prior or subsequent to the date hereof, which do not reflect the changes to the form of ADR effected hereby, do not need
to be called in for exchange and may remain outstanding until such time as the Holders thereof choose to surrender them for any
reason under the Deposit Agreement. The Depositary is authorized and directed to take any and all actions deemed necessary to effect
the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.02<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notice of Amendment to Holders of ADSs</U>. The Depositary is hereby directed to send a notice informing the Holders
of ADSs (i) of the terms of this Amendment, (ii) of the Effective Date of this Amendment, and (iii) that the Holder of ADRs shall
be given the opportunity, but that it is unnecessary, to substitute their ADRs with new ADRs reflecting the changes effected by
this Amendment, as provided in Section 5.01 hereof, and (iv) that copies of this Amendment may be retrieved from the Commission&rsquo;s
website at WWW.SEC.GOV and may be obtained from the Depositary and the Company upon request. The notice to Holders of ADSs shall
be substantially in the form of <U>Exhibit B</U> attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.03<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Indemnification</U>. The Company agrees to indemnify and hold harmless the Depositary (and any and all of its
directors, employees and officers) for any and all liability it or they may incur as a result of the terms of this Amendment and
the transactions contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.04<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Ratification</U>. Except as expressly amended hereby, the terms, covenants and conditions of the Deposit Agreement
as originally executed shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.05<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Governing Law</U>. This Amendment shall be governed by and construed in accordance with the laws of the State
of New York without reference to its principles of choice of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.06<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparts</U>. This Amendment may be executed in any number of counterparts, each of which shall be deemed
an original, and all of such counterparts together shall be deemed an original, and all such counterparts together shall constitute
one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the Company and the Depositary
have caused this Amendment to be executed by representatives thereunto duly authorized as of the date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Huazhu Group Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">By: ________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>CITIBANK, N.A., as Depositary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">By ________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF ADR]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">Number:</FONT></TD>
    <TD STYLE="width: 40%; text-align: right"><FONT STYLE="font-size: 10pt">CUSIP NUMBER: 16949N109</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>___________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">American Depositary Shares (each American Depositary Share representing the right to receive one (1) ordinary share of Huazhu Group Limited)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY RECEIPT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">representing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEPOSITED ORDINARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">HUAZHU GROUP LIMITED&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Incorporated under the laws of the Cayman
Islands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">CITIBANK, N.A., a national banking association
organized and existing under the laws of the United States of America, as depositary (the &ldquo;<U>Depositary</U>&rdquo;), hereby certifies
that _____________is the owner of ______________ American Depositary Shares (hereinafter &ldquo;<U>ADS</U>&rdquo;), representing deposited
ordinary shares, including evidence of rights to receive such ordinary shares (the &ldquo;<U>Shares</U>&rdquo;), of Huazhu Group Limited,
a company incorporated under the laws of the Cayman Islands and previously known as &ldquo;China Lodging Group, Limited&rdquo; (the &ldquo;<U>Company</U>&rdquo;).
As of the date of the Deposit Agreement (as hereinafter defined), each ADS represents the right to receive one (1) Share deposited under
the Deposit Agreement with the Custodian, which at the date of execution of the Deposit Agreement is Citibank, N.A. &ndash; Hong Kong
(the &ldquo;<U>Custodian</U>&rdquo;). The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit
Agreement. The Depositary&rsquo;s Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Deposit Agreement</U>.</B>&nbsp;This American Depositary Receipt is one of an issue of American Depositary Receipts (herein called the
&ldquo;<U>ADRs</U>&rdquo;), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of
March 25, 2010, as amended by Amendment No. 1 to Deposit Agreement, dated as of [&bull;] (as so amended and as further amended and supplemented
from time to time, the &ldquo;<U>Deposit Agreement</U>&rdquo;), by and among the Company, the Depositary, and all Holders and Beneficial
Owners from time to time of ADSs issued thereunder. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial
Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities,
property and cash from time to time received in respect of such Shares and held thereunder (such Shares, securities, property and cash
are herein called &ldquo;<U>Deposited Securities</U>&rdquo;). Copies of the Deposit Agreement are on file at the Principal Office of
the Depositary and with the Custodian. Each Holder 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statements made on the face and reverse
of this ADR are summaries of certain provisions of the Deposit Agreement and the Articles of Association of the Company (as in
effect on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the
Deposit Agreement and the Articles of Association, 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 ADSs into DTC. Each Beneficial Owner of ADSs 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 ADSs. The Depositary may issue Uncertificated ADSs subject, however,
to the terms and conditions of Section 2.13 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withdrawal
of Deposited Securities</U>.&nbsp;</B>The Holder of this ADR (and of the ADSs evidenced hereby) shall be entitled to Delivery (at
the Custodian&rsquo;s designated office) of the Deposited Securities at the time represented by the ADSs evidenced hereby upon
satisfaction of each of the following conditions: (i) the Holder (or a duly authorized attorney of the Holder) has duly Delivered
to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable, this ADR) for the purpose of withdrawal
of the Deposited Securities represented thereby, (ii) if applicable and so required by the Depositary, this ADR Delivered to the
Depositary for such purpose has been properly endorsed in blank or is accompanied by proper instruments of transfer in blank (including
signature guarantees in accordance with standard securities industry practice), (iii) if so required by the Depositary, the Holder
of the ADSs has executed and delivered 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 the person(s) designated in such order, and (iv) all applicable
fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth
in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid,&nbsp;<I>subject, however, in each case</I>, to the
terms and conditions of this ADR evidencing the surrendered ADSs, of the Deposit Agreement, of the Company&rsquo;s Articles of
Association, of any applicable laws and the rules of the applicable book-entry settlement entity, and to any provisions of or governing
the Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon satisfaction of each of the conditions
specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the ADRs evidencing the ADSs so
Delivered), (ii)&nbsp;shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for
such purpose, and (iii)&nbsp;shall direct the Custodian to Deliver, or cause the Delivery of, in each case, without unreasonable
delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for
the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written
order of the person(s) designated in the order delivered to the Depositary for such purpose,&nbsp;<I>subject however, in each case</I>,
to the terms and conditions of the Deposit Agreement, of this ADR evidencing the ADS so cancelled, of the Articles of Association
of the Company, of any applicable laws and of the rules of the applicable book-entry settlement entity, and to the terms and conditions
of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number 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)&nbsp;return to the person surrendering such ADSs the number
of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs
so surrendered in a riskless capacity, in a public sale or if no public sale market is available, in a private sale, and remit
the proceeds of such sale (net of (a)&nbsp;applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes
withheld) to the person surrendering the ADSs. Notwithstanding anything else contained in this ADR or the Deposit Agreement, the
Depositary may make delivery at the Principal Office of the Depositary of (i)&nbsp;any cash dividends or cash distributions, or
(ii)&nbsp;any proceeds from the sale of any distributions of shares or rights, which are at the time held by the Depositary in
respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and
expense of any Holder so surrendering ADSs represented by this ADR, 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 by the Custodian
in respect of the Deposited Securities represented by such ADSs to the Depositary for delivery at the Principal Office of the Depositary.
Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer,
Combination and Split-Up of ADRs</U>.</B>&nbsp;The Registrar shall register the transfer of this ADR (and of the ADSs represented
hereby) on the books maintained for such purpose and the Depositary shall (x)&nbsp;cancel this ADR and execute new ADRs evidencing
the same aggregate number of ADSs as those evidenced by this ADR when canceled by the Depositary, (y)&nbsp;cause the Registrar
to countersign such new ADRs, and (z)&nbsp;Deliver such new ADRs to or upon the order of the person entitled thereto, if each of
the following conditions has been satisfied: (i)&nbsp;this ADR has been duly Delivered by the Holder (or by a duly authorized attorney
of the Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii)&nbsp;this surrendered
ADR has been properly endorsed or is accompanied by proper instruments of transfer (including signature guarantees in accordance
with standard securities industry practice), (iii) this surrendered ADR has been duly stamped (if required by the laws of the State
of New York or of the United States), and (iv)&nbsp;all applicable fees and charges of, and expenses incurred by, the Depositary
and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and&nbsp;<U>Exhibit B</U>&nbsp;to, the Deposit
Agreement) have been paid,&nbsp;<I>subject, however, in each case,</I>&nbsp;to the terms and conditions of this ADR, of the Deposit
Agreement and of applicable law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar shall register the split-up
or combination of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall
(x)&nbsp;cancel this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of
ADSs evidenced by this ADR canceled by the Depositary, (y)&nbsp;cause the Registrar to countersign such new ADRs, and (z)&nbsp;Deliver
such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i)&nbsp;this
ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office
for the purpose of effecting a split-up or combination hereof, and (ii)&nbsp;all applicable fees and charges of, and expenses incurred
by, the Depositary and all applicable taxes and government charges (as are set forth in Section 5.9 of, and&nbsp;<U>Exhibit B</U>&nbsp;to,
the Deposit Agreement) have been paid,&nbsp;<I>subject, however, in each case</I>, to the terms and conditions of this ADR, of
the Deposit Agreement and of applicable law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may appoint one or more co-transfer
agents for the purpose of effecting transfers, combinations and split-ups of ADRs at designated transfer offices on behalf of the
Depositary and the Depositary shall notify the Company in writing upon such appointment. 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 ADRs and will be entitled to protection and indemnity to the same extent as the Depositary. Such co-transfer agents may
be removed and substitutes appointed by the Depositary and the Depositary shall notify the Company at any such removal or substitution.
Each co-transfer agent appointed under Section 2.6 of the Deposit Agreement (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 the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pre-Conditions
to Registration, Transfer, Etc</U>.</B>&nbsp;As a condition precedent to the execution and delivery, registration of issuance,
transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited
Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of an
ADR 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&nbsp;<U>Exhibit B</U>&nbsp;to the Deposit Agreement
and in this ADR, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other
matters contemplated in Section 3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or governmental regulations
relating to the execution and delivery of ADRs or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations
as the Depositary and the Company may establish consistent with the provisions of this ADR, if applicable, the Deposit Agreement
and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The issuance of ADSs against deposits of
Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused,
or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally
may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar
are closed or if any such action is deemed necessary or advisable by the Depositary (whereupon the Depositary shall notify the
Company) or the Company, in good faith, at any time or from time to time because of any requirement of law or regulation, any government
or governmental body or commission or any securities exchange on which the Shares or ADSs are listed, or under any provision of
the Deposit Agreement or this ADR, if applicable, or under any provision of, or governing, the Deposited Securities, or because
of a meeting of shareholders of the Company or for any other reason, subject, in all cases to paragraph (24) and Section 7.8 of
the Deposit Agreement. Notwithstanding any provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled
to surrender outstanding ADSs to withdraw the Deposited Securities associated therewith at any time subject only to (i)&nbsp;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&rsquo; 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 ADSs or the withdrawal of the Deposited Securities, and
(iv)&nbsp;other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such
General Instructions may be amended from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
With Information Requests</U>.</B>&nbsp;Notwithstanding any other provision of the Deposit Agreement or this ADR, each Holder and
Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable law, the
rules and requirements of the Nasdaq Global Market, and any stock exchange on which Shares or ADSs are, or will be, registered,
traded or listed, or the Articles of Association of the Company, which are made to provide information,&nbsp;<I>inter alia</I>,
as to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares, as the case may be) and regarding the identity
of any other person(s) interested in such ADSs and the nature of such interest and various other matters, whether or not they are
Holders and/or Beneficial Owners at the time of such request. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership
Restrictions</U>.</B>&nbsp;Notwithstanding any provision of this ADR or of the Deposit Agreement, the Company may restrict transfers
of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the Articles
of Association of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where
such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to
exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take
action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding
sentence, including but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting
rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by
such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable
law and the Articles of Association of the Company. Nothing herein or in the Deposit Agreement shall be interpreted as obligating
the Depositary or the Company to ensure compliance with the ownership restrictions described herein or in Section 3.5 of the Deposit
Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicable laws and regulations may require
holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements
and obtain regulatory approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining
and complying with such reporting requirements, and for obtaining such approvals. Each Holder and each Beneficial Owner hereby
agrees to make such determination, file such reports, and obtain such approvals to the extent and in the form required by applicable
laws and regulations as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective
agents or affiliates shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or
satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liability
of Holder for Taxes and Other Charges</U>.</B>&nbsp;Any tax or other governmental charge payable by the Custodian or by the Depositary
with respect to any ADR or any Deposited Securities or ADSs shall be payable by the Holders and Beneficial Owners to the Depositary.
The Company, the Custodian and/or Depositary may withhold or deduct from any distributions made in respect of Deposited Securities
and may sell in a riskless principal capacity in a public sale or if no public market is available, in a private sale, 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 any taxes (including applicable interest and penalties) or charges that are payable by Holders or Beneficial Owners
in respect of the ADSs, Deposited Securities and ADRs, the Holder and the Beneficial Owner hereof remaining liable for any deficiency.
The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer
of ADSs, register the split-up or combination of ADRs and (subject to paragraph (24) hereof and Section 7.8 of the Deposit Agreement)
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 any 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of Depositors</U>.</B>&nbsp;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 legally obtained by such person, (ii)&nbsp;all preemptive (and similar) rights, if any, with respect to such Shares have been
validly waived or exercised, (iii)&nbsp;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 (v) the Shares presented
for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in Section
2.14 of the Deposit Agreement), and (vi)&nbsp;the Shares presented for deposit have not been stripped of any rights or entitlements.
Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in
respect thereof and the transfer of such ADSs. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proofs,
Certificates and Other Information</U>.</B>&nbsp;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 and 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, the terms of
the Deposit Agreement or the ADR(s) evidencing the ADSs and the provisions of, or governing, the Deposited Securities, to execute
such certifications and to make such representations and warranties, and to provide such other information and documentation (or,
in the case of Shares in registered form presented for deposit, such information relating to the registration on the books of the
Company or of the Shares Registrar) as the Depositary or the Custodian may 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 and the applicable ADR(s).
The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any ADR
or ADS or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited
by paragraph (24) and Section 7.8 of the Deposit Agreement, the delivery of any Deposited Securities until such proof or other
information is filed or such certifications are executed, or such representations are made or such other information or documentation
are provided, in each case to the Depositary&rsquo;s, the Registrar&rsquo;s and the Company&rsquo;s satisfaction. The Depositary
shall provide the Company, in a timely manner, with copies or originals if necessary and appropriate of (i) any such proofs of
citizenship or residence, taxpayer status, or exchange control approval or copies of written representations and warranties which
it receives from Holders and Beneficial Owners, and (ii) any other information or documents which the Company may reasonably request
and which the Depositary shall request and receive from any Holder or Beneficial Owner or any person presenting Shares for deposit
or ADSs for cancellation, transfer or withdrawal. 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Charges
of Depositary</U>.</B>&nbsp;The Depositary shall charge the following fees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(i)</B></TD>
    <TD STYLE="font-size: 10pt"><U>Issuance Fee</U>: to any person depositing Shares or to whom ADSs are issued upon the deposit of Shares, 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 (excluding issuances as a result of distributions described in paragraph (iv) below);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(ii)</B></TD>
    <TD STYLE="font-size: 10pt"><U>Cancellation Fee</U>: to any person surrendering ADSs for cancellation and withdrawal of Deposited Securities, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) surrendered;&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(iii)</B></TD>
    <TD STYLE="font-size: 10pt"><U>Cash Distribution Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the distribution of cash dividends or other cash distributions (<I>i.e.</I>, sale of rights and other entitlements); and</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(iv)</B></TD>
    <TD STYLE="font-size: 10pt"><U>Stock Distribution/Rights Exercise Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for (i) stock dividends or other free stock distributions or (ii)&nbsp;exercise of rights to purchase additional ADSs;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(v)</B></TD>
    <TD STYLE="font-size: 10pt"><U>Other Distribution Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the distribution of securities other than ADSs or rights to purchase additional ADSs; and</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(vi)</B></TD>
    <TD STYLE="font-size: 10pt"><U>Depositary Services Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders, Beneficial Owners, persons depositing
Shares and persons surrendering ADSs for cancellation and for the purpose of withdrawing Deposited Securities shall be responsible
for the following charges:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(i)</B></TD>
    <TD STYLE="font-size: 10pt">taxes (including applicable interest and penalties) and other governmental charges;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(ii)</B></TD>
    <TD STYLE="font-size: 10pt">such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on the share register 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;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(iii)</B></TD>
    <TD STYLE="font-size: 10pt">such cable, telex and facsimile 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;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(iv)</B></TD>
    <TD STYLE="font-size: 10pt">the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(v)</B></TD>
    <TD STYLE="font-size: 10pt">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; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><B>(vi)</B></TD>
    <TD STYLE="font-size: 10pt">the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the delivery or servicing of Deposited Securities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 all related charges identified as payable by them respectively in the Fee Schedule
attached as&nbsp;<U>Exhibit B</U>&nbsp;to the Deposit Agreement. 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 paragraph (22) of this ADR and as contemplated in Section 6.1 of the Deposit Agreement. The
Depositary will provide, without charge, a copy of its latest fee schedule to anyone upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Depositary Fees payable upon (i) deposit
of Shares against issuance of ADSs and (ii)&nbsp;surrender of ADSs for cancellation and withdrawal of Deposited Securities will
be charged by the Depositary to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the person
who delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations). In the case of ADSs issued by the
Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees will be payable to the Depositary
by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary
for cancellation, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the
account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in
effect at the time. Depositary fees in respect of distributions and the Depositary services fee are payable to the Depositary by
Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of
the applicable Depositary fees is deducted by the Depositary from the funds being distributed. In the case of distributions other
than cash and the Depositary service fee, the Depositary will invoice the applicable Holders as of the ADS Record Date established
by the Depositary. For ADSs held through DTC, the Depositary fees for distributions other than cash and the Depositary service
fee are charged by the Depositary to the DTC Participants in accordance with the procedures and practices prescribed by DTC from
time to time and the DTC Participants in turn charge the amount of such fees to the Beneficial Owners for whom they hold ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may reimburse the Company
for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the Depositary fees charged in respect of the ADR program or otherwise, upon such terms and conditions as
the Company and the Depositary may agree from time to time. The Company shall pay to the Depositary such fees and charges and reimburse
the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree from time to time. Responsibility for
payment of such charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary.
Unless otherwise agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every
three months. The charges and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The right of the Depositary to receive payment
of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to any Depositary, upon
the resignation or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, such right shall extend for
those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title
to ADRs</U>.</B>&nbsp;It is a condition of this ADR, and every successive Holder of this ADR by accepting or holding the same consents
and agrees, that title to this ADR (and to each ADS evidenced hereby) shall be transferable upon the same terms as a certificated
security under the laws of the State of New York, provided that, in the case of Certificated ADSs, such ADR has been properly endorsed
or is accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company
may deem and treat the Holder of this ADR (that is, the person in whose name this ADR is registered on the books of the Depositary)
as the absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject
to any liability under the Deposit Agreement or this ADR to any holder of this ADR or any Beneficial Owner unless, in the case
of a holder of ADSs, such holder is the Holder of this ADR registered on the books of the Depositary or, in the case of a Beneficial
Owner, such Beneficial Owner or the Beneficial Owner&rsquo;s representative is the Holder registered on the books of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity
of ADR</U></B>. The Holder(s) of this ADR (and the ADSs represented hereby) shall not be entitled to any benefits under the Deposit
Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless this ADR has been (i) dated,
(ii) signed by the manual or facsimile signature of a duly-authorized signatory of the Depositary, (iii) countersigned by the manual
or facsimile signature of a duly-authorized signatory of the Registrar, and (iv) registered in the books maintained by the Registrar
for the registration of issuances and transfers of ADRs. An ADR 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 delivery of such ADR by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Available
Information; Reports; Inspection of Transfer Books</U></B>. The Company is subject to the periodic reporting requirements of the
Exchange Act and, accordingly, is required to file or submit certain reports with the Commission. These reports can be retrieved
from the Commission's website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the
Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. The Depositary shall
make available for inspection by Holders at its Principal 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 Depositary shall also provide or make available to Holders copies of such reports when furnished by the Company
pursuant to Section 5.6 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar shall keep books for the registration
of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that
such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating with Holders of such ADSs 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 ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar may close the transfer books
with respect to the ADSs, 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 paragraph
(24) and Section 7.8 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; font-size: 10pt">CITIBANK, N.A.<BR>
Transfer Agent and Registrar</TD>
    <TD STYLE="width: 49%; font-size: 10pt">CITIBANK, N.A.<BR>
as Depositary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By: _______________________</TD>
    <TD STYLE="font-size: 10pt">By: _______________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-indent: 12.5pt">&nbsp;Authorized Signatory</TD>
    <TD STYLE="font-size: 10pt; text-indent: 12.5pt">&nbsp;Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">The address of the Principal Office of the
Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF REVERSE OF ADR]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUMMARY OF CERTAIN ADDITIONAL PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF THE DEPOSIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Distributions in Cash, Shares, etc</U>.</B>&nbsp;Whenever the Company intends to make a distribution of a cash dividend or
other cash distribution, the Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed
distribution specifying, inter alia, the record date applicable for determining the holders of Deposited Securities entitled to
receive such distribution. Upon timely receipt of such notice, the Depositary shall establish an ADS Record Date upon the terms
described in Section 4.9 of the Deposit Agreement . Upon receipt of confirmation from the Custodian of receipt of any cash dividend
or other cash distribution on any Deposited Securities, or upon receipt of proceeds from the sale of any Deposited Securities or
of any entitlements held in respect of Deposited Securities under the terms of the Deposit Agreement, the Depositary will (i)&nbsp;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 Section 4.8 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 cash dividend, distribution or proceeds into Dollars (upon the terms of Section 4.8 of the
Deposit Agreement), (ii)&nbsp;if applicable and unless previously established, establish the ADS Record Date upon the terms described
in Section 4.9 of the Deposit Agreement, and (iii)&nbsp;distribute promptly the amount thus received (net of (a) applicable fees
and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS
Record Date in proportion to the number of ADSs held 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, and any balance not so distributed shall
be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received
by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. 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. Evidence of payment thereof by the Company shall be forwarded
by the Company to the Depositary upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever the Company intends to make a distribution
that consists of a dividend in, or free distribution of Shares, the Company shall give notice thereof to the Depositary at least twenty
(20) days prior to the proposed distribution, specifying,&nbsp;<I>inter alia</I>, the record date applicable to holders of Deposited
Securities entitled to receive such distribution. Upon the timely receipt of such notice from the Company, the Depositary shall establish
an ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt of confirmation from the Custodian
of the receipt of the Shares so distributed by the Company, the Depositary shall either (i) subject to Section 5.9 of the Deposit Agreement,
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 the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of
the 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 ADSs are not so distributed, take all actions necessary so that 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 integral
number of 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 ADSs, the Depositary shall sell the number of Shares or
ADSs, as the case may be, represented by the aggregate of such fractions, in a riskless principal capacity in a public sale or if no
public market is available, in a private sale, and distribute the net proceeds upon the terms set forth in Section 4.1 of the Deposit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that 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, if the Company in the fulfillment of its obligations under Section 5.7 of the Deposit Agreement, has
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), 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 (a) taxes and (b)&nbsp;reasonable fees and charges of, and the expenses incurred by, the Depositary)
to Holders entitled thereto upon the terms of Section 4.1 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever the Company intends to make a distribution
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 sixty (60) days prior to the proposed distribution specifying,&nbsp;<I>inter alia</I>, the record date applicable to holders
of Deposited Securities entitled to receive such elective distribution whether or not it wishes such elective distribution to be made
available to Holders of ADSs. Upon the timely receipt of a 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 determinations, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of
ADS. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that
the elective distribution be made available to Holders, (ii)&nbsp;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 of the Deposit Agreement.
If the above conditions are not satisfied, the Depositary shall establish an ADS Record Date on the terms described in Section 4.9 of
the Deposit Agreement and, to the extent permitted by law, distribute to the 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 upon the terms described in Section 4.1
of the Deposit Agreement or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2 of the Deposit
Agreement. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date on the terms described in Section
4.9 of the Deposit Agreement and establish procedures to enable Holders to elect the receipt of the proposed distribution in cash or
in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If a Holder elects
to receive the proposed distribution (X) in cash, the distribution shall be made upon the terms described in Section 4.1 of the Deposit
Agreement, or (Y)&nbsp;in ADSs, the distribution shall be made upon the terms described in Section 4.2 of the Deposit Agreement. Nothing
herein or in the Deposit Agreement shall obligate the Depositary to make available to Holders 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 sixty (60) days prior to the proposed distribution specifying&nbsp;<I>inter alia</I>, the record date applicable to holders
of Deposited Securities entitled to receive such distribution and whether or not it wishes such rights to be made available to Holders
of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs,
the Depositary upon consultation 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 rights available to the Holders. The Depositary shall make such rights available
to any 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 contemplated in Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have
determined that such distribution of rights is reasonably practicable. In the event any of the conditions set forth above are not satisfied
or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall proceed with the sale of the
rights as contemplated in Section 4.4(b) of the Deposit Agreement. In the event all conditions set forth above are satisfied, the Depositary
shall establish an ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement) and establish procedures (x)&nbsp;to
distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y)&nbsp;to enable the Holders to exercise such rights
(upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b)
taxes), and (z)&nbsp;to deliver ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary
in establishing such procedures. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders
a method to exercise 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 requests that the rights not be made available to Holders, (ii)&nbsp;the Depositary fails to
receive satisfactory documentation within the terms of Section 5,7 of the Deposit Agreement or determines it is not 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, at such place
and upon such terms (including public and private sale) as it may deem practicable. 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)&nbsp;fees and charges of, and expenses incurred by, the Depositary and (b)&nbsp;taxes) upon the terms hereof
and of Section 4.1 of the Deposit Agreement. If the Depositary is unable to make any rights available to Holders upon the terms described
in Section 4.4(a) of the Deposit Agreement or to arrange for the sale of the rights upon the terms described in Section 4.4(b) of the
Deposit Agreement, 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 ADS
Holders on behalf of the Company in connection with the rights distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything herein or in Section
4.4 of the Deposit Agreement 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)&nbsp;unless
and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii)&nbsp;unless
the Company furnishes 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 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. A liquid market for rights may not exist, and this may adversely
affect (1) the ability of the Depositary to dispose of such rights or (2) the amount the Depositary would realize upon disposal
of rights. 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 of ADSs representing such Deposited Securities 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the
holders of Shares or be able to exercise such rights. Nothing herein or in the Deposit Agreement 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 timely notice thereof to the Depositary 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 consult with the Company, and the Company shall assist the Depositary, to determine whether such distribution to Holders
is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have requested
the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within
the terms of Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is reasonably
practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 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 them 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 of the Deposit Agreement, or (iii) the Depositary determines
that all or a portion of such distribution is not reasonably practicable, 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 practicable and shall (i) cause the
proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion 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 of the Deposit Agreement. If the Depositary is unable to sell such property,
the Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable under the
circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.</B>&nbsp;If
the Company intends to exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give notice
thereof to the Depositary at least sixty (60) days prior to the intended date of redemption which notice shall set forth the particulars
of the proposed redemption. Upon timely receipt of (i) such notice and (ii) satisfactory documentation given by the Company to
the Depositary within the terms of Section 5.7 of the Deposit Agreement, and only if the Depositary shall have determined that
such proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting forth the Company&rsquo;s
intention to exercise the redemption rights and any other particulars set forth in the Company&rsquo;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. Upon receipt of confirmation from the Custodian that the
redemption has taken place and that funds representing the redemption price have been received, the Depositary shall convert, transfer,
distribute the proceeds (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary, and (b) taxes), retire
ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof upon the terms set forth in Sections 4.1 and
6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected
by lot or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar equivalent
of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the
Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit Agreement and the applicable reasonable
fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented
by each ADS redeemed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fixing
of ADS Record Date</U>.</B>&nbsp;Whenever the Depositary shall receive notice of the fixing of a record date by the Company for
the determination of holders of Deposited Securities entitled to receive 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 consents or proxies of, holders of Shares
or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of
any notice, solicitation of any consent or any other matter, the Depositary shall fix a record date (&ldquo;<U>ADS Record Date</U>&rdquo;)
for the determination of the Holders of ADSs who shall be entitled to receive such distribution, to give instructions for the exercise
of voting rights at any such meeting, to give or withhold such consent, 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. The Depositary
shall make reasonable efforts to establish the ADS Record Date as closely as possible to the applicable record date for the Deposited
Securities (if any) set by the Company in the Cayman Islands. Subject to applicable law and the terms and conditions of this ADR
and Sections 4.1 through 4.8 and to the other terms and conditions of the Deposit Agreement, only the Holders of ADSs at the close
of business in New York on such ADS Record Date shall be entitled to receive such distributions, to give such instructions, to
receive such notice or solicitation, or otherwise take action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
of Deposited Securities</U>.&nbsp;</B>As soon as practicable after receipt of notice of any meeting at which the holders of Deposited
Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary
shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9 of
the Deposit Agreement. 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 thirty (30) days prior
to the date of such vote or meeting), at the Company&rsquo;s expense and provided no U.S. legal prohibitions exist, 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 provisions of the
Deposit Agreement, the Articles of Association of the Company 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 Deposited Securities represented by such Holder&rsquo;s ADSs, and (c) a brief statement
as to the manner in which such voting instructions may be given to the Depositary or in which voting instructions may be deemed
to have been given in accordance with Section 4.10 of the Depositary if no instructions are received prior to the deadline set
for such purposes to the Depositary to give a discretionary proxy to a person designated by the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the
Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of
the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection
with any meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a
notice that provides Holders with, or otherwise publicize to Holders, instructions on how to retrieve such materials or receive
such materials upon request (<I>i.e.</I>, by reference to a website containing the materials for retrieval or a contact for requesting
copies of the materials).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary has been advised by the Company
that under the Articles of Association of the Company in effect as of the date of the Deposit Agreement (i) voting at any meeting
of shareholders is by a poll, (ii) at an in person shareholders meeting, the chairman of the meeting may in good faith, allow a
resolution which relates purely to a procedural or administrative matter (as defined in the Articles of Association) to be voted
on by a show of hands in which case every shareholder present in person (or being a corporation, is present by a duly authorized
representative) or by proxy shall have one vote, and (iii) shareholders may, subject to certain conditions defined in the Articles
of Association, demand a poll for the vote of procedural or administrative matters.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.05pt">Voting instructions may be given only
in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of
ADSs as of 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, Articles of Association of
the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in
person or by proxy) represented by such Holder&rsquo;s ADSs as follows: In the event voting takes place at a shareholders&rsquo;
meeting by show of hands, the Depositary will instruct the Custodian to vote all Deposited Securities in accordance with the voting
instructions received from a majority of Holders of ADSs who provided voting instructions. In the event voting takes place at a
shareholders&rsquo; meeting by poll, the Depositary will instruct the Custodian to vote the Deposited Securities in accordance
with the voting instructions received from the Holders of ADSs. If voting is by poll and the Depositary does not receive instructions
from a Holder as of the ADS Record Date on or before the date established by the Depositary for such purpose, such Holder shall
be deemed, and the Depositary shall deem such Holder, to have instructed the Depositary to give a discretionary proxy to a person
designated by the Company to vote the Deposited Securities; provided, however, that no such discretionary proxy shall be given
by the Depositary with respect to any matter to be voted upon as to which the Company informs the Depositary that (i) the Company
does not wish such proxy to be given, (ii) substantial opposition exists, or (iii) the rights of holders of Deposited Securities
may be adversely affected.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, attempt
to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities
represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise
contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which
the Depositary is to vote the Deposited Securities represented by such Holder&rsquo;s ADSs, the Depositary will deem such Holder
(unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items
set forth in such voting instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received
by the Depositary from the Holder shall not be voted (except (i) in the case voting is by show of hands, in which case the Depositary
will instruct the Custodian to vote all Deposited Securities in accordance with the voting instructions received from a majority
of Holders of ADSs who provided voting instructions and (ii) as contemplated in Section 4.10 of the Deposit Agreement). Notwithstanding
anything else contained herein or in the Deposit Agreement, the Depositary shall, if so requested in writing by the Company, represent
all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders
as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement or any ADR, the Depositary shall not have any obligation to take any action with respect to any meeting,
or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws.
The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting
rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing any actions
requested to be taken if so requested by the Depositary. There can be no assurance that Holders generally or any Holder in particular
will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary
in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Changes
Affecting Deposited Securities</U>.</B>&nbsp;Upon any change in nominal or par value, split-up, cancellation, consolidation or
any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale
of assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary or the Custodian
in exchange for, or in conversion of or replacement of 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 ADRs shall, subject to the provisions
of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. In giving
effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization,
reorganization, merger, consolidation or sale of assets, the Depositary may, with the Company&rsquo;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 satisfactory
to the Depositary that such actions are not in violation of any applicable laws or regulations, (i)&nbsp;issue and deliver additional
ADSs as in the case of a stock dividend on the Shares, (ii)&nbsp;amend the Deposit Agreement and the applicable ADRs, (iii) amend
the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv)&nbsp;call for the
surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the transaction
with respect to the ADSs. 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 ADRs. 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&rsquo;s approval, and
shall, if the Company requests, subject to receipt of an opinion of Company&rsquo;s counsel 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) reasonable
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
of the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable
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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exoneration</U>.</B>&nbsp;Neither
the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit
Agreement or incur any liability (i) if the Depositary or the Company shall be prevented or forbidden from, or delayed in, doing
or performing any act or thing required by the terms of the Deposit Agreement and this ADR, 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 on account of the possible criminal or civil penalties or restraint, or by reason
of any provision, present or future, of the Articles of Association of the Company 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, acts of terrorism, 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 Articles of Association of the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction
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 the Deposit Agreement,
made available to Holders of ADSs 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 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 or this ADR.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard
of Care</U>.</B>&nbsp;The Company and the Depositary assume no obligation and shall not be subject to any liability under the Deposit
Agreement or this ADR to any Holder(s) or Beneficial Owner(s), except that the Company and Depositary agree to perform their respective
obligations specifically set forth in the Deposit Agreement and this ADR without negligence or bad faith. 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 ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against
all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian
shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to
the Depositary). 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, for the failure or timeliness of
any notice from the Company, or for any action or failure to act by, or any information provided or not provided by, DTC or any
DTC participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation
and Removal of the Depositary; Appointment of Successor Depositary</U>.</B>&nbsp;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 (whereupon the Depositary shall be entitled to take the actions
contemplated in Section 6.2 of the Deposit Agreement), or (ii)&nbsp;the appointment by the Company of a successor depositary and
its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company
by written notice of such removal, which removal shall be effective on the later of (i)&nbsp;the 90th day after delivery thereof
to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement),
or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as provided in the
Deposit Agreement. 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 (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement). The predecessor depositary, upon
payment of all sums due it and on the written request of the Company shall, (i)&nbsp;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 of 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 ADSs and such other information relating to ADSs and
Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment/Supplement</U>.</B>&nbsp;Subject
to the terms and conditions of this paragraph 22 and Section 6.1 of the Deposit Agreement, and applicable law, this ADR 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 prior written 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 ADSs
until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding
ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated
thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid,&nbsp;<I>provided</I>,&nbsp;<I>however</I>,
that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive
the text of such amendment (<I>i.e.</I>, upon retrieval from the Commission&rsquo;s, the Depositary&rsquo;s or the Company&rsquo;s website
or upon request from the Depositary). 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 to be settled 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 ADSs, to
consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and this ADR, if applicable, as amended or
supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS 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 an amendment of, or supplement
to, the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement
and this ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement
and this ADR 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.</B>&nbsp;The
Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by distributing notice of
such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for
such termination. If ninety (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 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice of such termination
to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination.
The date so fixed for termination of the Deposit Agreement in any termination notice so distributed by the Depositary to the Holders
of ADSs is referred to as the &ldquo;<U>Termination Date</U>&rdquo;. Until the Termination Date, the Depositary shall continue
to perform all of its obligations under the Deposit Agreement, and the Holders and Beneficial Owners will be entitled to all of
their rights under the Deposit Agreement. If any ADSs shall remain outstanding after the Termination Date, the Registrar and the
Depositary shall not, after the Termination Date, have any obligation to perform any further acts under the Deposit Agreement,
except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement, continue to (i)
collect dividends and other distributions pertaining to Deposited Securities, (ii) sell securities and other property received
in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions received
with respect thereto and the net proceeds of the sale of any securities or other property, in exchange for ADSs surrendered to
the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred
by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each
case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable
law in connection with its role as Depositary under the Deposit Agreement. At any time after the Termination Date, the Depositary
may sell the Deposited Securities then held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds
of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account and without
liability for interest, for the pro - rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making
such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for such net
proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses
incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners,
in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection
with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations
under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement.
The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination
Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to
the Depositary for cancellation under the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with U.S. Securities Laws</U>.</B>&nbsp;Notwithstanding any provisions in this ADR 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 Instruction I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(25)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Rights of the Depositary. </U></B>Subject to the further terms and provisions of this Article (25), 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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(ASSIGNMENT AND TRANSFER SIGNATURE LINES)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 ADS and all rights thereunder, hereby irrevocably constituting and appointing
________________________ attorney-in-fact to transfer said ADS on the books of the Depositary with full power of substitution in
the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Dated:</TD>
    <TD STYLE="width: 50%">Name:________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 25pt">By:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 25pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>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 ADR.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>__________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SIGNATURE GUARANTEED</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Legends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in"><B>[The ADRs issued in respect of Partial Entitlement American
Depositary Shares shall bear the following legend on the face of the ADR: &ldquo;This ADR evidences ADSs representing &lsquo;partial
entitlement&rsquo; common shares of Huazhu Group Limited and as such do not entitle the holders thereof to the same per-share
entitlement as other common shares (which are &lsquo;full entitlement&rsquo; common shares) issued and outstanding at such time.
The ADSs represented by this ADR shall entitle holders to distributions and entitlements identical to other ADSs when the common
shares represented by such ADSs become &lsquo;full entitlement&rsquo; common shares.&rdquo;]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in">&nbsp;</P>

<P STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-25</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 0; text-align: right"><B>EXECUTION COPY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 160.45pt 0pt 160.2pt; text-align: center">HUAZHU GROUP LIMITED</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 160.45pt 0pt 160.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B STYLE="font-style: normal; font-weight: normal">May 12, 2020</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 160.45pt 0pt 160.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 5pt">Citibank, N.A. - ADR Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 5pt">388 Greenwich
Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD><U>Note Conversion Letter Agreement</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">We refer to the Deposit Agreement,
dated as of March 25, 2010 (as amended and supplemented from time to time, the &#8220;<U>Deposit Agreement</U>&#8221;), by and
among Huazhu Group Limited, formerly known as China Lodging Group, Limited (the &#8220;<U>Company</U>&#8221;), Citibank, N.A.,
as Depositary, and all Holders and Beneficial Owners of American Depositary Shares (&#8220;<U>ADSs</U>&#8221;) issued thereunder.
Terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77pt">This Letter Agreement confirms our understanding and
agreement as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> <U>Deposit
of Shares</U>. The Company has, upon the terms set forth in the Purchase Agreement, dated May 7, 2020, among the Company and
the initial purchasers (the &#8220;Initial Purchasers&#8221;) named therein (the &#8220;<U>Purchase Agreement</U>&#8221;),
offered and sold 3.00% Convertible Senior Notes due 2026 (the &#8220;<U>Notes</U>&#8221;) in the aggregate principal amount
of US $450,000,000 (the <FONT STYLE="letter-spacing: 0.05pt"><U>Offer</U></FONT>&#8221;<FONT STYLE="letter-spacing: -0.2pt">)</FONT>,
in r<FONT STYLE="letter-spacing: -0.2pt">e</FONT><FONT STYLE="letter-spacing: 0.1pt">l</FONT>iance on Rule 1<FONT STYLE="letter-spacing: 0.1pt">4</FONT>4A
a<FONT STYLE="letter-spacing: -0.15pt">n</FONT>d R<FONT STYLE="letter-spacing: 0.15pt">e</FONT><FONT STYLE="letter-spacing: -0.15pt">g</FONT>ulation
S under t<FONT STYLE="letter-spacing: 0.1pt">h</FONT>e United St<FONT STYLE="letter-spacing: 0.05pt">a</FONT>tes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">Securities
Act of 1933, as amended (the &#8220;Securities Act&#8221;). The terms of the Offer and the Notes are more fully described in
the final Offering Memorandum, dated as of May 7, 2020, a copy of which has been circulated separately to the Depositary.
Each Note will be convertible at the option of the holder thereof (such holder, a &#8220;<U>Converting Noteholder</U>&#8221;)
in accordance with the terms and conditions of the Indenture (as hereinafter defined) and the Notes into ADSs and a cash
payment for any fractional ADS entitlement to be distributed by the Company (the &#8220;Conversion&#8221;). In certain
circumstances (as set forth below), Converting Noteholders are to receive Restricted ADSs upon their Conversion of Notes (the
Restricted ADSs to be received upon Conversion of Notes, the &#8220;<U>Conversion Restricted ADSs</U>&#8221; and the Shares
deposited by the Company in connection with the issuance of Conversion Restricted ADSs, the &#8220;<U>Conversion Restricted
Shares</U>&#8221;). The Company and the Depositary hereby agree that the ordinary shares of the Company, par value $0.0001
per share (the &#8220;<U>Shares</U>&#8221;), underlying the ADSs or Conversion Restricted ADSs, as applicable, that may be
delivered upon Conversion of the Notes may, along with a certified true copy of the Company&#8217;s register of members
reflecting the Custodian (or its nominee) as the registered holder of the corresponding number of Shares or Conversion
Restricted Shares, as applicable, be deposited with the Custodian under the Deposit Agreement, in accordance with the terms
hereof and thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> <U>Depositary
Procedures</U>. The Company consents, under Section 2.3 of the Deposit Agreement, to the deposit in the ADS facility of the
number of Shares or Conversion Restricted Shares, as applicable, set forth in each duly completed and signed Conversion
Issuance Instruction substantially in the form of <U>Exhibit A</U> hereto (each a &#8220;<U>Conversion Issuance
Instruction</U>&#8221;) provided by the Company to the Depositary from time to time and the issuance and delivery by the
Depositary of the corresponding number of ADSs or Conversion Restricted ADSs, as applicable, upon the terms of the Deposit
Agreement, as supplemented by this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">In
furtherance of the foregoing, the Company hereby instructs the Depositary and the Depositary agrees, upon the terms and
subject to the conditions set forth in the Deposit Agreement as supplemented by this Letter Agreement, to (i) establish
procedures to enable the deposit of the Shares or Conversion Restricted Shares, as applicable, with the Custodian by the
Company as a valid deposit of such Shares or Conversion Restricted Shares under the Deposit Agreement in order to enable the
issuance by the Depositary of ADSs or Conversion Restricted ADSs, as applicable, issued in the name of each Converting
Noteholder under the terms and subject to the conditions of this Letter Agreement upon the deposit of Shares or Conversion
Restricted Shares, as applicable, and (ii) promptly deliver an account statement (the &#8220;<U>Account Statement</U>&#8221;)
to the Converting Noteholder upon the issuance of such ADSs or Conversion Restricted ADSs, as applicable, in the form of
uncertificated ADSs or uncertificated Restricted ADSs (as defined in the Deposit Agreement), in each case upon the terms set
forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Issuance
and Delivery of ADSs or Conversion Restricted ADSs <FONT STYLE="letter-spacing: 0.1pt">upon </FONT>Conversion of Notes</U>.
The Company hereby instructs the Depositary to issue ADSs or Conversion Restricted ADSs, as applicable, against the deposit
of Shares or Conversion Restricted Shares, as applicable, <FONT STYLE="letter-spacing: 0.15pt">by </FONT>or on behalf of the
Company upon Conversion of the Notes, subject to compliance with the terms and conditions of the Deposit Agreement and this
Letter Agreement, including, without limitation, receipt by the Depositary from the Company of all applicable fees. The
Depositary hereby agrees to deliver ADSs or Conversion Restricted ADSs, as applicable, representing such Shares or Conversion
Restricted Shares, as applicable, in each case in accordance with the Deposit Agreement and this Letter Agreement upon
receipt of (i) in respect of the Conversion Restricted ADSs/Shares only, the opinions referred to in Section 14 below, (ii)
confirmation of deposit of the applicable Shares or Conversion Restricted Shares, as applicable, by the Company, and (iii) a
Conversion Issuance Instruction for each Conversion, in the form attached as <U>Exhibit A</U> attached hereto. Under the
terms of this Letter Agreement and the Indenture, the outstanding Notes will be convertible as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.5pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 77pt"></TD><TD STYLE="width: 36pt">A.</TD><TD><U>Rule 144A Notes</U>:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>on or prior to the date one year after the last original issue date of the Notes (or such later date as the Company may
instruct the Depositary), into Conversion Restricted ADSs (CUSIP No.: 44332N882) by Converting Noteholders that are (x) not Affiliates
of the Company and (y) &#8220;qualified institutional buyers&#8221; (as defined under Rule 144A under the Securities Act), or non-U.S.
persons located outside the United States (as each such term is defined under Regulation S under the Securities Act) at the time
of any such Conversion, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.75pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>after the date one year after the last original issue date of the Notes (or such later date as the Company may instruct
the Depositary), into freely transferable ADSs (CUSIP No. 16949N109) by Converting Noteholders that are not Affiliates of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.4pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.4pt 0pt 5pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.4pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 77pt"></TD><TD STYLE="width: 36pt">B.</TD><TD><U>Regulation S Notes</U>:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>on or prior to the date one year after the last original issue date of the Notes (or such later date as the Company may
instruct the Depositary), into Conversion Restricted ADSs (CUSIP No.: 44332N882) by Converting Noteholders that are (x) not Affiliates
of the Company and (y) &#8220;qualified institutional buyers&#8221;, or non-U.S. persons located outside the United States at the
time of any such Conversion, and.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.75pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>after the date one year after the last original issue date of the Notes (or such later date as the Company may instruct
the Depositary), into freely transferrable ADSs (CUSIP No. 16949N109) by Converting Noteholders that are not Affiliates of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.4pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">The Depositary shall cause the
Conversion Restricted ADSs issued upon the deposit of the corresponding Conversion Restricted Shares to be separately identified
on the books of the Depositary under CUSIP No.: 44332N882 and shall cause such Conversion Restricted Shares to be held, to the
extent practicable, separate and distinct by the Custodian from the other Deposited Securities held by the Custodian in respect
of the ADSs issued under the Deposit Agreement that are not Conversion Restricted ADSs. The Conversion Restricted ADSs will not
be eligible for inclusion into DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">The Company hereby advises the
Depositary, and the Depositary hereby agrees and acknowledges, that the Conversion Restricted ADSs issuable in accordance with
the terms of this Letter Agreement shall be eligible to exercise all voting rights and receive dividend distributions, in each
case in the manner and to the extent otherwise afforded to Restricted ADSs pursuant to the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.1pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">The Depositary is hereby authorized
and directed to issue the Conversion Restricted ADSs as uncertificated Restricted ADSs registered on the books of the Depositary
in the name of the Converting Noteholders or their designees for the benefit of such Converting Noteholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Stop Transfer Notation and Legend</U>. Following the issuance thereof, the books of the Depositary shall identify the
Conversion Restricted ADSs (CUSIP No.: 44332N882) as &#8220;restricted&#8221; and shall contain a &#8220;stop transfer&#8221; notation
to that effect. The Account Statements to be sent by the Depositary to Converting Noteholders upon the issuance of Conversion Restricted
ADSs shall contain a legend substantially in the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.85pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&#8220;THE RESTRICTED AMERICAN DEPOSITARY SHARES
(&#8220;RESTRICTED ADSs&#8221;) AND THE UNDERLYING RESTRICTED SHARES (&#8220;RESTRICTED SHARES&#8221;) OF HUAZHU GROUP
LIMITED, FORMERLY KNOWN AS CHINA LODGING GROUP, LIMITED (THE &#8220;COMPANY&#8221;) ARE SUBJECT TO THE TERMS OF A NOTE
CONVERSION LETTER AGREEMENT, DATED AS OF MAY 12, 2020 (AS AMENDED AND SUPPLEMENTED FROM TIME TO TIME, THE &#8220;RESTRICTED
ADS LETTER AGREEMENT&#8221;), AND THE DEPOSIT AGREEMENT, DATED AS OF MARCH 25, 2010 (AS SO AMENDED AND SUPPLEMENTED, THE
&#8220;DEPOSIT AGREEMENT&#8221;). HOLDERS AND BENEFICIAL OWNERS OF THE RESTRICTED ADSs BY ACCEPTING AND HOLDING THE
RESTRICTED ADSs, AND ANY INTEREST THEREIN, SHALL BE BOUND BY THE TERMS OF THE DEPOSIT AGREEMENT AND THE RESTRICTED ADS LETTER
AGREEMENT. THESE RESTRICTED ADSs AND THE SHARES REPRESENTED THEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE &quot;SECURITIES ACT&quot;), OR REGISTERED OR QUALIFIED UNDER ANY APPLICABLE STATE
SECURITIES LAWS. THESE RESTRICTED ADSs AND THE SHARES REPRESENTED THEREBY ARE &#8220;RESTRICTED SECURITIES&#8221; WITHIN THE
MEANING OF RULE 144 UNDER THE SECURITIES ACT OR CONTRACTUALLY RESTRICTED SECURITIES, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT <FONT STYLE="letter-spacing: -0.15pt">IN </FONT>ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS
ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.45pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.45pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.45pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in"><B>(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></B>REPRESENTS THAT IT, AND ANY ACCOUNT FOR WHICH IT IS ACTING, (A) <FONT STYLE="letter-spacing: -0.15pt">IS </FONT>A &#8216;&#8216;QUALIFIED
INSTITUTIONAL BUYER&#8221; (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) OR (B) <FONT STYLE="letter-spacing: -0.15pt">IS
</FONT>A NON-U.S. PERSON LOCATED OUTSIDE THE UNITED STATES (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT), AND THAT
IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT AND THAT NEITHER IT NOR ANY SUCH ACCOUNT <FONT STYLE="letter-spacing: -0.15pt">IS
</FONT>AN AFFILIATE OF THE COMPANY, AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.35pt 0pt 5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></B>AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THE AMERICAN DEPOSITARY
SHARES OR THE ORDINARY SHARES REPRESENTED THEREBY, OR ANY BENEFICIAL INTEREST HEREIN OR THEREIN PRIOR TO THE DATE THAT IS THE LATER
OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF CERTAIN CONVERTIBLE NOTES ISSUED BY THE COMPANY THAT WERE CONVERTED HEREINTO
OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH
LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.95pt"></TD><TD STYLE="width: 20.05pt"><B>(A)</B></TD><TD>TO THE COMPANY OR ANY SUBSIDIARY THEREOF;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in"><B>(B)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT></B>THROUGH OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.15pt 0pt 5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in"><B>(C)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT></B>PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS AMERICAN DEPOSITARY SHARES
OR THE ORDINARY SHARES REPRESENTED THEREBY;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.1pt 0pt 5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in"><B>(D)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT></B>TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 25.7pt 0pt 5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in"><B>(E)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT></B>PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in">PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE
WITH CLAUSE (2)(E) ABOVE, THE COMPANY AND THE DEPOSITARY RESERVE THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in">RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS,
CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN
COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in">NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF
ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in">EACH HOLDER AND BENEFICIAL OWNER, BY ITS ACCEPTANCE
OF THIS SECURITY EVIDENCED HEREBY, REPRESENTS THAT IT UNDERSTANDS AND AGREES TO THE FOREGOING RESTRICTIONS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in">NO AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE
SECURITIES ACT (&#8216;&#8216;RULE 144&#8217;&#8217;)) OF THE COMPANY OR ANY PERSON THAT IS NOT AN AFFILIATE OF THE COMPANY, BUT
WAS AN AFFILIATE (WITHIN THE MEANING OF RULE 144) OF THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE, OTHERWISE
ACQUIRE THE AMERICAN DEPOSITARY SHARES ISSUED UPON CONVERSION OF THE CONVERTIBLE NOTES REFERRED TO ABOVE OR THE ORDINARY SHARES
OF THE COMPANY REPRESENTED BY SUCH AMERICAN DEPOSITARY SHARES OR A BENEFICIAL INTEREST HEREIN OR THEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 0in">THIS LEGEND AND OTHER RESTRICTIONS SET FORTH IN THE
RESTRICTED ADS LETTER AGREEMENT SHALL REMAIN APPLICABLE WITH RESPECT TO THESE AMERICAN DEPOSITARY SHARES UNTIL SUCH TIME AS THE
PROCEDURES SET FORTH IN THE RESTRICTED ADS LETTER AGREEMENT FOR REMOVAL OF RESTRICTIONS ARE SATISFIED.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Limitations on Transfer and Cancellation of Conversion Restricted ADSs</U>. The Conversion Restricted ADSs shall be
transferable and eligible for cancellation only (i) in the circumstances described in Sections 6, 7, 8, 9, 10 and 11 below, or
(ii) as otherwise contemplated in a supplemental letter agreement. Transfers or cancellations described in clause (ii) above shall,
unless otherwise specified in the applicable supplemental letter agreement, also require the delivery to the Depositary, (x) all
applicable documentation otherwise contemplated by the Deposit Agreement and this Letter Agreement (including, without limitation,
medallion guarantees and opinions of U.S. counsel), and (y) such other documents as may reasonably be requested by the Depositary
under the terms of the applicable supplemental letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> <U>Limitations
on Transfer of Conversion Restricted ADSs</U>. The Company instructs the Depositary, and the Depositary agrees, that the
Conversion Restricted ADSs shall be transferable only by the Holders of Conversion Restricted ADSs thereof upon delivery to
the Depositary of (i) all applicable documentation otherwise contemplated by the Deposit Agreement and payment of the
applicable fees, taxes and expenses otherwise payable in connection with the transfer of ADSs under the terms of the Deposit
Agreement and this Letter Agreement (US$0.05 per Restricted ADS transferred), (ii) a duly completed and signed Transfer
Certification from the transferring Restricted Holder substantially in the form attached hereto as <U>Exhibit B</U> and (iii)
such other documents as may reasonably be requested <FONT STYLE="letter-spacing: 0.15pt">by </FONT>the Depositary under the
terms hereof (including, without limitation, opinions of U.S. counsel as to compliance with the terms of the legend set forth
above in Section 4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 5pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Limitations on Cancellation of Conversion Restricted ADSs</U>. The Company instructs the Depositary, and the Depositary
agrees, except as may be contemplated in a supplemental letter agreement, not to release any Conversion Restricted Shares or cancel
any Conversion Restricted ADSs for the purpose of withdrawing the underlying Conversion Restricted Shares unless (i) the conditions
applicable to the withdrawal of Conversion Restricted Shares from the depositary receipts facility created pursuant to the terms
of the Deposit Agreement have been satisfied (except for any conditions relating to the Shares not being Restricted Securities),
including, without limitation, the surrender for cancellation of the Conversion Restricted ADSs (accompanied by the requisite
medallion guarantees, if so required under the terms of the Deposit Agreement) and the applicable ADS cancellation fees payable
under the terms of the Deposit Agreement, and (ii) the Depositary shall have received from the person requesting the withdrawal
of the Conversion Restricted Shares a duly completed and signed Withdrawal Certification substantially in the form attached hereto
as <U>Exhibit C</U> (such ce<FONT STYLE="letter-spacing: -0.2pt">r</FONT>t<FONT STYLE="letter-spacing: 0.1pt">i</FONT>f<FONT STYLE="letter-spacing: -0.1pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">c</FONT>ati<FONT STYLE="letter-spacing: 0.1pt">o</FONT>n,
a &#8220;<U>Withrawal Ce<FONT STYLE="letter-spacing: -0.2pt">r</FONT><FONT STYLE="letter-spacing: 0.1pt">t</FONT>ific<FONT STYLE="letter-spacing: -0.2pt">a</FONT>t<FONT STYLE="letter-spacing: 0.1pt">i</FONT>on</U><FONT STYLE="letter-spacing: 0.05pt">&#8221;</FONT>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Exchange
of Conversion Restricted ADSs for ADSs Upon Resale Covered by a Resale Registration Statement</U>. The Company instructs the
Depositary, and the Depositary agrees, except as may be contemplated in a supplemental letter agreement, to cancel the
relevant Conversion Restricted ADSs and to issue and deliver freely transferable ADSs in respect thereof only upon receipt of
(i) the Conversion Restricted ADSs (accompanied by the requisite medallion guarantees, if so required under the terms of the
Deposit Agreement), and (ii) a duly completed and signed Resale Certification and Issuance Instruction with respect to such
Conversion Restricted ADSs, substantially in the form attached hereto as <U>Exhibit D</U> (the &#8220;<U>Resale Certification
and Issuance Instruction</U>&#8221;) stating that the resale of the Conversion Restricted ADSs is covered by an effective
resale registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Exchange
of Conversion Restricted ADSs for ADSs Upon Sale Pursuant to Rule 144</U>. The Company instructs the Depositary, and the
Depositary agrees, except as may be contemplated in a supplemental letter agreement, to cancel the Conversion Restricted ADSs
and to issue and deliver freely transferable ADSs in respect thereof only upon receipt of (i) such Conversion Restricted ADSs
(accompanied by the requisite medallion guarantees, if so required under the terms of the Deposit Agreement) and (ii) a duly
completed and signed Resale Certification and Issuance Instruction containing representations of the transferor relating to
the transfer of ADSs pursuant to Rule 144 of the Securities Act, if prior thereto, the Depositary shall have received a legal
opinion of U.S. counsel reasonably satisfactory to the Depositary stating that as of the date thereof a resale satisfying the
conditions enumerated in Rule 144 of the Securities Act is exempt from registration under the Securities Act and that the
ADSs, upon transfer, will not be Restricted Securities (as defined in the Deposit Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> <U>Removal
of Transfer Restrictions on Conversion Restricted ADSs</U>. The Depositary shall remove all stop transfer notations from its
records in respect of specified Conversion Restricted ADSs and shall treat such Conversion Restricted ADSs on the same terms
as the ADSs outstanding under the terms of the Deposit Agreement that are not Restricted ADSs upon receipt of (x) written
instructions from the Company to so remove all stop transfer notations from its records in respect of specified Conversion
Restricted ADSs and to treat such Conversion Restricted ADSs on the same terms as the ADSs outstanding under the terms of the
Deposit Agreement that are not Restricted ADSs, (y) an opinion of U.S. counsel to the Company stating, <I>inter alia</I>,
that the removal of the restrictive notations with respect to Conversion Restricted ADSs and the Conversion Restricted
Shares, and the treatment of such Conversion Restricted ADSs on the same terms as the ADSs outstanding under the terms of the
Deposit Agreement that are not Restricted ADSs, do not violate the registration requirements of the Securities Act, and (z)
payment by the Company of the ADS issuance and cancellation fees, taxes and expenses otherwise payable under the terms of the
Deposit Agreement and this Letter Agreement. Upon receipt of such instructions, opinion of counsel, and payment of fees,
taxes and expenses, the Depositary shall take all actions necessary to remove any distinctions previously existing between
the applicable Conversion Restricted ADSs and the ADSs that are not Restricted ADSs, including, without limitation, by
removing the stop transfer notations on its records in respect of the applicable ADSs previously identified as Conversion
Restricted ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.05pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.05pt 0pt 5pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.05pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Transfers
and Cancellations of Conversion Restricted ADSs <FONT STYLE="letter-spacing: 0.2pt">in </FONT>Circumstances Not Covered by
Sections 6, 7, 8, 9 or 10</U>. The Company instructs the Depositary, and the Depositary agrees, except as may be contemplated
in a supplemental letter agreement, to cancel the Conversion Restricted ADSs and to issue and deliver freely transferable
ADSs (or Shares, if applicable) in respect thereof in circumstances not covered <FONT STYLE="letter-spacing: 0.15pt">by </FONT>Sections
6, 7, 8, 9 or 10, only (x) upon receipt of (i) such Conversion Restricted ADSs (accompanied by the requisite medallion
guarantees, if so required under the terms of the Deposit Agreement), (ii) a legal opinion of the Conversion Restricted ADS
owner's U.S. counsel stating that the transfer is exempt from registration under the Securities Act and that the ADSs (or
Shares, if applicable), upon transfer, will not be Restricted Securities, and (iii) in the case of a transfer to a purchaser
who will receive freely transferable ADSs, a duly completed and signed Resale Certification and Issuance Instruction
containing the applicable representations of the transferor, and (y) in the case of cancellation of Conversion Restricted
ADSs, if the conditions for cancellation of ADSs and withdrawal of Shares from the depositary receipts facility created
pursuant to the terms of the Deposit Agreement have been satisfied upon receipt of a duly completed Withdrawal Certification
(containing such terms and conditions as the Company and Depositary may agree are reasonably necessary for the cancellation
being contemplated).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Fungibility</U>. Except as contemplated herein and except as required by applicable law, the Conversion Restricted ADSs
shall, to the maximum extent permitted by law and to the maximum extent practicable, be treated as ADSs issued and outstanding
under the terms of the Deposit Agreement that are not Conversion Restricted ADSs. Nothing contained herein shall obligate the Depositary
to treat Holders of Conversion Restricted ADSs on terms more favorable than those accorded to Holders of ADSs under the Deposit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> <U>Representations
and Warranties</U>. The Company hereby represents and warrants and covenants to the Depositary as of the date hereof and as
of the date of each subsequent deposit of Shares or Conversion Restricted Shares, as applicable, under this Letter Agreement
upon Conversion of the Notes that (i) it will deposit Shares or Conversion Restricted Shares, as applicable, in each case
with the Depositary upon conversion of the Notes in accordance with the terms and conditions of the Notes as set out in the
Indenture, dated May 12, 2020 (the &#8220;Indenture&#8221;), as may be amended and supplemented from time to time, by and
between the Company and Wilmington Trust, National Association, as trustee, paying agent and conversion agent, and only after
receipt from the Converting Noteholder of such Notes, as part of the conversion notice relating to such Notes required
pursuant to the Indenture, and of a certification substantially in the form contemplated in the Form of the Notice of
Conversion in the Indenture (a copy of which will be provided by the Company to the Depositary upon request) to the effect
that the proposed transaction is being made in compliance with the Securities Act and applicable state securities laws, (ii)
the Shares or Conversion Restricted Shares, as applicable, being deposited or to be deposited into the ADS facility upon
Conversion of the Notes for the purpose of the issuance of ADSs or Conversion Restricted ADSs, as applicable, are duly
authorized, validly issued, fully paid and non-assessable, and free of any preemptive rights of the holders of outstanding
Shares, (iii) the terms of the Purchase Agreement provide that the Notes will be resold by Initial Purchasers named in the
Purchase Agreement in accordance with Rule 144A under the Securities Act or in reliance on Regulation S under the Securities
Act, (iv) it will cause the Shares or Conversion Restricted Shares, as applicable, underlying the ADSs or Conversion
Restricted ADSs deliverable upon Conversion of such Notes to be deposited with the Custodian and shall instruct the
Depositary to issue ADSs or Conversion Restricted ADSs in accordance with the Deposit Agreement and the terms of this Letter
Agreement, (v) all approvals required by Cayman Islands law (including, without limitation, under the Company&#8217;s
Articles of Association and Bylaws) to permit the deposit of Shares or Conversion Restricted Shares, as applicable, upon
Conversion of the Notes under the Deposit Agreement and this Letter Agreement have been, or will be, obtained prior to the
deposit of such Shares or Conversion Restricted Shares, (vi) the Shares or Conversion Restricted Shares, as applicable, are
of the same class as, and rank pari passu with, the other Shares on deposit under the Deposit Agreement, and (vii) to the
Company&#8217;s knowledge, none of the terms of this Letter Agreement and none of the transactions contemplated in this
Letter Agreement violate any court judgment or order issued against the Company or any material contract to which it is a
party. Such representations and warranties shall survive each deposit of Shares or Conversion Restricted Shares, as
applicable, and each issuance of ADSs or Conversion Restricted ADSs upon Conversion of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.35pt 0pt 5pt; text-indent: 1in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> <U>Company
Assistance</U>. The Company agrees to (i) assist the Depositary in the establishment of such procedures to enable the
acceptance of the deposit of the Shares upon Conversion of the Notes, the issuance of the ADSs or Conversion Restricted ADSs,
as applicable, and the delivery of such ADSs or Conversion Restricted ADSs, as applicable, and (ii) take, and cause, instruct
or direct others to take, all commercially reasonable steps necessary and satisfactory to the Depositary to ensure that the
acceptance of the deposit of the Shares or Conversion Restricted Shares, as applicable, upon Conversion of the Notes, the
issuance of the corresponding ADSs or Conversion Restricted ADSs, as applicable, and the delivery of such ADSs or Conversion
Restricted ADSs, as applicable, in each case upon the terms and conditions set forth in the Deposit Agreement and this Letter
Agreement, do not materially prejudice the rights of Holders and Beneficial Owners of ADSs and do not violate the provisions
of the Securities Act or any other applicable laws. In furtherance of the foregoing, the Company shall at the time of
execution of this Letter Agreement and upon closing of the offer and sale of the Notes in accordance with the terms of the
Purchase Agreement, cause (A) its U.S. counsel to deliver an opinion to the Depositary as of the date hereof stating, <I>inter
alia</I>, that (i) assuming its due authorization, execution and delivery, this Letter Agreement is valid, binding and
enforceable against the Company under the laws of the State of New York, except as the enforcement thereof may be limited by
bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium
or similar laws affecting the enforcement of creditors&#8217; rights generally, and as enforcement thereof is subject to
general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), (ii) the
offer and sale of the Notes in accordance with the terms of the Purchase Agreement has been duly registered under the
Securities Act or is otherwise exempt from the registration requirements set forth under the Securities Act or such other
terms acceptable to the Depositary, and (iii) from time to time, upon Conversion of the Notes, the deposit of Shares or
Conversion Restricted Shares, as applicable, by the Company on behalf of Converting Noteholders of Notes and the issuance and
delivery of ADSs or Conversion Restricted ADSs, as applicable, in each case from time to time and upon the terms contemplated
herein, have been duly registered under the Securities Act or are otherwise exempt from the registration requirements set
forth under the Securities Act or such other terms acceptable to the Depositary and (B) its Cayman Islands counsel to deliver
an opinion to the Depositary as of the date hereof stating, <I>inter alia</I>, that (i) the Company has duly authorized and
executed this Letter Agreement, (ii) this Letter Agreement constitutes a legal, valid and binding obligation of the Company
under Cayman Islands law enforceable against the Company upon its terms, (iii) all approvals required by Cayman Islands
applicable law to permit the deposit of Shares or Conversion Restricted Shares, as applicable, under the Deposit Agreement
and this Letter Agreement have been obtained, and (iv) the terms of this Letter Agreement and the transactions contemplated
by this Letter Agreement do not and will violate the Memorandum or Articles of Association of the Company nor any applicable
law, regulation, order or decree in the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.35pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.35pt 0pt 5pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.35pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Depositary Fees</U>. Subject to any other agreements between the Company and the Depositary with respect to the manner
in which the fees payable to the Depositary hereunder are paid, the Company and the Depositary agree that the Company shall pay
to the Depositary: (i) an ADS issuance fee of US$0.05 per ADS or Conversion Restricted ADS, as applicable, issued pursuant to each
Conversion of the Notes, and (ii) an annual administration fee of US$50,000 payable on each anniversary of the date hereof for
services rendered in connection with the Conversion of the Notes, and (iii) all costs and expenses (including all related legal
fees) incurred by or on behalf of the Depositary in connection with the Conversion of the Notes and the issuance and delivery of
ADSs or Conversion Restricted ADSs, as applicable, in each case as contemplated by this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.3pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">16.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Fractional Shares and ADSs</U>. Notwithstanding anything to the contrary in the Deposit Agreement, the Company will
not deliver to the Depositary or the Custodian in connection with the issuance of ADSs or Conversion Restricted ADSs, as applicable,
upon Conversion of Notes, and the Depositary shall not be required to accept under any circumstances</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.65pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">(i) any fraction of a Share or Conversion Restricted
Share, as applicable, nor (ii) a number of Shares or Conversion Restricted Shares, as applicable, which upon application of the
ADS to Share ratio would give rise to a fraction of an ADS or a Conversion Restricted ADS, as applicable. Also, the Depositary
shall not be required to accept or distribute under any circumstances, any cash payments for fractional entitlements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">17.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> <U>F-6
Registration Statement</U>. The parties hereto agree that a signed copy of this Letter Agreement shall be filed as an exhibit
to the next Registration Statement on Form F-6 (or next amendment to the existing Registration Statement on Form F-6
currently on file) in respect of the ADSs. The parties hereto further agree that, notwithstanding anything contained herein
to the contrary, the Depositary shall not be obligated to issue any ADSs upon Conversion of the Notes if there is an
insufficient number of ADS then registered under the existing Registration Statement on Form F-6 then on file, or if such
Registration Statement on Form F-6 is the subject of a stop order or a proceeding for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 5pt; text-indent: 1in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Miscellaneous</U>.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 5pt; text-indent: 1in">The parties acknowledge and agree
that the indemnification obligations contained in Section 5.8 of the Deposit Agreement shall apply to all of the terms, conditions,
obligations and performances under this Letter Agreement as if they were set forth in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">The parties hereto agree to duly execute
and deliver, or cause to be duly executed and delivered, such further documents and instruments and do and cause to be done such
further acts, as may be reasonably requested by the other party in order to implement the terms and provisions of this Letter Agreement
and to effectuate the purpose and intent hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 5pt; text-indent: 1in">This Letter Agreement shall be
interpreted and all rights hereunder and the provisions hereof shall be governed by the law of the State of New York and the jurisdiction
clause (including in respect of service of process) set forth in 7.6 of the Deposit Agreement shall apply, <I>mutatis mutandis</I>,
to this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.45pt 0pt 5pt; text-indent: 1in">This Letter Agreement shall
be binding upon the parties hereto, and their respective legal successors and permanent assigns,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.45pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt; text-indent: 1in">This Letter Agreement may not
be modified or amended except by a writing signed by both parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">This Letter Agreement may be executed
in counterparts, each of which shall be deemed to be an original, and all of which, taken together, shall constitute one and the
same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#9;Kindly indicate your acceptance and
agreement to the foregoing by signing this letter below in the space provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">CHINA LODGING GROUP, LIMITED</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Teo Nee Chuan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name:</TD>
    <TD> Teo Nee Chuan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Accepted and Agreed</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">as of the date first written above</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">CITIBANK, N.A.,</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">as Depositary</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Keith Galfo</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>Keith Galfo</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:&nbsp;&nbsp;&nbsp;</TD>
    <TD>Vice President</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">EXHIBIT(S)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">A</TD><TD>Form of Conversion Issuance <FONT STYLE="letter-spacing: -0.15pt">Instruction</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">B</TD><TD>Form of Transfer Certification</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.7pt 0pt 41pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">C</TD><TD>Form of Withdrawal Certification</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">D</TD><TD>Form of Resale Certification and Issuance Instruction</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Note Conversion Letter
Agreement,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>dated as of May 12, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(the &#8220;<U>Letter
Agreement</U>&#8221;), by and between</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HUAZHU GROUP LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>and CITIBANK, N.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Conversion Issuance
Instruction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.85pt 0pt 0; text-align: right"><B>[DATE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.85pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 348.3pt 0pt 5pt">Citibank, N.A. &#8211; ADR Depositary 388 Greenwich
Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">New York, NY 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Attn.: Depositary Receipts Department / Les Deluca /
Keith Galfo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">By Email:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">leslie.deluca@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">keith.galfo@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">dr.china@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">Re:&#9;&nbsp;&nbsp;Huazhu Group <FONT STYLE="letter-spacing: -0.2pt">Limited
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">Reference
is made to (i) the Deposit Agreement, dated as of March 25, 2010 (the &#8220;Deposit Agreement&#8221;), by and among Huazhu Group
Limited, formerly known as China Lodging Group, Limited, a company organized under the laws of the Cayman Islands (the &#8220;Company&#8221;),
Citibank, N.A., as Depositary, and all Holders and Beneficial Owners of American Depositary Shares (&#8220;<U>ADSs</U>&#8221;)
issued thereunder, and (ii) the Note Conversion Letter Agreement, dated as of May 12, 2020 (the &#8220;<U>Letter Agreement</U>&#8221;),
by and between the Company and the Depositary, in connection with issuance and delivery of ADSs or Conversion Restricted ADSs,
as applicable, upon the conversion of the Company&#8217;s 3.00% Convertible Senior Notes due 2026. Capitalized terms used but not
defined herein shall have the meanings given to them in the Deposit Agreement or the Letter Agreement, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65in 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65in 0pt 5pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65in 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">In accordance with and subject
to the terms set forth in the Letter Agreement and the Deposit Agreement, the Company has deposited the number of Shares or Conversion
Restricted Shares, as applicable, identified below, along with a certified true copy of the Company&#8217;s register of members
reflecting the Custodian (or its nominee) as the registered holder of the corresponding number of Shares or Conversion Restricted
Shares, as applicable, and hereby instructs the Depositary to issue the number of ADSs or Conversion Restricted ADSs, as applicable,
identified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.8pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="margin-left: 0.25in; text-align: left">Number of Shares
or Conversion Restricted Shares, as applicable, deposited:</P></TD>
    <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">__________ Shares</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">or Conversion</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">Restricted Shares,</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">as applicable.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">Number of Conversion Restricted ADSs to be issued</TD>
    <TD>__________ Restricted ADSs **</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">(CUSIP No.: 44332N882):</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">Number of freely transferrable ADSs to be issued (CUSIP</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">No.: 16949N109):</TD>
    <TD>__________ ADSs*</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.8pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">_______________________</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>**</SUP> Conversion
Restricted ADSs to be issued upon Conversion of Notes by non-Affiliates as follows on or prior to the date one year after the last
original issue date of the Notes (or such later date as the Company may instruct the Depositary):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 54.9pt 0pt 18.55pt; text-indent: -13.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 52.9pt 0pt 41pt">--&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Rule 144A Notes initially
sold to a Non-Affiliate Holder (who are &#8220;qualified institutional buyers&#8221; or non-U.S. persons located outside the United
States);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 52.9pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.4pt 0pt 41pt">--&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Regulation S Notes initially
sold to a Non-Affiliate Holder (who are &#8220;qualified institutional buyers&#8221; or non-U.S. persons located outside the United
States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.4pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
</FONT>Freely transferable ADSs may be issued upon Conversion of Notes by non-Affiliates after the date one year after the last
original issue date of the Notes (or such later date as the Company may instruct the Depositary) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 56.15pt 0pt 14pt; text-align: justify; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">--&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Rule 144A Notes initially sold
to a Non-Affiliate Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">--&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Regulation S Notes initially sold
to a Non-Affiliate Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt">and to deliver the ADSs or Conversion Restricted
ADSs, as applicable, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">(CHECK ONE)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.95pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">___</TD>
    <TD STYLE="width: 35%">(a) Deliveries into DTC (freely transferable ADSs only)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name of DTC Participant to which the ADSs are to be delivered:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>DTC Participant Account No.:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Account No. for recipient of ADSs at DTC Participant (f/b/o information):</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name of Converting Noteholder on whose behalf the above number of ADSs are to be issued and delivered:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Contact person at DTC Participant:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Daytime telephone number of contact person at DTC Participant:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center"><B>OR</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>___</TD>
    <TD>(b) Deliveries outside of DTC</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name of person to whom the ADSs or Conversion Restricted ADSs, as applicable, are to be registered:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Street Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>City, State, and Country:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Nationality:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Social Security or Tax Identification Number:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Daytime telephone number of contact person:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">The Company hereby confirms that
the representations, warranties and covenants contained in Section 13 of the Letter Agreement are true, accurate and correct as
of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65in 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">Pursuant to Section 15 of the
Letter Agreement, the Company hereby acknowledges that an aggregate issuance fee in the amount of US$<B>[&#8226;]</B>, being the
sum of the per ADS issuance fee multiplied by the number of ADSs or Conversion Restricted ADSs, as applicable, instructed to be
issued above pursuant to this Conversion Issuance Instruction (<I>i.e.</I>, US$0.05 * <B>[&#8226;]</B>), shall be promptly paid
by the Company to the following Depositary account:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65in 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.55pt">Citibank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.55pt">ABA number: 021000089</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.55pt">DDA number: 36859028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 219.35pt 0pt 63.55pt">RE: Huazhu Group Limited Note Conversion
Attn.: Hank Hui, Account Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 219.35pt 0pt 63.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">and the Company further acknowledges
that the Depositary shall have no obligation to issue any such ADSs or Conversion Restricted ADSs, as applicable, prior to its
receipt of such payment in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">HUAZHU GROUP LIMITED</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 202pt 0pt 283.9pt; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 202pt 0pt 283.9pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Note Conversion Letter
Agreement,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>dated as of May 12, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(the &#8220;<U>Letter
Agreement</U>&#8221;), by and between</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HUAZHU GROUP LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>and CITIBANK, N.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Transfer Certification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">_______________________</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 44.85pt; margin-bottom: 0pt; text-align: right"><B>[DATE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.85pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 348.3pt 0pt 5pt">Citibank, N.A. &#8211; ADR Depositary 388 Greenwich
Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">New York, NY 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Attn.: Depositary Receipts Department / Les Deluca /
Keith Galfo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">By Email:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">leslie.deluca@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">keith.galfo@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">dr.china@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">Re:&#9;Huazhu Group <FONT STYLE="letter-spacing: -0.2pt">Limited
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">Reference
is made to (i) the Deposit Agreement, dated as of March 25, 2010 (the &#8220;Deposit Agreement&#8221;), by and among Huazhu Group
Limited, formerly known as China Lodging Group, Limited, a company organized under the laws of the Cayman Islands (the &#8220;Company&#8221;),
Citibank, N.A., as Depositary, and all Holders and Beneficial Owners of American Depositary Shares (&#8220;<U>ADSs</U>&#8221;)
issued thereunder and (ii) the Note Conversion Letter Agreement, dated as of May 12, 2020 (the &#8220;<U>Letter Agreement</U>&#8221;),
by and between the Company and the Depositary, in connection with issuance and delivery of ADSs or Conversion Restricted ADSs,
as applicable, upon the conversion of the Company&#8217;s 3.00% Convertible Senior Notes due 2026. Capitalized terms used but not
defined herein shall have the meanings given to them in the Deposit Agreement or the Letter Agreement, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">In
connection with the transfer of the Conversion Restricted ADSs surrendered herewith (the &ldquo;<U>Surrendered Conversion Restricted
ADSs</U>&rdquo;) to the person(s) specified in <U>Schedule I</U> hereto, the undersigned Holder certifies that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65in 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: left">(CHECK ONE)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">___</TD>
    <TD STYLE="width: 5%">(a)</TD>
    <TD STYLE="width: 80%">The Surrendered Conversion Restricted ADSs are being transferred to a person who the undersigned Holder reasonably believes is a &ldquo;Qualified Institutional Buyer&rdquo; (within the meaning of Rule 144A under the Securities Act) for the account of a Qualified Institutional Buyer in a transaction meeting the requirements of Rule 144A under the Securities Act and the transferee is acquiring the Surrendered Conversion Restricted ADSs for investment purposes only without a view to distribution.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center"><B>OR</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>___</TD>
    <TD>(b)</TD>
    <TD>The Surrendered Conversion Restricted ADSs are being transferred to a person other than a U.S. Person (as defined in Regulation S under the Securities Act) in an offshore transaction meeting the requirements of Regulation S under the Securities Act and the transferee is acquiring the Surrendered Conversion Restricted ADSs for investment purposes without a view to distribution.</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">If neither of the items above
is checked, the Depositary shall not be obligated to register the Surrendered Restricted ADSs in the name of any person other than
the Holder thereof unless and until the conditions to any such transfer or registration set forth in the Deposit Agreement and
the Letter Agreement shall have been satisfied (including, without limitation, the delivery of an opinion of U.S. securities counsel).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">The transferor confirms that
applicable fees, taxes and expenses payable in connection the transfer of ADSs under the terms of the Deposit Agreement and the
Restricted ADS Letter Agreement (US$0.05 per Conversion Restricted ADS transferred) is being made to the Depositary concurrently
herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65in 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">The transferee has and, if acting
on behalf of the Beneficial Owner, such Beneficial Owner has agreed to take a Restricted ADSs identical to the Restricted ADSs
surrendered for transfer and subject to the same restrictions on transfer set forth in the Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Date:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 219.35pt 0pt 265.95pt; text-indent: -1.7pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 219.35pt 0pt 265.95pt; text-indent: -1.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.8pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.8pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>MEDALLION
                                         GUARANTEE</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Medallion
                                         Guarantee Stamp</B> (Notary public seal is not acceptable)</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border: Black 1pt solid; width: 44%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Name of Firm Issuing Guarantee: ___________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Authorized Signature of Officer: ____________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Title of Officer Signing This Guarantee: ______________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Address: ________________________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">_______________________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Area Code and Telephone Number: ________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Dated: ________________________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">The signature(s) above
                                         must be guaranteed by an Eligible Guarantor Institution that is a member in good standing
                                         of a recognized Medallion Signature Guarantee Program approved by The Securities Transfer
                                         Association, Inc. The signature(s) must be stamped with a Medallion Signature Guarantee
                                         by a qualified financial institution, such as a commercial bank, savings bank, savings
                                         and loan institutions, U.S. stock broker and security dealer, or credit union, that is
                                         participating in an approved Medallion Signature Guarantee Program. <B>A NOTARY PUBLIC
                                         SEAL IS NOT ACCEPTABLE</B>.</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.8pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 147.55pt 0pt 146.2pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Note Conversion Letter
Agreement,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>dated as of May
12, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(the &#8220;<U>Letter
Agreement</U>&#8221;), by and between</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HUAZHU GROUP LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>and CITIBANK,
N.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Withdrawal Certification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 1.9in; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>[DATE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.85pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 348.3pt 0pt 5pt">Citibank, N.A. &#8211; ADR Depositary 388 Greenwich
Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">New York, NY 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Attn.: Depositary Receipts Department / Les Deluca
/ Keith Galfo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">By Email:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">leslie.deluca@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">keith.galfo@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">dr.china@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">Re:&#9;Huazhu Group <FONT STYLE="letter-spacing: -0.2pt">Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt"><FONT STYLE="letter-spacing: -0.2pt"></FONT>Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">Reference
is made to (i) the Deposit Agreement, dated as of March 25, 2010 (the &#8220;Deposit Agreement&#8221;), by and among Huazhu Group
Limited, formerly known as China Lodging Group, Limited, a company organized under the laws of the Cayman Islands (the &#8220;Company&#8221;),
Citibank, N.A., as Depositary, and all Holders and Beneficial Owners of American Depositary Shares (&#8220;<U>ADSs</U>&#8221;)
issued thereunder and (ii) the Note Conversion Letter Agreement, dated as of May 12, 2020 (the &#8220;<U>Letter Agreement</U>&#8221;),
by and between the Company and the Depositary, in connection with issuance and delivery of ADSs or Conversion Restricted ADSs,
as applicable, upon the conversion of the Company&#8217;s 3.00% Convertible Senior Notes due 2026. Capitalized terms used but not
defined herein shall have the meanings given to them in the Deposit Agreement or the Letter Agreement, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">This Withdrawal Certification
is being furnished in connection with the withdrawal Conversion Restricted Shares (as defined in the Letter Agreement) upon surrender
of Conversion Restricted ADSs (as defined in the Letter Agreement) to the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.8pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77pt; text-indent: 0in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We acknowledge, or, if we are acting for the account of another person, such person has confirmed to us that it acknowledges,
that the Conversion Restricted ADSs and the Conversion Restricted Shares represented thereby have not been registered under the
Securities Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 55.2pt 0pt 77pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77pt; text-indent: 0in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We certify that we, and, if we are not the beneficial owner, the beneficial owner has certified that it, will sell the Conversion
Restricted Shares in compliance with the requirements of the U.S. securities laws (including, without limitation, the applicable
laws of the states of the United States), and we, and, if we are not the beneficial owner, the beneficial owner has certified that
it, will not deposit, or cause to be deposited, such Conversion Restricted Shares into any depositary receipts facility established
or maintained by a depositary bank other than a restricted facility established and maintained for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 77pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>[NAME OF CERTIFYING ENTITY]</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Title:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 277.95pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 277.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.8pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.8pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>MEDALLION
                                         GUARANTEE</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Medallion
                                         Guarantee Stamp</B> (Notary public seal is not acceptable)</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border: Black 1pt solid; width: 44%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Name of Firm Issuing Guarantee: ___________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Authorized Signature of Officer: ____________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Title of Officer Signing This Guarantee: ______________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Address: ________________________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">_______________________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Area Code and Telephone Number: ________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Dated: ________________________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">The signature(s) above
                                         must be guaranteed by an Eligible Guarantor Institution that is a member in good standing
                                         of a recognized Medallion Signature Guarantee Program approved by The Securities Transfer
                                         Association, Inc. The signature(s) must be stamped with a Medallion Signature Guarantee
                                         by a qualified financial institution, such as a commercial bank, savings bank, savings
                                         and loan institutions, U.S. stock broker and security dealer, or credit union, that is
                                         participating in an approved Medallion Signature Guarantee Program. <B>A NOTARY PUBLIC
                                         SEAL IS NOT ACCEPTABLE</B>.</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.8pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 277.95pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 277.95pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Note Conversion Letter
Agreement,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>dated as of May
12, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(the &#8220;<U>Letter
Agreement</U>&#8221;), by and between</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HUAZHU GROUP LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>and CITIBANK, N.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">_______________________</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Resale Certification
and Issuance Instruction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>[DATE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.85pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 348.3pt 0pt 5pt">Citibank, N.A. &#8211; ADR Depositary 388 Greenwich
Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">New York, NY 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Attn.: Depositary Receipts Department / Les Deluca /
Keith Galfo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">By Email:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">leslie.deluca@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">keith.galfo@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">dr.china@citi.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">Re:&#9;Huazhu Group <FONT STYLE="letter-spacing: -0.2pt">Limited
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 365.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">Reference
is made to (i) the Deposit Agreement, dated as of March 25, 2010 (the &#8220;Deposit Agreement&#8221;), by and among Huazhu Group
Limited, formerly known as China Lodging Group, Limited, a company organized under the laws of the Cayman Islands (the &#8220;Company&#8221;),
Citibank, N.A., as Depositary, and all Holders and Beneficial Owners of American Depositary Shares (&#8220;<U>ADSs</U>&#8221;)
issued thereunder and (ii) the Note Conversion Letter Agreement, dated as of May 12, 2020 (the &#8220;<U>Letter Agreement</U>&#8221;),
by and between the Company and the Depositary, in connection with issuance and delivery of ADSs or Conversion Restricted ADSs,
as applicable, upon the conversion of the Company&#8217;s 3.00% Convertible Senior Notes due 2026. Capitalized terms used but not
defined herein shall have the meanings given to them in the Deposit Agreement or the Letter Agreement, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">This
Resale Certification and Issuance Instruction is being provided in connection with our request to the Depositary to transfer
__________ (insert number) of Conversion Restricted ADSs (CUSIP No.: 44332N882) registered in the name of the undersigned or
the undersigned's designee in the form of freely transferable ADSs (CUSIP No.: 16949N109) in connection with our sale of such
Conversion Restricted ADSs in a transaction exempt from registration under the Securities Act or covered by a Registration
Statement (the &#8220;<U>Sale</U>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 66.8pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">The undersigned certifies that (please check appropriate
box below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">*
&#9744;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Sale Pursuant to Resale Registration Statement</U>:</B> (x) the Sale pursuant to which the
Conversion Restricted ADSs are being sold is covered by a registration statement under the Securities Act that has been declared
effective by the Commission and is currently in effect, (y) the ADSs to be delivered upon such sale are not &#8220;Restricted
Securities&#8221; (as defined in Rule 144(a)(3) under the Securities Act), and (z) the undersigned has satisfied all applicable
prospectus delivery requirements under the Securities Act,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.9pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 137pt; text-align: center">OR</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 137pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in"><FONT STYLE="font-size: 10pt">* &#9744;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Sale
Exempt from Registration (Rule 144 post-six months to one year </U></B></FONT><B><U>sales only)</U>: </B>the Conversion
Restricted ADSs to be transferred and the Conversion Restricted Shares represented thereby (x) are not held by an affiliate
of the Company or a person who has been an affiliate of the Company during the preceding three months, (y) at least six
months but less than one year has elapsed since the Conversion Restricted Shares represented by such Conversion Restricted
ADSs were acquired from the Company or an affiliate of the Company, and (z) at the time of such sale, the Company is in full
compliance with its reporting obligations to the US Securities and Exchange Commission under the Exchange Act,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65in 0pt 5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 137pt; text-align: center">OR</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 137pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">*&#9744;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Sale Exempt from Registration (Rule 144 post-one year sales only</U>):</B>
the Conversion Restricted ADSs to be transferred and the Conversion Restricted Shares represented thereby (x) are not held by
an affiliate of the Company or a person who has been an affiliate of the Company during the preceding three months, and (y) at
least one year has elapsed since the Conversion Restricted Shares represented by such Conversion Restricted ADSs were acquired
from the Company or an affiliate of the Company,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.85pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 137pt; text-align: center">OR</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 137pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">**&#9744;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Sale
Exempt from Registration (Sales Other than Pursuant to Rule 144)</U>:</B> the Conversion Restricted ADSs to be transferred and
the Conversion Restricted Shares represented thereby are being transferred in a transaction exempt from registration under the</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">____________________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="padding-right: 48.7pt">The Company may have delivered the requisite opinion of counsel to cover this transaction to
the Depositary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.05pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">**</FONT></TD><TD STYLE="padding-right: 59.15pt">The delivery of the requisite opinion of counsel to cover this transaction is the responsibility
of the selling Conversion Restricted ADS holder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Securities Act and the ADSs to be delivered upon
transfer are not &#8220;Restricted Securities&#8221; (as defined in Rule 144(a)(3) under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 66.8pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The undersigned hereby requests that the Depositary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="padding-right: 62.9pt">cancel the following number of Conversion Restricted ADSs for the issuance of freely transferable
unrestricted ADSs:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Conversion Restricted ADSs (CUSIP No.: 44332N882),
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="padding-right: 72.75pt">following the cancellation of the Conversion Restricted ADSs as contemplated in (i) above, issue
and deliver &#8220;free&#8221; the following number of ADSs:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(CUSIP No.: 16949N109)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.9pt 0pt 1.9in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">to the person(s) identified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.2in">1.</TD>
    <TD COLSPAN="3">If ADSs are to be issued and delivered by means of book-entry transfer to the DTC account of the undersigned:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">Name of DTC Participant acting for undersigned:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>DTC Participant Account No.:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Account No. for undersigned at DTC Participant (f/b/o information):</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Onward Delivery Instructions of undersigned:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Contact person at DTC Participant:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Daytime telephone number of contact person at DTC Participant:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.2in">2.</TD>
    <TD COLSPAN="2">If ADSs are to be issued and delivered in the form of uncertificated ADSs or in the form of an ADR:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name of Purchaser/Transferee:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Street Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>City, State, and Country:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Nationality:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Social Security or Tax Identification Number:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in">The undersigned hereby instructs
the Depositary to cancel the Conversion Restricted ADSs to be transferred in the form of freely transferable ADSs and, if applicable,
to issue to the undersigned a statement identifying the number of Conversion Restricted ADSs held by the undersigned so transferred.
The undersigned irrevocably appoints the Depositary and any of its authorized representatives as its attorney to take the actions
contemplated above on behalf of the undersigned. The undersigned confirms that applicable fees, taxes and expenses payable under
the terms of the Deposit Agreement and the Letter Agreement in connection the cancellation of Conversion Restricted ADSs and the
issuance of ADSs is being made to the Depositary concurrently herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.8pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.8pt 0pt 5pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">Name of Owner:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Social Security Number or Taxpayer Identification Number of Owner:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Account Number of Owner:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Signature of Owner:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Identify Title if Acting in Representative Capacity)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.8pt 0pt 5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.8pt 0pt 5pt; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.8pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.8pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>MEDALLION
                                         GUARANTEE</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Medallion
                                         Guarantee Stamp</B> (Notary public seal is not acceptable)</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border: Black 1pt solid; width: 44%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Name of Firm Issuing Guarantee: ___________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Authorized Signature of Officer: ____________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Title of Officer Signing This Guarantee: ______________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Address: ________________________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">_______________________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Area Code and Telephone Number: ________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">Dated: ________________________________________________________________________________</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">The signature(s) above
                                         must be guaranteed by an Eligible Guarantor Institution that is a member in good standing
                                         of a recognized Medallion Signature Guarantee Program approved by The Securities Transfer
                                         Association, Inc. The signature(s) must be stamped with a Medallion Signature Guarantee
                                         by a qualified financial institution, such as a commercial bank, savings bank, savings
                                         and loan institutions, U.S. stock broker and security dealer, or credit union, that is
                                         participating in an approved Medallion Signature Guarantee Program. <B>A NOTARY PUBLIC
                                         SEAL IS NOT ACCEPTABLE</B>.</P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.8pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 44.8pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">D-5</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)(II)
<SEQUENCE>4
<FILENAME>e620368_ex99-bii.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">EXECUTION VERSION</P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Huazhu Group Limited<BR>
<BR>
</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">As of November
26, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A. &#45; ADR Department<BR>
388 Greenwich Street<BR>
New York, New York 10013<BR>
<BR>
Morgan Stanley Asia International Limited<B><BR>
</B>Level 31,<BR>
International Commerce Centre,<BR>
1 Austin Road West, Kowloon, Hong Kong <B><BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><U>Restricted ADSs /Affiliate/Custody &amp;
Pledge/ Morgan Stanley (CUSIP No. 46647L998)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Reference is made to the Deposit Agreement,
dated as of March 25, 2010, as amended and supplemented from time to time (the &ldquo;<U>Deposit Agreement</U>&rdquo;), by and
among Huazhu Group Limited, an exempted company incorporated under the laws of the Cayman Islands and previously known as &ldquo;China
Lodging Group, Limited&rdquo; (the &ldquo;<U>Company</U>&rdquo;), Citibank, N.A., a national banking association (&ldquo;<U>Citibank</U>&rdquo;)
organized and existing under the laws of the United States of America, as Depositary (the &ldquo;<U>Depositary</U>&rdquo;), and
the Holders and Beneficial Owners of American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;) issued thereunder. All capitalized
terms used, but not otherwise defined in this letter agreement (this &ldquo;<U>Letter Agreement</U>&rdquo;), shall have the meaning
assigned thereto in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company desires to establish procedures
to enable certain persons (including Affiliates of the Company), the names of which will be provided by the Company to the Depositary
from time to time pursuant to the depositary procedures set forth in Section 1 below (the &ldquo;<U>Restricted Holders</U>&rdquo;),
to own Shares that constitute Restricted Securities in the form of Restricted ADSs, to arrange for such Restricted ADSs to be held
by Morgan Stanley Asia International Limited or its successor or assign (&ldquo;<I><U>MSAIL</U></I>&rdquo;, and in its capacity
as securities intermediary, the &ldquo;<U>Intermediary</U>&rdquo;) for the benefit of the Restricted Holders or to pledge such
Restricted ADSs to MSAIL and certain of its affiliates (collectively, the &ldquo;<U>Morgan Stanley Companies</U>&rdquo;) in connection
with loan agreements and security documents that may be entered into between such Restricted Holders and the Morgan Stanley Companies
from time to time (collectively, the &ldquo;<U>Loan and Security Documents</U>&rdquo;), including, without limitation, a customer
agreement (including the general dealing terms therein and each module and supplement entered into between the Restricted Holder
and the Morgan Stanley Companies), and a security agreement between the Restricted Holder and the Morgan Stanley Companies. The
Depositary agrees to accommodate the deposit of Restricted Securities by, or on behalf of, the Restricted Holders and the issuance
and delivery of Restricted ADSs to the Intermediary (or its nominee) for the benefit of the Restricted Holders, provided that the
terms of deposit of the Restricted Securities for Restricted ADSs neither (a) prejudice any substantial rights of existing Holders
and Beneficial Owners of ADSs under the Deposit Agreement, nor (b) violate or conflict with any law, rule or administrative position
applicable to the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The terms of the Deposit Agreement shall be
supplemented as set forth in this Letter Agreement, <I>inter alia</I>, for the purpose of accommodating (i) the deposit of Restricted
Securities by the Restricted Holders and the issuance and delivery of Restricted ADSs to the Intermediary for the benefit of the
Restricted Holders, and the pledge from time to time by the Restricted Holders of some or all of the Restricted ADSs to the Morgan
Stanley Companies, (ii) the sale or transfer of such Restricted ADSs, and (iii) certain ancillary transactions further described
below. The Company and the Depositary agree that a draft form of this Letter Agreement (without party names) may be filed as an
exhibit to the next Registration Statement on Form F-6 filed in respect of the ADSs under the Securities Act, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">For good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company, the Depositary and the Intermediary hereby agree, notwithstanding
the terms of the Deposit Agreement, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Depositary Procedures</U></B>. The Company consents, under Section 2.3
of the Deposit Agreement, to the deposit by the Restricted Holders up to the number of Shares listed opposite such Restricted Holders&rsquo;
names on lists to be provided by the Company to the Depositary from time to time in writing (the &ldquo;<U>Restricted Shares</U>&rdquo;)
and the issuance and delivery by the Depositary of the corresponding number of Restricted ADSs in respect thereof in the form of
Uncertificated Restricted ADSs, upon the terms of Section 2.13 of the Deposit Agreement, as supplemented by this Letter Agreement,
to the Intermediary (or its nominee) for the benefit of the Restricted Holders. The Restricted ADSs described in the immediately
preceding sentence and the Restricted Shares represented thereby are referred to herein as the &ldquo;<U>Designated Restricted
ADSs</U>&rdquo; and the &ldquo;<U>Designated Shares</U>&rdquo;, respectively. In connection with each deposit of Designated Shares
and request for issuance and delivery of Designated Restricted ADSs to the Intermediary (or its nominee) (which request shall not
be unreasonably denied), (i) the Company shall deliver to the Depositary with a copy to the Intermediary a duly completed and signed
Consent and Delivery Instruction substantially in the form of <U>Exhibit A</U> hereto (each a &ldquo;<U>Consent and Delivery Instruction</U>&rdquo;),
and (ii) each of the applicable Restricted Holders shall be required to deliver to the Depositary and the Company a duly completed
and signed Restricted Holder Confirmation substantially in the form of <U>Exhibit G</U> hereto (each a &ldquo;<U>Restricted Holder
Confirmation</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In furtherance of the foregoing, the Company
instructs the Depositary, and the Depositary agrees, upon the terms and subject to the conditions set forth in Section 2.14 of
the Deposit Agreement as supplemented by this Letter Agreement, to (i) establish procedures to enable (x) the deposit of the Designated
Shares with the Custodian appointed by the Depositary under the terms of the Deposit Agreement (the &ldquo;<U>Share Custodian</U>&rdquo;)
by the Restricted Holders as a valid deposit of Shares under the Deposit Agreement in order to enable the issuance and delivery
of Designated Restricted ADSs upon deposit of the corresponding Designated Shares under the terms of this Letter Agreement by the
Depositary to the Intermediary (or its nominee), and the pledge from time to time of some or all of such Designated Restricted
ADSs to the Morgan Stanley Companies, and (y) the transfer of the Designated Restricted ADSs, the removal of the transfer and other
restrictions with respect to Designated Restricted ADSs in order to create unrestricted ADSs, and the withdrawal of the Designated
Shares, in each case upon the terms and conditions set forth in the Deposit Agreement as supplemented by the terms of this Letter
Agreement, and (ii) deliver an account statement (the &ldquo;<U>Account Statement</U>&rdquo;) to the Intermediary as registered
holder of Designated Restricted ADSs upon the issuance of the Designated Restricted ADSs and from time to time thereafter, as reasonably
requested by the Intermediary, in each case upon the terms set forth herein (it being acknowledged that a request by the Intermediary
on a weekly or more frequent basis shall be deemed reasonable). The Depositary agrees that upon a telephonic or email request by
the Intermediary to the addressee(s) designated by the Depositary, it shall deliver via email a print screen of the Account Statement
(without reference to the holder ID and Tax ID) within one New York business day of such request, and if so requested in that request,
deliver a hard copy of such Account Statement by post promptly thereafter. Designated Shares deposited by a Restricted Holder shall
be held in a separate account with the Share Custodian and the corresponding Designated Restricted ADSs shall be Delivered to a
separate account (an &ldquo;<U>Account</U>&rdquo;) in the name of the Intermediary (or its nominee). Nothing contained in this
Letter Agreement shall in any way obligate the Depositary, or give authority to the Depositary, to accept any Shares other than
the Designated Shares described herein for deposit under the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Company Assistance</U></B>. The Company agrees to (i) provide commercially
reasonable assistance upon the request of, and to, the Depositary in the establishment of the procedures referred to in Sections
1, 3, 4, 5, 6, 8 and 9 hereof and (ii) take commercially reasonable steps requested by the Depositary to ensure that the establishment
of such procedures does not prejudice any substantial existing rights of Holders or Beneficial Owners of ADSs (other than the Intermediary
or the relevant Restricted Holder) and does not violate the provisions of the Securities Act or any other applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In furtherance of the foregoing, the Company
shall at the time of execution of this Letter Agreement cause (A) its U.S. counsel to deliver an opinion to the Depositary as of
the date hereof stating, <I>inter alia</I>, to the effect that assuming its due authorization, execution and delivery, this Letter
Agreement is valid, binding and enforceable against the Company under the laws of the State of New York, except as the enforcement
thereof may be limited by bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization,
moratorium or similar laws affecting the enforcement of creditors&rsquo; rights generally, and as enforcement thereof is subject
to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), and (B)
its Cayman Islands counsel to deliver an opinion to the Depositary as of the date hereof stating, <I>inter alia</I>, that (i) the
Company has duly authorized and executed this Letter Agreement, (ii) this Letter Agreement constitutes a legal, valid and binding
obligation of the Company under Cayman Islands law enforceable against the Company upon its terms, (iii) all approvals required
by Cayman Islands law to permit the deposit of Designated Shares under the Deposit Agreement and this Letter Agreement have been
obtained, and (iv) the terms of this Letter Agreement and the transactions contemplated by this Letter Agreement do not and will
not contravene or conflict with any Cayman Islands law of general application. In addition, at the time of deposit of the Designated
Shares and the issuance of the Designated Restricted ADSs, the Company shall cause its U.S. counsel to deliver an opinion to the
Depositary stating to the effect that the deposit of Designated Shares by the Restricted Holders and the issuance and delivery
of Designated Restricted ADSs, in each case upon the terms contemplated herein, do not require registration of the Designated Shares
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Limitations on Issuance of Restricted ADSs</U></B>. The Company hereby
instructs the Depositary, and the Depositary agrees, upon the terms and subject to the conditions set forth in this Letter Agreement,
to issue and deliver Designated Restricted ADSs to the Intermediary (or its nominee) <U>only</U> (x) in the case of initial issuance
upon receipt of (i) a duly completed and signed Consent and Delivery Instruction from the Company, (ii) confirmation from the Share
Custodian of the receipt of the due deposit of the Designated Shares by a Restricted Holder, (iii) the applicable Restricted Holder
Confirmation, and (iv) payment of applicable fees, taxes and expenses otherwise payable under the terms of the Deposit Agreement
upon the deposit of Shares and the issuance of ADSs, and (y) in the event of any corporate action of the Company that results in
the issuance of additional Designated Restricted ADSs to the Holders thereof. If any additional Designated Restricted ADSs are
to be delivered to the Intermediary (or its nominee) pursuant to clause (y) of the preceding sentence, the Depositary shall so
notify the Intermediary and shall deliver such Designated Restricted ADSs to the applicable Account designated by the Intermediary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Depositary shall cause the Designated
Restricted ADSs issued upon the deposit of Designated Shares to be separately identified on the books of the Depositary under CUSIP
No. 46647L998 (which may also be used by the Depositary to identify other Restricted ADSs to be issued under the terms of the Deposit
Agreement pursuant to other Restricted ADS letter agreements) and the Designated Shares corresponding to Designated Restricted
ADSs credited to each Account to be held separate and distinct by the Share Custodian from the other Deposited Securities held
by the Share Custodian in respect of the ADSs issued under the Deposit Agreement that are not Restricted ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Depositary is hereby authorized and directed
to issue the Designated Restricted ADSs in the form of Uncertificated Restricted ADSs registered in the books of the Depositary
in the name of the Intermediary (or its nominee) for the benefit of the Restricted Holders subject to the restrictions specified
in Section 4 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Stop Transfer Notation and Legend</U></B>. The books of the Depositary
shall identify the Designated Restricted ADSs as &ldquo;restricted&rdquo; and shall contain a &ldquo;stop transfer&rdquo; notation
to that effect. The Account Statement to be sent by the Depositary to the Intermediary upon the issuance of Designated Restricted
ADSs shall contain the following legend (the &ldquo;<U>Legend</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;THE RESTRICTED AMERICAN DEPOSITARY
SHARES (&ldquo;<U>RESTRICTED ADSs</U>&rdquo;) CREDITED TO YOUR ACCOUNT AND THE UNDERLYING RESTRICTED SHARES (&ldquo;<U>RESTRICTED
SHARES</U>&rdquo;) OF HUAZHU GROUP LIMITED (THE &ldquo;<U>COMPANY</U>&rdquo;) ARE SUBJECT TO THE TERMS OF A RESTRICTED ADS LETTER
AGREEMENT, AS AMENDED AND SUPPLEMENTED FROM TIME TO TIME (AS SO AMENDED AND SUPPLEMENTED, THE &ldquo;<U>RESTRICTED ADS LETTER AGREEMENT</U>&rdquo;),
AND THE DEPOSIT AGREEMENT, DATED AS OF MARCH 25, 2010, AS AMENDED AND SUPPLEMENTED FROM TIME TO TIME (AS SO AMENDED AND SUPPLEMENTED,
THE &ldquo;<U>DEPOSIT AGREEMENT</U>&rdquo;). ALL TERMS USED BUT NOT OTHERWISE DEFINED HEREIN SHALL, UNLESS OTHERWISE SPECIFICALLY
DESIGNATED HEREIN, HAVE THE MEANING GIVEN TO SUCH TERMS IN THE RESTRICTED ADS LETTER AGREEMENT, OR IF NOT DEFINED THEREIN, IN THE
DEPOSIT AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">HOLDERS AND BENEFICIAL OWNERS OF THE RESTRICTED
ADSs BY ACCEPTING AND HOLDING THE RESTRICTED ADSs, AND ANY INTEREST THEREIN, SHALL BE BOUND BY THE TERMS OF THE DEPOSIT AGREEMENT
AND THE RESTRICTED ADS LETTER AGREEMENT. AT THE TIME OF ISSUANCE OF THE RESTRICTED ADSs, THE SHARES REPRESENTED THEREBY HAD NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;<U>SECURITIES ACT</U>&rdquo;), AND SUCH
RESTRICTED SHARES AND RESTRICTED ADSs HAD NOT BEEN REGISTERED OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT IN A TRANSACTION REGISTERED OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS, OR (B) AN AVAILABLE EXEMPTION FROM
SUCH REGISTRATION OR QUALIFICATION REQUIREMENTS. AS A CONDITION TO PERMITTING ANY TRANSFER OF THESE SECURITIES, EACH OF CITIBANK,
N.A. IN ITS CAPACITY AS THE DEPOSITARY FOR THE RESTRICTED ADSs (THE &ldquo;<U>DEPOSITARY</U>&rdquo;) AND THE COMPANY MAY REQUIRE
THAT IT BE FURNISHED WITH AN OPINION OF COUNSEL EITHER IN THE FORM ATTACHED TO THE RESTRICTED ADS LETTER AGREEMENT OR OTHERWISE
REASONABLY SATISFACTORY TO THE DEPOSITARY AND THE COMPANY TO THE EFFECT THAT NO REGISTRATION OR QUALIFICATION IS LEGALLY REQUIRED
FOR SUCH TRANSFER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PRIOR TO THE SALE OF THE RESTRICTED ADSs
AND ISSUANCE OF FREELY TRANSFERABLE ADSs IN RESPECT THEREOF, A HOLDER OF RESTRICTED ADSs WILL BE REQUIRED TO PROVIDE TO THE DEPOSITARY
AND TO THE COMPANY A RESALE CERTIFICATION AND INSTRUCTION LETTER IN THE FORM ATTACHED TO THE RESTRICTED ADS LETTER AGREEMENT. PRIOR
TO THE WITHDRAWAL OF THE RESTRICTED SHARES, A HOLDER OF RESTRICTED ADSs WILL BE REQUIRED TO PROVIDE TO THE DEPOSITARY AND TO THE
COMPANY A WITHDRAWAL CERTIFICATION IN THE FORM ATTACHED TO THE RESTRICTED ADS LETTER AGREEMENT. THE TRANSFER AND OTHER RESTRICTIONS
SET FORTH HEREIN AND IN THE RESTRICTED ADS LETTER AGREEMENT SHALL REMAIN APPLICABLE WITH RESPECT TO THE RESTRICTED ADSs AND THE
RESTRICTED SHARES UNTIL SUCH TIME AS THE PROCEDURES SET FORTH IN THE RESTRICTED ADS LETTER AGREEMENT FOR REMOVAL OF RESTRICTIONS
ARE SATISFIED. NEITHER THE COMPANY NOR THE DEPOSITARY MAKES ANY REPRESENTATION AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED
BY RULE 144 UNDER THE SECURITIES ACT FOR RESALE OF THE RESTRICTED SHARES OR THE RESTRICTED ADSs. A COPY OF THE DEPOSIT AGREEMENT
AND OF THE RESTRICTED ADS LETTER AGREEMENT MAY BE OBTAINED FROM THE DEPOSITARY OR THE COMPANY UPON REQUEST.&rdquo;<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Designated Restricted ADSs are to be issued in certificated form at the request of the Intermediary,
the ADR issued to evidence the Designated Restricted ADSs shall contain a legend substantially in the form of the Legend, but
with such modifications as are appropriate to reflect the issuance of the Designated Restricted ADSs in certificated form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Limitations on Transfer of Designated Restricted ADSs</U></B>. (A) Except
as provided in paragraph (B) below or in Section 8, the Designated Restricted ADSs shall be transferable only by the Holder thereof
upon delivery to the Depositary of (i) all applicable documentation otherwise contemplated by the Deposit Agreement, (ii) a Transfer
Certification from the Holder thereof substantially in the form attached hereto as <U>Exhibit B,</U> (iii) such other documentation
as counsel to the Depositary advises is necessary to satisfy mandatory obligations of U.S. or Cayman Islands law, and (iv) if requested
by the Depositary, opinions of U.S. counsel reasonably satisfactory to the Depositary as to compliance with the terms of the legend
set forth above in Section 4 (provided that the Depositary agrees that any opinion of Latham &amp; Watkins LLP as to the compliance
with the terms of the legend set forth above in Section 4 shall be deemed reasonably satisfactory to the Depositary). Upon satisfaction
of the conditions set forth in clauses (i) to (iv) of the preceding sentence, the Depositary shall use commercially reasonable
efforts to register the transfer, as promptly as commercially practicable following receipt of an instruction from the Holder thereof,
of the Designated Restricted ADSs in accordance with the instruction of such Holder; provided that, the Depositary shall not be
liable for any delays or failures in respect of the foregoing through no fault of its own resulting from acts of God, terrorist
acts, storms, floods, war, civil unrest, disruption, delay or limit of the payment or settlement system, or similar causes beyond
the control of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(B) Notwithstanding the foregoing, the Restricted
ADSs shall be transferrable from the Holder thereof acting as &ldquo;Intermediary&rdquo; (the &ldquo;<U>Departing Intermediary</U>&rdquo;)
to any person who is, from time to time, appointed as the successor &ldquo;Intermediary&rdquo; (the &ldquo;<U>Successor Intermediary</U>&rdquo;).
In connection with any such transfer of the Restricted ADSs, the Depositary and the Company agree that upon receipt from the Departing
Intermediary or the Successor Intermediary of (i) a duly completed Transfer Certification substantially in the form of <U>Exhibit
B</U> hereto, (ii) a duly completed and signed Assignment Instruction and Assumption Agreement substantially in the form attached
hereto as <U>Exhibit H,</U> and (iii) such other documentation as counsel to the Depositary advises is necessary to satisfy mandatory
obligations of U.S. or Cayman Islands law, the Depositary shall use commercially reasonable efforts to register the transfer, as
promptly as commercially practicable following receipt of the documents referred to in (i) to (iii), of the Designated Restricted
ADSs to the Successor Intermediary, whereupon the Depositary and the Company agree that all rights and obligations of the Departing
Intermediary under this Letter Agreement (other than the indemnity obligations of the Departing Intermediary for actions taken
hereunder prior to that date) shall be assigned to, and assumed by, the Successor Intermediary, and the Successor Intermediary
shall become the Holder of the Designated Restricted ADSs; provided that, the Depositary shall not be liable for any delays or
failures in respect of the foregoing through no fault of its own resulting from acts of God, terrorist acts, storms, floods, war,
civil unrest, disruption, delay or limit of the payment or settlement system, or similar causes beyond the control of the Depositary.
The Depositary further agrees that no Depositary fees shall be payable in respect of such transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Depositary hereby confirms that no documents
(any such document, a &ldquo;<U>Transfer New Required Document</U>&rdquo;) would be requested by the Depositary under clause (A)(iii)
or (B)(iii) of the immediately preceding paragraphs if the relevant transfer of the Designated Restricted ADSs were effected pursuant
to this Section 5 as of the date hereof, and the Depositary agrees that, upon request of the Intermediary from time to time, the
Depositary will promptly (and in any case no later than two New York business days) following the request either repeat the confirmation
set forth above in this sentence to the Intermediary or notify the Intermediary in reasonable detail of the relevant Transfer New
Required Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Limitations on Cancellation of Designated Restricted ADSs</U></B>. The
Company instructs the Depositary, and the Depositary agrees, not to release any Designated Shares or cancel any Designated Restricted
ADSs for the purpose of withdrawing the underlying Designated Shares at the instruction of the Holder thereof unless (x) the conditions
applicable to the withdrawal of Shares from the depositary receipts facility created pursuant to the terms of the Deposit Agreement
have been satisfied (except for any conditions relating to the Shares not being Restricted Securities), and (y) the Depositary
shall have received from the Holder thereof a duly completed and signed Withdrawal Certification substantially in the form attached
hereto as <U>Exhibit C</U> (such certification, a &ldquo;<U>Withdrawal Certification</U>&rdquo;). Upon satisfaction of the conditions
set forth in clause (x) and clause (y) of the preceding sentence, the Depositary shall use commercially reasonable efforts to release,
as promptly as commercially practicable following receipt of an instruction from the Holder thereof, the Designated Shares identified
by such Holder and cancel any Designated Restricted ADSs identified by such Holder in order to withdraw the underlying Designated
Shares; provided that, the Depositary shall not be liable for any delays or failures in respect of the foregoing through no fault
of its own resulting from acts of God, terrorist acts, storms, floods, war, civil unrest, disruption, delay or limit of the payment
or settlement system, or similar causes beyond the control of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Fungibility</U></B>. Except as contemplated herein and except as required
by applicable law, the Designated Restricted ADSs shall, to the maximum extent permitted by law and to the maximum extent practicable,
be treated as ADSs issued and outstanding under the terms of the Deposit Agreement that are not Restricted ADSs. The Depositary
shall not be obligated to treat the Holders of Designated Restricted ADSs on terms more favorable than those accorded to Holders
of ADSs under the Deposit Agreement, except as specifically contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Limitations on Exchange of Designated Restricted ADSs for Freely Transferrable
ADSs</U></B>. The Company instructs the Depositary, and the Depositary agrees, to cancel any or all of the Designated Restricted
ADSs and to issue and deliver freely transferable ADSs in respect thereof upon receipt of (i) from the Holder thereof, a duly completed
and signed Resale Certification and Instruction Letter, substantially in the form attached hereto as <U>Exhibit D</U> (the &ldquo;<U>Resale
Certification and Instruction Letter</U>&rdquo;), (ii) an opinion contemplated in the Resale Certification and Instruction Letter
from (A) the U.S. securities counsel of the Company reasonably acceptable to the Depositary or (B) Latham &amp; Watkins LLP or
another U.S. securities counsel appointed by MSAIL that is reasonably acceptable to the Depositary substantially in the form of
<U>Exhibit F</U> hereto, (iii) payment of the issuance fees, taxes and expenses otherwise payable under the terms of the Deposit
Agreement and this Letter Agreement (not exceeding USD0.05 per freely transferable ADS), and (iv) such other documentation as counsel
to the Depositary advises is necessary to satisfy mandatory obligations of U.S. or Cayman Islands law. The Depositary shall use
commercially reasonable efforts to effect such cancellation and issuance as promptly as commercially practicable following receipt
of the documentation required by this Section 8, provided that the Depositary shall not be liable for any delays or failures in
respect of the foregoing through no fault of its own resulting from acts of God, terrorist acts, storms, floods, war, civil unrest,
disruption, delay or limit of the payment or settlement system, or similar causes beyond the control of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Depositary hereby confirms that no documents
(any such document, an &ldquo;<U>Exchange New Required Document</U>&rdquo;) would be requested by the Depositary under clause (iv)
of the immediately preceding paragraph if the relevant delivery of freely transferable ADSs were effected pursuant to this Section
8 as of the date hereof, and the Depositary agrees that, upon request of the Intermediary from time to time, the Depositary will
promptly (and in any case no later than two New York business days) following the request either repeat the confirmation set forth
above in this sentence to the Intermediary or notify the Intermediary in reasonable detail of the relevant Exchange New Required
Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Removal of Restrictions</U></B>. The Depositary shall remove all stop
transfer notations from its records in respect of specified Designated Restricted ADSs and shall treat such Designated Restricted
ADSs on the same terms as the ADSs outstanding under the terms of the Deposit Agreement that are not Restricted ADSs upon receipt
of (x) written instructions from the Company to so remove all stop transfer notations from its records in respect of specified
Designated Restricted ADSs and to treat such Designated Restricted ADSs on the same terms as the ADSs outstanding under the terms
of the Deposit Agreement that are not Restricted ADSs, and (y) (A) an opinion of U.S. counsel to the Company or (B) an opinion
of Latham &amp; Watkins LLP or another U.S. securities counsel appointed by the Intermediary that is reasonably acceptable to the
Depositary, stating, <I>inter alia</I>, to the effect that the restrictive notations with respect to Designated Restricted ADSs
and the Designated Shares may be removed in accordance with the Deposit Agreement and this Letter Agreement and that the Designated
Restricted ADSs and the Designated Shares are not subject to any greater limitations on transfer or sale by the Intermediary under
the Securities Act than Shares and ADS(s) that are not Restricted Securities. Upon receipt of such instructions and opinion of
counsel, the Depositary shall take all actions necessary to remove any distinctions previously existing between the applicable
Designated Restricted ADSs and the ADSs that are not Restricted ADSs, including, without limitation, by (a) removing the stop transfer
notations on its records in respect of the applicable ADSs previously identified as Designated Restricted ADSs, and (b) making
the formerly Designated Restricted ADSs eligible for inclusion in the applicable book-entry settlement system. For avoidance of
doubt, the parties agree that the conditions of this Section 9 do not apply to the circumstances set out in Section 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>UCC
Classification</U></B>. Each Designated Restricted ADS shall constitute a &ldquo;security&rdquo; within the meaning of, and shall
be governed by, Article 8 of the Uniform Commercial Code (including section 8-102(a)(15) thereof) as in effect from time to time
in the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Representations
and Warranties</U></B>. The Company hereby represents and warrants to each of the Depositary and the Intermediary as of the date
hereof and as of the date of each subsequent deposit of Designated Shares under this Letter Agreement that (a) the Designated Shares
being deposited or to be deposited by the Restricted Holders for the purpose of the issuance of Designated Restricted ADSs are
validly issued, fully paid and non&#45;assessable, and free of any preemptive rights of the holders of outstanding Shares, (b)
the deposit from time to time of Designated Shares by Restricted Holders and the issuance and delivery of Designated Restricted
ADSs to the Intermediary (or its nominee), in each case upon the terms contemplated herein, will not, as of the time of such deposit
and issuance, require registration under the Securities Act, (c) all approvals required by Cayman Islands and the People&rsquo;s
Republic of China laws to permit the deposit of Designated Shares under the Deposit Agreement and this Letter Agreement have been,
or will have been, obtained prior to the deposit of Designated Shares, (d) the Designated Shares are of the same class as, and
rank <I>pari passu </I>with, the other Shares on deposit under the Deposit Agreement, and (e) to the Company&rsquo;s knowledge,
none of the terms of this Letter Agreement and none of the transactions contemplated in this Letter Agreement violate the provisions
of the Securities Act or any other laws applicable to the Company or any court judgment or order issued against the Company or
any material contract to which it is a party. Such representations and warranties shall survive each deposit of Designated Shares
and each issuance of Designated Restricted ADSs hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In addition, each of the Company and the Depositary
agrees that it will maintain or cause to be maintained, at all times, an effective registration statement on Form F-6, and confirms
that a number of ADSs equal to at least the number of Designated Restricted ADSs issued to the Intermediary hereunder has been
allocated and reserved under the Company&rsquo;s registration statement on Form F-6 as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company agrees that the Intermediary may
disclose a copy of this Letter Agreement or any acknowledgement letter of the Company, and any information which the Intermediary
has acquired under or in connection with this Letter Agreement or such acknowledgement letter (i) if required to do so under any
applicable law or regulation; (ii) to any competent governmental or other regulatory authority; and (iii) to its professional advisers
and to the head office, branches, representative office or affiliate of the Intermediary, only to the extent necessary for the
relevant advisers or personnel to assist the Intermediary in performing its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Indemnity</U></B>.
(a) Each of the Company and the Depositary acknowledges and agrees that the indemnification provisions of Section 5.8 of the Deposit
Agreement shall apply to the acceptance of Designated Shares for deposit, the issuance and delivery of Designated Restricted ADSs,
the transfer of the Designated Restricted ADSs, the addition/removal of the transfer and other restrictions set forth herein with
respect to ADSs/Restricted ADSs, and the withdrawal of Designated Shares, in each case upon the terms set forth herein, as well
as to any other acts performed or omitted by the Depositary as contemplated by this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Intermediary agrees to indemnify
and hold harmless the Depositary, the Company, and their respective agents, employees, officers and directors (each an &quot;<U>Indemnified
Person</U>&quot;) for any direct loss, liability or expense incurred as a result of any action or omission of the Intermediary
under the terms of this Letter Agreement except to the extent resulting from such Indemnified Person's negligence or bad faith.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</B></FONT><B><U>Role
of the Intermediary</U></B>.&#9;(a) The Company and the Depositary acknowledge that, so long as the Designated Restricted ADSs
are registered in the name of the Intermediary (or its nominee), (i) the Intermediary (or its nominee) will be treated as the
record holder of such Designated Restricted ADSs (and as such the authorized representative of the Beneficial Owner(s) of the
Designated Restricted ADSs), (ii) the Morgan Stanley Companies may make loans from time to time to the Beneficial Owners of the
Designated Restricted ADSs and such Beneficial Owners may pledge from time to time some or all of their Designated Restricted
ADSs as collateral for such loans, in which case the Morgan Stanley Companies will be the holder of a security interest in the
Beneficial Owners&rsquo; Designated Restricted ADSs so pledged, and (iii) in taking actions with respect to such Designated Restricted
ADSs the Depositary and the Company shall (unless otherwise directed by the Intermediary in writing or required by applicable
law or relevant government authorities) only act upon the instructions of the Intermediary (notwithstanding the interests of the
Restricted Holders as the Beneficial Owners of the Designated Restricted ADSs).<B><BR>
</B><BR>
&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Intermediary agrees and warrants to the Company and the Depositary that, so long as the Designated Restricted ADSs
are registered in the name of the Intermediary (or its nominee), (i) it will comply and monitor compliance with the restrictions
set forth in the Legend, and to communicate such limitations to the Beneficial Owners of the Designated Restricted ADSs, (ii)
it (or its nominee) will receive all distributions of cash, securities and corporate action notices on behalf of the Beneficial
Owners of the Designated Restricted ADSs, it (or its nominee) will distribute the cash, securities and corporate action notices
so received to the Beneficial Owners of the Designated Restricted ADSs upon the terms of the relevant Loan and Security Documents,
and it (or its nominee) will act upon any instructions received from the Beneficial Owners of the Designated Restricted ADSs in
respect of the corporate actions applicable to the Designated Restricted ADSs it holds pursuant to the terms thereof (including,
without limitation, the solicitation of ADS voting instructions), (iii) it (or its nominee) will provide the Company and the Depositary
such information about the Beneficial Owners of Designated Restricted ADSs as the Company or the Depositary may request and is
available to it as the registered holder of Designated Restricted ADSs; and (iv) it shall not lend, pledge, rehypothecate, assign,
invest, use, commingle or otherwise dispose of or use for financing or other related activities (including without limitation,
pursuant to repurchase transactions) any Designated Restricted ADSs (other than, for the avoidance of doubt, facilitate the pledge
by the Restricted Holders from time to time of some or all Designated Restricted ADSs to the Morgan Stanley Companies).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.&#9;</B></FONT><B><U>Governing
Law and Jurisdiction</U></B>. This Letter Agreement shall be interpreted in accordance with, and all the rights and obligations
hereunder and provisions hereof shall be governed by, the laws of the State of New York as applicable to contracts made and to
be wholly performed in that State.<BR>
<BR>
&#9;The Company confirms that it has designated and appointed CT Corporation System now at 111 Eighth Avenue, 13th Floor, New York,
NY 10011 as its agent for service of process in any proceedings before any United States Federal or State court sitting in New
York City in connection with the Deposit Agreement and this Letter Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The parties agree that the federal or state
courts in the City of New York shall have 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 Letter Agreement and, for such purposes, each irrevocably submits
to the non-exclusive jurisdiction of such courts.<BR>
<BR>
&#9;The parties irrevocably waive, to the fullest extent permitted by law, any and all rights to trial by jury in any legal proceeding
arising out of or in connection with this Letter Agreement, and any objection that they 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 14, and hereby further irrevocably
and unconditionally waive and agree 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 parties further irrevocably and unconditionally waive, to the fullest
extent permitted by law, and agree not to plead or claim, any right of immunity from legal action, suit or proceeding, from setoff
or counterclaim, from the jurisdiction of any such court, from service of process, from attachment upon or prior to judgment, from
attachment in aid of execution or judgment, from execution of judgment, or from any other legal process or proceeding for the giving
of any relief or for the enforcement of any judgment, and consents to such relief and enforcement against it, its assets and its
revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection with, this Letter Agreement.<BR>
<BR>
&#9;This Letter Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of such
counterparts shall constitute the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The parties have caused this Letter Agreement
to be executed and delivered on their behalf by their respective officers thereunto duly authorized as of the date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>HUAZHU GROUP LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Zhang Min</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Name: Zhang Min</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Title: &nbsp;&nbsp;Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CITIBANK, N.A.,<BR>
    &#9;as Depositary</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Hank Hui</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Hank Hui</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Morgan Stanley Asia International Limited,<BR>
    &#9;as Intermediary</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Laud Wraight</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Laud Wraight</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>EXHIBITS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A</TD><TD>Consent and Delivery Instruction</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B</TD><TD>Transfer Certification</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">C</TD><TD>Withdrawal Certification</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">D</TD><TD>Resale Certification and Instruction Letter</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">E</TD><TD>[Intentionally Omitted]</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">F</TD><TD>Opinion of Counsel to MSAIL</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">G</TD><TD>Restricted Holder Confirmation</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">H</TD><TD>Assignment Instruction and Assumption Agreement</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A<BR>
to</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Letter Agreement, dated as of November
26, 2018, by and among<BR>
Huazhu Group Limited,<BR>
Citibank, N.A., as Depositary, and<BR>
Morgan Stanley Asia International Limited, as Intermediary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT AND DELIVERY INSTRUCTION<BR>
_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">_______________, ____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A.,<BR>
as Depositary<BR>
ADR Department<BR>
388 Greenwich Street, 23rd Floor<BR>
New York, New York 10013<BR>
<BR>
Attention: Account Management<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><U>Huazhu Group Limited (CUSIP No.466471L998</U>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Reference is hereby made to (i) the Deposit
Agreement, dated as of March 25, 2010, as amended and supplemented from time to time (the &ldquo;<U>Deposit Agreement</U>&rdquo;),
by and among Huazhu Group Limited (the &ldquo;<U>Company</U>&rdquo;), Citibank, N.A., as Depositary (the &ldquo;<U>Depositary</U>&rdquo;),
and the Holders and Beneficial Owners of American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;) issued thereunder, and (ii)
the Restricted ADS Letter Agreement, dated as of November 26, 2018, as amended and supplemented from time to time (the &ldquo;<U>Restricted
ADS Letter Agreement</U>&rdquo;), by and among the Company, the Depositary, and Morgan Stanley Asia International Limited, as intermediary
for the Restricted Holders (the &ldquo;<U>Intermediary</U>&rdquo;). Capitalized terms used but not defined herein shall have the
meanings given to them in the Deposit Agreement or, in the event so noted herein, in the Restricted ADS Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company hereby consents to the deposit
of the Designated Shares specified in <U>Schedule I</U> by the specified Beneficial Owners thereof, and hereby consents to the
issuance by the Depositary of the corresponding Designated Restricted ADSs (as defined in the Restricted ADS Letter Agreement)
to the Intermediary (or its nominee) at the following address: Level 31, International Commerce Centre, 1 Austin Road West, Kowloon,
Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company hereby represents and warrants
to the Depositary that, to the Company&rsquo;s knowledge, the specified Beneficial Owner(s) of the Designated Shares specified
on <U>Schedule I</U> hereto will be the Beneficial Owner(s) of the corresponding Designated Restricted ADSs immediately following
the deposit of the Designated Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company has caused this Consent and Delivery
Instruction to be executed and delivered on its behalf by its officer thereunto duly authorized as of the date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>HUAZHU GROUP LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Title:</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Cc:</TD><TD>Morgan Stanley Asia International Limited</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: Black 1pt solid; text-align: left; font-weight: bold">Designated Shares</TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Designated Restricted ADSs</TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Name and Address of Beneficial Owner(s) of Designated Restricted ADSs</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-weight: bold">_________________ Shares</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; font-weight: bold">_________ RADSs</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; font-weight: bold">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B<BR>
to</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Letter Agreement, dated as of November
26, 2018, by and among<BR>
Huazhu Group Limited,<BR>
Citibank, N.A., as Depositary, and<BR>
Morgan Stanley Asia International Limited, as Intermediary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TRANSFER CERTIFICATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><BR>
_______________, ____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A.,<BR>
as Depositary<BR>
ADR Department<BR>
388 Greenwich Street, 23rd Floor<BR>
New York, New York 10013<BR>
<BR>
Attention: Account Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><U>Huazhu Group Limited (CUSIP No. 46647L998</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Reference is hereby made to (i) the Deposit
Agreement, dated as of March 25, 2010, as amended and supplemented from time to time (the &ldquo;<U>Deposit Agreement</U>&rdquo;),
by and among Huazhu Group Limited (the &ldquo;<U>Company</U>&rdquo;), Citibank, N.A., as Depositary (the &ldquo;<U>Depositary</U>&rdquo;),
and the Holders and Beneficial Owners of American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;) issued thereunder, and (ii)
the Restricted ADS Letter Agreement, dated as of November 26, 2018, as amended and supplemented from time to time (the &ldquo;<U>Restricted
ADS Letter Agreement</U>&rdquo;), by and among the Company, the Depositary, and Morgan Stanley Asia International Limited, as intermediary
for the Restricted Holders (the &ldquo;<U>Intermediary</U>&rdquo;). Capitalized terms used but not defined herein shall have the
meanings given to them in the Deposit Agreement, or, in the event so noted herein, in the Restricted ADS Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In connection with the
transfer of the Restricted ADSs surrendered herewith (the &ldquo;<U>Surrendered Restricted ADSs</U>&rdquo;) to the person(s) specified
in <U>Schedule I</U> hereto, the undersigned Holder certifies that the Surrendered Restricted ADSs are being transferred in a transaction
exempt from the registration under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The transferee has and, if acting on behalf
of the Beneficial Owner, such Beneficial Owner has agreed to take Restricted ADSs identical to the Restricted ADSs surrendered
for transfer and subject to the same restrictions on transfer set forth in the Restricted ADS Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>[_____________]</B>, as Holder&#9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Date:</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">MEDALLION SIGNATURE GUARANTEE &nbsp; &nbsp;</P>
                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Name of Firm Issuing
Medallion Guarantee: _____________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Authorized Signature of Officer: _____________________________________________________________________</P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Title of Officer Signing This Guarantee: ________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Address: ______________________________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">____________________________________________________________________________________________<BR STYLE="mso-special-character: line-break"> <BR STYLE="mso-special-character: line-break"></P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Area Code and
Telephone Number: ___________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Dated: ________________________________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Schedule I &nbsp; &nbsp;</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0 0 0 5">The Restricted ADSs are to be issued in the name of, and delivered to, the following person(s)
in the form of Uncertificated Restricted ADSs: &nbsp; &nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 30%">Name of Transferee:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Street Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>City, State, and Country:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Nationality:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Social Security or Tax Identification Number:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT C<BR>
to</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Letter Agreement, dated as of November
26, 2018, by and among<BR>
Huazhu Group Limited,<BR>
Citibank, N.A., as Depositary, and<BR>
Morgan Stanley Asia International Limited, as Intermediary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITHDRAWAL CERTIFICATION<BR>
_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><BR>
_______________, ____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A.,<BR>
as Depositary<BR>
ADR Department<BR>
388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><U>Huazhu Group Limited (CUSIP No. 46647L998</U>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Reference is hereby made to (i) the Deposit
Agreement, dated as of March 25, 2010, as amended and supplemented from time to time (the &ldquo;<U>Deposit Agreement</U>&rdquo;),
by and among Huazhu Group Limited (the &ldquo;<U>Company</U>&rdquo;), Citibank, N.A., as Depositary (the &ldquo;<U>Depositary</U>&rdquo;),
and the Holders and Beneficial Owners of American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;) issued thereunder, and (ii)
the Letter Agreement, dated as of November 26, 2018, as amended and supplemented from time to time (the &ldquo;<U>Restricted ADS
Letter Agreement</U>&rdquo;), by and among the Company, the Depositary, and Morgan Stanley Asia International Limited, as intermediary
for the Restricted Holders (the &ldquo;<U>Intermediary</U>&rdquo;). Capitalized terms used but not defined herein shall have the
meanings given to them in the Deposit Agreement, or, in the event so noted herein, in the Restricted ADS Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>This Withdrawal Certification is being furnished in connection with the withdrawal
of Restricted Shares upon surrender of Restricted ADSs to the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>We acknowledge, or, if we are acting for the account of another person, such
person has confirmed to us that it acknowledges, that the Restricted ADSs and the Restricted Shares represented thereby have not
been registered under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>We certify that either (check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(a)&#9;______&#9;The Beneficial
Owner of the Restricted ADSs has sold or otherwise transferred, or agreed to sell or otherwise transfer and at or prior to the
time of withdrawal will have sold or otherwise transferred, the Restricted Shares represented by the Restricted ADSs surrendered
herewith to persons other than U.S. Persons (as defined in Regulation S under the Securities Act) in an offshore transaction (as
defined in Regulation S under the Securities Act) in accordance with Rule 904 of Regulation S under the Securities Act <B>[</B>,
<B><U>provided</U> that in connection with such transfer, we have delivered or will deliver an opinion of U.S. counsel reasonably
satisfactory to the Depositary and the Company to the effect that the transfer is exempt from the registration requirements of
the Securities Act]</B>, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(b)&#9;______&#9;The Beneficial
Owner of the Restricted ADSs has sold or otherwise transferred, or agreed to sell or otherwise transfer and at or prior to the
time of withdrawal will have sold or otherwise transferred, the Restricted Shares represented by the Restricted ADSs surrendered
herewith in a transaction exempt from registration pursuant to Rule 144 under the Securities Act<B>[, <U>provided</U> that in connection
with such transfer, we have delivered or will deliver an opinion of U.S. counsel reasonably satisfactory to the Depositary and
the Company to the effect that the transfer is exempt from the registration requirements of the Securities Act]</B>, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(c)&#9;______&#9;The Beneficial
Owner of the Restricted ADSs will be the beneficial owner of the Restricted Shares upon withdrawal, and, accordingly, has confirmed
to us in writing that it (x) will not offer, sell, pledge or otherwise transfer the Restricted Shares except (A) in a transaction
exempt from registration pursuant to Rule 144 under the Securities Act, if available, (B) in an offshore transaction (as defined
in Regulation S under the Securities Act) to persons other than U.S. Persons (as defined in Regulation S under the Securities Act)
in accordance with Rule 904 of Regulation S under the Securities Act, (C) pursuant to any other available exemption from the registration
requirements of the Securities Act, or (D) pursuant to an effective registration statement under the Securities Act, in each case
in accordance with any applicable securities laws of the states of the United States, and (y) will not deposit or cause to be deposited
such Restricted Shares into any depositary receipt facility established or maintained by a depositary bank (including any such
facility maintained by the Depositary), so long as such Restricted Shares are &ldquo;Restricted Securities&rdquo; (within the meaning
of Rule 144(a)(3) under the Securities Act and given to such term in the Deposit Agreement), except in accordance with the Restricted
ADS Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned hereby instructs the Depositary to cancel the
Restricted ADSs specified below, to deliver the Shares represented thereby as specified below and, if applicable, to issue to the
undersigned a statement identifying the number of Restricted ADSs held by the undersigned and not cancelled pursuant to these instructions.
The undersigned appoints the Depositary and any of its authorized representatives as its attorney to take the actions contemplated
above on behalf of the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%">Name of Holder:</TD>
    <TD STYLE="width: 33%">__________________________________</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Number of Restricted ADSs to be cancelled:</TD>
    <TD><BR>
__________________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Delivery Information for delivery of Shares Represented by Restricted ADSs to be cancelled:</TD>
    <TD>__________________________________<BR>
__________________________________<BR>
__________________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD>__________________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Signature of Holder:</TD>
    <TD>__________________________________</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Name:</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Title:</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">MEDALLION SIGNATURE GUARANTEE &nbsp; &nbsp;</P>
                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Name of Firm Issuing
Medallion Guarantee: _____________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Authorized Signature of Officer: _____________________________________________________________________</P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Title of Officer Signing This Guarantee: ________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Address: ______________________________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">____________________________________________________________________________________________<BR STYLE="mso-special-character: line-break"> <BR STYLE="mso-special-character: line-break"></P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Area Code and
Telephone Number: ___________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Dated: ________________________________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT D</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">to<BR>
Letter Agreement, dated as of November 26, 2018, by and among<BR>
Huazhu Group Limited,<BR>
Citibank, N.A., as Depositary, and<BR>
Morgan Stanley Asia International Limited, as Intermediary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RESALE CERTIFICATION AND INSTRUCTION
LETTER<BR>
_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A., as Depositary<BR>
388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013<BR>
<U>Attn.</U>: Broker Services<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Huazhu Group Limited (CUSIP No. 46647L998)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Reference is hereby made to (i) the Deposit
Agreement, dated as of March 25, 2010, as amended and supplemented from time to time (the &ldquo;<U>Deposit Agreement</U>&rdquo;),
by and among Huazhu Group Limited, an exempted company incorporated under the laws of the Cayman Islands (the &ldquo;<U>Company</U>&rdquo;),
Citibank, N.A., as Depositary (the &ldquo;<U>Depositary</U>&rdquo;), and all Holders and Beneficial Owners from time to time of
American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;) issued thereunder, and (ii) the Restricted ADS Letter Agreement, dated
as of November 26, 2018, as amended and supplemented from time to time (the &ldquo;<U>Restricted ADS Letter Agreement</U>&rdquo;),
by and among the Company, the Depositary, and Morgan Stanley Asia International Limited, as intermediary for the Restricted Holders
(the &ldquo;<U>Intermediary</U>&rdquo;). Capitalized terms used but not defined herein shall have the meanings given to them in
the Deposit Agreement, or, in the event so noted herein, in the Restricted ADS Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Resale Certification and Instruction
Letter is being provided in connection with our request to the Depositary to transfer the Restricted ADSs specified below (CUSIP
No.46647L998) registered in the name of the undersigned or the undersigned's designee in the form of freely transferable ADSs in
connection with our sale or transfer of such ADSs in a transaction exempt from registration under the Securities Act or covered
by a Registration Statement (the &ldquo;<U>Sale</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned certifies that (please check
appropriate box below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 12pt"><B><SUP>*</SUP></B></FONT><B><FONT STYLE="font-family: Wingdings">&uml;</FONT>
<U>Sale Pursuant to Resale Registration Statement</U>:</B> (x) the Sale pursuant to which its Restricted ADSs are being sold is
covered by a registration statement under the Securities Act that has been declared effective by the Commission and is currently
in effect, (y) the ADSs to be delivered upon such sale are not &ldquo;Restricted Securities&rdquo; (within the meaning of Rule
144(a)(3) under the Securities Act), and (z) the undersigned has satisfied all applicable prospectus delivery requirements under
the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>** <FONT STYLE="font-family: Wingdings">&uml;</FONT>
<U>Sale Exempt from Registration (Post Six Months Sales only)</U>:</B> (x) the Restricted ADSs to be sold and the Restricted Shares
represented thereby are not being sold by an Affiliate of the Company and such seller has not been an Affiliate of the Company
during the preceding three months, (y) at least <B><U>six months</U></B> has elapsed since the Restricted Shares represented by
such Restricted ADSs were acquired (or were deemed to have been so acquired within the meaning of Rule 144(d)(3)(iv) under the
Securities Act) from the Company or an Affiliate of the Company, and (z) the Company has stated in its most recent filing under
the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;) that it has complied with the applicable
reporting requirements of the Exchange Act specified in Rule 144(c)(1) for the preceding twelve months, and the undersigned does
not know, and has no reason to believe, that the Company has not complied with such requirements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">**</FONT> <FONT STYLE="font-family: Wingdings"><B>&uml;</B></FONT><B>
<U>Sale Exempt from Registration (Post One Year Sales only)</U>: </B>(x) the Restricted ADSs to be sold and the Restricted Shares
represented thereby are not being sold by an Affiliate of the Company and such seller has not been an Affiliate of the Company
during the preceding three months, and (y) at least <B><U>one year</U></B> has elapsed since the Restricted Shares represented
by such Restricted ADSs were acquired (or were deemed to have been so acquired within the meaning of Rule 144(d)(3)(iv) under the
Securities Act) from the Company or an Affiliate of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">** <FONT STYLE="font-family: Wingdings"><B>&uml;</B></FONT><B>
<U>Sale Exempt from Registration (other than Post Six Months Sales or Post One Year Sales)</U>: </B>the Restricted ADSs to be transferred
and the Restricted Shares represented thereby are being transferred in a transaction exempt from registration under the Securities
Act and the ADSs to be delivered upon transfer are not &ldquo;Restricted Securities&rdquo; (within the meaning of Rule 144(a)(3)
under the Securities Act);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B><SUP>*</SUP></B> The Company may have delivered the requisite
opinion of counsel to cover this transaction to the Depositary.<BR>
** An opinion of counsel must be delivered to cover this transaction to the Depositary upon the terms contemplated in the Restricted
ADS Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Symbol"><SUP>**</SUP></FONT><FONT STYLE="font-family: Wingdings"><B>&uml;</B></FONT><B>
<U>Transfers Exempt from Registration (other than sales above)</U>: </B>the Restricted ADSs to be transferred and the Restricted
Shares represented thereby are being transferred in a transaction exempt from registration under the Securities Act and the ADSs
to be delivered upon transfer are not &ldquo;Restricted Securities&rdquo; (within the meaning of Rule 144(a)(3) under the Securities
Act);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><B>**<FONT STYLE="font-family: Wingdings">&uml;
</FONT><U>Other</U>: _______________________________________________</B>.<B><BR></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 2.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Please fill in details]<BR></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>&#9;</B>[<I>The Restricted ADSs and the Restricted Shares represented thereby are to be transferred in a transaction exempt from
registration under the Securities Act so that the ADSs to be delivered upon transfer are not &ldquo;Restricted Securities&rdquo;
(within the meaning of Rule 144(a)(3) under the Securities Act)</I>].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned hereby requests that the Depositary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>debit from the undersigned's account specified below, for the issuance of unrestricted ADSs, the following number of Restricted
ADSs:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">__________________________________________&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Restricted ADSs (CUSIP No. 46647L998 ),
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>following the debit of the Restricted ADSs as contemplated in (i) above, issue and deliver &ldquo;free&rdquo; the following
number of ADSs:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(CUSIP No. 44332N106)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">to the person(s) identified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
ADSs are to be issued and delivered by means of book-entry transfer to the DTC account of the undersigned:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 25%">Name of DTC Participant:</TD>
    <TD STYLE="width: 30%"><BR>
_____________________________</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>DTC Participant Account No.:</TD>
    <TD>_____________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Account No. for undersigned at DTC Participant (f/b/o information):</TD>
    <TD><BR>
_____________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Onward Delivery Instructions of undersigned:</TD>
    <TD><BR>
_____________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Contact person at DTC Participant:</TD>
    <TD>_____________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Daytime telephone number of contact person at DTC Participant:</TD>
    <TD><BR>
_____________________________</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
ADSs are to be issued delivered in the form of Uncertificated Restricted ADSs or in the form of an ADR:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 25%">Name of Purchaser/Transferee:</TD>
    <TD STYLE="width: 30%">_____________________________</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Street Address:</TD>
    <TD>_____________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>City, State, and Country:</TD>
    <TD>_____________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Nationality:</TD>
    <TD>_____________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Social Security or Tax Identification Number:</TD>
    <TD><BR>
_____________________________</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned hereby instructs the Depositary
to cancel the Restricted ADSs to be transferred in the form of freely transferable ADSs and, if applicable, to issue to the undersigned
a statement identifying the number of Restricted ADSs held by the undersigned and not so transferred. The undersigned irrevocably
appoints the Depositary and any of its authorized representatives as its attorney to take the actions contemplated above on behalf
of the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 25%">Name of Holder:</TD>
    <TD STYLE="width: 30%">__________________________________</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Date:</TD>
    <TD>__________________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Signature of Holder:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________</P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Name:</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Title:</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 100%; text-align: center"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">MEDALLION SIGNATURE GUARANTEE &nbsp; &nbsp;</P>
                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Name of Firm Issuing
Medallion Guarantee: _____________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Authorized Signature of Officer: _____________________________________________________________________</P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Title of Officer Signing This Guarantee: ________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Address: ______________________________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">____________________________________________________________________________________________<BR STYLE="mso-special-character: line-break"> <BR STYLE="mso-special-character: line-break"></P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Area Code and
Telephone Number: ___________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Dated: ________________________________________________________________________________________</P>
                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR></TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT E<BR>
to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Letter Agreement, dated as of November
26, 2018, by and among<BR>
Huazhu Group Limited,<BR>
Citibank, N.A., as Depositary, and<BR>
Morgan Stanley Asia International Limited, as Intermediary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_____________________<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTENTIONALLY OMITTED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT F<BR>
to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Letter Agreement, dated as of November
26, 2018, by and among<BR>
Huazhu Group Limited,<BR>
Citibank, N.A., as Depositary, and<BR>
Morgan Stanley Asia International Limited, as Intermediary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_____________________<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OPINION OF COUNSEL TO MSAIL<BR>
_____________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A. &ndash; ADR Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are acting as special counsel to [&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;],
a [_______] organized under the laws of [&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;] (in its capacity as
pledgee), (the &ldquo;<B>Pledgee</B>&rdquo;) and, in its capacity as securities intermediary, the &ldquo;<B>Intermediary</B>&rdquo;),
in connection with the sale by the Pledgee, in the aggregate of [&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;]
ordinary shares (the &ldquo;<B>Ordinary Shares</B>&rdquo; and such Ordinary Shares sold by the Pledgee and to be delivered to the
buyer in the form of American Depositary Shares (the &ldquo;<B>ADSs</B>&rdquo;) representing such Ordinary Shares, the &ldquo;<B>Sold
Shares</B>&rdquo;) of Huazhu Group Limited, an exempted company incorporated under the laws of the Cayman Islands (the &ldquo;<B>Company</B>&rdquo;)
that are among the ADSs that are registered in the name of the Intermediary and credited by the Intermediary to a securities account
maintained by the Intermediary in the name of [&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;] (the &ldquo;<B>Pledgor</B>&rdquo;,
and such pledged ADSs, the &ldquo;<B>Pledged Shares</B>&rdquo;) that the Pledgor pledged in favor of the Pledgee to secure the
Pledgor&rsquo;s obligations under that certain customer agreement dated as of [&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;]
by and between the Pledgor and the Pledgee (the &ldquo;<B>Customer Agreement</B>&rdquo; and, together with that certain security
agreement dated as of [&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;] by and between the Pledgor and the Pledgee
(the &ldquo;<B>Security Agreement</B>&rdquo;) , (ii) that certain issuer acknowledgment letter of the Company dated [&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;]
acknowledging, <I>inter alia,</I> the transactions contemplated by the Customer Agreement and the Security Agreement and (iii)
that certain restricted ADS agreement dated as of November 26, 2018 by and between the Intermediary, Citibank, N.A., as ADS depositary
(the &ldquo;<B>Depositary</B>&rdquo;) and the Company, the &ldquo;<B>Transaction Agreements</B>&rdquo;). In connection with such
sale, the Intermediary and Pledgee have requested that we render our opinion that the sale of the Sold Shares may be made without
registration under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;) in reliance upon paragraph
(b)(1) of Rule 144 thereunder (&ldquo;<B>Rule 144</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have participated in conversations with certain officers
of the Pledgee and have examined originals or copies of such documents, corporate records, and other instruments as we have deemed
necessary or advisable for the purpose of rendering this opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In rendering this opinion, we have assumed, without independent
investigation, (i) the authenticity of all documents submitted to us as originals, the genuineness of all signatures, the legal
capacity of natural persons and the conformity to the originals of all documents submitted to us as copies, (ii) the due authorization,
execution and delivery of each of the Transaction Agreements by the parties thereto, (iii) the accuracy of the factual matters
contained in all representations and warranties of all parties in each of the Transaction Agreements (the&nbsp;&ldquo;<B>Representations</B>&rdquo;),
(iv) the accuracy and completeness of the Company&rsquo;s filings with the Securities Exchange Commission publicly available on
the EDGAR webportal (v) the compliance by all parties with the covenants and agreements contained in each of the Transaction Agreements
and (vi) the accuracy of the factual matters set forth in the officer&rsquo;s certificates, substantially in the form attached
hereto as Appendix A (the &ldquo;<B>Certificate</B>&rdquo;), including the accuracy of factual matters stated in the Certificate
to be true to the best of the Pledgee&rsquo;s knowledge. The Sold Shares to which this opinion relates are the specific Sold Shares
referred to in such Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also understand, and have assumed, that the Pledgor acquired
the Pledged Shares from the Company, and made full payment therefor and took full risk of economic loss thereon, no later than
[&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>,
(the &ldquo;<B>Acquisition Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paragraph (b)(1) of Rule 144 provides that if the issuer of
the securities is, and has been for a period of at least 90 days immediately before the sale, subject to the reporting requirements
of section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), any person who
is not an affiliate of the issuer at the time of the sale, and has not been an affiliate during the preceding three months, who
sells restricted securities of the issuer for his or her own account will be deemed not to be an underwriter of those securities
within the meaning of Section 2(a)(11) of the Securities Act if all of the conditions of paragraphs (c)(1) and (d) of Rule 144
are met. However, the requirements of paragraph (c)(1) do not apply to restricted securities sold for the account of a person who
is not an affiliate of the issuer at the time of the sale and has not been an affiliate during the preceding three months, provided
that a period of one year has elapsed since the later of the date the securities were acquired from the issuer or from an affiliate
of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paragraph (d) of Rule 144 determines a person&rsquo;s holding
period for restricted securities. If the issuer of the securities is, and has been for a period of at least 90 days immediately
before the sale, subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, a minimum of six months must
elapse between the later of the date of the acquisition of the securities from the issuer or from an affiliate of the issuer and
any resale of such securities in reliance on Rule 144 for the account of either the acquiror or any subsequent holder of those
securities. This six-month holding period requirement is one year when the issuer is not subject to such reporting requirements.
However, under paragraph (d)(3)(iv) of Rule 144, securities that are <I>bona fide</I> pledged by an affiliate of the issuer when
sold by the pledgee, or by a purchaser, after a default in the obligation secured by the pledge, will be deemed to have been acquired
when they were acquired by the pledgor, except that if the securities were pledged without recourse they will be deemed to have
been acquired by the pledgee at the time of the pledge or by the purchaser at the time of the purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In a letter dated August 26, 1992 to Union Bank (the &ldquo;<B>Union
Bank Letter</B>&rdquo;),<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT> the staff (the &ldquo;<B>Staff</B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) offered its views on the following facts. Union
Bank extended a bona fide loan (the &ldquo;<B>Loan</B>&rdquo;) to a company (the &ldquo;<B>Borrower</B>&rdquo;) that was principally
owned by two persons (the &ldquo;<B>Union Pledgors</B>&rdquo;). The Union Pledgors executed guarantees of the Borrower&rsquo;s
obligations under the Loan and, to secure such guarantees, pledged to Union Bank shares of common stock of a company (the &ldquo;<B>Issuer</B>&rdquo;)
of which the Union Pledgors were affiliates (the &ldquo;<B>Pledged Securities</B>&rdquo;). The Staff stated that under such circumstances
Union Bank would be able to rely on Rule 144(k)<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
to sell the Pledged Securities upon foreclosure following a default by the Union Pledgors under the Loan without regard to the
limitations or requirements set forth in paragraphs (c), (e), (f) and (h) of Rule 144, so long as (i) Union Bank as pledgee was
not at the time of such sale, and had not been during the three months preceding such sale, an affiliate of the Issuer and (ii)
the combined holding periods of the Union Pledgors and Union Bank in respect of the Pledged Securities totalled at least three
years.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT><SUP>, <FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
NTD: insert date one year prior to date of Security Agreement (see [&#9679;] of the Facility Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2 </SUP><I>See</I> Union Bank, SEC No-Action Letter,
1992 SEC No-Act. LEXIS 886 (Aug. 26, 1992).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3
</SUP></FONT>Rule 144(k) permitted holders of restricted securities to disregard the current public information requirement, volume
limitation, manner of sale requirement and notice requirements for certain non-affiliates who resell restricted securities of
an issuer that they have beneficially owned for at least two years prior to the sale. Although Rule 144(k) was removed from Rule
144 by the 2007 amendments to Rule 144, which became effective on February 15, 2008 (the &ldquo;<B>2007 Amendments</B>&rdquo;),
the benefits it afforded to certain non-affiliates of an issuer who held restricted securities continue to be available to such
persons as a result of paragraph (b)(1) of Rule 144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4
</SUP></FONT>The Union Bank Letter followed a series of no-action letters issued by the Staff that reached a similar conclusion.
<I>See</I>, <I>e.g.</I>, MBank Fort Worth, N.A., SEC No-Action Letter, 1988 SEC No-Act. LEXIS 83 (Feb. 1, 1988); Security Pacific
National Bank, SEC No-Action Letter, 1983 SEC No-Act. LEXIS 1665 (Jan. 24, 1983); Everest &amp; Jennings International, SEC No-Action
Letter, 1981 SEC No-Act. LEXIS 4298 (Nov. 19, 1981).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5
</SUP></FONT>This three-year holding period was reduced to two years as a result of the amendments to Rule 144 that became effective
in 1997, and then subsequently reduced to either six months or one year as a result of the 2007 Amendments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Commission explained in the adopting release for the 2007
Amendments<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT> that the 2007 Amendments were intended
to significantly reduce the conditions applicable to sales of restricted securities by non-affiliates. To that end, that adopting
release states that the volume limitations set forth in paragraph (e) of Rule 144 would no longer apply to resales of restricted
securities by non-affiliates as a result of the 2007 Amendments, &ldquo;[although] an affiliate pledgor . . . will be required
to aggregate the amount of securities sold for the account of a pledgee . . . even where there is no concerted action, in accordance
with Rule 144(e)(3)(ii), (iii), and (iv) in order to determine the amount of securities that is permitted to be sold under Rule
144.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT> In the Compliance and Disclosure Interpretation
issued in 2009, the Staff reaffirmed the guidance previously provided in the Union Bank Letter and the predecessor no-action letters.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
We are not aware of contrary authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With your permission, based on the Certificate of the Pledgee,
we have assumed that the Pledgee is not, and has not been during the three months preceding the date hereof, an &ldquo;affiliate&rdquo;,
as such term in used in Rule 144, of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon the foregoing, we are of the opinion that the sale
of the Sold Shares may be made without registration under the Securities Act in reliance upon paragraph (b)(1) of Rule 144.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is rendered solely to you in connection with the
above matter. This opinion may not be relied upon by you for any other purpose or relied upon by or furnished to any other person
without our prior written consent. Notwithstanding the foregoing, the Depositary may rely on the opinion we set forth in the immediately
preceding paragraph solely in connection with the above matter, but it shall not rely on such opinion for any other purpose or
furnish this opinion to any other person without our prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6
</SUP></FONT><I>See</I> Revisions to Rules 144 and 145, Securities Act Release No. 33-8869, 17 CFR Parts 230 and 239 (Dec. 6,
2007).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7
</SUP></FONT><I>Id.</I> at 25 n. 66.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8
</SUP></FONT>2009 SEC Compliance and Disclosure Interpretations, Question 132.15 (Jan. 26, 2009).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT>
For the avoidance of doubt, this Opinion cannot be issued before the date 6 months following the Acquisition Date, provided the
requirements of Rule 144(c)(1) under the Securities Act are met with respect to the Sold Shares, or before the date 12 months following
the Acquisition Date otherwise.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">APPENDIX A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Form of Certificate to Special Counsel]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I, [_______], [<I>title</I>] of [&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;]
(the &ldquo;<B>Pledgee</B>&rdquo;), do hereby certify as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 33.1pt">(1)</TD><TD>[&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;] (the &ldquo;<B>Pledgor</B>&rdquo;) granted a security interest
(the &ldquo;<B>Pledge</B>&rdquo;) over the ordinary shares (in the form of American Depositary Shares) of Huazhu Group Limited,
an exempted company incorporated under the laws of the Cayman Islands (the &ldquo;<B>Company</B>&rdquo;, such ordinary shares,
the &ldquo;<B>Ordinary Shares</B>&rdquo; and such pledged Ordinary Shares, the &ldquo;<B>Pledged Shares</B>&rdquo;) to the Pledgee,
to secure Pledgor&rsquo; obligations under that certain customer agreement dated as of [&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;]
by and between the Pledgor and the Pledgee (the &ldquo;<B>Customer Agreement</B>&rdquo;). The transaction contemplated by the Customer
Agreement was entered into by the Pledgee in good faith and at arm&rsquo;s length and to the Pledgee is a <I>bona fide</I> loan
transaction. Such transaction was not entered into by the Pledgee with an expectation that the Pledgor would default in its obligations
thereunder or that the Pledgee would have to enforce the Pledge. The Pledgee considers the Pledge a <I>bona fide</I> pledge to
secure Pledgor&rsquo;s obligations under the Customer Agreement. To the extent that enforcement of the Pledge does not satisfy
all of Pledgor&rsquo;s obligations under the Customer Agreement, the Pledgee will have full recourse to other assets of the Pledgor
in connection with enforcement of such obligations. The Pledge was not entered into by the Pledgee with the intent of facilitating
a disposition of the Ordinary Shares subject to the Pledge. The Pledgee had no reason to believe that the representations and warranties
of the Pledgor set forth in Clause 3.8 (<I>Bona Fide and Full Recourse Loan)</I> of the side letter to the Customer Agreement dated
[&nbsp;<FONT STYLE="font-family: Wingdings 2">&#152;</FONT>&nbsp;] between the Pledgor and the Pledgee were untrue, incorrect or
otherwise misleading when made.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 33.1pt">(2)</TD><TD>The Pledge was evidenced by that security agreement dated as of [<FONT STYLE="font-family: Wingdings 2">&#152;</FONT> ] by
and between the Pledgor and the Pledgee (the &ldquo;<B>Security Agreement</B>&rdquo;) in respect of Ordinary Shares pledged to
secure the Pledgor&rsquo;s obligations under the Customer Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 33.1pt">(3)</TD><TD>Other than the Ordinary Shares subject to the Pledge, Pledgee and each person subject to aggregation of Ordinary Shares with
Pledgee under Section 13 of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), and the rules
promulgated thereunder directly or indirectly beneficially own (as defined under Section 13 of the Exchange Act and the rules promulgated
thereunder), as of the date hereof, not more than [___]% of the number of outstanding Ordinary Shares set forth in Paragraph 4
below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 33.1pt">(4)</TD><TD>To the best of the Pledgee&rsquo;s knowledge based on publicly available information as of the date hereof, there are [_____]
Ordinary Shares outstanding.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 33.1pt">(5)</TD><TD>No director on the board of directors of the Company or any Parent of the Company is an officer, director, employee or affiliate
of the Pledgee or any of its affiliates, except as disclosed to the Special Counsel. &ldquo;Parent&rdquo; means all persons listed
as filers in the most recent Schedule 13G filed by the Pledgor or any other person, or a group of persons, that has filed a Schedule
13D with respect to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 33.1pt">(6)</TD><TD>Neither the Pledgee nor any of its affiliates is currently a party to any written agreement with the Company or any Parent
of the Company, which provides the Pledgee or such an affiliate with the right to nominate or appoint a member or members of the
Company&rsquo;s board of directors, except as disclosed to the Special Counsel.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 33.1pt">(7)</TD><TD>Taking into account the foregoing, the Pledgee is not, nor has been during the three months preceding the date hereof, an &ldquo;affiliate,&rdquo;
within the meaning of Rule 144(a)(1) under the Securities Act of 1933, as amended, of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 33.1pt">(8)</TD><TD>An Event of Default under (and as defined in) the Customer Agreement secured by the Pledge has occurred and is continuing.
The Pledgee believes in good faith that such Event of Default (as defined in the Customer Agreement) has not been intended by the
Pledgor as a means of facilitating the disposition of the Ordinary Shares subject to the Pledge. On the date hereof, Pledgee or
its affiliates sold [____] Ordinary Shares subject to the Pledge in the form of American Depositary Shares representing such Ordinary
Shares (the &ldquo;<B>Sold Shares</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I have hereunto set
my hand this [__] day of [_____], 20[__].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 253pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 253pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT G<BR>
to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Letter Agreement, dated as of November
26, 2018, by and among<BR>
Huazhu Group Limited,<BR>
Citibank, N.A., as Depositary, and<BR>
Morgan Stanley Asia International Limited, as Intermediary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>__________________________________________<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Restricted Holder Confirmation<BR>
_____________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A., as Depositary<BR>
388 Greenwich Street<BR>
New York, New York 10013<BR>
<BR>
Huazhu Group Limited<BR>
[_________]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Reference is hereby made to (i) the Deposit
Agreement, dated as of March 25, 2010, as amended and supplemented from time to time (the &ldquo;<U>Deposit Agreement</U>&rdquo;),
by and among Huazhu Group Limited, an exempted company incorporated under the laws of the Cayman Islands (the &ldquo;<U>Company</U>&rdquo;),
Citibank, N.A., as Depositary (the &ldquo;<U>Depositary</U>&rdquo;), and all Holders and Beneficial Owners from time to time of
American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;) issued thereunder, and (ii) the Restricted ADS Letter Agreement, dated
as of November 26, 2018, as amended and supplemented from time to time (the &ldquo;<U>Restricted ADS Letter Agreement</U>&rdquo;),
by and among the Company, the Depositary, and Morgan Stanley Asia International Limited, as Intermediary for the Restricted Holders
(the &ldquo;<U>Intermediary</U>&rdquo;). Capitalized terms used but not defined herein shall have the meanings given to them in
the Deposit Agreement or in the Restricted ADS Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Restricted Holder Confirmation is being
provided in connection with the deposit of Designated Restricted Shares in support of the issuance and delivery of the corresponding
Designated Restricted ADSs to the Intermediary pursuant to the Restricted ADS Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 67.5pt">The undersigned hereby confirms to the
Company and the Depositary that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 67.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>It has entered or intends to enter into certain Loan and Security Documents, none of the terms of which conflict with the terms
of the Restricted ADS Letter Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>None of the Depositary or the Company shall have any obligation to monitor the actions of the Intermediary under the terms
of the Restricted ADS Letter Agreement or the Loan and Security Documents.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>Each of the Depositary and the Company is authorized and directed to rely on information and instructions received from the
Intermediary upon the terms contemplated in the Restricted ADS Letter Agreement (including, without limitation, the number of Designated
Restricted ADSs which from time to time have been pledged to the Morgan Stanley Companies), and none of the Depositary or the Company
is required to question the authority of the Intermediary to take the actions contemplated in the Restricted ADS Letter Agreement
(including, without limitation, any request for the exchange of any Designated Restricted ADSs for freely transferable ADSs) or
the appropriateness of such actions under the terms of the Loan and Security Documents.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>The undersigned agrees to indemnify and hold harmless the Depositary, the Company, and their respective agents, employees,
officers and directors for any direct loss, liability or expense incurred as a result of any action or omission of the Intermediary
under the terms of the Restricted ADS Letter Agreement (to the extent indemnification is not obtained from the Intermediary in
accordance with Section 12(b) of the Restricted ADS Letter Agreement).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>[__________________]</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Date:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;Exh. G-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT H<BR>
to</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Letter Agreement, dated as of November
26, 2018, by and among<BR>
Huazhu Group Limited,<BR>
Citibank, N.A., as Depositary, and<BR>
Morgan Stanley Asia International Limited, as Intermediary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ASSIGNMENT INSTRUCTION AND ASSUMPTION
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><BR>
_______________, ____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A., as Depositary<BR>
388 Greenwich Street<BR>
New York, New York 10013<BR>
<BR>
Huazhu Group Limited<BR>
[________]<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><U>Huazhu Group Limited (CUSIP No. 46647L998</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Reference is hereby made to (i) the Deposit
Agreement, dated as of March 25, 2010, as amended and supplemented from time to time (the &ldquo;<U>Deposit Agreement</U>&rdquo;),
by and among Huazhu Group Limited, an exempted company incorporated under the laws of the Cayman Islands (the &ldquo;<U>Company</U>&rdquo;),
Citibank, N.A., as Depositary (the &ldquo;<U>Depositary</U>&rdquo;), and all Holders and Beneficial Owners from time to time of
American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;) issued thereunder, and (ii) the Restricted ADS Letter Agreement, dated
as of November 26, 2018, as amended and supplemented from time to time (the &ldquo;<U>Restricted ADS Letter Agreement</U>&rdquo;),
by and among the Company, the Depositary, and Morgan Stanley Asia International Limited, as Intermediary (the &ldquo;<U>Intermediary</U>&rdquo;).
Capitalized terms used but not defined herein shall have the meanings given to them in the Deposit Agreement, or, in the event
so noted herein, in the Restricted ADS Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="background-color: white">This
assignment instruction and assumption agreement (this &ldquo;<U>Assignment and Assumption</U>&rdquo;) is entered into by and between
the Departing </FONT>Intermediary <FONT STYLE="background-color: white">(as defined in the Restricted ADS Letter Agreement) identified
below (the &ldquo;<U>Assignor</U>&rdquo;) and the Successor </FONT>Intermediary <FONT STYLE="background-color: white">(as defined
in the Restricted ADS Letter Agreement) identified below (the &ldquo;<U>Assignee</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="background-color: white"></FONT></P>

<!-- Field: Page; Sequence: 38; Options: NewSection; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="background-color: white">For
an agreed consideration, the Assignor hereby irrevocably and unconditionally assigns to the Assignee, and the Assignee hereby irrevocably
and unconditionally assumes from the Assignor, subject to and in accordance with the Restricted ADS Letter Agreement, as of the
date hereof, (i) all of the Assignor&rsquo;s rights and obligations in its capacity as the Intermediary and Holder of the Designated
Restricted ADSs under the Restricted ADS Letter Agreement and any other documents or instruments delivered pursuant thereto (other
than the indemnity obligations of the Departing </FONT>Intermediary <FONT STYLE="background-color: white">in favor of the Depositary
for actions taken under the Restricted ADS Letter Agreement prior to the date hereof), and (ii) to the extent permitted to be assigned
under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as the Intermediary
and the Holder thereof) against any person, whether known or unknown, arising under or in connection with the Restricted ADS Letter
Agreement and any other documents or instruments delivered pursuant thereto or in any way based on or related to any of the foregoing,
including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned pursuant to clause (i) above. Each such sale and assignment is
without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or
warranty by the Assignor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">[Name of Departing </FONT>Intermediary<FONT STYLE="background-color: white">],
as Assignor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">By &#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">[Name of Successor </FONT>Intermediary<FONT STYLE="background-color: white">],
as Assignee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">By &#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exh. H-2</P>

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